Digitize: Comprehensive Business Report on Digital Solutions

This report details the business plan for 'Digitize,' a startup aiming to provide comprehensive digital solutions to clients. It begins with an introduction and rationale, highlighting the growing need for digital expertise among businesses. The report conducts an external analysis, examining political, economic, social, technological, legal, and environmental factors. It includes a competitor analysis using Porter's Five Forces, followed by a discussion of segmentation, targeting, and positioning strategies. A marketing mix is outlined, encompassing product, price, place, promotion, people, and process. The report also covers marketing growth strategies, resource requirements, and a risk analysis to identify potential challenges. The report provides a comprehensive overview of the business, its market, and its strategic approach.

Entrepreneurship and
Business Development

Table of Contents
INTRODUCTION.......................................................................................................................................3
Rational for business...............................................................................................................................3
External Analysis....................................................................................................................................3
Competitors Analysis..............................................................................................................................5
Segmenting, Targeting, Positioning.........................................................................................................6
Marketing growth strategy.......................................................................................................................8
Resources required for business..............................................................................................................9
Risk analysis..........................................................................................................................................11
CONCLUSION.........................................................................................................................................12
REFRENCES............................................................................................................................................13

INTRODUCTION
In current world, there are ample of new business and startups take place in order to bring
innovative as well as creative ideas in market place. Main aim behind these startups is to earn
substantial profit margin and also provide unique services to customers in order to enhance their
current living standards (Acs, Szerb and Autio, 2017). The present report is based on starting a
business named as digitize to provide effective digital solution to clients. Main aim of this entity
is to assist clients to formulate unique marketing campaign, prepare effective websites, engaging
content for betterment of business. The uniqueness of new venture is to provide customized
services to all clients as per their requirement. The report comprises environmental analysis of
company along with along with competitors and market analysis. In addition, STP approach has
been discussed in the following report. Marketing strategy by applying marketing mix is also
included in the following report along with the strategies of market growth and success. Lastly, it
includes a risk model to identify different risks associated with business.
Rational for business
It is sated that now each and every business personnel is likely to use digital techniques to take
their business to the next level. But all the individuals do not posses required knowledge and
competency to use digital way (Edoho, 2016). So, the present business venture has a great scope
of growth and success as it will provide complete digital solution to clients. So the business has
potential to driven higher revenue that is vital to ensure long term sustainability of company in
market. Further, it will focus on providing highly customize services to clients that will help to
distinguish organization with other companies present in market.
Vision: “To provide unique as well as innovative services to clients to maintain their
higher level of satisfaction”
Mission:“To become a leading tech based company that will provide complete solutions
of digital problems faced by clients in order to earn substantial amount of revenue and profit”

External Analysis
There are ample of factors present in external environment which need to consider by
entrepreneur while undertaking a new business venture. Some factors of macro environmental
analysis are given as under:
Political factor: It comprises different elements such government policies, legislations,
change in current government and more. It is monitored that technological industry is highly
affected with political environment as with change in government there is also change in current
policies, guidelines. So, in case of new business venture, it is imperative to analyze prevailing
political conditions within country and prepare strategies accordingly.
Economical factors: These elements are related to interest rate, demand, supply, cost,
employment rate and other factors. It is sated that economic condition of country also affect
business performance in significant manner. Now, government has positive attitude towards
technology development & enhancement thus they provide appropriate support through subsidies
as well as grants in order to promote technological enhancement. So, the new business venture
has a great scope to enlarge current level of sales and profit margin (Turgunpulatovich and
Bulturbayevich, 2020).
Social factors: Now, customers are highly inclined towards technology so there is a great
scope for tech based companies to enhance their business. In addition, customers have positive
attitude towards online marketing techniques that is vital for growth and sustainability for current
business venture.
Technological factors: In current business world, technology plays a crucial role in
business. There are a lot of softwares, tools are used in companies for ease out business functions
and get competitive advantage. To sustain in market, it is imperative to remain ahead in terms of
technology. There are ample of new as well as advance softwares and tools will be used in nee
business venture to provide effective services to clients.
Legal Factors: It comprises different legislations, rules, regulations that have been
formulated by higher authorities to keep control over business. In addition , these rules are also
helpful in running business in smooth manner. There are laws such as data protection act, health
and safety act at work place 1974, consumer protection law and more. It is analyzed that business

