Business Plan

The smoothies will be provided to the customers industry in I-JK (The Soft Drinks Association I-JK, 2013). To cater the taste of a wide range of consumers, Boost Smoothies Bar will also be selling pure natural Juices made of fresh fruits and vegetables. Boost Smoothies Bar will be catering smoothies to tourists and customer on the go. This is in addition to the relaxing environment which will be rendered at our retail shop in Fulham London. Boost Smoothies Bar will follow the lines of the well-established and proven Juice bar companies of US and as been fined tuned to meet the taste of the consumer class in London.

We specialize in providing high nutritional value which will be ensured through using natural fruits and products in larger proportions in comparison to the artificial essences. The company will also be providing home delivery services within 5 miles radius from where our business shop will be located. Aims and Mission Statement Boost Smoothies Bar’s will aim at being a responsible and reliable seller towards its customers. We will offer highly nutritious and refreshing smoothies and fruit Juices.

Through emphasising on employee satisfaction, we will cater a safe, clean and friendly environment for our customers where the activities of production and services will be based on rendering a hygienic environment for both the staff and the customers. The aim of the business will be to generate sufficient profits for the owner and to provide customers with a healthy fast food alternative. High profitability will be ensured through high quality for retaining customers in the long run.

• Objectives: The objectives of the business has been segmented into short term and long term goals.

The first objective which we will achieve in the p of first 5 months of operation is to create a brand awareness of our products for the local Fulham customers. This aim will be achieved through local promotional strategies which will set are revenues running. The business being a small scale business initially aims to generate a revenue of E120,OOO in the first year with a profit margin of around 35 percent. The revenue growth will be increased with the subsequent years at a rate of 25 percent per year because the market has potential for that.

Market size and growth: Market trends of UK soft drink and smoothies industry According to the 2012 report of BSDA, the soft drink industry in UK which includes Juice drinks, Fruit Juice, and smoothies has grown by 5. 1 percent in 2011 and reached the mark of E 14. 5 billion. They obtained the data from Zenith International which suggests that 2011 saw an increase in the consumption rate by 0. 7 percent. The total consumption of soft drinks including fruit Juices and smoothies reached 14. 6 billion litres with a per person average of 253 litres (British Soft Drinks Association, 2012).

The more specific data in that report suggested that smoothies and fruit Juices howed an increase in retail value by 4. 2 percent to reach the value of E 1. 8 billion. Smoothies and fruit Juice bars in England have grown at a rapid rate over the past 7 years or so (British Soft Drinks Association, 2012). The idea has been to provide masses with a healthy alternative to the Junk food or fast food. They also serve as a morning refreshment for the younger generation where youth of less than 34 are more likely to go for the Smoothie bars (Mercer, 2007).

According to a research report, been 7 percent from 2009 to 2014. The forecast growth rate for 2013-2014 is 12. percent (IBISWorld, 2014). The 5-a-day fruit campaign which was started some years go caused an exponential growth in the trends of masses going for drinking smoothies and fruit Juices (nhs. uk, 2014). Though since 2007, the premium smoothies have increased in their prices, but still a good chunk of people in London are still inclined to this refreshment. The fruit Juices have however seen a rising consumption trend in London due to the increased prices of smoothies.

Therefore Boost Smoothies Bar will also be offering fruit Juices to cater that side of the demand. The search for Smoothies’ product in the online world has also seen a significant rise. The search traffic KPIs suggest that the search for the terms and brands related to smoothies increased by 2 percent from 2009 to 2010. The search for these terms showed an increase of +89 percent between Jan to March 2011 as compared to Jan-March 2010. So this is suggesting and positive growth in the smoothies and fruit Juices consumption patterns.

Mintel has forecasted that though the market will not be growing in 2014, but still there will be a steady demand (Microsoft advertising, 2011).

Competitor’s analysis

When we talk about the smoothie operators in I-JK industry, there is a fair amount of competition from some national chains like Crussh. It is probably the largest chain of smoothie bars in I-JK and they also provide snacks along with the fruit Juices and smoothies (Mercer, 2007). The major strength of this chain of Smoothie bars is that it is an established brand in UK and provides a comprehensive range of snacks and smoothies.

But owing to the rising prices of smoothies, they have not managed to achieve the same growth in revenues and have been expensive to the liking of many. What they have been doing is to expand their product line rather than cutting down costs to capture a larger customer segment (yelp. co. uk, 2014). This is where we can excel as we are focusing on providing quality smoothies and fruit Juices at affordable prices by keeping moderate profit margins to cater larger customer segments. Our strategy is to increase profit through more and more customers rather than through high prices or profit margins.

We will also be catering home delivery for gaining competitive advantage in the local Fulham market. Our business strategy for competitive advantage In determining a business strategy for the purpose of gaining competitive advantage, SWOT analysis plays a vital role. This is done by analysing the internal and external strengths and weaknesses of a business so that the business strategies can be implemented in line with the strengths and to counter the weaknesses (Carlock & ward, 2001).

The external factors

The major external factor that can play a deterrent to growth is the seasonal sales.

When we talk about the beverage industry, weather plays a vital role in the seasonal sales. The cold weather of UK is therefore a factor which we will address in our trategic planning. The other external factor is the competition in the industry. Now when we consider our business being a short scale one, we are not facing any direct competition in the local market of Fulham. The surrounding place only has one Smoothie bar which is also new in the business, but they are only catering Smoothies.

Therefore our line of fruit Juices will help us gain the competitive we are also giving home delivery through telephone orders. The internal factors for gaining competitive advantage

Nutritional value

A major area of strength of Boost Smoothies Bar will be the health content in each of ur beverage. Each smoothie that we offer will be packed with sorbets or low fat yogurts, Juice, fruit, and our distinct free boost will render the consumer with a healthy and refreshing “on the go alternative” in contrast to the products that other retailers are offering.

Boost Smoothies Bar keeps control over all the ingredients that go into our frosty smoothies and will strive hard for maintaining and enhancing the nutritional value to gain and retain competitive advantage. Employee satisfaction A business apart from providing high quality products also needs to have employee atisfaction that helps in adding value and quality to their services (Allan & Wilburn, 2002). Boost Smoothies Bar will be focusing on increasing the quality experience of customer through achieving high satisfaction level among the employees.

The more the motivation level for the working force, the better will be the quality of our products and services. This will cause us to retain our customers in the long run. Diverse variety To capture a wide range of customers for increasing market share, a business needs to offer a diverse variety in its genre of products. This not only facilitates the ustomer with more options, but also develops an image of the brand (Davis, 2009). Boost Smoothies Bar will be maximizing customer satisfaction and profits through offering a wide range of smoothie compositions having different flavours.

Target Market and Customers

For the success of a business, the product needs to have a target market and customers which have the demand for the product, or where the demand for the product or service can be created. The target market should be selected with a strategic approach (Lamb & Hair, 2011). The target market of Boost Smoothies Bar ncludes the local retail market in Fulham and the surrounding residential areas. The population in Fulham is about 0. 2 million where the major chunk is that of Adults who are either in their college life or practical life.

The youth here is quite fizzy and the Smoothies are normally the drink for youth. Therefore we will targeting this customer segment with the smoothies along with the fruit Juices to cater the more elder ones (ibhf. gov. uk, 2013).

Marketing strategy

The marketing mix of a business plays a key role in the positioning of a business in a market. This strategy becomes that more important when starting a new business. This includes factors such as product, place, price, and the promotion strategy.

