Summer 2019 BUSI 1110: New Business Plan for a Prospective Investor

This assignment presents a comprehensive business plan for a new venture named "The Silver Lining," specializing in handcrafted and customizable products. The plan details the business's name, tagline, and the rationale behind them. It outlines the sole proprietorship form of ownership, justifying its suitability for the business's initial scale and operational efficiency. The mission statement focuses on providing customers with hope through customized, affordable handicrafts. Product features emphasize customization, aesthetic value, and adherence to customer preferences. The plan also highlights product differentiation through customizable options and a commitment to quality management. An organizational chart illustrates a flat structure, while the corporate culture emphasizes customer-centric services and incentives. The document also provides an overview of the business's marketing strategy, including product differentiation and competitive advantage. It is a project completed as part of the BUSI 1110 Fundamentals of Business in Canada course.

Running head: MARKETING A NEW BUSINESS
MARKETING A NEW BUSINESS
Name of the student
Name of the university
Author note

1MARKETING A NEW BUSINESS
Business Name
The organizations hold names that would provide the customers with an idea of the
product or services that are proposed by the same. In this relation, the name of the businesses
supports the same in drawing the attention of the customers towards the product offerings. The
new organization will be named as “The Silver Lining”, which is aimed at providing the
customers with an imagery of the silver lining and the manner in which it provides a ray of hope.
The name of the organization will be linked to the propositions of the venture and the manner in
which it will support the customers in beautifying the lives of the customers. The tagline of the
venture would be “Finding Perfection in Imperfections”, which would support the business in
drawing the attention of the artistic people and communities towards the propositions.
The linkage of the business name with the offerings would support the venture in making
the customers aware of the propositions that are being made by the same while operating in the
different regions of Canada. On the other hand, the attractive business name will support in
ensuring the awareness of the customers, recognition of the venture, customer loyalty and
goodwill of the venture. Radomir, Plaias and Nistor (2014) opined that the innovativeness of the
enterprise name supports an organization in maximizing the awareness of the customers in the
markets while delivering the venture with a competitive advantage. Therefore, the
innovativeness of the business name, while encouraging a feeling of positivism, would support
the venture in attracting the attention of the customers towards the propositions of the venture.
Form of Business Ownership
The form of ownership for “The Silver Lining” would be sole proprietorship form of
business which will support the entrepreneur in managing the business operations single
handedly. Segal and Choi (2016) opined that the sole proprietorship form of business ownership

2MARKETING A NEW BUSINESS
offers an entrepreneur with unlimited privileges of taking the managerial decisions but again
pose unlimited liability on the owner. The sole proprietorship form of business is a form of
business which is regarded as a unified entity with the owner which enhances the liability score
of the entrepreneur. Therefore, the aforesaid business will run in a small scale in the initial years
with the objective of establishing the market shares and making the potential customers aware of
the propositions. In this relation, the application of the sole proprietorship form of governance
would support the business in avoiding the legal and regulatory On the other hand, Singh,
Chaudhary and Arora (2014) opined that the sole proprietor is liable for increased risks of the
venture while the profits is also reaped by the sole proprietor himself. Therefore, the sole
proprietorship form of business would allow the entrepreneur in taking the business decisions
and guide the company towards the strategic objectives of the same without the indulgence of
any other person.
However, the sole proprietorship form of business holds the sole proprietor liable for the
actions and decisions that are undertaken by the same. In this relation, the sole proprietor is
accountable for the risks that are being faced by the venture. On the other hand, the sole
proprietor would not have to share the profits of the venture with anyone, which contributes to
the sustenance of the venture and the continuity of operations of the same in the respective
markets. The Silver Lining would be a sole proprietorship form of business which would allow
the sole proprietor in dictating over the activities that would be initiated by the venture. On the
other hand, the sole proprietor would be liable for the profits and risks that are being encountered
by the business. However, as the business would be undertaken in a small scale initially, the
application of the sole proprietorship form of governance would support in maintaining the
efficiency of the operations in the Canadian markets. Again, the application of the sole

3MARKETING A NEW BUSINESS
proprietorship form of ownership would allow the business person in avoiding the legal and
regulatory bindings while continuing with the operations of the venture.
Mission Statement
The mission of the business is to fill the lives of the customers with hope while presenting
customized and affordable handicrafts as per the preferences.
The mission statement of the organization is aimed at setting the organizational culture
and thereby developing the line of propositions in alignment with the needs of the customers.
The concerned business venture will aim at providing the customers with customized product
offerings with the objective of adhering to the preferences and likenesses of the same. On the
other hand, the affordability of the prices that will be quoted by the business would support in
improving the customer base of the venture.
The mission statement is being framed with the objective of providing the customers with
the improved quality of handicrafts and thereby proposing aesthetic value for filling their lives
with hope. On the other hand, the propositions that would be made by the organization would
also support the same in enhancing the rate of customer satisfaction and retention. Therefore, the
mission statement of the business will not only assist in creating a corporate culture but also
support in retaining the customers through an assurance of quality products that would be
tailored to the preferences of the customers and an affordable price.
Product Features and Benefits
The business will propose handcrafted products that will be customized in accordance to
the preferences of the customers. Different types of products ranging from clothing, accessories,
paintings, sculptures and the like will be manufactured by the organization in alignment with the
tastes and preferences of the customers. The venture’s mission statement would support the same

