Task 1: Business Idea and Target Market

Task 1

You choose a business idea, undertake some research then write a report including an explanation of how to identify the target market, which will be informed by the business idea and the criteria used to define it

Task 2

You must show awareness of your skills and development opportunities, required to start a business and be aware of what the additional requirements would be needed.
You must produce a proposal which describes the legal and financial aspects that will affect the start-up of the business. You may need to consult with specialists and should address aspects such as the legal status of the business, the form of trading it will undertake, together with specific relevant legal and financial issues. You should presume that your idea can become reality and should consider these areas accordingly.

Task 3

The outline business plan should follow a formal report format and can be developed into a comprehensive document. This should reflect legal aspects relating to the start up of a new business, but monetary aspects will need to involve some simulation. The report should be supported by an oral discussion, which may be undertaken with a specialist such as a bank manager.

To start a new business, the business entrepreneur requires some innovative ideas as well as strategies to attract the customers extensively (Harmon, 2015). The business that needs to be started focuses towards the unique selling point of the organization to attract the customers extensively. The name of the organization that is planning to be opened and inaugurated is “Cottage Fresh Dairy Products”. The location of the business will be started in Beckenham that has excellent transport systems consisting of buses, rail as well as tram roads. The unique selling point of the organization is selling low fat and no usage of artificial sweetener in the dairy products of the organization. The organization sells the products that help in consultation of the legal as well as financial issues that help in starting the business requirements extensively. From the outlook and opinion of Sadgrove (2015), the relevant business issues also consider the idea of targeting the market in which the business will be flourished. The business also needs to take into account segmentation of the customers and then understand the need and wants of the customers that are followed by targeting the customers. This organization targets the customers that take into account the children, youngsters, office going people as well as aged people. The organization also takes into account the calorie check as well as health benefits of the products to the customers.

Explanation of initial business idea

According to the outlook and opinion of Kanter (2015), the prices of the product need to be low since the customers need to have excellent products at low price. The customers are a sweet tooth in nature and at the same time also health conscious. So, to attract the customers, the organization needs to produce the dairy products so that it gives the taste of sweetness to the customers and at the same time the health values attached to it. As opined by Strumickas and Valanciene (2015) the products also need to be attractive in nature look wise along with taste wise. It is necessary for the customers to have products sugar free, and the ingredients also need to have excellent healthy ingredients so that it reduces the sugar level as well as keep the sugar level maintained. Moreover, the distribution system of the organization also needs to be excellent. From the outlook of Rosemann and vom Brocke (2015), the distribution system needs to effective so that the raw materials and daily raw materials reach the organization in time. It also looks after the freshness of the products as well as maintains the level of hygiene while preparing it. Other than this the legal and financial aspects also need to be considered to the maximum extent to have excellent business strategy within the organization. The laws, norms, rules, as well as regulations, are maintained to the maximum extent that helps in fair trading and return it helps in attracting the customers extensively. Therefore the organization also focuses towards the customers that focus that maintenance of the laws and rules.

According to the outlook and point of view of Slack (2015), the target group of the new business are targeted towards the health conscious people, obese people and the diabetic patients. In today’s health consciousness among people’s mentality people tend to have excellent quality of food at nominal prices. The low fat and sugar content of the food automatically attracts the customers to the maximum extent. Moreover, the organization has mainly focused on the customers those are suffering from obesity and diabetic patients. According to the outlook of Burlton (2015), this is because the people are suffering from obesity as well as diabetes that are caused due to heavy work pressures, bad eating habits, and bad lifestyle. Other than this the organization also targets the customers that help in attracting the customers extensively.  Moreover the customers also focus towards the proper identification of the target market.

Explanation for identification of target market

On the other hand, the children also can be targeted since children love sweets and dairy products. From the opinion of Jackson et al. (2015) due to this it causes tooth decay, bad smell as well as decomposition in tooth due to a presence of excess sugar in the dairy products. So, to prevent the tooth decay as well as provides them with the Some taste of having sweets, the organization don’t prefer using any artificial, sweetener, flavor as well as ingredients. As a result having the excellent quantity of dairy products at low price and maintenance of the same taste is the main attraction of this dairy shop (Hatten, 2015).

AC 2.1/P3: Skills for running the business successfully for requirement of further personal development

Van Auken (2015) commented on the essential fact that the skills for running the business successfully focuses towards the management as well as an operation of the business successfully. The leadership skills need to be transformational leadership that helps in guiding the employees through motivation as well as inspiration. The goals and objectives are set up, and the employees need to work to meet up the goals and objectives. According to the point of view of Kanter (2015), the leaders focus towards the motivating the team in meeting the overall aims as well as objectives of the organization. While making decisions, the leaders need to take into account the strong decisions that should not procrastinate at any cost or due to any lame excuses for leading the organization in the correct direction.

