Starting a Business and Fundamentals of Marketing

Starting a Business and
Fundamentals of Marketing

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
An overview of present business idea.........................................................................................3
An evaluation of external environment.......................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
In current competitive environment, it is essential to undertake new and different
practices to generate potential profit margin(Carr, 2020). Current report discussed an effective
ideal to initiate a new bakery shop that will be profitable and has potential to grow. Further,
PEST analysis is discussed in order to monitor the impact of external factors over business
performance.
MAIN BODY
An overview of present business idea
There are ample of business opportunities exist at market place that can be avail by an
individual in order to get success and earn potential profit margin. As per the current market
trend a business of bakery that will provide traditional experience to customers will be good to
start (Alpar and Schulz, 2016). For this, Company can target to those consumers who wish to get
healthy food along with an experience of traditional touch. As nowadays, most of the cafes are
working on western theme and provide junk food, beverages which are not good for health. So, it
will be beneficial to initiate such a business that will provide different values to guest. Bakery
shop will be situated at prime location where customers often visit for hangouts. In addition,
there is huge potential to earn sufficient profit margin by keeping appropriate control over cost.
Here, business owner needs to use social media marketing platforms to promote products and
services among target audience.
An evaluation of external environment
External factors put a great impact on overall business setting. Here some important
factors which are related to external environment are given as under:
Political- There are certain elements such as current government policies, political
environment significantly influence the performance of an entity (Allahyari, Damalas and
Ebadattalab, 2016). In context of bakery shop, managers need to analyse existing policies, rules
of government and evaluate it on continuously basis in order to make appropriate strategies.
Economical-It refers to demand, supply, cost, interest rate and other factors that are
crucial to analyse in order to run business in an efficient manner. It is analysed that it will be
profitable to initiate a bakery shop at small level. It can be start and operate with minimum