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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