In addition to this from the opinion of Chang et al. (2015) the other skills that the organization requires for the business operation that help in building strategies for excellent business operation in the organization. The strategies are having excellent supply chain management to have the excellent supply of raw materials to the organization in time. Moreover, the strategies that are also made need to understand the strengths and weakness of the organization along with their opportunities and threats. The longer terms and goals are also reviewed that help in increasing the profits to the maximum extent periodically. From the outlook and viewpoint of Gaskill et al. (2015) the strategies that the organization needs to adopt help in understanding the customer needs and requirements are discussed. Therefore, they are kept into account to provide them flawless services in time. The focus of the organization in providing the customer with excellent product and services is one of the major strategies and skills the business owner needs to make while operating its business.

Task 2: Required Skills

Other than this the marketing skills, as well as communication skills, also need to be excellent for the organizational growth and success. As commented by Harmon (2015) the excellent communication as well as marketing skills is necessary to communicate well with the customers. The better the communication will be the more the employees will understand the job profile properly and hence the work will be better. A good marketing attracts the customers extensively since the information regarding the unique selling point of the organization is transmitted easily to the target group. As a result from the outlook of Burlton (2015) the increase in customer database along with profits as well as revenues also get increased considerably. The sales persons will be excellent in the improvement of the sales through excellent response. Excellent advertisements of the organization along with its products and strength need to be advertised to attract the customers.

Sadgrove (2015) commented on the essential fact that the legal, as well as financial issues, need to keep in mind while conducting fair business. Cottage Fresh Dairy Products also focuses towards having legal and financial aspects such as undertaking the whole business in hand. Moreover the organization to start up needs cash and money that is necessary for conducting the whole business.  As a result, the organization has to visit the bank that gives loans to those organizations those are new and start-up companies. For receiving the loans from the banks, the organization needs to show the bank about the whole business planning. Rosemann and vom Brocke (2015) commented on the essential fact that the financial is one of the most important aspects of the business to have resources both human as well as raw materials. The financial aspects need to be clear and totally legal with the banks and therefore also need to be abided by all the rules and regulations.

In addition to this according to the outlook and opinion of Gaskill et al. (2015) the organization needs specifications in their legal approaches.  It is one of the most important parts for the sustainability as well as increasing popularity of the organization. The health and safety issues of the employees also need to be taken care of for retaining the employees extensively. Other than this the organization also focuses towards the maintenance of employee laws and regulations that help in satisfying the employees and attracting them to the organization. As opined by Jackson et al. (2015) the laws also focuses towards the maintenance of employee needs and requirements and hence also focuses towards the clean business operation. The compensations and benefits also need to be given to the employees for retaining them.

References

Hatten, T. S. (2015). Small business management: Entrepreneurship and beyond. Cengage Learning.

Kanter, R. M. (2015). From spare change to real change: The social sector as beta site for business innovation. Havard Business Review.

Van Auken, H. E. (2015). The business launch decision: An empirical investigation of reasons for not starting a new business. Journal of Small Business Strategy, 10(2), 43-55.

Harmon, P. (2015). The scope and evolution of business process management. In Handbook on Business Process Management 1 (pp. 37-80). Springer Berlin Heidelberg.

Rosemann, M., and vom Brocke, J. (2015). The six core elements of business process management. In Handbook on Business Process Management 1 (pp. 105-122). Springer Berlin Heidelberg.

Sadgrove, M. K. (2015). The complete guide to business risk management. Ashgate Publishing, Ltd..

Strumickas, M., and Valanciene, L. (2015). Research of management accounting changes in Lithuanian business organizations. Engineering Economics, 63(4).

Gaskill, L. R., Van Auken, H. E., and Kim, H. S. (2015). Impact of operational planning on small business retail performance. Journal of Small Business Strategy, 5(1), 21-36.

Slack, N. (2015). Operations strategy. John Wiley and Sons, Ltd.

Chang, T. Z., Chen, S. J., and Chiou, J. S. (2015). Management Leadership Behavior and Market Orientation: The Relationship and Their Effects on Organization Effectiveness and Business Performance. In Marketing, Technology and Customer Commitment in the New Economy (pp. 276-281). Springer International Publishing.

Burlton, R. T. (2015). Delivering business strategy through process management. In Handbook on Business Process Management 2 (pp. 45-78). Springer Berlin Heidelberg.

Jackson, W. T., Vozikis, G. S., and Babakus, E. (2015). SBI intervention: An old problem-a new perspective. Journal of Small Business Strategy, 3(2), 15-30.