The Mobile Point Business Plan Report: BMM3013, London, UK

This assignment presents a comprehensive business plan for 'The Mobile Point,' a proposed mobile shop in Baker Street, London. The plan begins with an introduction and overview of the business idea, highlighting the market gap for convenient mobile services and the author's personal expertise. The main body includes a PESTEL analysis of political, economic, social, technological, environmental, and legal factors impacting the business. A detailed competitor analysis compares 'The Mobile Point' to existing businesses, outlining competitive advantages. The report defines the target market, including young customers, middle-aged customers, technology-friendly customers, and businessmen. The plan concludes with a summary of the business plan's viability and next steps. The business plan is a crucial tool for entrepreneurs to start their business effectively and efficiently.

Business Plan

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Introduction of the business idea.................................................................................................1
PESTEL analysis.........................................................................................................................2
Analysis of the competition.........................................................................................................3
Target market...............................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
A Business Plan refers to an outline of the business which is intended to be be started by
an organization. It provides all the relevant details and information regarding the business and
helps an entrepreneur in starting up the business effectively and efficiently (Chang, 2017). Thus
for the entrepreneurs it is very important that they are able to frame a business plan through
which they will be able to achieve their goals and objectives in the future time period. They can
target higher-level of profitability by preparing this plan. This report is based on the business
plan of The Mobile Point. It is an idea of starting a mobile shop which provides smartphones and
its various accessories to the customers. In this assignment, focus will be made on the various
components of a business plan and its summary which will help the entrepreneur in starting the
business in the right manner.
MAIN BODY
Introduction of the business idea
Overview- The business idea which is desired to be started is that of a mobile shop. It
will provide a wide range of smartphones and its related accessories to the customers in the
market. There is a high demand for these products in the market and thus it has the potential t
turn out to be a highly profitable venture.
Personal expertise in the area- I have a personal expertise in the area of running a
mobile shop because I have worked in a mobile shop for 2 years. This has provided me a
relevant experience of ensuring that I am able to effectively set up my operations without
problems and issues.
Market gap- As I wish to start my business in Baker Street, London the market gap
which I intend to fill is convenience for the customers. By having an extra mobile shop in the
area's vicinity the customers will have more choices for purchasing smartphones and other
accessories which will be quite beneficial for them.
Location- The location which has been selected for The Mobile Point is Baker Street,
London, United Kingdom (Dimitropoulos and Karasavva, 2016). This location has been selected
for setting up business because it is a posh locality in London where there is a scope of attracting
various types of customers in an effective manner. The choice is significant because there is a
need of more mobile shops in this area due to high demand from the customers in the market.
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Outline of the plan- Creation of an outline of a business plan is quite essential for the
businesses so that they are able to target higher-level of profits in the future time period. The
plan will start with macro-environmental analysis i.e. PESTEL analysis. Thereafter, there will be
a detailed discussion about the competition through Competitive analysis. Additionally, a
discussion related to the target market will also be made as a part of this plan.
PESTEL analysis
PESTEL analysis can be conducted by the organizations so that they are able to perform
a thorough assessment of the various types of macro factors which operate within the external
business environment of the firms and can create an impact on their business (Gabler and et.al.,
2017).
This analysis in the context of The Mobile Point is as follows-
Political factors- These factors are quite important to be considered by the businesses
because they make sure that the various types of political situations are considered by them and a
deep understanding is made about their impact. In U.K., the political conditions are quite
dynamic and can change anytime and therefore this creates an impact on the business of The
Mobile Point.
Economic factors- For the businesses, it is quite important that they can consider the
economic parameters in the business environment (Ibidunni, Peter and Ogbari, 2017). In U.K.,
the conditions which are prevailing within the economy are quite important to be considered
because they will impact the company's profitability level. Thus The Mobile Point is required to
make sure that it considers these parameters in an effective manner. One of them is economic
growth which can impact the level of profits which the business intends to earn.
Social factors- There are multiple factors within a society which can create an impact on
the customers. In U.K., there are different types of social conditions which can take place within
the societies. Lifestyle attitudes of the customers is quite important factor which is required to be
considered by The Mobile Point as this will help them to be able to provide the customers with
the products which they desire so that they can be satisfied.