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in identifying the major processes that might be undertaken by the same while operating in the
different markets. The development of handcrafted propositions would be based on the
identification of the needs and preferences of the customers. On the other hand, the availability
of the customizable option would support the organization in attracting the attention of a huge
number of customers.
The orders will be reviewed, manufactured processed and delivered to the customers
within a specific timeframe in the case of customized products. The products are aimed at
providing the customers with an aesthetic value as the mission of the organization is to light up
the lives of the customers with their valued propositions. The different changes in the
organizational operations would be reliant on the effective functioning of the systems in
alignment with the needs of the venture while operating in the different markets. The products
that will be developed by the business and positioned in the markets would be based on the
assessment of the customer needs. The assessment of the needs of the customers and appropriate
positioning of the line of products in the markets would support the business in enhancing the
rate of revenue streams.
Product Differentiation
The products that will be developed by the organization will be based on the efficiency of
the operations in alignment with the needs of the customers. The customizable nature of the
product would support the organization in attracting the attention of the prospective customers.
The competitive advantage of the business will be reliant on the customizable nature of the
offerings. It has been noted that very few organizations in the handicraft manufacturing sectors
provide the customers with a customizable option along with superior quality of the products.

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Therefore, the uniqueness of the handcrafted products would deliver the business with a
competitive edge while operating in the Canadian markets.
Nagurney and Li (2015) opined that the enhanced customer experience contributes to
satisfaction which support an organization in continuing with the operations while retaining the
loyalty and trust of the existing customer base. On the other hand, the enhanced quality and
design of the propositions would be based on the current and futuristic trends. Moreover, the
business will manufacture the products that will provide the customers with an aesthetic value
while considering the changing preferences of the same. In this relation, the effectiveness of the
business operations would be reliant on the ever- changing trends of the customers.
The customizable options and the Just In Time (JIT) production would support the
organization in minimizing the rate of wastes from the different manufacturing processes while
adhering to the changing tastes and preferences of the customers. The products that will be
proposed by the organization will be highly differentiated from the commodities that are
proposed by the competitors due to the involvement of customized product offering while
operating in different parts of the world. The differences in the products that will be
manufactured by the concerned business from the existing players in the market would support
the same in enhancing the rate of competitive advantage of the venture. On the other hand, the
quality management related initiatives that would be undertaken by the sole proprietor through
appointment of Quality Analyst would support the venture in maintaining the quality of the
offerings. Therefore, the overall processes and the unique design of the handcrafted propositions
would support the venture in developing a competitive edge.

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Sole Proprietor
IT department
Production departmentHuman resource departmentMarketing department
Accounts department
Organizational Chart
Sole proprietorship form of business being simple in form avoids the complexity of large
hierarchy of management as compared to corporations. In this relation, the organization will be
utilizing a simple structure through which communication would be made from both the owner
and the stakeholders. The organization chart denotes the owner in the topmost position and the
other stakeholders in a position equivalent to each other. Therefore, the organization will be
following a flat structure with the objective of maintaining the efficiency of the operations in
alignment with the needs of the venture.
Corporate Culture and Incentives
The corporate culture of the organization will be based on the customer centric services
and products that would be provided by the business. The objectives and workplace culture
would be dominated by the principles of adhering to the needs of the customers and thereby

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provide assistance to the same in making better buying experience. Guiso, Sapienza and Zingales
(2015) opined that the corporate culture of an organization is reliant on the evaluation of the
different values and attitudes that are followed by the organizations while operating on the
process design. The values of the business, being a customer centric enterprise, will be based on
the enumeration of the needs of the customers and assisting the same to make a better purchase
of the products. On the other hand, the quality of the products that would be offered by the
organization will be based on the needs and preference of the customers.
The clan culture will be followed by the organization which will enable the venture in
establishing the operations through mentoring and nurturing the skills of the employees while
adhering to the stipulated need of the customers. The application of the culture in the
organization would support the same in developing the capacity of the employees while
operating in the different markets. On the other hand, the development of the clan culture would
support the organization in ensuring the efficiency of the operations in alignment with the
corporate values and customer centric values. The positivity of the culture would enable the
venture in developing the resource and capabilities of the same while operating in the different
markets. On the other hand, the utilization of the clan culture would enable the organization in
ensuring the collaborative functioning of the different stakeholders while operating in the
different markets. Therefore, in order to identify the organizational culture, the values and
attitudes of the business might be reviewed with the objective of maintaining the efficiency of
the operations. The section will evaluate the different values and principles that would guide the
operations of the business.
 Goals of the organization: The primary goal of the organization is to satisfy the needs of
the customers while providing the same with superior quality handcrafted products in an