For formulating an effective marketing mix, the target market needs to be studied in terms of the customers’ trends and taste in the particular business genre (Schnaars, 1998) product Boost Smoothies Bar is going to offer a vast variety of Smoothies and fruit Juices. Our smoothies range will consist of a blend of yogurts, flavours, fruits and vegetables that will be prepared based on the hot trends in the I-JK smoothie bar business. The frosty moothies will be catered featuring different temperatures to meet the taste of different consumers, and to cater those who have sensitive teeth issues.

Our retail provide the most timely delivery services. People Boost Smoothies Bar will work through employees that will be trained to cater high service value to all our customers. They will be encouraged to employ a customer friendly behaviour and we will make provisions for employee satisfaction for that purpose. They will be trained to cater the products in easy and durable disposable packaging and will meet the serving standards that are seen at premium dining utlets.

Price

As we aim at maximizing profits through increased market share and customers, therefore we aim at charging customer friendly rates while being competitive.

However, we also aim to maintain the nutritional value in our products for which we need quality ingredients. So for capturing market share while being a quality brand, we have a moderate pricing strategy which will mean that our rates will be comparatively lower than the expensive smoothie bars. The profit margins with moderate prices will be ensured through reducing operational cost wastages. This ill be made possible through employee training and quality selection of ingredients.

Promotion

When it comes to marketing a business, it is a normal trend these days to use a dual- platform marketing strategy.

The first platform here is the virtual world where you can advertise on billboards, newspapers, local magazines and notice boards, Radio etc. The other platform is the world of internet where you can promote your business through your online website or through social media platforms, local directories, and forums (O’Guinn, et al. , 2011). Boost Smoothies Bar will be using a combination of hese two platforms and will also be forming strategic alliances with some local colleges and school to target the youth which are the prominent consumers of Smoothies.

Place

The retail shop of Boost Smoothies Bar will be located in the local retail market of Fulham. The location has been selected because of the fact that it lies very close to the surrounding residential areas and is an intermediate route to business offices and colleges. This means that not only we are accessible to the office going customers and the residents of the area, but are also within the route of the college oing students in the area. The shop will be acquired on rent because purchasing it will push us in debt and will cause to increase our break even.

This means that the business will be having retained profits of about 1 million at the end of the 4th year. We intend to expand the business at the end of the 4th year by opening a new branch in Manchester through using a portion of the retained Profits from Boost Smoothies Bar Fulham. Key people, their Job function and background details Mr. Wilson being the owner of the business will perform the key management functions of recruitment, assignment of responsibilities and the overall management f the business operations.

It is an organization where good and services are being exchanged, to trade to have money and income. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit. Business starts with a strong business plan. It is the foundation and the building block of every company. A good business plan will not only be the blueprint of business, it will also provide a good entry into many doors, including the door of investors and financial institutions.

The Coffee Prince Bakeshop offers the most irresistible and delicate sweets and treats that give everyone a reason to satisfy their selves. The Coffee Prince Bakeshop xpects to catch the interest of a regular loyal customer base with its broad variety of coffee and pastry products. Our commitment to excellence in the craft and artistry of baking enables us to deliver high quality products that look superb, delight the customer and make celebrations a moment to cherish. We also have committed ourselves to tantalizing the pallet of coffee connoisseurs.

Our products will exceed local stores and franchise competitors. Our product wills possess that certain something that others do not have. Coffee Prince Bakeshop aims to offer its products at a competitive price to meet the emand of the middle-to higher-income local market area residents and tourists. Company Description Coffee Prince Bakeshop will be created to serve local market area residents and tourists by exploiting the need for a good bread bakery. Coffee Prince Bakeshop is owned by Avengers, Inc.

The company intends to hire full- time pastry bakers and part-time baristas to handle customer service and day to day operations. Our breads will stand out from the competition due to their uniqueness and outstanding quality. Coffee Prince Bakeshop offers a broad range of coffee products, all from high quality grown imported coffee beans. CPB caters to all of its customers by providing each customer coffee products made to suit the customer, down to the smallest detail. The bakery provides freshly prepared bakery and pastry products at all times during business operations.

CPB also offers delightful pastries, bread and decorated special occasion themed cakes and cupcakes. CPB have a free wi-fi connection where customers will have the ability to connect via the Internet while enjoying leisure or meeting and greeting business associates in an upscale coffee shop/bakery environment. What Makes Us Different: Combining the high demand for fast quality coffee and pastry on-the-go with delivery service for those with no time to wait in line. Quick order turn-around cake delivery services. Cake baking classes with business establishment assistance The bakery provides freshly prepared bakery and pastry products at all times during business operations. Six to eight moderate batches of bakery and pastry products are prepared during the day to assure fresh baked goods are always available. Competition Local customers are looking for a high quality product in a relaxing atmosphere. They desire a unique and classy experience. Crown’s Bakeshop Coffee Prince’s primary competitor. An established bakeshop specializing in pastries and cakes. Strengths: They have a lot of established bakery branches in town.

Sells cakes and pastries in local grocery stores. have a small space for customers. Management Strategies Maintain a focus on Quality product with growth through cost reduction and optimal performance. We also focus on technology and innovation to make sure employees have extensive training to perform proper technique and equipment operation. Maintain 100-percent honesty between employees, customer and management. As a eam input will be collected analyzed and put into practice. Team meetings weekly will motivate and forecast growth and eradicate potential difficulties.

Management and Organization Management A management team is made up of an Executive Chef and a Bakery Director will lead the bakery cafe. The Executive Chef will oversee operations and the training program. The Bakery Director will oversee financial management and business development, including marketing and sales. Jointly, they will make the many decisions necessary in running the day-to-day operations. The Executive Director of Coffee Prince Bakeshop will oversee the Bakery anagement team and ensure that all financial and programmatic targets are met.

CTPL will offer event planning for corporations. CTPL will be specializing in training/ leadership retreats, team building skill retreats and product launch events. CTPL will begin making a profit after month 10, and will grow steadily each consecutive month. CTPL start-up costs will include all the necessary equipment needed for an office, legal fees, accounting fees, advertising fees, and website development fees. I Company name I I Mission retreat professionals with the ISLN co.

I To provide companies corporate highest level of event planning and to attract and maintain customers. 1 10bJectives ITO create a service-based company who’s #1 value is exceeding I customer’s expectations. I superior service. I To develop a sustainable, profitable start-up business. I MotiJheel, Dhaka I I Products I Corporate Retreat I Product Launch Service plan I I Location As in Bangladesh these types of event management like CTPL is no so expand, CTPL is planning to endow with its service most resourcefully. CTPL will offer event planning for the corporate market.

It will concentrate on two types of event planning: [pic] Corporate Retreats Corporate retreats allow opportunities to grow together as a company, provide team uilding activities and share unique experiences. These events are typically used for two different reasons. They are either a leadership training or teaming skills training where employees of the corporations are sent away to develop these skills. We can provide our corporate clients with a wide variety of options for their next corporate retreat, depending on their team needs and budget. Half or full-day team building adventures, carefully designed to fit into your existing retreat theme, Half or full-day experiential workshops based on leadership, teamwork, ommunications or other professional development topics in support of your training initiatives, Complete facilitation of multi-day corporate retreats including team building adventures, corporate training workshops, team assessments, and strategic planning. Corporate Training CTPL helps you assess your corporate training needs and then designs a program that integrates your current business issues, meeting themes, company culture, and training topics.

We incorporate your existing training curriculum, or current readings that you want to bring to life. Executive Retreats We work closely with you to define the goals of the executive retreat and prioritize the human context, identify areas where the discussion may veer off track and agree on strategies for handling explosive issues. Team Building Events New employee orientations, celebratory functions and seasonal gatherings all benefit from team building. Adventure Associates believes that some of the greatest insights into teamwork are discovered far away from computers, desks, and telephones.

