BBA 4010: Entrepreneurship Assignment: Marketing and Business

This document presents a comprehensive solution to a BBA 4010 Entrepreneurship assignment. It addresses key aspects of business, including the difference between business opportunities and ideas, the time frame for a business to become profitable, and creative low-budget marketing st...Read More

Running head: MANAGEMENT
Assignment Question
Module Name and Code: BBA 4010 Entrepreneurship
Student’s Full Name:
Student ID:
Month and Year of Submission:

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Table of Contents
Task 1...............................................................................................................................................2
a. Difference between Business Opportunity and Business Idea.................................................2
b. Minimum Time for a Business to Earn a Profit.......................................................................2
c. Five Creative Ideas for Promoting a Low Budget Small Business..........................................2
d. Three Advantages and Disadvantages of Opening Website for a Business............................3
Task 2:.............................................................................................................................................4
a. Task Describing the Basics of Marketing Plan........................................................................4
b. Relationship between Price and Image. It’s Importance..........................................................5
c. Four Common Marketing Objectives and Its Importance........................................................5
Task 3:.............................................................................................................................................6
a. Source of Information Used for Developing Customer Profile...............................................6
b. Three ways of Providing Superior Customer Service..............................................................6
c. Comparison between Customer Services at Three Business within Community....................6
Task 4...............................................................................................................................................8
a. Type of Financing for Startup Business...................................................................................8
b. Challenges of Start-up Business..............................................................................................8
c. Choosing the Location of Business..........................................................................................8
d. Criticality of Physical Location for Distribution Business......................................................9
e. Role of Demographic in Selecting Retail Location.................................................................9
References:....................................................................................................................................10

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Task 1
a. Difference between Business Opportunity and Business Idea
Business opportunity refers to something that might be capitalized for making money
and earning a return on the capital. On the other hand, business idea refers to certain things that
an individual has developed for resolving a problem or filling a need (Burns 2016).
b. Minimum Time for a Business to Earn a Profit
The standard estimation for a business to start earning a profit is a minimum of two or
three years (Michelini and Fiorentino 2012). This is mostly due to the cost incurred in adding an
expert or a partner to payroll for producing products along with bearing the marketing cost
amongst the other additional expenses.
c. Five Creative Ideas for Promoting a Low Budget Small Business
These include:
1. Posting Creative Content through Blogs: This involves making the blog the
foundation of the marketing efforts so that the business is able to direct the visitors, nurture the
relationships and capture the leads.
2. Creation of My Business Google Account: This enhance the visibility of the business
in the search and also on Google+ and Google Maps.
3. Undertaking Social Media Promotions: Undertake promotions through popular
social media platforms like Twitter, Facebook, LinkedIn and Pinterest.

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4. Creation of Info graphics: Info graphics act as powerful tools for marketing. They act
as eye candy and easier to digest. People loves sharing them and they act as great means for
driving the referral links and traffic.
5. Undertaking Online Contest: This will help in driving participants and newer leads
d. Three Advantages and Disadvantages of Opening Website for a Business
Advantages:
 Creation of a dedicated domain name and creation of personal email account for the
business.
 The secure server of Yahoo requires no additional software installation. This allows an
individual to work virtually from any mobile device or from any location across the
world.
 The in-built Coupon Manager helps the business in easily creating coupon by creating
custom codes and expiry dates.
Disadvantages:
 The 24/7 online customer support service may not be satisfactory as the man hours
allotted for the service might not be efficient.
 There is a fee levied on each single transaction taking place via the website and it might
range between 0.75 percent and 1.50 percent.
 Website created through Yahoo service might not go with multiple gateways for
payment.

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Task 2:
a. Task Describing the Basics of Marketing Plan
Component What will you include?
OPPORTUNITY ANALYSIS
Industry Analysis Porter’s five forces model, PEST analysis and
SWOT analysis.
SWOT Analysis The key factors evaluating the performance of
the organization includes the strengths,
weakness, opportunities and threats (Brooks,
Heffner and Henderson 2014).
Environmental Analysis This mostly include PESTEL Analysis
Competitive Analysis Porter's Five Forces and Perceptual Mapping.
MARKETING ANALYSIS
Overall Market and Target Target refers to the customer group towards
whom a business aims the efforts of
marketing and resources.
Goals and Objectives Goals refers to the generalized statements of a
firm related to its desired achievement while
objectives refers to the actions or steps
undertaken for achieving the goals.
Marketing Strategy Refers to the game plan of a business in
reaching the prospective customers and
turning them into potential customers.
Product/Service Product represents the manufactured output of
a firm while services represents the facilities
made available by the firm.
Pricing Strategy This represents the best price for a product or
a service.
Promotion Strategy/ Plan Tactics implemented as a part of the

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marketing plan for increasing demand for the
service or the product.
Place/Distribution Making the products or services available to
the business or consumers requiring it.
Philanthropic Plan This involves integration of the Corporate
Social Responsibility (CSR) program into the
business plan of a firm through meticulous
monitoring and strategic planning.
Future and Contingency Plan A plan for the business for reacting faster
towards unexpected event.
FINANCIAL PROJECTIONS This will include sales forecast, statement for
cash flow, expense budget, profit& loss
statement and balance sheet (Anderson and
Hanadi 2012).
IMPLEMENTATION TIME LINE It is the time taken to support the efforts and
of an implemented plan. It also helps in
providing accountability.
MEASUREMENT
SUPPLEMENTAL MATERIALS It refers to the additional material for
supporting the additional production or
putting across service.
b. Relationship between Price and Image. It’s Importance
In e-commerce sites, images of products with all the detailed information enables the
customers to understand its price worth and then make a purchase in case he/she finds it’s
genuine. This allows both the vendor and the manufacture in earning greater amount of revenue.
c. Four Common Marketing Objectives and Its Importance

