Requisite Decisions in Start ups
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Added on 2020-01-07
Requisite Decisions in Start ups
Added on 2020-01-07
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MANAGINGCOMMUNICATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1&1.2........................................................................................................................................11.3................................................................................................................................................21.4................................................................................................................................................32.1................................................................................................................................................42.2................................................................................................................................................42.3................................................................................................................................................52.4................................................................................................................................................6TASK 2............................................................................................................................................73.1 &3.2.......................................................................................................................................73.3................................................................................................................................................73.4................................................................................................................................................84.1................................................................................................................................................84.2................................................................................................................................................94.3..............................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONIn present scenario, communication is the most crucial tool in order to exchange any sortof information in an organization. There are several functions that are being performed by themanagement such as organizing, planning controlling etc. In order to conduct all these activitiesin effective manner, it is important to manage communication. However, the concept is adoptedby the organizations in order to formulate communication strategies so that requisite informationcan be passed on. It leads to provide assistance to the firm to ascertain its predetermined goalsand objectives. The present document is prepared on the given case scenario of Galaxy Foodswhich is about to establish in London, UK. Report is going to cover the requisite decisions thatare taken at the time of start ups. In context to this, different internal and external sources ofinformation is also depicted in the document. This will provide appropriate level ofunderstanding to the reader about the requirement at the time of start-ups or expansions (Goetschand Davis, 2014).TASK 11.1&1.2The present report is based on a case study of Galaxy foods where the owner is going toopen its food store. In order to establish this business, the owner needs to analyse the resourcerequirement. For the same, there are certain decisions are required to be taken by the owner.Following are stated below.Location: In order to initiate the food store, the owner needs to identify the area where he isgoing to set up his business. It is necessary for him to find a place which should be convenientfor the consumers. The store should be at crowd market so that customers can reach easily. Theentrepreneur requires to find a place in London which is convenient for the customers (Binder,2016).Finance: After analysing the location, financial decision is another crucial decision for theowner. Here, it is important to identify whether he will use personal funds or borrow amountfrom the banks or relatives. The owner need to think from different corners and appropriatedecision should be taken. So that, he can get good return over invested amount. Target customers: Further, the entrepreneur needs to identify the customers and for the same heneeds to target a particular group of people. In addition to it, he needs to make research on the
needs and demands of the market. So that he can deliver as per the requirements of theconsumers. This will help the management of Galaxy foods to raise its customers at initial level. Identify niche in the market: This is another the most requisite decision to be taken by theowner. The entrepreneur requires to identify the areas or needs of the customers that are notsatisfied by any other brand. This will assist the organization to satisfy the needs and demands ofthe customers. As a result, the firm will be able to attract large numbers of customers at initiallevel. This will provide good amount of return to the owner over the invested amount (Gaillouxand et.al., 2012).In context to above, the owner of Galaxy foods needs to examine certain information andknowledge to make decisions in relation to set up the business. Firstly, legal proceeding areneeded to be analysed by him with relation to land and other decision. Furthermore, he needs toconsult with a accountant in order to get knowledge over deductions and taxes. In context tothis,it is necessary for him to identify the policies and procedures for the acquisition of land andcopyright of his brand. This evaluation would remain helpful for the owner to make appropriatechoices and decisions with regard to the start up. In addition to it, the most crucial informationthat is required by the owner is buying behaviour of the consumer. It is important for him toknow the income level, taste and preferences, changing needs of customers. So that, he cananalyse the want and demands of customers. The same can be offered by him in an appropriatemanner. This will also help him to identify the needs to essential equipments and machines forthe preparation of food and beverages. With the help of same, he will be able to prepare anddecide effective menu as per the consumer wants. Last but not the least, the owner will be able todecide and analyse the areas which are most expensive or where the cost of company is incurredmore Broom and et.al., 2014). 1.3The owner of Galaxy foods can adopt various sources of information in order to getcrucial knowledge. Mainly, two sources of information are available for the entrepreneur i.e.internal and external sources. Whereas, internal sources are those where the information can betaken from business and external are outside business. The owner can consider different sourcesin the firm to gather information. Following are stated below.
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