Consulting From our first encounter with our clients, we are committed to truly listening to their oncerns, asking the right questions, and providing clear assessments and responses. They wil realize that we work side-by-side to move them toward achieving their goals. We will help our clients by: Developing leadership training series. Providing training their trainers in experiential team building. Creating interactive new-employee orientation training. Adapting existing training into experiential programs. Outsource all training and development for the development of the organization. Product launching: These are events where the corporation is releasing a product and they have an vent that is open to people outside of the corporation. The purpose of the product launch event is to create visibility for the new release. Product launch hospitality is a relatively new marketing strategy with expansive potential. Experiential event marketing has become a primary tactic, and markers are spending more on these immersive, emotionally powerful events than they are on broadcast network television.

A well-choreographed product launch hospitality event can build a company’s reputation and enhance your bottom line, but organizing a product launch can also become a challenging undertaking, demanding significant nvestments. Successful product launch event management doesn’t come easily. Organizing a product launch requires meticulous, minute-by-minute planning and detailed research and analytics to capitalize on opportunities and optimize results. Product launch event management experts must factor in audience diversity and win over highly contested consumer attention.

Further, they must deliver post-event measurement in the form of accountability, performance reporting and ROI. In short, successfully organizing a product launch demands much more than a core event idea; it should combine the art of planning with the science of measurement to uarantee optimal spend – and optimal benefits. Organizing a Product Launch for Optimal Performance Truly successful product launch event management engages leading edge tools to support tighter strategy and design and tangible business outcomes.

Through measurement and adaptation, customer’s product launch hospitality event can build on past successes and inform their product launch event management decisions into the future. Product launch hospitality expert will help client to achieve a 360-degree, three-dimensional perspective, so they can manage all participant touch points, get he data they need, make the right decisions, stay aligned with business objectives, and calibrate every element toward current and future success. Market analysis A market analysis studies the attractiveness and the dynamics of a special market within a special industry.

It is part of the industry analysis and this in turn of the global environmental analysis. Through all these analyses the chances, strengths, weaknesses and risks of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined. Future outlook and trends: Presently there are many event management companies in our country serving the companies in event management. But hardy any of them providing both the training and the event planning service simultaneously to the corporate.

Therefore our company in future will be able to capture this market by providing training/ leadership retreats, team building skill retreats and product launch events. Prospect for our future growth will be high in this business. Analysis of competitors: There are many event management companies in our country and the largest of which is MnM Event. None of the business simultaneously provides product launching as well as training services to the companies but we will provide both the services that will help the companies to be cost and effective.

Therefore their strength is infrastructure development but the weakness is they don’t provide those two different services. We should be very careful of providing the services because they can imitate our services. By building effective team and providing better there are three other companies that offer event planning specifically to corporations. They however, tend to do events that are more general in scope such as arties to reward customers or employees, or events to change the company image. There is no company that specializes in event planning of corporate training and product release events.

There are companies that offer corporate training, but these companies provide the actual training and do not do any of the actual event planning/ logistics of the entire event. There are companies that provide product- release services, but they do not specialize in it. Because event planning is a tight market, CTPL will benefit from their specialization in this area. In the past, the buying patterns for the larger corporations were in the past to have n in-house solution. This pattern is disappearing in favor of outsourcing as there is the constant drive for gains in efficiency, something outsourcing can offer.

Market segmentation CTPL is providing services to corporate customers only. We will not be going after the “social market” which is an alternative market within the event planning niche. The corporate customer is a company that contracts with CTPL to plan and typically host an event for the company. Corporations will be turning to CTPL to plan the events because: It is cost efficient for a third party to plan the event. This is the case because the third party only does event planning so they can plan and host the event more efficiently.

The company does not have additional people that can be taken away from their daily Job and invest time in this infrequent event. Our event planning services for corporate retreats will typically be utilized by larger corporations. A larger company can be generally defined as one with more than 40 employees. Smaller companies sometimes will utilize this service of ours; however, it is the larger corporations that typically have the budget for this activity. For our product launch event planning, we will be servicing companies of all different sizes.

Typically the companies that use this service will be product based companies, but we will also offer these service to service-based companies who desire to announce a new service that they are offering. Target Market Segment Strategy CTPL is targeting large companies for our corporate retreat event planning. The large corporations typically have the budget and the foresight to recognize the value in corporate retreat as a training session for their employees. The training is typically in leadership development or teaming skills.

While they do have these retreats at different intervals through the year, it is more cost effective for them to hire a service such as CTPL to plan the events when needed instead of paying the carrying costs of having a full-time, trained employee ready to do the planning when it is needed. CTPL’s product release planning services will be targeted at all different size companies. Companies of all sizes have product release and it is unusual for them to have product release many times a year requiring someone to be a full-time planner on staff.

Therefore, it makes sense for them to hire an outside service to plan the vent using their expertise in event planning to drive down the costs of production and hosting. Strategy and Implementation Summary CTPL will be aggressively courting companies to win over future contracts. It will offer a superior service at a lower cost due to specialization. By concentrating on a few specific services, CTPL will become proficient at these services. CTPL will increase company visibility through a website, local Chamber of Commerce networking, and participation in trade shows.

Our website will be quite detailed and provide a visitor in-depth information about the services CTPL offers, the orresponding high level of quality, and the cost savings that can be achieved through our firm. CTPL will also be quite active in the Dhaka Chamber and commerce that will help realize a lot of business transacts. Lastly, CTPL will be active in the many trade shows . The use of trade shows allows members of CTPL to be introduced to a wide range of businesses that otherwise would be difficult to establish an initial relationship with.

Introduction

Starting a business involves planning, making key financial decisions, and completing a series of legal activities. It is an exciting proposition but it’s also an incredibly challenging undertaking. A business plan however is an essential road map for business success amidst various challenges. This paper constructs a business plan for the opening of a bakery known as Annex House in Cardiff, Welsh.

Execitive Summary

Annex House will be a small entrepreneurial startup bakery located in Roath Cardiff in Welsh.

Cakes, pastries, pies and special cupcakes will be offered in a variety of flavors for example (duck and pork hand pies, saffron coils, chocolate paper pie, chocolate ganache and classic brioche loaf amongst others). rostings, sizes, styles, toppings and decorations. The bakery will contain a luxurious huge seating area enabling customers to stop by in large numbers. Besides, Annex House will also provide a catering service to deliver large orders during huge events hence creating convenience for consumers. Compared to goods, the parameters of service quality are more complex and vary (Lewis 1989, p48).

Therefore a full- fledged understanding of customers’ needs and expectations is a critical issue on the todays service rendering agenda. Being a bakery, the business will experience an extensive target arket because most people of all ages enjoy delicious cakes, pastries and pies not forgetting the fact that the products are low-priced items that are nearly affordable to anyone despite their varying levels of income hence keeping the target market large. In relation to the several product options, convenient services, and a broad target market, this bakery will be able to meet the needs of a wide number of consumers.

A companys website will be opened both on Facebook and twitter to create a platform for potential buyers. As stated by Gardner (2011, p4), product uality is critical concept in the food industry thereby Annex House will ensure product quality through the use of fresh ingredients, sale of specifically fresh cakes, pastries and pies and most importantly focus on cleanliness. Innovation being a goal for the company will be achieved through creating new flavors and frostings after every three weeks and offering them for a limited time.