Technological factors- The technology changes very fast in a dynamic business
environment and thus it creates an overall impact on the businesses (Kusumaningrum and
Hidayat, 2016). Thus it is quite important for the businesses to consider factors like technological
change so that they can ensure that they are able to sustain in the market against the competitors.
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The Mobile Point has to make sure that it considers these factors so that it is able to develop a
strategy for adapting quickly to the technological changes.
Environmental factors- Nowadays the customers are quite conscious regarding the
environment (Watson and McGowan, 2019). Thus the companies are required to take these
factors into consideration by developing products which are according to the environmental
norms of the government. Thus for The Mobile Point the requirement is to make sure that the
products provided by it to the customers meet the environmental rules and regulations which
have been set up by the government to create a positive impression on the customers.
Legal factors- A company has to respect the laws, rules and regulations of the country in
which it is operating (Watson, McGowan and Cunningham, 2018). Thus this becomes quite
crucial from the point of view of the firms so that they are able to ensure that they take into
account these laws, rules and regulations while conducting their business activities. Therefore, in
the context of The Mobile Point it is very important to consider them and make sure that the
business activities are conducted according to them. This will help the business a lot in the future
time period to earn sustainable profits.
Analysis of the competition
Competitiveness of the industry- The electronics industry in U.K. is a highly
competitive industry in which different players operate (Rosati and Conti, 2016). Thus, it can be
said that the industry has a very high-level of competitiveness and thus the requirement from the
new players in the market is that they should be able to ensure that they can sustain the
competition by applying proper techniques and methods. Thus, The Mobile Point is required to
ensure that it is able to sustain this level of competition by ensuring that it brings out quality
products which are able to satisfy the needs of different types of customers in the market.
Competitor analysis-
A competitor analysis is performed so as to ensure that an organization is able to analyse
its competitors who are present within the market and thus ensure that it frames an appropriate
strategy for dealing with them in an effective manner (Sloughter and et.al., 2016). The analysis
in the context of The Mobile Point is as follows-
Competitor analysis
Basis The Mobile Point Baker St Mobile &
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Accessories
Product The Mobile Point will provide
smartphones ranging from
different varieties to the
customers as well as different
accessories related to these
smartphones.
Baker St Mobile &
Accessories also provides
smartphones in different price
segments to the customers
which they can purchase
depending upon their choice.
Price The Mobile Point will make
use of Penetrative Pricing
Strategy so that it is able to
effectively penetrate the
market and ensure that it offers
quality products to the
customers at a fair price.
Baker St Mobile &
Accessories makes use of
Competitive Pricing Strategy
so that an effective analysis of
the competitors in the market
is made in an effective manner
which will ensure that the
company is able to earn
higher-level of profits by
setting a right price.
Place It will set up its operations in
Baker Street, London.
It is an existing business in
Baker Street, London.
Promotion The Mobile Point will make
use of offline and online
promotional strategies so that
the targeting of the customers
can be done in the right
manner.
Baker St Mobile &
Accessories makes use of
offline and online promotional
strategies so that it can easily
target the intended customers.
Competitive advantage- The competitive advantage of The Mobile Point is will offer
quality products to the intended customers at low rates because it is a new player in the market
and thus in this way will be able to secure an edge over the competitors in a highly effective
manner (Stubić, 2017).
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Target market
A target market refers to a group of different potential customers to whom a company
wants to provide its various products and services (Target Market, 2020). The Mobile Point will
make sure that it targets the following customers as its Target market-
Young customers- The young customers will be the target market of The Mobile Point
because they are the ones who like to make frequent purchases by changing their smartphones
and require accessories also. They like to frequently change their smartphone and like new
technology in their accessories. Thus they like to visit Mobile Shops for fulfilling their various
types of needs and requirements. Thus the business will be required to bring out the products and
services which can be quite useful for the customers. They are quite important from the point of
view of the business because they like to make their spending on the purchase of mobiles and
other accessories.
