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PART A Business Idea
The present business idea is to open a retailing book store near university, providing online educational material and second hand online books. In addition to this business owner has also planned to provide subscription services where students will get a study survival kit delivered to them at their homes or libraries during high stress periods or during exams. Business owner has decided to form partnership with university, As this will help business entity in increasing competitive strength and increasing its sustainability in the market. This strategy adopted by the business owner will help in promoting the goods and services. It will also help an organisation in motivating students to access the online educational products or services. Lesson which are to be taught to the student will be designed according to the syllabus provided by the universities. Business owner will also seek supports from the management staff and teachers in university for preparing the lesson and encouraging students to use online platform to gain additional information or increase their knowledge about the particular field. The location of physical book store will be near the colleges as well as universities (Sowkarthika, Tiwari and Singh, 2018)This area has been selected in order to provide students an ease to access the educational resources as well as products which are not available in the library of university. Opening the online and physical book store will help in catering the education as well as development need of children or students. As the educational sector or industry is very big, there are already many big organisation are operating and these firm has already captured wide market share in the London (Clegg, 2018) Some of the competitors are Water stones, who is the retailer of academic books, Educational sector is growing at very rapid rate and this trend will continue to be developed in the future as well. This business ideas have been selected on the basis of the fact that there are many poor students those who do not have the access to educational resources due to bad economic condition but they have desire to study. This business ideas have been developed by analysing the situation and fact that if poor student or children provided with Appropriate resources or study material, such children will get the chance to get education then they can also make their significant contribution in development of society as well as nation (Mazza and Quattrone, 2017)
Four most important objectives of new business Venture.
The objective of establishing online teaching business is to provide student an ease in learning and getting education. The other purpose of this business is to support students in improving their academic performance and helps them in their personal as well as professional development. Business owner is also intends to earn higher profit as well as sales. Online teaching , opening a books stores and establishing online library is chosen as this particular field has high scope of growth in the future. The other objective of establishing business is to achieve success and foster growth (Weybrecht,2017)
Political: There are few constituents which might have major impact on the activities. One crucial risk factor is political instability in the nation which can have great effect on the profitability as well as sales of physical book store. This factor has high potential restrict the business from delivering the services or educational resources at specific location to students.
Economic: there are various economic factors which might have impact on the business. One of constituent is change in economic condition of the nation or income an individual has great effect on the profitability, sales as well as demand for products or services in the market. Economic factors also have significant influence on the pricing strategy adopted by an organisation. Rise in rate of tax and decrement in prices of the goods have direct effect on the profit of firm.
Social: Increase in awareness about the importance of education support business entity in increasing sales and generating more revenue, Due to continuous change in trends , living standards in the society, education has become important part. This is the reason changes in social factors might supports an organisation in expanding business. But the change in educational and learning pattern has created major challenges for company to identify the need of students .
Technological: This factor is considered to be as forward which will assist an organisation, in improving the quality of educational products. It has also enabled firm to deliver quick services to students and providing them additional facilities such as subscription etc. Technology can also be used by business entity for promoting services and generating brand awareness. Increase in number of books seller has give rise to intense competition in educational sector.
Legal: These are the essential factors which might have great as well as direct impact on the sustainability of an organisation. As new business venture is complying with all the legal norms , this factor has less effect on the success as well as growth of business.
Environmental factors: As the educational industry is very big, new business might have to face intense competition. But as new firm has different product segment and an enterprise has also formed the partnership with university which has provided business entity with additional competitive strength. It will help a firm in gaining competitive advantage in the market (Baggen, Kampen and Mulder, 2017)
Part A Launching of an event
Management , marketing team and business owner has taken the combined efforts has planned to launch an event. Top level management in an organisation has decided to appoint event company for arranging as well as hoisting the program. All the list of guests and other essential resources will be provided by a firm. Manager in a business entity is provided with the responsibility of media. They are accountable for inviting guest, ordering flowers and promotional gifts for special guests, confirming seller commitments etc. Educational minister of the state has been invited for the ribbon cutting ceremony. He has been invented with the intention of seeking financial and other support which will help business entity in improving the quality of services. Business owner including top level management has planned to organise event on 28th April 2018, which Saturday. This time has been selected as the special guest and university studying in university will find suitable to attend the programme. By conducting the event on this specific date will also assist an organisation in achieving the objectives and promoting the goods or services directly top target audience which is students. There were many tools and marketing tools are used for informing the launch on f new online and physical books store. Some of the marketing strategies that are used include distribution of pamphlets, use social media site for targeting students or youth , press , support from media, etc. Arrangement has been made for ribbon cutting ceremony by special guest. The launch of event and offering food , discounts and offers will help an organisation in making positive as well as long lasting impression on customers (Gutiérrez and Baquero, 2017)
Part B Preparing a budget
Luxury meal- $6000 which will include 3 course, that is euro 60 per head which is based on a middle range catering
Decorations- $2000 which will involve cleaning of whole building and acquisition of decorative material which can be utilized on the other occasions or events as well.
