Developing a New Business Idea: Competitive Analysis, Resources, Proposal, Skills, and Promotional Plan

This report discusses the development of a new business idea, including competitive analysis, required resources, credible proposal, skills requirement, and promotional plan. It covers tangible and intangible resources, the legal form for the venture, and the importance of analyzing different promotional activities that support the business. The report concludes with a discussion of the different parameters that are essential for the success of a new business.

Unit 28 assessment

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Discussing business and analysing competitive scenario............................................................3
Tangible and intangible resources required for businesses..........................................................4
Credible proposal in order to launch businesses..........................................................................4
Skills requirement for launching business and the ways in which skills can be acquired...........5
Analysing different promotional activities that supports business..............................................6
Promotional activity plan for launch and pre-launch...................................................................7
Legal form for the venture...........................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business idea has been determined as that concept which has been used for experiencing
final gain. The current study will revolve around developing new business idea. The report will
perform the competitive analysation of new business. Resources that are mandatory for
launching new venture will be described in report. Also, credible proposal for launching the
business will be highlighted. Furthermore, Skills that are mandatory in order to develop new
venture will be shown. Moreover, the promotional plan of the business will be highlighted in
report. Lastly. The report will shed a light over the legal structure of business. Also, Competition
analysation with the two competitors has been performed along with SWOT and Target market
segmentation.
MAIN BODY
Discussing business and analysing competitive scenario
The business idea is concerned with producing variety of products in retail sector that
consist goods such as, food, health products, cosmetic products, durable goods, groceries, masks
and so on. All the mandatory products that are part of daily life will be produced by the new
venture. The name of business will be Shoppers Hub LTD. The unique attribute that has been
assured by business is concerned with inclusion of health parameters in food and cosmetic relate
products. Business is promoting health parameter in consumers. The major motive of business is
to assure all mandatory items at one place along with ensuring health attributes to customers.
Porter's five forces:
It refers to that tool that helps in analysing the level of competition present in market.
Here is the competition analysis of Shoppers Hub LTD:
Competition in industry- This refers to the level of competition is on-going in market. Thus, in
UK there are large number of retail firms (Almeida and Santos, 2018). Thus, for the business, the
current competition in industry is extremely high therefore, it is highly important to make focus
over the strategies of competitors.
Potential of new entrants- It is nor easy to come in retail sector it requires large amount of
observation and procedure. Thus, from this threat, the business is safe.
Power of suppliers- This refers to threat from suppliers. As there are large number of suppliers
available in market that are dealing with providing raw materials for retail goods. Thus, shoppers

hub has variety of options in relation of approaching suppliers. In case, prices has been increase
by one supplier the business can approach another supplier.
Power of customers- The customer has complete power to shift towards competitors product as
already there are large number of firm developing retail products. Therefore, special benefits
needs to be given for customers.
Threat of substitute products- In context of this threat, the business has high level of threat as
firms such as, TESCO, ASDA, UNILEVER are retail firms that assuring retail products to
customers.
Tangible and intangible resources required for businesses
Tangible resources refers to the physical resources that can be touch or seen it includes,
cash, inventory, building, equipment and so on. On the other hand, Intangible resources refers to
those resources that are not physical in nature such as, goodwill, pre-paid expenses, patents and
so on (Kristoffersen and et.al., 2021). However, it is equally important as tangible resources are.
In order to start new venture that is deals in retail sectors the major tangible resources that is
required is concerned with, cash, inventory, machine, land, building, labour, investors, human
base and so on. In terms of Intangible business the shoppers hub requires, goodwill, patents,
copyright and trademark. The tangible resources that has been selected for business is important
as cash is highly required for business in terms of performing business operations.
In terms of changing input into output machines and labour are required also, raw
materials is needed. Thus building and land is needed in terms of performing operation.
Intangible resources is linked with the image of company. Thus, patent, trademark and copyright
assures right to business in terms of experiencing intellectual property rights and also, saves
business from duplication. Therefore, it is highly important for the selected business. Goodwill
has been considered as that intangible assets that leads to create the effective image of business
in market this helps in assuring higher image to shoppers hub in front of customers (Nair and
Blomquist, 2021).
Credible proposal in order to launch businesses
Effectiveness of idea
The idea of launching shoppers hub that is related to retail business results in assuring
effective outcomes. This business idea will work in effective manner as he demand of consumers
in context of retail goods never ends. As these goods has been considered as those goods that are