Although the bakery will open as a single, overtime the business will strive to expand to a wider range of locations. Moreover, prices on the other hand will strive to be competitive with the industry for nstance costs and expenses will be calculated to provide the bakery with a minimum price option. As long as the industry prices are high enough to cover the calculated market opportunity in the neighborhood of Cardiff, the developing commercial capital will drive Annex House retail revenues of 73,500 euros in year 1, 146,250 euros in year 2, and 324,450 euros in year 3.

With an understanding the difficulties in establishing a new business, we plan to become cash flow positive on a monthly basis. Our financial plan is conservative with a focus cash flow, diverse revenue streams and prudence in considering risks. The plans of Annex House are intended to help the business thrive and become profitable. However through the use of financial analysis, customer surveys and market share comparisons, the bakery will be capable of determining which strategies are bound to boost the business (Gardner, 2011).

Evaluating the effectiveness of different methods of marketing, Annex House will learn what is needed for the company to become successful. The team and personnel that will make the vision of Annex House reality includes an experienced successful chef/entrepreneur, a bakery director, and several professional bakers.

History and Background

On todays market, there is unending variety of the most delicious cakes, pastries and pies that please both the palate and the eyes. We have become so accustomed to this diverse range of bread, mouthwatering pastries and cakes that seldom we ask Just how they came into existence.

Raised by my grandmother who was a renowned and excellent baker in the early 1990 in Orpington town, I spent many hours at the bakery closely watching her steps and later followed footsteps almost as a matter of course. I believe my initial interest in the origin of a baking industry was not caused by ccident but rather kindled by a chain of events occurring earlier in my childhood. Since then my baking experience has progressed and I do baking during my leisure time until recently when the idea of starting a bakery crossed my mind.

Over the years I baked for my extended family and friends but later I was motivated to extend my delicious products to the rest of the world as a passion and also as a source of income. The significant factor I considered crucial to the success of the bakery was the target market. People of all ages, children though adults enjoy delicious treats herefore are incorporated in the target market. Located in an area with high demographics, the services provided will be largely utilized by locals for large events and celebrations. Annex House will be able to rely on locals for more year-round business.

Market Research

Field Research

Annex House focuses sales in Cardiff with a population estimated by the Cardiff Unitary Authority to be 339,630 by end of March 2014. During the first three years of operation, the bakery plans to sell to immediate additional markets in Machen, Beddau, Marshfield, and Radyr increasing the market size to approximately 370,452. In doing so, the company will partner with local communities in those communities to sell Annex House products. Although Annex House will be among the only cupcake bakeries in Cardiff, Wales through observation, other bakeries and cake decorating business will offer competition.

Competitors

A couple of other bakeries and cake decorators exist in the city for example Fabulous Welsh cakes bakery located down at the Mermaid Quay and Francesca’s cakes located because of their unique ingredient of Chocolate Chip and Original lemon present in their cakes and the advantageous location in the new shopping area in Cardiff Bay hich is clearly pitched at tourists to the area with the emphasis on local gifts and products which include Welsh slate, Melin Tregwynt textiles, Earth Pure Skin Care Products, Welsh love spoons, books, traditional Welsh sweets, handmade chocolates and locally made Jewellery.

Their attitude and professionalism is accommodative and genuine to their customers increasing their numbers although they experience some drawbacks when it comes to dealing with foreign customers especially in terms of language which may lead to disagreements and customers’ dissatisfaction. However, in regard to pricing Welsh cakes are expensive. In terms of delivery time, Fabulous Welsh Cakes takes a little more time as compared to Francesca because of the traffic in the area due to presence of many tourists in the area.

Their payment terms on the other hand are immediate. In dealing with different competitions from such bakeries, Annex House will ensure unique dining experiences customers get to enjoy when they visit the bakery. These experiences consist of a novel and fun approach to taking customers’ orders and an atmosphere that is fresh and friendly. At the point of sale each customer order will be recited in a form of song and other mployees will be encouraged to take this cheerful approach to the rest of the service.

This approach fits in well with the premise of cupcakes and I believe it will resonate well with the target of our customers. By engaging with audience from their first visit and from a young age, Annex House aims at creating lifetime brand ambassadors. Other sources of competitive advantage involve the use of fresh ingredients (including a secret ingredient which ensures cupcakes are moist and affordable) and the fact that the products are made fresh daily. Plans are also underway to open the bakery until 10-11 pm.

Very few others can achieve and maintain this balance between novel excitement and taste but the bakery is confident it will achieve this and will enjoy the rewards through ongoing profitability and success (Uhl, 2008).

Products or Service

Annex House will be a small bakery offering cakes, pastries, pies and special cupcakes. The business will be entrepreneurial with enough employees to assist the bakery run efficiently. A group of employees will be designated bakers who will prepare the delights in the kitchen whereas the remaining employees will take orders and fulfill the customers’ needs.

A variety of flavors, frostings, sizes, styles, topping, and decorations will be available at the bakery. To rise above competitors like Fabulous Welsh cakes, Annex House will offer several options to satisfy common health and diet needs for customers. Whether required by allergies or simply by choice, a desire for gluten-free, organic, naturally sweetened, reduced fat and vegan foods has risen. Therefore by baking and offering cakes meeting these requests, more consumers will feel welcomed to the bakery their needs are recognized and satisfied.

The bakery will have a luxurious lounge area open to any customer llowing them to stop in and sit thereby motivating them to taste the delights of Annex House. It will also provide a catering service designated for deliveries of large orders for events such as birthdays and weddings hence providing a significant convenience to customers. The location of Annex House which is around 6. 1 miles competition. The bakery will be established out on a store front on the citys main street making it easily visible and accessible to new and potential customers.

Legal Obligations

As stated by Lily et al (2011, p 6). Starting a bakery is not as easy as it sounds and to uccessfully run the business, one has to comply with local laws and comply with food safety laws specific to I-JK before running a bakery. Annex House providing both retail and wholesale, will require specific license and permits. Public liability insurance for the bakery will be acquired to ensure policy cover for instance legal liability in the event of injury to a customer or an employee in the course of work or property damage due to negligence (Smith, 2011).

Although public liability is not mandatory at this point, the bakery will have a policy in place in case of any mergencies. Moreover Annex House will consider employers and product liabilities.

Business Aims and Objectives

Annex House in future will intend to adapt through marketing and technology to sustain our modern edge to be customer friendly as possible and provide the best vegetarian restaurant in Roath, Cardiff. Our mission will be to nourish the community and make the world a better place.

Accomplishing and maintaining the aim and mission help enliven the bakery and enhance the wholesome spirit we want to project. These objectives are long term, ngoing and ever evolving as we grow and learn the bakery business. Below is a table showing a list of objectives Annex House hopes to achieve in three years.

To offer our community wholesome foods that are health friendly, satisfying, great tasting and worth every penny. To have our employees and customers feel ppreciated, supported and satisfied every time they come in. To remain connected to the community through participating in charities To have business comfortably support our employees’ families in all ways possible. Core values on the other hand involve; Respectful curiosity which is the desire to learn about the values, beliefs and foundations that others stand on turns all fears into learning tools.

Integrity where we strictly follow our values which is reflected back to us in the people that are any form. Honoring spirit; when we strive to honor the true spirit in others, our spirits cannot help but grow. Generally, the intentions of core values are to allow business to grow and expand in different competitive markets. 6 Marketing Strategies In order to ensure product quality, this bakery will emphasize cleanliness and sanitation, use of quality ingredients, and will always ensure all cakes, pastries, pies and cupcakes are properly baked.