entities follow these laws to operate business in an efficient manner and avoid any kind of legal
hassles that may occur in future period of time (Burns and Dewhurst, 2016).
Environmental factors: Now, it is essential for companies to consider environmental
impact of their activities. For this, they ensure to adopt such activities which are environmental
friendly and do not generate any kind of pollution. Here, organizations also significantly
contribute in CSR activities from their profit margin to ensure well being of environment as well
as overall society at large.
Competitors Analysis
In present scenario, there is extensive competition is prevailing in market. For this a
model called Porter’s five force has been applied which are described as under:
Bargaining power of buyer: In the business of digital solution, bargaining power of
customers is higher due to presence of ample of other competitors that area also providing
similar services. Now, customers are also highly price conscious and likely to switch from one to
another company where they get better services at relatively lower price.
Bargaining power of suppliers: Here, vendors refer to those people who provide
necessary resources, equipments for business. In this regard, bargaining power of suppliers is
lower due to presence of several other vendors. So, company has an upper hand over suppliers to
get necessary resources at feasible price (Hoppe, 2016).
Threat of new entrants: It depends on entry barriers in existing market place. If, entry
barriers are higher then it will be tough for a new company to get enter and sustain in current
market place. Threat of new entrant is higher due to ease to enter in present market. The business
model of organization can be copy by other and it does not has higher brand value among target
segment.
Competition among existing firms: It refers to level of competition in current market.
There is higher competition in the field of digital solution as already there are a lot of companies
that are providing this kind of services.

Threat of substitute: There is higher thereat of substitute due to extensive competition in
market. There are other options also available for customers from where they can get similar
services like company. So, it is imperative for business owner to create difference in order to
sustain in market for longer duration (Mitra, 2019).
Competitive advantage:
However, there is extensive competition is present in market but there are some unique
features in the services of present business venture that will provide it an edge over other
competitors. These unique features are mentioned below:
 Here, business owner undertakes extensive research over client and their business in
order to provide them highly customized services to resolve the issue in an efficient
manner.
 In addition, they emphasis to use highly technical resources as well as softwares such as
Artificial intelligence is also being used by company to provide best possible solution to
client.
So, these unique features will drive extra benefits for company and help them to handle
clients in an efficient manner. By providing such unique services, they will be able to sustain in
current competitive market place for longer run.
Segmenting, Targeting, Positioning
Segmenting: It refers to dividing the whole market into smaller groups having same
characteristics. Here, individuals having similar attributes, behavior are combined together in a
group sp that company can target a particular segment. There are different ways of segmentation
such as geographic, demographic, psychographic and behavioral (Ratten, 2016). In the present
business, demographic as well as psychographic segmentation have been applied by managers.
They divide the whole population on the basis of occupation as well as income level. On other
side, they also undertake psychographic segmentation in order to provide services to clients as
per their needs and requirements. By this way, segmentation really helps company to make
optimum use of available resources for getting advantage in future.

Targeting: It refers to target a particular group of customers so that company can alien their
efforts in an efficient way. There are some factors need to consider before determining target
segment such as needs of customers, available resources, sales, profit margin (Kraus and et. al.,
2018). In the current business venture target segment of company is business professional who
are seeking for any kind of digital solutions for their organization. In addition, they are targeting
to middle as well as lower income group of people by providing unique as well as effective
services in affordable price range.
Positioning: It refers to the way in which customer perceive the product and service. To sustain
in market for long run, it is imperative to maintain positive positioning of company in market
(Henry, Hill and Leitch, 2017). It will provide ample of benefits to company and will help in
business success and growth. In case of current business, they have positioned as a company
which provides effective services in affordable price range.
Marketing Mix
It refers to the combination of different elements which are helpful in terms of getting
competitive advantage in market place. Different factors of marketing mix are given as under:
Product: Under this, products and services are included which are being provided by
company in order to meet with requirements of customers. It comprises different attributes,
features which differentiate products from competitors. In the present business venture, there is a
service of digital solution is being provided by company which will help to driven more number
of customers.
Price: It refers to determine price of overall products and services. It need to be
determine in such a manner that company will able extract sufficient profit after meeting with all
the business expenses (Welter and Gartner, 2016). There are different approaches used for
pricing such as competitive pricing, value based, premium pricing and more. Here, business
owner adopts competitive pricing strategy with an to gain long term sustainability.
Place: Under this the place is considered from where company is providing services and
products to customers. For this, it is imperative to maintain efficient network of suppliers as well
as distributors to ensure timely availability of products & services to end users. In the present

scenario, the company is situated as one of the prime locations of UK so it is easy for clients to
easily access their services. Further, they also maintain a strong network of service provides at
different locations within country to provide timely services to clients.
Promotion: In current time, there are a lot of ways are used by companies in order to
promote services at wide level. There are different ways such as TV, newspaper advertisement,
celebrity endorsement and more are used for promotion (Schaltegger, Beckmann and Hockerts,
2018). Now, online techniques such as SEO, website marketing, social media platform have
become a crucial way to promoting products. In this regard, new business venture adopts online
techniques such as SEO and social media platforms to connect with target segment. In addition,
they also focus on promoting services through word of mouth by providing effective services to
existing clients.
People: It is consider that human resources are crucial part of business as they represent
company in front of other parties. So, it is crucial to hire potential candidates to ensure further
growth and success of business. For this purpose, business manager of new venture will hire
qualified candidates from elite institutes to handle professional clients in an efficient manner.
Process: It refers to the way in which company provides services to end users. It is stated
that process need to be smooth and efficient so that organization will be able to provide timely as
well as effective service to end users. In case of current business, they ensure to adopt effective
process to provide better services to clients.
Physical equipment: It includes different physical equipments which are visible to
customers. It comprises ambiance, interior as well as employees of company. It is stated that
physical equipment plays a crucial role in attracting customers. For current business, there are
different equipments such as softwares, tools are used by organization. In addition, the ambiance
of office is also eye catching that is helpful in grabbing the attention of clients.
Marketing growth strategy
In current business, there are several business opportunities available in market but it is
vital to avail those opportunities for betterment of company. For this purpose, Ansoff matrix is
used by organization which is described as under:

