Business Plan for New Venture: SWOT Analysis, Porters 5 Force Model, and Marketing Mix

This business plan includes SWOT analysis, Porters 5 Force Model, and Marketing Mix for a new venture that offers innovative umbrellas with advanced technology. The report discusses the strengths, weaknesses, opportunities, and threats of the business idea, as well as the potential market size. The report also includes a segmentation and targeting strategy, as well as a positioning and marketing mix plan.

Business Plan for New Venture
INTRODUCTION
A business plan can be dictated as a written record containing all the details of a
determined business idea. This report includes visions / projects, goals and objectives,
operational plans, strategic plans, promotional activities, etc. to enable companies to
operate and operate effectively and efficiently decided business idea to fulfil this
unique mission in the right and right way, an innovative umbrella with the presence of
superior technology was chosen. In addition to assessing an aggressive environment, it
also takes into account the financial statements that are important in developing a truly
perfect business plan. The determined product is about to be launched. This is the
essential purpose behind the development of this unique business plan. The evaluation
of this report can aim for effective expertise in developing business plans related to
specific products launched with the utmost rational and appropriate strategy. In
addition to effective marketing practices, there may also be factors and aspects that
influence the above situation, given the target customer base and marketing mix.
.
New Product Idea
The idea for a brand new product is to increase the same new modern umbrella with
innovative and creative techniques that use the essence of technology. For example, it
is probably made from good technical factors to simplify the system that effectively
uses a particular product. In addition, the main motivation behind the development of
this resolutely innovative product is to provide customers with umbrellas for everyday
activities that protect them from rain and sunlight. We provide our customers with a
shield that protects their head so that they can protect themselves from the rain and
sunlight that can cause illness and other infections. In addition, it looks like a regular
umbrella but it tie high quality fabrics with foldable steel ribs and protect them from
summer rain and strong sunlight, you can connect them to the center-pole.
SWOT analysis
There are exceptional sorts of umbrellas in the
marketplace offered by competing manufacturers, but all
they lack is the essence of advanced technology. For
instance, it consists of fabrics used by designers, special
shapes, and competitive manufacturers within the
market.
There may be a large marketplace size for decided
product as almost every and every individual in society
includes an Umbrella with them in their daily recurring.
On the way to be unique, it specially includes the ones
section of society which resides in geographical vicinity
with extreme weather conditions.
Strengths
Strong Business idea: determined
business thoughts are effective and
strengthened, making it less
complicated to achieve your
desires and targets, contemplating
all of the factors or elements that
affect them.
Large market size: With access to a
massive market size, this brings
wonderful power to every
commercial enterprise organization
as it facilitates servicing the
biggest patron base within the
marketplace.
Weaknesses
Lack of expertise: it is a modern
and specific commercial enterprise
concept that has by no means been
tried earlier than, so it is a trouble
in growing it.
Limited Product: Given a specific
enterprise concept, product
development is restrained and can
be visible as the primary weak spot
of a specific commercial enterprise
idea.
Opportunities
Increasing preference towards
technological elements: growing
consumer choice for the use of
technical products drives a growth
in normal sales of the same within
Everyday use of Umbrellas by
customers: Wearing and using an
umbrella on an each day
foundation also affects the sale of
certain products in the market
place.
Threats
Imitable product: Umbrellas are so
common among clients in society
that they devise an excessive stage
of imitation, indicating that they'll
be copied through another
competitor within the marketplace.
Business failure: lack of
knowledge and imitation can
reason a corporation to fail to
convey a product to marketplace