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affordable price. The goal aimed at ensuring the satisfaction of the customers through the
development of quality products that are customized in accordance to the preferences of
the customers. On the other hand, the business will aim at enhancing the customer
involvement by quoting affordable prices for the commodities. The customer centric
goals of the venture will ensure the enhancement of customer experience, which will
contribute to the sustainable benefits of the same. The organization aimed at delivering
products to the customers and providing aesthetic value to the same. Therefore, the goals
of the organization will support the same in shaping the corporate culture of the same.
 Workplace culture: The business will be establishing a positive workplace culture with
the objective of empowering the operations of the workforce. The business will take steps
to provide adequate training and development facilities to the workforce with the
objective of retaining the proficiency of the workforce. On the other hand, the business
will also take steps to monitor and control the operations that are undertaken by the
workforce with the objective of preserving the quality of the propositions. The training
and development programs would be considered by the venture with the objective of
enhancing the skills of the employees. Moreover, the business will also take steps to
encourage the involvement of the employees through effective reward and recognition
programs for empowering and motivating the same towards the operations. The enhanced
involvement of the employees in the different processes would support the enterprise in
facilitating fair competition in the workplace with the objective of enhancing the
productivity. The employer would be providing incentives and bonuses based on the
productivity and the quality of the work done by the workforce which would again
empower the activities of the employees. J. Cole, Oliver and Blaviesciunaite (2014)

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opined that the effective functioning of the workforce and the implementation of LMX
(Leader Member Exchange) supports a business in enhancing the rate of collaboration
between the management and the employees. The collaborative functioning of the
employees with the management would support the organization in empowering
innovativeness in the design of the propositions. Innovative propositions of the venture
and the implementation of open door policy would support the business in enhancing the
engagement of the employees to build products as per the preferences of the customers.
Therefore, the positive workplace environment would support the venture in developing
the capabilities of the same while adhering to the preferences of the customers and
motivating the employees to retain the talents.
 Engagement with stakeholders: The organization will uphold transparency in the
communication and reporting systems with the stakeholders which would support the
same in influencing the active engagement of the same in the organizational operations.
The transparency of communication and reporting with the stakeholders like the
managers, suppliers and investors would support the organization in maintaining the
trust. The enhanced trust and confidence among the stakeholders would support the
organization in maximizing the rate of collaboration. The collaborative functioning of the
different stakeholders would support the organization in improving the productivity along
with the quality of the propositions. In this relation, the enhanced communication with
the stakeholders would support the business in facilitating informed decision making for
upholding the success.
Therefore, the corporate culture that will be developed by the organization would support
the same in enhancing the rate of operations while increasing the involvement of the

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employees. The increased involvement of the stakeholders in the different processes of the
venture would support the same in enhancing the collaborative functioning while improving
the product quality and the productivity of the venture. On the other hand, the motivated
employees of the organization would contribute to the enhancement in the situation of the
business. Therefore, the delineation and application of the corporate culture would support
the organization in enhancing the rate of returns while operating in the Canadian markets.
Marketing Mix
The marketing mix of the organization will be reliant on the assessment of the needs and
preferences of the target customers and the manner in which the organization positions the
products with the objective of increasing the sales volume. The different elements of the
Marketing Mix would be discussed in this section of the research.
 Product: The product that will be delivered by the organization will be handcrafted home
decors, apparels, accessories and general merchandise. The uniqueness of the products
will be based on the handcrafted phenomenon and the customizable options that are made
available to the customers. The organization will also assure the customers of the quality
of the propositions while operating in the different markets of Canada. The changes in the
product propositions of the organization will be reliant on the effective understanding of
the different preferences of the customers. The uniqueness of every product that is being
proposed by the organization apart from the general merchandise would support the
organization in enhancing the scope of customer engagements. The organization will
propose two categories of products, basically reliant on the needs of the customers. One
of the category would be general merchandise which will consist of regular handcrafted
products. Again, the other category of product lines would be handicrafts that would be

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specially designed as per the preferences of the customers. The development of unique
product manufacturing strategy based on categorization would support the organization in
maximizing the amount of sales while operating in the different Canadian markets.
 Price: The organization will be quoting competitive yet affordable prices for the products
with the objective of enhancing the sales volume of the same in the initial years. The
competitive pricing strategy would support the organization in attracting the attention of
huge number of customers while keeping a margin for the different value propositions.
The price of the home decors would range from CAD$5 – CAD$ 30, the apparels from
CAD$3- CAD$ 10 and the accessories ranging from CAD$ 5- CAD$ 15. On the other
hand, the organization would quote a bit higher price for the exclusive customized
product ranges based on the preferences and the affordability of the customers. The
competitive pricing mechanism would support the organization in maintaining the
efficiency of the operations while operating in the different Canadian markets. The
organization will be conducting a market research with the objective of identifying the
price ranges that are quoted by the competitors while fixing their own price for the range
of products in both the categories. It would support the organization in enhancing the
competitiveness and thereby attracting the attention of the potential customers.
 Promotion: The organization will be utilizing the social media platforms like Facebook,
Twitter and Instagram for communicating their vision and the propositions with the
community of customers. Social media integrations would support the organization in
making the customers aware of the grand image and the unique propositions that are
made by the same. On the other hand, the organization will also take steps to promote
their offerings through the flyers and banners with the objective of enhancing the scope