Project Status Report and Entrepreneurship

This report discusses the business plan of Star Motor Company, which aims to enter the eco-friendly car segment in the automotive sector. The report covers their business goals, management plan, market research and analysis, marketing plan, operational plan, and financial plan. The company aims to increase market share by 10% and reduce carbon emissions to zero by 2024.

Project Status Report and
Entrepreneurship
(Individual Project)
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Executive summary
Business plan is a systematic written document that determine organisational goals and
objectives along with the manner that will help them to fulfil their future target in effective
manner. Present report discussed business plan of Star Motor Company which is making its entry
in eco-friendly car segment in automotive sector. With this plan company is aiming towards to
enhance their market share by 10% and make carbon reduction by zero by the year 2024.
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Project Status Report and Entrepreneurship....................................................................................1
(Individual Project)..........................................................................................................................1
Executive summary..........................................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Business goals..................................................................................................................................4
Management plan.............................................................................................................................5
Market research and analysis...........................................................................................................7
Marketing plan.................................................................................................................................9
Operational plan.............................................................................................................................11
Financial plan.................................................................................................................................12
Action plan.....................................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
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INTRODUCTION
Business plan is a document that set out organisation’s future objectives as well as strategy
along with the ways to achieve them. Business plan describes organisation aim objective
activities and other essential strategy which provides efficient direction for growth (Beltrán
Gubia, 2021). Business plan plays important role especially for those organisations who are
looking forward to expand or make their entry in a new market segment, as it acts as an
important tool that offer guide and support in decisions. Present report has been conducted on
Star Motors company, which is a small automotive organization, that offers various services to
the customers. The company operates on a small level and does not have a wide presence. This
means that the company serves limited number of customers as of now. The company is planning
to enter a new market to attract new customers as well as serve their needs in an effective
manner. The respective report will explain business goals, management plan, market research as
well as the analysis of the different plans such as marketing, operational as well as financial plan.
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MAIN BODY
Business goals
Star Motors company is a small automotive business that offers various automobile services
to the customers. The company designs unique automobiles and currently has a fair number of
customers in the market. Star Motors primarily deals with second hand cars that are equipped
with an efficient engine and provide high acceleration. As of now, the company is looking
forward to expanding its business operations in a new market so as to attract a greater number of
new customers. The company has decided to enter the new market with cars that are eco-friendly
(Chaithra, 2021). The cars will have various features such as various sporty features. One of the
other features will be low carbon emissions. This will help the company in attracting a greater
number of customers as well as increase profitability. The plan will be executed over the next
three years and also, it has been analysed that the current target customers of the company are the
ones who are focussed on buying sports cars. Star Motors company is the overall growth of the
company. This segment will not only aid organisation to enhance their presence in automobile
market but also allow them to take support from government as well as can duly attract large
number of consumers due to their environmental concern objective. Mentioned below business
goals of Star Motors Company is being stated:
 To increase market share by 10%
 To reduce carbon emission ratio of company by zero by 2024
 To create an entire sustainable ecosystem by manufacturing unique set of eco-friendly
cars in order to make significant contribution in reducing emission
 To increase overall profitability by 8% by 2024
Management plan
A management plan is an important document that is primarily aimed towards designing the
future facility for the company. It can be said that management plan helps an organization to
formalize their management structure as well as operations. This ensures that the staff members
are committed to their respective jobs. It can be said that by creating a management plan, the
company will be able to achieve its goals in an effective manner. This is because each of them
will have a clarity about their roles as well as responsibilities. Star Motors is a low maintenance
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company that does offer its products at reasonable and affordable process. Since the company
currently offers second hand cars, it has now decided to enter a new market with new as well as
efficient cars that will have various features. By entering the market with fuel efficient as well as
eco-friendly cars, the company will be able to attract a greater number of customers as well as
increase its overall business as well. The company has a reasonable number of employees who
work towards helping the company achieve its goals and objectives. With the help of this
technological disruption company is looking forward to offer eco-friendly cars to consumers. By
taking advantage of this remarkable opportunity company will duly satisfy consumers that will
also aid customers to gain number of benefits in terms of contributing in environment safety,
exemption from road tax to fuel cost and government grants to purchase eco-friendly products.