Prizes- This will include free coupons which can be utilized by customer for using services. Another plan is to provide free one time online education resource subscription for those who make purchase of $4000. As this will assist an enterprise in promoting services and influencing student to make purchase of educational resources or material such as books.
Advertisement- Management team has planned to utilize online platform such as social media sites and advertisement using electronic media for informing public about the launch of book store. As this involves less cost and business entity can reach wide number of customers. Advertisement including online as well offline method of promotion will cost approx. $600
Marketing objectives: The marketing objectives of newly established business venture is to establish good position in the industry. It also intends to increase its customer base and market share.
Target market:College going youth, teacher inn the universities are the main target of the company to whom an organisation intends to sell goods and deliver services. Another target of an organisation in poor children who do not have access to educational resources. Business entity will deliver educational material at reasonable price to students belonging to financially backward families (Roeglinger, Seyfried and zur Muehlen, 2017)
Price: business owner as well as management team in an enterprise has decided to keep price low or reasonable. This pricing strategy has been adopted by considering the interest and financial condition of all students and teachers.
Place: Books store will be opened near main university in London with the purpose of providing students or teachers an ease in availing services or purchasing books. Business entity also has online presence which provides an opportunity to reach wide number of students or teacher and deliver them services.
Promotion: Use of social media sites and press release .As by adopting the social media platform an organisation can directly communicate directly with students. It will also provide firm a chance to communicate business objectives and identifying the needs of resources , education products by the target audience.
Product:An organisation is offering wide range as well as variety of services to target audience. It also delivers good quality study material at reasonable price to its clients.
Physical evidence: Business venture also has online presence which provides business entity an opportunity to reach wide number of customers and deliver them services
Process: management team in new business venture has focus on conducting promotional activities.
Marketing strategies: marketing team has planned to make use of technology, internet and social media sites for generating brand awareness and promoting services or goods (Fisher and Bonn, 2011)
Strategical, operational and tactical decision
Operational decision: Business owner has planned to operate business at medium scale at the initial stage and after achieving the success at domestic level company will adopt the expansion strategy for launching its business operations at global level. Business entity will provide educational products or learning or study material to students at reasonable price.
Tactical decision :There will be abstracted administrative division in an enterprise and these departments will assist an organisation in identifying the needs or demands of target audience and will provide information about market situations. Instance of tactical decision in context of books store is that business owner needs to make regular decisions regarding the type and quantity of books to be stocked in the shop.
Strategic decision: Cost leadership pricing strategy will be adopted by firm. As this strategy will assist an organisation in attracting more number of consumers (Rusinko, 2010).
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Book suppliers : this thing will be reconsigned in the business necessary to keep the stock of different types of books. These might be sourced by creating or developing a website offering to buy second hand books for individuals. In addition, the business will set up links with universities, libraries and publishers who will provide supply of books as well as study material. The new business venture has to develop strong supply chain network as well as healthy relationship with suppliers. As this strategy will assist an organisation in maintaining the balance between demand and supply. If the business owner have the idea publication and supply content , an entrepreneur can organize the content from several origins into an adhesive document tailored for a defined target audience (Noe, Hollenbeck and Wright, 2003)
- Clegg, G.M., 2018. Unheard Complaints: Integrating Captioning Into Business and Professional Communication Presentations. Business and Professional Communication Quarterly.pp.2329490617748710.
- Sowkarthika, B., Tiwari, A., and Singh, U.P., 2018. Utility and Significance of Vague Set Theory and Advanced Optimization Mechanisms for Uncertainty Management. In Soft- Computing-Based Nonlinear Control Systems Design (pp. 191- 219). IGI Global.
- Mazza, C. and Quattrone, P., 2017. Living in a World of Foam: Global Ideas, Bubbles, Institutions and the Fairy Tale of Business Education. In The Future of University Education (pp. 111-121). Palgrave Macmillan, Cham.
- Weybrecht, G., 2017. The future MBA: 100 ideas for making sustainability the business of business education. Routledge.