used in daily life of the customers. Also, products of shoppers hub is assuring health attributes in
food and cosmetic products and this is one of the major demand of customers in market.
Benefits of investing
The investors will gets numerous benefit within making investment in business as the
fixed rate of dividend at initial stage will be assured to investors whether there is gain or loss
and with the passage of time the rate will be increase.
SMART TARGETS:
Specific- Major planning related to approaching customers to will be performed.
Measurable- The customers buying the products is the sign of measuring.
Achievable- Approaching customer behaviour pattern and analysing competition
Relevant- The relevancy of goal is directly related to major objective as the major object is
linked with increasing customer base for business.
Time-bound- It has been set appropriate for one year
The business will introduce its products after one year and within this time-period the
complete performance of competition will be done. Also, the workers and employees who will
be recruited for business will get training related to performing procedure of work from as well.
It has been found from various studies that, during the time of COVID, the retail sector has faced
loss as it was not highly digitalized (Pérez Ortega, 2020). BREXIT is one of the important factor
that can affect business. Therefore, at initial level, the shoppers hub performs its operations in the
UK. After gaining faith of customers the expansion will be performed within selecting
appropriate mode of entry.
Skills requirement for launching business and the ways in which skills can be acquired
The major skills that are required for this particular business idea is concerned with
Technology skills, sales and marketing skills, customers management skills, financial skills,
managing employees skills, and team management skills. All of these skills are highly
important for opening up the venture technology skill is related with the effective use of
technology in terms of gathering data and performing operations (Jeannet and et.al., 2021). Thus,
this skill will be acquired by approaching effective team in R&D department. For assuring
effective operations, experts will be hired that will assure suggestion and training. For sales and
marketing skills experienced people will be hire that assures effectiveness in performing
marketing ans and sales for business. For financial skill, suggestion from experts will be taken.

So, effective management of cash flow can be assured in business. Management of employees is
an important task in terms of facing competition in market. If employees in business are well
managed then it directly leads to assure effective team management in business and this can be
done by implementing effective HR strategies in business.
Analysing different promotional activities that supports business
Promotional activities refers to the ways through which the business makes customers
aware about the product and services that will be launch by business. Furthermore, promotional
activities leads to influence the purchasing power of the customers (Tokarčíková and et.al.,
2020). Therefore, it has been considered as most important aspect. For shoppers hub, online and
offline promotional activities has been selected. Online mode of promotion refers to that mode in
which the promotion has been done with the help of social media platform and official websites
and for the offline promotional tools, product launching ceremony will be adopted by business.
Furthermore, posters will be prepared that will be distributed among public.
Reason for selecting promotional tool:
Currently, consumers are highly active over social media and gets influence by social
media activities and this directly provides the impact over decision-making of customers in
relation of purchasing product. Therefore, this platform has been selected by business in terms of
approaching customers and making them aware about the products. Official page of shoppers
hub will be prepared over Instagram and Facebook and the products that is produced by
company will be posted over them. Also, the major benefits of inclusion of health elements in
cosmetic and food products will be highlighted over official page. The official website of
company that is www.shoppershub.com will be prepared and the major doubts of customer
regarding products has been sort out there. Often online selling of product will be made available
for customers at website and also, the discount will be assured over using the official website
while doing shopping. Thus, online mode of promotion leads to approach number of customers.
Therefore, this is selected for venture.
In context of offline promotion, the major focus is to be made over those people who are
not active over social media as retail goods have been use by people among all age. Therefore,
posters needs to be prepared that is consists of mandatory information regarding business and
product launching ceremony will be organized.