Middle-age customers- These customers are also the target market for The Mobile Point
because they need exposure to this new technology in order to adjust according to the dynamic
changes happening in the society. They are quite important for the business because they are the
ones who will drive the level of sales and revenues for it.
Technology-friendly customers- These are the customers who are quite friendly towards
the technology and use it in their day-to-day life in an effective manner. Thus they like to make
frequent changes to their gadgets including smartphones to be up-to-date according to the
technological changes in the market. Therefore, The Mobile Point is required to make sure that it
is able to target these customers by providing innovative products to them which will help them
in fulfilling their demands and will thus ensure higher satisfaction level.
Businessmen- Businessmen operating various businesses will be the target customers of
The Mobile Point as due to their business requirements they may require smartphones which
help them stay connected all the time. Some of the businesses require Businessmen to frequently
update their technology in order to be able to sustain effectively in the market. Also they are
required to be highly up-to-date with the various sorts of technological changes and for that they
need to make a purchase of the smartphones.
Conclusion- With the PESTEL analysis of the company, it has been analysed that the
proposed idea is highly viable for The Mobile Point. Economic, Social, Technological and
Environmental factors offer an opportunity for the business to enhance the level of earnings.
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However, the Political and Legal factors also create a threat for the business and thus can create
an impact on its level of earnings. The next steps in the business plan will be to make a short
summary which highlights its key points so that the fine details and can be easily identified in an
effective manner.
CONCLUSION
From the above report, it can be concluded that a business plan is framed in order to
ensure that the different types of fine details regarding the business can be identified. This is
crucial because it helps the businesses in conducting its activities according to the set roadmap
for the future. It should have an Introduction so that the starting of the plan can be made
properly, macro-environment analysis, competition analysis and target market analysis. Also, it
must include a conclusion so that it can summarise the various findings in an effective manner
without facing problems and issues.
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REFERENCES
Books and Journals:
Chang, W. L., 2017. Online training for business plan writing through the World Café method:
the roles of leadership and trust. Universal Access in the Information Society. 16(2).
pp.313-324.
Dimitropoulos, V. and Karasavva, K., 2016. Business plan for the development of a used
cooking oil collection system.
Gabler, C. B. and et.al., 2017. Developing an environmentally sustainable business plan: An
international B2B case study. Corporate Social Responsibility and Environmental
Management. 24(4). pp.261-272.
Ibidunni, A. S., Peter, F. and Ogbari, M., 2017. ENTREPRENEURSHIP EDUCATOR'S
COMPETENCEON UNIVERSITY STUDENTS’COMMITMENT TO LEARNING
AND BUSINESS PLAN WRITING. Academy of Strategic Management Journal. 16(2).
pp.1-10.
Kusumaningrum, I. and Hidayat, H., 2016. Learning Outcomes in Vocational Education: A
Business Plan Development by Production-Based Learning Model Approach.
International Journal of Environmental and Science Education. 11(18). pp.11917-
11930.
Rosati, U. and Conti, S., 2016. What is a smart city project? An urban model or a corporate
business plan?. Procedia-Social and Behavioral Sciences. 223. pp.968-973.
Sloughter, J. M. and et.al., 2016, October. Designing a sustainable business plan for an off-grid
energy kiosk in Chalokwa, Zambia. In 2016 IEEE Global Humanitarian Technology
Conference (GHTC) (pp. 401-405). IEEE.
Stubić, J., 2017. Assesment of Investments by the Use of Software Application for Development
of the Business Plan in Agriculture. Економика-Часопис за економску теорију и
праксу и друштвена питања, (2), pp.1-15.
Watson, K. and McGowan, P., 2019. Emergent perspectives toward the business plan among
nascent entrepreneur start-up competition participants. Journal of Small Business and
Enterprise Development.
Watson, K., McGowan, P. and Cunningham, J. A., 2018. An exploration of the Business Plan
Competition as a methodology for effective nascent entrepreneurial learning.
International Journal of Entrepreneurial Behavior & Research.
Online
Target Market. 2020. [Online]. Available through:
<https://www.investopedia.com/terms/t/target-market.asp>
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