Innovations being an important factor in the growth of a successful business, the bakery will start offering a variety of options from simple flavors like chocolate and vanilla to more decadent ones such as red velvet and German chocolate cakes as well as different kinds of frostings, and umerous decoration styles for all types of occasions. However, to grow a business, it is important for Annex House to innovate their products. To achieve this bakery will continually work to develop and test new recipes for cakes and icings.

Doing so will allow the bakery to have more variety to offer for retail and wholesale and possibly attract new customers. Along with this Annex House will create a couple of seasonal cupcakes and cakes such as pumpkins during the months of autumn, or coconut lime throughout the summer which will only be available during certain times of the year. This will motivate customers to look forward to something new in upcoming months as well as increase business as customers splurge on cupcakes, pastries, pies and cakes they enjoy that are only around for a limited time. In addition this will increase sales (Blumenthal ; Kilo, 1988).

Customer awareness is a significant step in promoting a new business. Annex House plans to achieve this through various means prioritizing on a grand opening. The event will be promoted through flyers around the local Roath area in Cardiff, an advertisement in the newspaper, and hopefully through the word of mouth. At the grand opening, Annex House will offer free samples to give consumers a risk free trial of the tasty treats. Consumers will be able to taste an assortment of what the bakery has to offer allowing them to discover the delicious delights to indulge in.

These free samples will also contribute to the final aspect of successful promotion, moving the customer to make a purchase. One way to demonstrate public relations is though community involvement such as sponsoring and taking part in local events like sports and rodeos. This will not only show the business participation in community events but will also be an excellent orm of advertisement to increase consumer awareness. Donating baked delights for fundraiser and in charities will also be a way for Annex House to promote itself.

This will show the company’s desire to get involved and help out the community which is exceptionally appreciated by community members. Public relations are therefore essential as stated by Sharon & Douglas (2004) for Annex House to be successful.

Sales Activity Plans

The marketing strategies Annex will use as stated in section (6) include newspaper activities, flyers, word of mouth and having a grand opening. The date already set for he grand opening in sub-section (5. 2) is on July 2014. Annex House plans to advertise itself in three newspapers; two within the locality of Cardiff and one outside the city.

For instance the bakery will team with South Wales Echo, a daily tabloid format newspaper that publishes latest news in sports, businesses, entertainment and book reviews to advertise on the place, products and services every Thursday for the seven Western Mail and Sun with the same cost and time period as South Wales Echo. Annex House also intends to publish flyers weekly for the first ten months to ensure sufficient circulation. Pricing and Production Cost Pricing is a major contributing factor to the overall success of Annex House.

Before it can open it will have to make multiple investments including the building it will work out of, equipment and supplies for baking, furniture for the seating area, a vehicle for catering services and costs of sales activity plan. Likewise the bakery will have continuous costs of supplies for baking, employee wages and any upgrades or repairs that may be required. In order to return investment and eventually earn profits, all these things must be considered when determining the price. The cost of imply making a cake, pastry, pie and a cupcake will be calculated.

The owner will also look into the employee wages as well as how much income is needed to return investments. Based on all these calculations, a business will develop an idea of a minimum price option. Later, the bakery will research the prices of comparable products of other similar business in the area such as Francesca cupcakes. As long as the prices of competitors are high enough to cover the costs calculated the bakery will opt for prices that are competitive with the industry (Reynolds, 2008).

Besides this will raise the number of customers and costs calculated will be covered hence minimizing threats. The bakery being a startup company will have few customers in the beginning but Annex House will not wait for customers come to them but instead they will go to them by holding grand openings, sponsoring charities and participating in community service. In relation to PEST analysis, the micro-environment in Cardiff will favor the bakery. For instance Cardiff, Roath has several buyers and customers for their products such as supermarkets, grocery stores, hotels chains and convenience stores.

Besides, the bakery will open online websites for advertisement and also to receive customer’s orders. This expands their market target and ensures high distribution of sales. Annex House also intends to employee experienced and efficient staffs who will strive to meet the needs of the customers. In addition, the micro-environment factors in Cardiff are favorable to the growth and expansion of the bakery for example the booming economic activities in the city such as sports and entertainment.

Global Tech aims to achieve the appropriate balance among laity, cost, performance, and time to market to aggressively challenge our competitors in current and future markets. With Global Tech’s dedication to our customers and the communities we are located in, we will improve market presence and experience profitable growth that enhances shareholder value. Appendix A Includes more information on each individual team member In a detailed executive summary. Global Tech consists of five corporate executives with varied backgrounds in the business industry.

The members of the globally-integrated enterprise consist of Rwanda Powell, Jason Gang, Lisa Rodriguez, Nicole Sheerer and Amber O’Brien. Each executive is a dedicated member of the executive team bringing an expanse degree of performance and attributes to the company. Mission Statement and Culture At Global Tech we strive to lead the industry in the development and innovation of the most advanced computer systems. We translate these technologies into value for our customers through affordable professional solutions for businesses worldwide.

Global Tech is a based on teamwork and providing quality products to customers. Global Tech’s cultural goals are to create exceptional shareholder value, remote cultural diversity, be a globally integrated enterprise, act with integrity and ethical practices at all times, win as a team, give back to the community, provide excellent customer service, and corporate responsibility. Corporate Problem and Objectives Statement: How do we profitably serve our desired industries on a global scale?

Global Tech’s solution is to develop quality products and market effectively to be successful. Focus of the firm are on the following corporate objectives to promote the following solutions: a) to make financially sound decisions to increase and maintain refits; b) to gain market share by building quality products and using effective marketing strategies; c) to increase shareholder value through ethical and responsible decision making practices; d) to remain liquid in our cash position to be able to grow and be a sustainable competitor in the market place.

Financial Resources Global Tech has been financing from the executive team’s investment money and venture capitalist. The total equity funding available this quarter is $8,981 ,015. There is $6,332,580 total cash available with $13,471 ,523 unused short-term loan capacity available if needed for borrowing. The firm received $MM in quarter 4 from venture capitalists which has been utilized to provide funding for research and development. Competitive Advantage Global Tech has taken a hybrid approach to the basis for competitive advantage.

Global Tech’s focus is to provide the greatest value for the best price offering quality affordable products to its customers. In IQ to SQ, the focus was on creating brand for the Workhorse segment with a secondary emphasis on the Traveler Segment. In SQ, Global Tech switched its primary focus to the Traveler segment with a secondary focus on the Workhorse segment. Business Controls Global Tech has used various methods of business controls as benchmarks for success and growth.

These benchmarks were represented through percentage goals in each of the five primary sections of the company. One example in Human workers through the compensation package. Review Appendix B for the various methods of these controls relating to each individual business process. Organizational Structure Organizational structure defines the scope of acceptable behavior within an organization, its lines of authority and accountability and to some extent the organizations relationship with its external environment (Day, 2012).

Global Tech has taken the approach of dynamic executive team all contributing to their respective areas of expertise based on their experience. At Global Tech, there is a team leader, but each team member has a voice and company decisions are made as a group with majority vote. Appendix C is attached to demonstrate how authority and roles are delegated with Global Tech. Strategic Analysis Market and Financial Performance Global Tech’s marketing strategy consists of many steps in response to identifying problems and clarifying them while simultaneously planning new opportunities which stands-out to us.

As a result, no amount of contribution was left unpaid as the company is financially fit to ensure our advantage is being built to financially outperform the lower two firms in the marketplace for the next two years. Global Tech has made great progress and learned that progress is something any business needs in order to guarantee profitability for the firm while deploying the maximum amount of impact in the market. Sure a number of marketing tactics are truly worthwhile to mention, but the ones deserving extra attention goes towards the plans of being most aggressive as opposed to competitive in price.