To fulfil this objective mentioned below in-depth analysis of management plan is being
conducted:
Ownership structure
Star Motors Company is a small automotive company that offers different automotive
services such as car repair, selling second hand cars etc. The respective company is now
focussing on providing new as well as fuel-efficient cars to the new market. By implementing
innovation as well as unique ideas, the company will be able to attract a greater number of
customers. The ownership structure of the company is that it is owned by two individuals. The
company will ensure that it employs people from different backgrounds in order to ensure that
the overall business is conducted in an effective manner.
Management team
Star Motors Company is performing its business operations with approximately 30
employees. All of the employees are well talented and dedicated and operating the roles and
responsibilities in different segments such as engineering, designing, sales, marketing,
administration and production department. Respective company is looking forward to make
entry in eco-friendly car manufacturing segment. For this it is essential for organisation to
provide different type of training and development opportunities to their employees in order to
enhance their skills and knowledge for specific segment. Currently company have a dedicated
management team in which every member is fairly compensated and are subjected to benefit
packages. This organisation is operating in a small-scale segment and offer high quality products
and services to consumers with their talented and potential team (De Bruyckere and Everaert,
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2021). Company has well talented team that will significantly help organisation to satisfy needs
and demands of consumers. There are different departments within this organisation such as
designing, sales, marketing, production and more which is managed by effective teams.
External human resources requirements
According to the above laid down objectives and goals company will undertake use of
external professional advisers such as business consultants, IT consultants, bankers and software
expertise as these professionals will significantly offer a web of support to the board as well as
advice outside company’s internal management team. This will help organisation to make
management decisions in order to make entry in a new business segment.
Human resource
According to the business goal and objectives it has been evaluated that organisation is
significantly looking towards to enhance their market shares. By making entry in a new segment
in this entrepreneur of Star Motors Company is required to recruit some certain candidates in
order to meet business goals in effective manner. In this company can hire contract workers or
freelancers who can operate in full time or part time (Elali, 2021). With the help of evaluating
staffing requirement according to the specific skill which is needed to make entry in eco-friendly
cars organisation can accomplish their objective in effective manner. Along with this respective
organisation is also looking towards to provide training to their existing staff members in which
specific training in terms of learning new technologies and skills to develop eco-friendly cars and
capabilities to enhanced sales by conducting attractive marketing will be offered. With the help
of this opportunity organisation can overcome future challenges in an effective manner and can
further implement changes according to industry needs.
Market research and analysis
SWOT
STRENGTH WEAKNESSES
 Star Motors Company is widely
reputed in racing car segment.
 Company operates with highly
talented and potential employees.
 Provide ultimate driving experience to
 Star Motors Company is having lack
of presence in many automobile
markets.
 Lacks in making investment in digital
marketing.
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customers with unique features.
THREATS OPPORTUNITIES
 Increase in fuel costs.
 Threat from competitors like
Caterham, Autotrader and more.
 Entering into major markets such as
eco-friendly of electric cars for long
term sustainability.
 Attracts large base of consumers with
the help of digital marketing.
Porter’s analysis
Threat of new entrants
Threat of new entrants in eco-friendly car or electric car segment is respectively low in
small scale industrial segment as in this organisation is required to make investments in machine,
production line and technology. With the help of taking this opportunity organisation can utilise
their uniqueness and innovativeness to make successful entry in this segment. However, in this
company require additional investment capital in order to secure market share. In this Star Motor
Company is require to develop strategies to cope up with the challenges.
Rivalry among competitors
Rivalry among competitors in eco-friendly car segment is high there are number of
competitors of organisation those who are looking forward for sustainable business operations.
In this Star Motor Company is required to focus and make high level of investments in expert
workforce, technology, innovation and take risk to invest in large scale production of eco-
friendly cars with different high-level technology. This will allow organisation to expand their
market share and acquire more competitiveness than other rivals.
