MD4060 - Business Proposal

VENTURE DEVELOPMENT

Table of Contents
Introduction......................................................................................................................................2
Background......................................................................................................................................2
Aims and Scope...............................................................................................................................2
Timeline and Schedule....................................................................................................................3
Conclusion.......................................................................................................................................4
References........................................................................................................................................5
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Introduction
Developing a new venture requires an in-depth analysis of the market area and the available
resources of a particular organization in order to identify the particular areas, which can be
further utilized to create more value and interest for their consumers (Keating, Geiger and
McLoughlin 2014). This paper investigates the current scenario of Preston Market, which is
interested in developing its setup to add more interest to its businesses and customers. A
thorough understanding of the external conditions and Company objectives would be necessary
for the plan/strategy.
Background
The Preston Market was first established in October 1970 in Lancashire County, UK and within
six years the establishment developed rapidly to include a wide range of businesses, including
grocers, butchers, delicatessens, fish and poultry, and a large assortment of small shops for toys,
accessories, clothes and sporting goods (Wrigley et al. 2017). However, the establishment was
taken over by Salta Properties in 2004 and the new managers have plans to renovate the property
in order to add to its value in the existing business market.
The Preston Market underwent a revamp of its outdoor market area, in 2018, and aims to
redevelop its other outdoor and indoor units (Brook 2018). Apart from providing an inclusive
infrastructure that offers a wide range of products and services, the Preston Company also strives
to improve its relationships with other business organizations. The variety of consumables
available include raw meat, vegetables, fruits, dairy products, jewelry, hair and make-up
accessories, technological gadgets like phones and tablets and more. The Market Hall is divided
amongst three major areas: the Outdoor Area One (part glass-covered market), Outdoor Area
Two (boxed market area) and Indoor Market. With such a huge area and accessibilities, the
market is able to host a wide range of services including restaurants, movie theatres, cafes and
more.
Aims and Scope
This project aims to look into the various internal and external business conditions of the Preston
Market, in order to build a thorough understanding of the Company objectives, available
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resources and consumer expectations. In order to construct a full-proof redevelopment plan for
the Preston Market Hall, the particular aims of the revamp project needs to be identified and
noted down.
 To redevelop the outdoor boxed market area in a way that would create more interest for
the business market of Preston as well as the Preston Company. The aim is to create a
unique and interesting retail offer that would be beneficial for both the parties involved
(LaPierre, Wakayama and Wakayama 2016).
 With particular attention to the boxed market area of Preston, the consultancy plan aims
to create a space for business interactions, both B2B and B2C. Retail shops like
restaurants, cafes and other B2B interactions in the outdoor market area could be useful
for attracting more consumers as well as strengthening business relationships with other
organizations (Line and Wang 2017).
 According to (Hillebrand, Driessen and Koll 2015), apply new marketing theories and
concepts in the context of Preston Market Hall and incorporate new activities like music
gigs, handcraft goods, promotional activities like book/music launch would help in
developing the outdoor boxed units by adding more value and interest to its processes and
activities.
Timeline and Schedule
Activity
Week 1 2 3 4 5 6
Review
literature
● ● ● ● ●
Develop a
research
plan
● ● ●
Select
research
technique
● ●
Data
collection
● ● ●
Data ● ●
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analysis
Data
interpretati
on
● ●
Conclusion ● ●
Review ● ● ●
Submission ●
Conclusion
To conclude, redevelopment of the new venture of Preston Market would include an extensive
research of existing external and internal business conditions of the Company. Based on the
identified aims and objectives of the entrepreneurs, the available resources of the Company
would be compared against the recent marketing techniques and consumer expectations, in order
to add value and interest to their organizational processes.
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References
Keating, A., Geiger, S. and McLoughlin, D., 2014. Riding the practice waves: Social resourcing
practices during new venture development. Entrepreneurship Theory and Practice, 38(5),
pp.1207-1235.
Wrigley, R.E., Galloway, T.G., Duncan, J.R. and Cook, F.R., 2017. A Tribute to William Burton
Preston, 1937–2013. The Canadian Field-Naturalist, 130(4), pp.355-358.
LaPierre, K., Wakayama, N. and Wakayama, T., 2016. Creating Shared Value In The Presence
Of Conflicts And Tradeoffs: A Paradox Perspective On Business And Society(No.
EMS_2016_11).
Line, N.D. and Wang, Y., 2017. Market-Oriented Destination Marketing: An
Operationalization. Journal of Travel Research, 56(1), pp.122-135.
Hillebrand, B., Driessen, P.H. and Koll, O., 2015. Stakeholder marketing: theoretical foundations
and required capabilities. Journal of the Academy of Marketing Science, 43(4), pp.411-428.
Brook, R., 2018. Roger Booth, Lancashire County Architect, 1962-83. The Journal of the
Twentieth Century Society (C20), (13), pp.130-145.
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