Promotional activity plan for launch and pre-launch
Promotional activity plan refers to making the plans regarding promotion of products. In context
of opening new venture extra focus over promotional plan needs to be made. It has to be parted
in two ways and that is promotional activity plan before launching of business and promotional
activity plan after launching of business (Chukwudi and Aljounaidi, 2020). Here is the
description of promotional activity plan for launching and pre-launching of shoppers hub:
Pre-launching
The major focus needs to be made over the phase that comes before launching of
products as under this, a hype related to products needs to be created in the mind of customers.
At the time of pre-launching, major focus will be assured over approaching customers in the
favour of business with the help of social media. As stated above under the mode of promotional
tool that, online marketing will be adopted for creating awareness about product. Thus, the social
media platform will be used in effective manner in terms of creating hype related to product.
After launching of product
The focus over promotional activity needs to be same at the time of launching and after
the launching of product so, the hype related to the product in the customers can be in a
consistent form (Januschowski and Kolassa, 2021). At the time of launching of product, a
programme related to product launch ceremony will be organized. Under that programme that
major benefits of product will be communicated. Often the live telecast of programme will be
uploaded over social media platform. So, the customers who are unable to attain the programme
can see it over internet. After launching product. The customer feedback system software will be
managed by shoppers hub. Under this, the feedback of the customers is reviewed and the
suggestion of consumers will be taken in consideration as well. As a result, this leads to create
the sense of belongingness in the customers.
Legal form for the venture
Legal form refers to the legal structure of the business that is adopted by the business in
terms of performing their operations. It has been mainly parted into:
Sole proprietorship- This refers to that form of legal structure in which the complete
accountability and responsibilities regarding the business is in hand of one person. Single
individual is accountable for profit and loss of the business.

Partnership- Under this, two or more than two people come together and forms the business and
performs the operation of business. The accountability of profit and loss has been shared among
all partners (Chen and et.al., 2020).
Limited liability company- This has been considered as the privately managed business that is
owned by the numerous shareholders and run by the board of directors. The business has its
separate legal entity rather than its owner.
For the selected venture, shoppers hub limited liability company structure has been
adopted as this is one of the best structure that provides opportunities for calling upon numerous
shareholders in business and enable business to perform its operations within approaching
number of customers. Company House concept in the UK, enables limited company to get
online registration. Thus, the business can be easily set up with the help of applicant form (Cott,
2021). Thus, for shoppers hub this is needed to perform in order to change business planning into
practices.
CONCLUSION
From the above report it has been concluded that, in order to start the business it is highly
important to assure focus over different parameters as there are numerous parameters that assures
success to business. The report has described a business idea and competition analysation of the
business has been performed. Furthermore, the report has highlighted important resources that
are required. Also, credible purpose for launching venture has been shown. Moreover, the skills
needed in order to launch venture has been described along with the promotional activity plan.
The form of legal structure adopted by the venture has been highlighted. Mandatory analysation
has been performed with the help of analytical tools.

REFERENCES
Books and Journals
Almeida, F. and Santos, J.D., 2018. Annex I–Porter Five Forces.
Chen and et.al., 2020. Promotional pricing and online business model choice in the presence of
retail competition. Omega, 94, p.102085.
Chukwudi, O.J. and Aljounaidi, A., 2020. The Influence of Promotional Activities on the
Success of Retail Business: A critical.
Cott, P., 2021. Legal matters: What is the best business structure for you?. Electrical Connection,
pp.36-37.
Januschowski, T. and Kolassa, S., 2021. 3.2 A CLASSIFICATION OF BUSINESS
FORECASTING PROBLEMS. Business Forecasting: The Emerging Role of Artificial
Intelligence and Machine Learning, p.171.
Jeannet and et.al., 2021. Sourcing the Defining Business Idea. In Masterpieces of Swiss
Entrepreneurship (pp. 195-209). Springer, Cham.
Kristoffersen and et.al., 2021. Towards a business analytics capability for the circular
economy. Technological Forecasting and Social Change, 171, p.120957.
Nair, S. and Blomquist, T., 2021. Business model design in the case of complex innovations: a
conceptual model. Technology Analysis & Strategic Management, 33(2), pp.176-187.
Pérez Ortega, D.C., 2020. Business plan based on a new business idea: Gadget PC.
Tokarčíková and et.al., 2020. Importance of technical and business skills for future IT
professionals. Amfiteatru Economic, 22(54), pp.567-578.