Bargaining power of buyers
Bargaining power of buyers is low in this industrial sector due to the low competition
prevailing in small scale industrial sector in eco-friendly automotive industry. This provides
opportunity for Star Motors Company in eco-friendly car or electric car segment. With the help
of taking this opportunity organisation can utilise their uniqueness and innovativeness to make
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successful entry in this segment (Ju, Lee and Kim, 2021). However, in this company require
additional investment capital in order to secure market share. In this Star Motors Company is
require to develop strategies to cope up with the challenges through which they can offer high
innovation with promising value to consumers as bargaining power of buyers is low. In this
organisation can undertake advantage of effective strategies to promote their products while
promoting environmental awareness and benefit of long-term savings on fuel cost. This will
significantly help organisation to motivate and attract attention of consumers towards their
products and services.
Bargaining power of suppliers:
Bargaining power of suppliers is relatively low as there are less competitors in eco-
friendly manufacturing segment in automotive sector in small segment. Star Motors Company
relies on their technological capabilities, innovation and talented workforce. This provides a
significant opportunity for company through which they can develop strong relationship with
suppliers and can negotiate prices of raw material. This will allow organisation to have no threat
of suppliers. This will help them to successfully enter in this market segment while assuring
growth and development opportunities.
Threat of substitute:
Threat of substitution in eco-friendly car segment in small scale sector in automotive
industry is less, as there is low level of competition. With the help of taking advantage of this
opportunity company can make highly friendly cars for the environment which provide a good
substitute for fuel cars.
According to the market analysis with the help of Porter five force tool, it has been
evaluated that Star Motors Company is having a significant opportunity through which they can
assure long-term growth profitability and high competitiveness.
STP
Segmentation:
Star Motor Company segmented consumers groups from middle class to upper class
segment those who are looking for environmentally friendly, affordable and innovative cars.
Targeting:
Star Motor Company targeted consumer group of above the age of 18+ in United
Kingdom provinces. In this organisation targets individuals of all gender group in affordable
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segment (MANUCHARYAN, 2021). By making entry in eco-friendly car segment Star Motor
Company target individuals of all income group and especially those who are environmentalists.
Positioning:
In order to position themself in eco-friendly segment in automotive sector Star Motor
Company will market itself as the “best eco-friendly cars manufacturers in small scale for
individuals of above 18+. Company will promote itself with the help of digital marketing and
will undertake use of campaigns to go viral and attract thousands of customers in the provinces
of UK.
Marketing plan
Marketing plan is mainly defined as an operational document that duly outlines an
advertisement strategy that organisation will implement in order to enhance sale and reach their
target market. Marketing plan in context with Star Motor Company is defined which include
overall marketing objectives of organisation through which company acquire more consumers
and fulfil laid down objectives in effective manner (Meilani, 2021). With the help of this
company can take assistance in day to day running of business activities and can effectively
accomplish their targets and milestones in effective manner within allocated budget. For this,
SOSTAC marketing planning model is being utilised, as it is an effective approach through
which organisation can undertake use of a framework to fulfil the short- and long-term objectives
in an effective manner.
Situation
Currently Star Motor Company is operating in automotive sector and mainly emphasise
on sports car customers for which organisation attract consumer groups those who are sports
enthusiastic.
Objectives
In order to conduct sustainable business operation and acquire more growth Star Motor
Company is looking forward to enter in eco-friendly car manufacturing segment in automotive
industry. Main aim behind this is to increase market share by 10% and reduce carbon emission
by zero the year 2024.
Strategy
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In order to conduct its business in an effective manner in the new market, it is important
for the respective company to take into account the different factors while developing effective
strategy. To fulfil this objective organisational adopt benefit of different sort of advertising
strategies which includes virtual advertising and marketing, that is a value-effective advertising
strategy. This will allow Star Motor Company to adopt benefit of different kind of digital
channels including internet site, seek engine, social media platforms like Instagram, Facebook
and other cellular apps to attain huge scale of customers. Digital advertising now a days is a main
issue of marketing that makes use of net and web page. Digital generation is a platform via
which corporation can promote their services and products successfully. Being a small-scale
organization virtual platform will prove to be a powerful manner through which agency can't
best appeal to attention of large base of consumers by showing enterprise strong point and
innovativeness. Digital platform will also permit agency to conduct their advertising operations
in cost effective way at the same time as removing unnecessary wastage in advertisement. Along
with this Segmentation of advertising is being carried out by company with the assist of
psychographic and demographic section wherein employer can offer services and products to
consumers.