Also, smart advertising of the product qualities with the matching factors in correlation to market research. Now, Global Tech stands number one in regards to market effectiveness and second in line for best market performance as a result of strong strategic approach. Media is an extremely popular way to influence almost every market segment today as opposed to Just printed marketing. More so, product ads, branding, PR, and social media all work together for one purpose, to engage consumers to receive the company’s message (Clot & Donald, 2006).

For starters, Global Tech as already begun improving the probability of customers making purchase through creating more appeal in websites, profiling user behavior for data mining, and ensuring consumers receive the message Global Tech strategically displays in its ads. By SQ, Global Tech had taken all pay-per-click options and partnered with every contractor with various search engines to optimize our visibility. Global Tech also partnered with satellite websites to increase web traffic and productivity.

Marketing was an extreme importance and Global Tech spared no resources in this area to gain market share. Towards the end, Global Tech’s social media integration has significantly proven to be highly effective as the company’s web marketing expenses were only 11% of overall operating expenses. Global Tech ended up producing the largest net profit of $2. 5 million by SQ, three and a half times more than the amount of the second best ranked performer. Business Expansion Global Tech will continue to pursue an aggressive approach to its business expansion goals.

Global Tech has successfully entered all four key markets with great success and continuing potential for growth. By focusing on the overall corporate strategy equines expansion to other target segments and key markets. Attached in Appendix D is a chart of the corporate objectives and key points of how they will each contribute to business expansion. Competitor Analysis Competitors and their products. Global Tech’s competitors are listed in the following order: 1) 1. Elite PC: Razor 2000, Littleton 1000, Apex 5000 2.

WAG (we Got This): WAG – Laptop, WAG – Desktop 3. Suppurate: Supra Extreme XX, Leaseback, Chuck Norris XSL Competitor’s Strategy Elite PC continues to perform well each quarter demonstrating they are a high level of threat and aggressive over all brands in each market overall. Despite the fact that Elite PC operates in only three of the four markets, they are still able to create demand due to the level of high personal touch in the markets they serve. Suppurate now operates in all four markets but has only managed to capture 19% of total market share.

Although Suppurate has successfully produced a Mercedes product it has had little impact on gaining market share in the primary markets. WAG remains behind the trend of creating strong brands for their sales and service people to sell. WAG opened an additional office last quarter yet continues to remain a low level of wreath due to the fact they do not have widespread distribution and a low personal touch in the markets they serve. The HER, Sales & Marketing Strategies for the competitors has yielded a high level of threat by only Elite PC.

The compensation package for their sales representatives and factory workers is better than WAG and Suppurate. Elite PC is able to retain highly motivated sales people and moderately productive factory workers based on the compensation package. Suppurate and WAG have a low personal touch in sales offices and online as they only have offices open in Paris and New York with minimal coverage in those offices and online. Elite PC’s Manufacturing Strategy is high volume, low cost, where operating capacity equals fixed capacity so they are extremely efficient.

In contrast, WAG and Suppurate cannot meet fixed capacity as they are 68-69% of operating capacity. Elite PC’s Finance Strategy has consistently shown high financial leverage, strong asset management, and prudent cash management. On the other hand, WAG and Suppurate have consistently underperformed each quarter by demonstrating low financial leverage, asset management. SOOT Analysis A SOOT analysis is commonly used when companies would like to evaluate their internal and external environments.

After analyzing all the positive and negative factors influencing their company, they can formulate a strategy that will build on their strengths and address their weaknesses (Kettle & Keller, 2009). See Appendix E for SOOT analysis. This is a summary of Global Tech’s current strengths, weaknesses, opportunities, and threats as of quarter four in the areas of marketing, HER, manufacturing, and finance. Additionally, please see Appendix F for a summary of expansions on the problems, opportunities, and corrective actions to be taken based on the SOOT analysis.

Generational Differences enervation who may be working together in the workplace and these generations will have different motives and attitudes towards work. Successful companies will recognize the differences to create a strong business culture and healthy and productive working environment (AMA, 2007). Global Tech recognizes the different generations and tries to appeal to their wants and needs. For example, The Silent are very loyal and dedicated but need security and stability (AMA, 2007).

Global Tech addresses this by growing steadily and compensating employees on a level which will reduce management turnover (Murphy, 2007). Another example is addressing the Baby Boomers’ motivation for big rewards (Mocked, N. D. ) by giving quarterly raises to keep and improve productivity (Cadet & Bruce, 2003). The Generations Seers enjoy taking risks (AMA, 2007), and one of the major corporate strategies of Global Tech is taking an aggressive approach to the market, which some may view as risky (Cadet & Bruce, 2003).

Additionally, Global Tech addresses the Generation Yes needs for technology, integrity, and diversity (Mocked, N. D. ) by submerging them into a company surrounded by the latest and greatest new technological products made possible with a high search and development department and strong company values (Cadet & Bruce, 2003). Next Year in Business Marketing Strategy Global Tech’s ability to appeal to both target segments reached a record high in value, being the most receptive to market needs every quarter where other firms have dropped significantly.

These areas will change next year for the better with new R investments closing to keep competitively appealing with contents to the target segments. In short, here’s the marketing strategy designed for next year in the following order; 1) Effectively engaging new target R&D projects for the following ear; 2) Integrating newly developed technologies into product; 3) Advertising and branding effectively corresponding to target population. Transforming undecided and non-customers into a target segments will serve Global Tech to fulfill a corporate objective of promoting and improving processes to reach company goals.

If Global Tech decides to research non-customer tiers and appeal to multiple market segments to capture consumers in between cluster overlaps , they must act fast. Profitability can be maximized by devaluing competitor products early through ad campaigns heavily researched with market trends/brand judgment. Next year the marketing strategy will help Global Tech thrive in their commitment of delivering the industry most innovative and highly advanced systems worldwide.

Manufacturing Strategy The goal of Global Tech’s manufacturing strategy is to continuously meet customer demands by maximizing worker productivity. At the end of SQ, Global Tech scheduled to produce 125 out of a fixed capacity of 125 units daily for new brands Workhorse 4000 and Traveler 3000, and current brand Traveler 2000. The number of workers increased to 405. The inventory of the Traveler 1000 increased to prevent the 100%. These results enabled Global Tech to lead its competition to the #1 spot in total market demands.

To continue to surpass the competition, Global Tech will 1) maintain worker productivity at 100% by continuously re-evaluating and optimizing worker compensation packages, 2) reduce and/or eliminate stock outs of Workhorse and Traveler brands by increasing production plant capacities based on evaluation of customer demands and market trends, and 3) increase plant capacity from 125 to 225 units daily in SQ to account for Research & Development efforts for improved product performances in subsequent quarters.

SQ results show per unit costs decreased by 1%, but will strive to reduce per unit production costs by greater than 2% in subsequent quarters, which may allow the introduction of the Mercedes brand to show future expansion capabilities of Global Tech. Sales Channel Strategy Global Tech will continue to concentrate Workhorse and Traveler sales in each existing market as well as new offices scheduled to open and the web store. Additionally, Global Tech will aggressively hire more sales representatives for existing offices, new offices and the web store.

The results of the aggressive strategy will yield rater potential for high personal touch to service customers which will ultimately increase demand and strengthen the brand. Human Resources Strategy HER is a critical part of a firm’s success and salary and benefits are directly related to productivity (Cadet & Bruce, 2003). In quarter six, Global Tech factory workers are 100% productive. This is the most productive compared to their competitors (92. 6%, 82. 6%, and 76. 1%). Similarly, the sales force is also the most productive at 86. 0%, compared to 80. 9%, 80. 2%, and 71. 5% (Please see Appendix G).