Market penetration: Under this, entity continues with existing products & services in
existing market place. There are different strategies such as decrease in price, improving quality
and more are adopted by company in order to sustain in current market for longer duration
(Schaper, 2016). In case of current scenario, they can provide services to existing clients at
reasonable price in order to sustain in current market place for longer run.
Market Development: It refers to expand business in new market place with existing
services. For this, managers are required to undertake effective marketing research in order to
analyze the opportunities in new market place. They need to be careful while determining new
market. There is scope for new business venture to explore business in more geographical
regions within country.
Product Development: Under this, organization launches a new product and services in
existing market place. It will help to inflate current level of sales and profit margin of company.
For this, managers are required to undertake effective market research in order to develop
potential product and service that will be accepted by current group of customers (Dvouletý,
2017). In current scenario, managers can add some more services in existing mix such as
providing softwares and tools to run business in smooth manner. It will help them to earn
adequate sales and profit margin for business growth and success.
Diversification: In this, products and market both are new so it is considered as one of
the most risky strategy. There is a lot of resources are required to undertake this strategy in an
efficient manner. In the case of new venture, they can expand business in new geographical areas
by providing new services such as softwares and tools in order to inflate in current level of
profitability.
With above discussion, it is stated that market development is considered as most suitable
strategy for business expansion and market growth. In this, they can easily explore business in
more geographical areas of country in order to enhance current client base of business.
Resources required for business
Human resources: It is monitored that human resource are vital to perform different
business functions in an efficient manner. There are a lot of tools and equipment are used in

business and these are used by employees. They are also responsible to take effective decision
for betterment of company. In addition, they also make optimum use of available resources to
ensure business growth. Human resources represent organization in from of other people. So,
most important and essential resource to start a business is employee. In the current scenario,
manager hire potential as well as competent individual to undertake different business activities
in an efficient manner.
Physical resources: To start a business, there is requirement to have some physical
resources such as equipment, tools and more. There is requirement to have an attractive
ambiance as well as interior. It is necessary for both employees as well as customers. While
working in attractive ambiance employees get positive vibes which encourage them to work
better. So, while starting a new venture, it is imperative to organize necessary resources,
equipment and tools.
Financial resources: Funds are essential to undertake each and every business activity
whether marketing, HR and any other. Before starting a new business, entrepreneur is required to
analyze requirement of funds for different functions. There are a lot of sources such as venture
capital, banks, angle investors and more are present in market by which new business owner can
fulfill business requirement. But, they are required to analyze advantages as well as drawbacks of
each resource before undertake it. For current business, venture capital seems as most suitable
way to get necessary funds. It will help to receive funds in minimum possible cost that will lead
organization towards goal attainment.

Risk analysis
There are ample of risk associated with business that may affect overall business
productivity as well as profitability. These risks are mentioned below:
Compliance risk: This risk is related to legal rules and regulations. There are several
legislations have been formulated by government. Business owners need to obey these laws in
order to run company in smooth manner. In addition, they also make changes in existing laws,
regulations so that managers also need to analyze legal framework on continuous basis and need
to make changes in their existing framework as per modifications made by higher authorities. By
this way, there is higher compliance risk face by a new business venture which need to face in an
effective manner.
Financial risk: It is associated with uncertainty of availability of funds, cost, profit and
more. There is huge financial risk associated with business as all the individuals start company
with an aim to earn potential profit margin. But, sometimes outcomes can differ from
expectations. So, it will incur huge financial risk for organization. There is no surety of profit
and loss in business. So, managers need to prepare effective strategies in order to deal with future
uncertainties effectively.
Operational risk: This risk is related to daily operations of entity. There are a lot of
resources, equipments are used in business. These equipments may get out of order that will
affect overall business process. In addition, conflicts, grazes may arise among individuals at
work place which will create constrain in attainment of predefined business objectives.

CONCLUSION
It is summarized that there are ample of small business units are being started by
entrepreneurs to execute their business ideas in real practice. There is a new business venture
providing digital solutions have been started within country. Macro environment put a great
impact on organizational activities. Further, there are a lot of models such as Porter’s five force
and marketing mix are used to assess current market place and prevailing level of competition.
Discussion has been carried out regarding market growth and risk with the help of appropriate
tools.