Tactics
To accomplish above objectives Star Motor Company will undertake use of latest
communication tools in order to stay in touch with consumers (Mohseni, 2021). In this with the
help of active participation on web in social networking sites company will highlight their eco-
friendly car models and encourage fans to discuss and visit. Along with this by taking advantage
of promotional activities such as digital media and mix of traditional print company will sure
success.
Action
In order to successfully enter in eco-friendly cars sector in automotive industry and
reduce carbon emissions of company by zero in by the year 2024 company will continuously
make improvement for each year by conducting frequent internal audit in order to assure that
they are strategically moving towards accomplishing their business objectives (RAMEZANI and
PAPZAN, 2021). Along with this to enhance brand positivity in market Star Motor Company
will also switch to energy efficient lighting system, air conditioning and heating for their work
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area. Along with this organisation will also undertake use of high-tech software and technologies
to build eco-friendly cars
Control
In order to make sure that all the operations and activities is being done according to the
business plan to make successful entry in new market segment Star Motor Company will
undertake effective control with the help of internal audit. This will help organisation to stay
committed towards their goal.
Operational plan
Allocation of human resources
Star Motor Company is having strong human resource expect that will assist organisation
to make entry in a new market segment in developing eco-friendly cars as to enhance their
sustainability in automotive sector. Star Motor Company has significantly established presence
in sports car meant by offering high end products with advanced technology. In order to make
successful entry in new market segment in automotive sector company is required to concentrate
on the human resource in marketing and engineering, as individual in both of these department
have higher responsibility to manufacture cars and promote them in market segment in attractive
manner. Thus, will help organisation in penetrating new markets (Sachan, 2021). Along with this
by providing training on the new market expects company can a sure overall success. There are
other departments within an organisation such as marketing department, engineering service
department, finance department, manufacturing department and other those who are responsible
for overall success of organisation business plan.
Allocation of financial resources
According to organization evaluation it has been diagnosed that Star Motor Company
have desk financial overall performance in beyond couple of years. However, there are a few
losses that have been obtained by using this organization because of the outbreak of covid-19.
Allocation of economic resources is one of the maximum crucial selection that will allow
business enterprise to acquire success in making their entry in eco-friendly phase in automotive
sector. As above engineering and advertising and marketing operational division given
significance for inspiring and transforming the firm. In this company is needed to invest extra in
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engineering branch along side this R&D branch of engineering department, as it's far responsible
to behavior effective advertising studies. Along with this most important monetary capital is
needed to invest in advertising department. Furthermore agency is needed to channelize the cash
go with the flow as a way to obtain achievement.
Setting timeline
The operational plan is required to be according to the set timeline, as operational plan offer
suggestion of strengthening the marketing and engineering division of organisation those who
are highly responsible for ensuring high success (Saleem, Eagle and Low, 2021). In this it is
essential for company to provide a steady timeline for the essential activities that are required to
be undertaken by individual in both of these department. With the help of taking advantage of
effective marketing strategy in order to promote company new automobiles in automotive sector
organisation can establish strong hold in the new market.
Financial plan
Description Cost: Quarterly
Electricity € 6811.53
Water € 6811.53
Raw material €30884.14
Telephone bills €34065.66
Travel expenditures €30659.22
Advertising €12197.40
Costs of transportation (Trucks) €12263.69
Engineering tools €6240
Machinery €35976
Costs of building €9425
Factory €1522
Computers €705
Accounting software €1000
Tables €945
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Chairs €350
Cabinets €1500
Total: €191356.17
Financial supporters
Effective organisation is mainly supported by banks, as it is an effective manner through
which organisation can acquire low interest rates. Furthermore, it has been identified that with
the help of this financial source company can acquire government subsidies which is provided to
organisation those who are engaged in environmentally friendly business operations.