In order to ATA ahead, Global Tech’s strategy is to continue to invest heavily in HER by offering generous compensation packages to increase worker motivation and productivity above and beyond their competitors. Financial Strategy Global Tech will continue to focus on its decided financial strategic thrusts. Global Tech will be willing to take financial risks and will continue to maximize liquidity as much as possible. Global Tech will make choices based on the numerical indicators such as ROI and profit analysis as well as based on recommendations from the experience of the team members.

Global Tech has vowed to invest in decisions hat have a high probability of success as well as a high impact. Global Tech will focus on remaining open to ideas on ownership possibilities in the future and will maintain a close eye on their competitive advantage within the market place making financial decisions accordingly. Appendix H, l, and J show Global Tech’s financial through its Statement of Cash Flows, Income Statement, and Balance Sheet as well as Appendix K shows the firms Tactical Plan in Quarters 1 -6.

Assessment of Current Situation and the Market After review of SQ results in SQ, Global Tech successfully led its competition in he industry by capturing 41% of the total market share among three other companies in all four markets of Paris, New York, Tokyo and Toronto. Global Tech concentrated on selling its Workhorse 4000, Traveler 2000, and Traveler 3000 brands, and was successful at garnering 41% of total customer demand market for Workhorse, and 60% of total customer demand market for Traveler. An unexpected Mercedes using our Workhorse and Traveler brands, without creating a Mercedes brand.

Looking at the company’s Balanced Scorecard, Global Tech excelled in every category of Financial Performance, Market Performance, Marketing Effectiveness, Investment in Future, Wealth, Human Resource Management, Asset Management, and Financial Risk. Its Total Performance accumulated an outstanding Total Performance of 36. 99. Global Tech’s goal in reaching its current level of success was achieved by constantly analyzing its strengths and weaknesses each quarter in each division of its business, and implementing the best strategies to improve and correct, where necessary.

In Marketing, the company’s strength was its ability to adapt and make quick changes in response to market research and forecast estimates, while its weakness was being ranked lowest in the marketplace. In Sales Channel, the company’s strength was the increase in the demand for its products, and offerings in their respective markets in the sales offices and the web store. Web store and sales offices grew to staff for increase in productivity and R&D projects created new products to promote in SQ.

The company’s weakness was too much demand was created with not enough supply. Sales reps and factory workers too efficient and satisfied. In Human Resources, Global Tech had the highest, ranking sales and work compensation packages amidst its competition. In Manufacturing, Global Tech’s strengths were that daily schedule of production units increased from 5 to 125 of the maximum fixed capacity of 125 units daily in the factory.

Worker productivity remained at 100% as a result of increased worker compensation packages, which Global Tech led among its competitors. There were no inventory stock outs present with our Workhorse 4000 and Traveler 3000 brands. Although Global Tech discontinued their Workhorse 2000 and Traveler 1000 brands to eliminate current stock, and customer demand for both discontinued products yielded high stock outs (1667 units for Workhorse 2000 and 1051 units for Traveler 1000) after SQ, there were no stock outs for the discontinued brands after SQ.

The company’s weaknesses were that daily scheduled number of production units was not increased high enough in SQ for realization in SQ to 225, to compensate for possible higher stock outs in future quarters due to enhanced product features and increased sales presence in all four markets. Stock outs of 2208 units for the Traveler 2000 occurred. In Finance, Global Tech’s strengths were that it ended SQ with a $6,332,580 cash balance, and was willing to take risks to gain rewards. The weakness was that there were no investments.

On the path to success, Global Tech learned lessons that taking risks yielded very refutable results; however, the company’s low investment activities can still impact the success of a company if it is an area of the business that is not improved upon. Additionally, the company has learned the importance of increasing fixed daily capacity production at a greater rate in Manufacturing than previously done in order to reduce product stock outs as a result of increased satisfaction from salespeople and workers, due to increase compensation packages.

Another lesson learned is to continue to gage the competition and ensure strategies of the company continue to align with its values and mission. The roles and responsibilities at Global Tech were assigned per the individual strengths and preferences of each team member. Reached on which area of the business each person would focus on. The team came to the conclusion to assign areas of expertise based on each person’s background and insight profile strengths.

Based on this information, the team members were respectively assigned the primary and secondary roles and responsibilities in the marketplace simulation of UP-Human Resources, President, UP-Marketing Research, UP-Manufacturing, UP-Sales Management, UP-Accounting and Finance, and UP- Marketing. As Global Tech successfully progressed through its quarters of creating, producing and selling its Workhorse and Traveler products, the team continued to discuss, re-analyze, and re-calculate decisions using scanning and multivariate thinking to stay in line with, and ahead of, the competition.

Constant communication between the team members and continuous encouragement to one another kept the team enthusiastic on the tasks and ultimate goal of the company. Changes were made to better utilize time by reducing the length of meeting times from 4 hours to 2 hours. Additionally, each team reviewed each quarter results, searched competitor activities, and made preliminary decisions in their business areas prior to the next team meetings. These changes and actions ensured that the team continued to operate in a highly effective fashion.

These changes increased our overall productivity as a team and allowed the team to make more, well informed decisions based on researched information. As a result, the team was highly successful in leading the computer industry. Although Global Tech has realized, gained and maintained lead over its competition in the computer industry for several quarters, the company cannot afford to be relaxed in taking risks and being aggressive in investing in new product features, creating new products, and continuously upgrading employee compensation packages.

Customer demand in the market can change at any time. New competitors can enter the market with new products and technology that set new standards of computer styles and surpass Global Tech. Additionally, the economic situations in the markets can take a downturn, which will slow customer demand, and subsequently affect sales and profits for Global Tech. Actions Taken for Future Growth In order to compete in the future and secure Global Tech’s growth, continuous and regressive changes to all areas of the business strategy must be made quarterly.

Looking forward to SQ and beyond, Global Tech is making: investments in research and development, product and brand improvements for the new features to be added on, continuous improvements on advertising to appeal to loyal and new customers, plans to expand the plant to meet growing demand, and staffing and compensating competitively. Additionally, new markets will be continuously assessed for growth opportunities. To ensure the next steps in growth are easily achieved, possible changes to organizational structure may need addressed.

Investing heavily in market research, product research and development, and staffing competitively will remain a priority. Global Tech will continuously seek out opportunities to expand markets and stay persists on offering their customers the most technological advanced products at affordable prices. Focusing on their stakeholders, Global Tech will plan on opening new markets around the globe and not only with their priority products, but also finding opportunities to challenge their competitors in new product segments.

Global Tech would like to give their customers a variety of product offerings in every segment to ensure company growth and long term customer relationships. Conclusion Global Tech is devoted to producing high quality computers at a competitive cost to meet their customer’s wants and needs and to create long term relationships on a global scale. With a strong management team, Global Tech constantly changes the corporate strategy according to the needs of financial resources, gaining competitive advantage, business controls, organizational structure, and market performance, including their competition and expanding the business.

They also often address generational issues, e-commerce, and popular media advancements to ensure they are competitive. Currently ranked number one, Global Tech has a positive outlook for the next years in business with their plans to surpass the competition by continuously and strategically revamping their strategy in the areas of marketing, manufacturing, sales, HER, and finances. Global Tech is confident they will remain number one in all of these areas, including market share due to their dedication to providing their affordable high quality products to their consumers.