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 Identification of the product and increasing its awareness: This allows consumers to
identify and make a purchase
 Mentioning the characteristics along with price: Mentioning the price allows the
customer to decide whether he can make a purchase.
 Undertake the appropriate channels for product distribution: Choosing the right
channels allows promotion of the product to larger audience.
 Choosing can accurate location or place for distribution of products: The choice of
the suitable location helps in determining the revenue generated through purchase.
Task 3:
a. Source of Information Used for Developing Customer Profile.
The information primarily includes the demographic, psychographic and the geographic
characteristics along with identification of the creditworthiness, purchase history and the buying
pattern (Gunter and Furnham 2014).
b. Three ways of Providing Superior Customer Service
This includes (Kim and Choi 2013):
 Ensuring a quicker response
 Better knowing the needs and wants of customers
 By being transparent and fixing the mistakes
c. Comparison between Customer Services at Three Business within Community

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To:
From:
Date: March 11, 2020
Subject: Comparison between Customer Services at Tesco, Sainsbury and Asda
Mr/Mrs,
The memo draws in a comparison between the customer services of Tesco, Sainsbury and Asda.
As far as the greeting is concerned, Tesco initiated an ‘Every Customer Offered Help (ECOH)’
drive that comprise of greeting customers, offering help and wishing a good bye. Sainsbury
however made its stores increasingly welcoming for the people of all the ages. Asda on the other
hand provided an ethnic greeting for the impending Diwali and Eid.
At Tesco, the employees were helpful while Sainsbury rolled out program for ensuring stress
free shopping for people even with autism. As means of help, Asda provided catalogues and
leaflets describing the product specifications and images.
In addition to this, Tesco provided a survey form to be filled by the customers while Sainsbury
undertook a bi-annual survey. Asda on the other hand asked its customers to fill a survey form
by reaching www.Tellasda.com against a prize money.
Thus, the ECOH initiative undertaken by Tesco in the year 2001 in relation to its customers
differentiated it from the other firms.
Please revert in case you have any further questions
Thanks and Regards,
Your name:

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Task 4
a. Type of Financing for Startup Business
Venture capital represents the kind of financing for a startup business (Da Rin, Hellmann,
and Puri 2013). It comes from the companies or the individuals in business of making investment
in privately held business. In fact, they provide the required capital for the young business in
return of the ownership share in business.
b. Challenges of Start-up Business
These includes (Berglund and Sandström 2013):
1. Management of Cash Flow: This is necessary for the survival of small business.
There are various entrepreneurs who struggles in paying their bills while they wait for the arrival
of checks.
2. Hiring of the Employees: The process of hiring takes longer than expected as it
involves reviewing of resumes, sitting through the interviews and selection through unqualified
candidates.
3. Task Delegation: Initially the delegation of task seemed messy and could be re-fixed
through redoing it.
c. Choosing the Location of Business

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Location represents the place where the firm decides to site the operations (Kalantari
2013). The location of a business is chosen based on nearness of the market, availability of basic
infrastructure, psychographics, demographics and export processing zones.
d. Criticality of Physical Location for Distribution Business
This is because in distribution business, location of business determines the local and the
state tax that the owners needs to pay along with the regulations to be followed (Tate et al. 2014).
The rate of sales and income tax varies across areas and has key impact on the earnings of
business owners.
e. Role of Demographic in Selecting Retail Location
Demographic represents the statistical analysis of a group of people that helps in
determining the customer footfall in a particular location.

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References:
Anderson, B.B. and Hanadi, A.M., 2012. The Gateway Innovation Center: exploring key
elements of developing a business incubator. World Journal of Entrepreneurship, Management
and Sustainable Development.
Berglund, H. and Sandström, C., 2013. Business model innovation from an open systems
perspective: structural challenges and managerial solutions. International Journal of Product
Development, 18(3-4), pp.274-285.
Brooks, G., Heffner, A. and Henderson, D., 2014. A SWOT analysis of competitive knowledge
from social media for a small start-up business. Review of Business Information Systems
(RBIS), 18(1), pp.23-34.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Da Rin, M., Hellmann, T. and Puri, M., 2013. A survey of venture capital research. In Handbook
of the Economics of Finance (Vol. 2, pp. 573-648). Elsevier.
Gunter, B. and Furnham, A., 2014. Consumer profiles (RLE Consumer Behaviour): An
introduction to psychographics. Routledge.
Kalantari, A.H., 2013. Facility location selection for global manufacturing.
Kim, H. and Choi, B., 2013. The influence of customer experience quality on customers'
behavioral intentions. Services Marketing Quarterly, 34(4), pp.322-338.
Michelini, L. and Fiorentino, D., 2012. New business models for creating shared value. Social
Responsibility Journal.

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Tate, W.L., Ellram, L.M., Schoenherr, T. and Petersen, K.J., 2014. Global competitive
conditions driving the manufacturing location decision. Business Horizons, 57(3), pp.381-390.