Action plan
From the above-mentioned business plan analysis, it has been identified that Star Motor
Company is looking to make entry in a new market segment which is eco-friendly card
manufacturing of automobile industry (Sreen, Chatterjee and Sadarangani, 2021). To fulfil this
objective organisation will undertake use of attractive advertisement option such as digital
advertising and will undertake use of effective marketing strategy to promote their product and
services in market. Star Motor Company is a successful business organisation operating in small
scale sector. In this to acquire success by aiming towards reducing environmental population
company will operate their business services with talented employees by increasing the
motivation, with the help of offering them bonuses, extra hours of working pay and many other
compensations.
CONCLUSION
According to the above-mentioned report it has been concluded that business plan is acting
as a written document which defines organisation core business objectives activities and the
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manner through which they can accomplish their goals. A good business plan mainly includes
executive summary, marketing strategy, financial planning, market analysis and other essential
aspects. With help of taking advantage of effective business plan organisation can stay align to
their goals and objectives and can further assure success without wasting time and money.
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REFERENCES
Books and Journals
Abdullina, L and et. al., 2021, March. Development of eco-friendly mechanized rotary parking
lots with a flywheel energy storage device. In IOP Conference Series: Earth and
Environmental Science (Vol. 677, No. 5, p. 052037). IOP Publishing.
Beltrán Gubia, Ó., 2021. IPAR DAF SL, business plan: an approach to the creation of an official
DAF commercial vehicle concessionaire in Guipuzcoa.
Chaithra, P., 2021. Eco Friendly Green Cloud Computing. Journal of Research
Proceedings, 1(2), pp.41-52.
De Bruyckere, S. and Everaert, P., 2021. The Role of the External Accountant in Business
Planning for Starters: Perspective of the Self-Determination
Theory. Sustainability, 13(6), p.3014.
Elali, W., 2021. The Importance of Strategic Agility to Business Survival During Corona Crisis
and Beyond. International Journal of Business Ethics and Governance, pp.1-8.
Ju, N., Lee, K.H. and Kim, S.H., 2021. Factors Affecting Consumer Awareness and the Purchase
of Eco-Friendly Vehicles: A Textual Analysis in Korea. Sustainability, 13(10), p.5566.
Ju, N., Lee, K.H. and Kim, S.H., 2021. Factors Affecting Consumer Awareness and the Purchase
of Eco-Friendly Vehicles: Textual Analysis of Korean Market. Sustainability, 13(10),
pp.1-17.
MANUCHARYAN, M.G., 2021. THE IMPORTANCE OF DIGITAL MARKETING,
BENEFITS AND DEVELOPMENT PROSPECTS. In WORLD SCIENCE:
PROBLEMS AND INNOVATIONS (pp. 105-109).
Meilani, M., 2021, July. Sustainability and eco-friendly movement in movie production. In IOP
Conference Series: Earth and Environmental Science (Vol. 794, No. 1, p. 012075). IOP
Publishing.
Mohseni, H., 2021. Public engagement and smart city definitions: a classifying model for the
evaluation of citizen power in 2025 Tehran. GeoJournal, 86(3), pp.1261-1274.
RAMEZANI, M. and PAPZAN, A., 2021. Investigating the Causes of Entrepreneurs Failure to
Start-up Greenhouse Business in Isfahan Province, Iran. Tekirdağ Ziraat Fakültesi
Dergisi, 18(2), pp.187-196.
Sachan, A., 2021, July. Proposed contemplations to make current modern cities normally more
eco-friendly and sustainable. In 2021 International Congress of Advanced Technology
and Engineering (ICOTEN) (pp. 1-6). IEEE.
Saleem, M.A., Eagle, L. and Low, D., 2021. Determinants of eco-socially conscious consumer
behavior toward alternative fuel vehicles. Journal of Consumer Marketing.
Sreen, N., Chatterjee, S. and Sadarangani, P., 2021. Eco-friendly products purchase intention: a
comparison of theory of planned behaviour and social cognitive theory. International
Journal of Economics and Business Research, 22(2-3), pp.149-173.
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