Analysis of New Business: Market, PESTEL, Strategy, and Components

This report provides an overview of a new business idea, focusing on key aspects such as identifying the target market through STP analysis and understanding the impact of external factors using PESTEL analysis (political, social, economic, technological, environmental, and legal). It discusses various business strategies that managers can adopt for success, including targeting the younger generation and leveraging technology. The report also highlights the main components of a business, including value creation, marketing, sales, value delivery, and finance, explaining each component's importance. In conclusion, the report emphasizes the need for a unique business concept and the importance of identifying and addressing external factors to ensure business success. Desklib provides a platform for students to access similar solved assignments and study resources.

New Business

INTRODUCTION
 Business can be described as organisation that is engage in different
commercial, professional and industrial activities (Cosenz and Noto,
2018). There is carious component of business which is to be consider
by managers of company. This project report includes description
about business idea and influence of external factors. It also includes
explanation of different components like finance, marketing,
operation and other things.

Target Market
In order to identify target market, a person can conduct STP analysis
which is mentioned below:
 Targeting
 Segmentation
 Positioning

Impact of external factors
 In order to identify external factors that create impact on business, managers of Dress on Rent can conduct
PESTEL analysis. It is an external analysis which include different factors that create negative impact on
business. It identifies factors like political, social, economic, technological, environmental and legal factors.
 Political Factor
 Economic Factors
 Social Factors
 Technological Factors
 Legal Factors
 Environmental factors

Business strategy
It can be described as set of action, plans as well as goals which
outline different ways in which business can compete in a market
with a specific products and service. There are different types of
business strategy to be adopted by managers of Dress on Rent for
purpose of getting success in business. They are targeting young
generation for purpose of feeling their products and service and
using technology to be make their business more efficient.
 Operation
 Marketing
 Finance

Main component of business:
Main component of any business includes value creation, marketing, sales, value delivery and finance. Explanation of
these components is mentioned below:
 Value creation
 Marketing
 Value Delivery
 Sales
 Finance

CONCLUSION
From above mentioned project report, it can be concluded that business require new and unique
concept. There are different external factors that create impact over business which is to be
identified by managers. There are various components of business over which managers needs to
focus.

References
 Cosenz, F. and Noto, G., 2018. A dynamic business modelling approach to design and experiment new business
venture strategies. Long Range Planning, 51(1), pp.127-140.
 Moore, E.M., Dau, L.A. and Doh, J., 2020. Does monetary aid catalyse new business creation? Analysing the
impact of global aid flows on formal and informal entrepreneurship. Journal of Management Studies, 57(3),
pp.438-469.
 Nian, V., Hari, M.P. and Yuan, J., 2019. A new business model for encouraging the adoption of electric vehicles
in the absence of policy support. Applied energy, 235, pp.1106-1117.
 Viriyasitavat, W., Anuphaptrirong, T. and Hoonsopon, D., 2019. When blockchain meets Internet of Things:
Characteristics, challenges, and business opportunities. Journal of industrial information integration, 15, pp.21-
28.
 Wial, H., 2018. 21. New Bargaining Structures for New Forms of Business Organization. In Restoring the
promise of American labor law (pp. 303-313). Cornell University Press.