Political Factors
• Political stability: Political stability of a specific geographical area
impact upon establishment of a commercial enterprise in an effective and poor manner
in keeping with that specific enterprise concept. As an example, stability in political
environment effects in being superb for commercial enterprise to establish as it incurs
least or minimal uncertainty in marketplace.
Economic Factors
• Increasing income of consumers: The growing family earnings of
clients in society are influencing the spending energy of clients in purchasing and
consumption in their desired products and services. As a way to be particular, clients in
society are tending toward consumption of first-class services and products with
increased earnings.
Social Factors
• Personal health and safety: because the determined product will
contribute values in the direction of fitness of customers in society, it's going to have
an effect on the precise idea in an advantageous manner. Similarly to that, it will bring
about increasing call for the product introduced within the marketplace.
Technological Factors
• Technological advancement: The fast advancement of era has been
strengthening commercial enterprise ideas by using offering them with technological
help. as an example, using era in development of the decided product will make
contributions numerous additional values towards supplying customers with suitable
and appropriate products and services
Porters 5 Force model
Under this model, there are five forces which could impact the business
organization for carrying out the business activities and operations which
are defined into the following manner:
• Potential of new entrants into the industry: Within this
industry, as the new businesses have been established in this industry but
due to presence of large number of businesses then the individual have less
preference towards the same. So potential of new entrants is moderate.
• Competitive rivalry: When there are large number of
businesses which has been operated in this particular industry then it has
created a high level of competition within the industry. So the competitive
rivalry is high.
• Power of suppliers: This parameter is high within this
industry so the presence of large number of businesses operates into the
determined industry then it creates opportunity for suppliers to look for most
suitable business in order to attain the distributorship.
•
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REFERENCES
•
Rules and regulations: there are various special rules and
policies delivered when it comes to established order of
extra business unit inside the business environment
which includes getting registered under the employer
act, patents, copyrights, and so forth.
Environmental Factors
Extreme weather conditions: The consumers in society
residing in geographical locations with extreme weather
situations are the target customer base for the determined
product as those humans have most requirement of
Umbrella so as to face the tough climate conditions.
Power of customers: The bargaining power of customers basically depends
on the purpose requirement of consumer from the determined product.
When customer is looking for the umbrella then they can shift to another
option. When customer is looking for qualitative product with innovative
technology then they will create low bargaining power of customers.
•Threat of substitutes: It has been observed that threat of substitutes is very
low as customers have few to no close substitutes for Umbrella.

Segmentation: It has been done on the basis of geographic, demographic, behavioral
and psychographic parameter. Geographic basis has been decided on the parameter of
UK density, all age groups from perspective of demographic. There are different
occasions and seasonable benefits which is based on the behavioral aspect.
Targeting: The target people are from the middle class and with support of social
media platforms they have targeted the region of UK country which can be effectively
captured through creating the effective supply chain management by which the
respective product which can be delivered to all the segmented groups.
Positioning: With support of effective social media marketing, the respected product
can be positioned into more effective manner with support of social media platforms.
With support of digital tools, it will help in terms of positioning the product path way
into more effective manner according to needs and requirements of their customers.
Marketing Mix
Marketing mix refers to the group of several actions which help the company in terms
of developing more tactics into effective manner that can be used to promote their
branded products into the operational market. Marketing mix basically include four
parameters which are product, place, price and promotion.
Products: The main product is the umbrella which has been designed with innovative
technology with electronic chip that works by a simple click.
Place: The product has been sold out with support of ecommerce website and also with
support of supply chain management all the practices have been performed into
effective manner. The product can be traced through the tracking ID in order to
develop a more strong bond.
Price: This factor has been decided by the cost leadership parameter and with support
club card system the sales of products can be enhanced into positive manner.
Promotion: The product can be promoted through social media marketing and through
TV advertisement as well.
REFERENCES
Books and Journals
Ardakani and et.al., 2018. Adapting the scrum methodology for establishing
the dynamic inter-organizational collaboration. Journal of Organizational
Change Management.
Bager-Elsborg, A. and Greve, L., 2019. Establishing a method for analyzing
metaphors in higher education teaching: a case from business management
teaching. Higher Education Research & Development, 38(7), pp.1329-1342.
Barber, Y., 2022. ESTABLISHING SUSTAINABILITY IN SMALL
BUSINESS. Strategic Finance, 103(10), pp.50-55.
Beale, M., 2020. Establishing your coaching business. In The Coaches’
Handbook (pp. 414-424). Routledge.
Girjatovics and et.al., 2018, October. Establishing Supply Chain process
framework based on SCOR model: case study. In 2018 59th International
Scientific Conference on Information Technology and Management Science
of Riga Technical University (ITMS) (pp. 1-4). IEEE.
Jain, A. K. and Sureka, K. K., 2019. Agrawal’s 420: Challenges of
Establishing and Growing a Traditional Business. Indian Institute of
Management, Ahmedabad.
Kumar, and et. al., 2022. Best Practices in Establishing Business Case for
Implementing Block chain Solution in Aerospace (No. 2022-01-0002). SAE
Technical Paper.
CONCLUSION
The above stated report concludes that there are different
factors which impact the business idea into a business
entity which executes the same into efficient manner. It
has been concluded that umbrella has been taken which
is very technologically advanced and also serves the
requirements of customers into the society. It has been
observed that diversification is the most efficient
strategy at business level which carries out the
determined business idea as well. The most appropriate
marketing practices has been provided through
marketing mix in order to increase the sales of product
within the market.