For this piece of coursework I am going to produce a viable business plan for a business of my choice. This idea is to set up a mens clothing store. To aid the project I shall be rescearching all aspects of setting up and running such a business including- Finance, conduction market rescearch, staff and ownership options, and the possibility of future expansion. Exectutive Summary Type of business: Retail. Shop Idea/Plan: To set up a mens clothes store which targets customers in their late teens to mid-thirtys who like to appear fassionable. The store shall stock well known lables such as DKNY, FCUK, Lambretta, Ralph Laurren, Pringle, YSL, Ben Sherman, ect.

Size and location: The Location of this store is critical, as it is a fassion store it bust be located in the town center as this is where the competition is based and people like to shop in the same area, this stratagy may also attract spontanious buyers who walk past the store. Idealy the shop will have two floors or one single floor on split levels. Shop fittings will be rescearched later on. It is important that the shop portrays a stylish yet relaxed atmosphere to customers as this gaves a positive vibe and is low on mantinance. Parking facilities are not essential as customers will mainly be on foot.

Resources: Products will be ordered straight from the manufacturer as this rules out the possibility of counterfit products whis is a big problem in fassion retail. The store is retail only and nothing is produced within the store. Short Term aims: The first aim I which to fullfill is to gain public interst in my store as if it gains a fasionable reputation more consumers will want to shop in the store in order to fit in with like minded people. A profit is also required within the first year of operation inorder to pay of start up costs.

Long Term Aims: Once start up costs have been covered I plan to expant the store in cretain sectons which generate most public interest. Finance: On top of monies put forward by muself I plan to apply for a bank loan within the reigon of 25,000 to cover the costs of rent, equipment, decoration, stock and advertising.

Advertising: I think adertising should be applied in areas where it will gain the attention of my target range (youngersters with a high desposible income), therefor I think flyers handed out around clubs and bars in bournemouth such as Elements, Bar Med, Circo, Berlins ect, will be successful. A radio advertising campaign on Fire Fm or 2cr could attract the right sort of attention. I think the idea of a big opening is not a stratagy I shall use as I feel this approach is tacky. Staff: Staff should not be a problem as there are many people in Bournemouth looking for jobs in retail. Sucessful aplicants will need to be lively and be concious of their aperance as this will reflect on the store, a dress code shall not be enforced as this gives employees a chance to be individual.

Constraints: My main constraint shall be compertition which is fairly fierce in Bournemouth. Other shops in the same market sector in Bournemouth include- Envy, Top Man, River Island, Spira. My second main constraint is the money available to cover start up costs, the more money available the more flexible my plan shall be to changes.Topman- Topman in Bournemouth is situated at the top of commercial road.

This is an ideal location as it attracts many impulse buyers and window shoppers. They are a national company with stores all over Great Britain. Topman stores are usually linked with their sister company TopShop which specilises in womens clothing. In Bournemouth only the lower floor of Topshop (womens wear) is wheelchair accesable as Topman is upstairs. The store is only accessable by foot because Commercial road is pedestrianalised, but there is a NCP multi story car-park about 300 meters away. The Store is in the main commercial area of bournemouth but is not accessable by car but compramise has to be made.

Topman stock their own brand of clothing labled ‘Moto’ which designed with style in mind and garments range from everyday jeans to stylish wollen jumpers and tops. During the winter season they also stock stylish Snow and Ski wear under the lable of ‘Motosno’ Examples below: Spira- Spira is based about 60 meters up the road from Topman. They stock the more well known lables associated with fassion and style.

Abstract

Before beginning to operate a business, one is required to formulate a workable Business Plan. This is a document that many sponsors may base on before accepting to come on board as sponsors of the alleged business venture. Among key topics of concern are accounting and finance part of the business. One needs to categorically give, or present the relevant information as pertaining the Accounting and financing part of the Business in question. We shall discuss to a greater extent this part of the business plan.

Business Name

The Business shall be known by the name of “Western Feather World Limited”.

Business type

This shall stand out to be a one-man business, better called a Sole Proprietor.
Reasons for choosing on the Sole Proprietorship structure

A one man business may be preferred to other kinds of business like the partnerships or the corporations because it’s a one-man centered entity. This shall certainly bring about ease in management of the Business. Secondly, a sole proprietor enjoys all the proceeds from the business alone, in that he does not have to share the profits with other people who may claim to be shareholders in the business. (Harrie Goldman, 1996) Besides, I shall have the chance to infuse my family members in the daily running of the business. Since I realize that the family can be a cheaper source of labour, I think of incorporating them in the daily running of this venture. Through getting the family members take a participatory role in the business, this shall be a good chance for them to learn.

Types of services, and or products provided by the Business

The Western Feather World Limited shall mainly be a project specializing in the breeding, rearing and sale of major forms of poultry such as chicken, ducks, turkeys, geese and guinea fowl. These birds shall mainly be kept for the purpose of egg laying, but sometimes they may be converted into table birds on  attaining a particular age, which I shall consider it to be “old age”.

As a result, the products of these projects shall basically be consumer products such as eggs, meat and aesthetic appeal (beauty). These, I shall price them differently according to the prevailing market prices, customer demand and other factors put into consideration.

The role of Accounting in the Business

Accounting  shall serve to see to it that records are made and updated in financial books and statements, on almost daily process as long as the business is in progress. It’s these records that are in the end analyzed and decisions made basing on the performance of the business, either after half a year or after a full financial year or trading period.

It should be noted that all the information is produced and used to develop a business accounting score-card, and which should be a balanced accounting scorecard. It’s from this that all the information is digested and meaningful decisions made.

Work characteristics considered when hiring an accounting staff

Before hiring an accounting staff, the following work qualities shall be put into consideration, as discussed. To start with, the person must be well versed with the relevant accounting information and technicalities necessary to execute the duties that I shall assign unto him. The incumbent should be well versed with the laws and or rules applicable to the international accounting principles. In addition he should be acquainted with basic taxation principles.

The candidate should know the business techniques used in Business management and administration.  The candidate should not be extravagant with company funds. The qualification to this is that the person’s personal funds should be in order. Above all, the recruit should be a good time manager. He should be able to effectively and efficiently. Unsuccessful time mangers cannot make good accountants. To add on, the candidate should be of commendable etiquette while in office.

Education that a person should have in budgeting, internal controls and cash management before going into business

Before going fully into business, one is supposed to have knowledge in basic book keeping (this call and some knowledge about the market trends which shall help in the budgeting and drawing and balancing income/expenditure statements (Harrie Goldman, 1996)

Internal controls for the business that shall include the knowledge of basic record keeping is also necessary.

Among the internal controls to be put in place include record keeping systems such as Purchase order systems, receipts and payments systems. Besides, it would also be necessary to establish a standard system meant for acquisition of new stock or sale of a company’s products. By so doing, one would curb unwanted business acts; and especially one that would lead to losses.

For instance, for the case of Western feather-world Limited, records would be in place to take care of the daily feeding of the birds, eggs sold record, damaged eggs record, goods acquisition record, health record, etc. all these records must have myself as the final person to authenticate (Lynford Graham, 2007).

How managers would use the financial information to predict outcomes for the business

Managers of a business are the people who need the information more than any other person in the business. They need accounting information in order to try and compare whether the business is improving, stagnating or regressing. This is established after comparing with the earlier established strategic management decision. Information from the accounting department is compared, and any deviations determined. If negative, solutions are put in place to ensure that the business is doing as planned. If the business is doing better than was planned, then the employees are rewarded for a good job well done.

References  

Lynford Graham (2007), “Internal controls: Guidance for private, government and non-profit entities”,  page 1 Harrie Goldman, “The Handy Cyclopaedia of Business”, Page 3