The main reason of a business plan is to give details in script what the business thought is; why the business plan is required in the open market, how it will do well and who will create it. In the procedure of detailing a complete business plan, the individual fundamentally be bound to run his innovative business on report ahead of the individual obtain in over in his head. The mapping will disclose any faults in the idea of the individual’s or the plans implementation and provide the individual a possibility to accurate those matters before the individual spend a lot of finance and time, or promise for individuals home as security for a business credit (Blackwell, E. 2011). Describing a business plan can furthermore demonstrate everything the individual need to be familiar with about business as its proprietor.
To analyse the different business plan in this report two different sector business plan has been chosen. One organisation is chosen from the restaurant industry and other one is chosen from retail market.
Fresin fries in one of the locally owned fast food chain which is based on the Singapore market. To become the most effective in the Asian competitive market the organisation enhances their fast food outlet in the different country apart from the Singapore. In the present day’s Singapore is highlighted as aneconomic boom in the Asian market. The main priority of this fast food company is to establish their outlet in the popular malls in Singapore to attract more customers in their business process. To ensure the target audience for the organisation the management of the organisation targeted mainly youth to enhance their profitability in the business process (Dollinger, M. J. 2008). The main target of the organisation is between 18 to 35 years old people.
The prime objective for the organisation is to establish their market reputation and gain market share in the competitive market in Singapore and its fast food industry. The main target for this organisation is to create awareness about the fast food brand for the mall goers. By involving more customers in their business the organisation Fresin fries tries to expand their business in different cities like Kuala Lumpur, Bangkok and Jakarta within the upcoming three years.
The prime mission of this organisation is to become the most promising and flourishing fast food outlets within the Singapore, and they wants to initiate their business from popular shopping mall as Market Tester. The main concern of this business merchant is to provide effective and quality product to the customers with cost effective ways (Barrow, Barrow, & Brown, 2008). To become success in the competitive market the organisation will mainly focus on the innovative and unique range of products, low cost throughout the year and more investment attraction.
This is one of the privately hold organisation with different shareholders. Within their stakeholders there are so much experience concerning on the food industry. To start up the business the organisation needs proper funding and investment. To achieve its desired target the organisation needs almost $118,800 amount for total assets.
In the present world the cellular phone becomes the most revolutionized area in the communication channel for every individual. For redefining the voice communication most of the people relies on the cellular phones. Garbles Cellular Phones, Inc is planning for become the highly renowned in the market place for expanding their business all over the world(Blackwell, 2008). To achieve the desired goals and objectives for the organisation the management needs to identify and analyse the proper market demand and the trend. The organisation was initiated by Mr. Seramed Garbled as a individual proprietor in the East Atlantic Island Archipelago (EAIA). To capitalize the wireless telecom market and to expand their business through the communication industry the organisation mainly decided to operate their business in the USA for creating more brand awareness and attracting customers in their business process.
To expand their market the organisation needs to provide effective and quality customer service team in their business (박성íƒ, Kim Young Ki, ì •ìˆ˜í˜„, &ì´ìŠ¹ì¤€, 2010). For attracting more customers in their business the organisation mainly focuses on the growth in the referral network of the consumer and they also concentrated in the GSM cellular telephones and its programs. The main idea or the mission of this organisation is to provide effective and quality cell phone products to the consumers and maintain a better customer services. To attract more customers in their business the management of the organisation mainly concentrated on the rapid service providing and strong vendor relationship making in their business. By engaging the host community events in their business the management can engage more suitable and talented people in their organisation. Pricing of the product is one of the main objectives of the organisation(Lawton, 2008). To start up the commerce the management needs appropriate funding and assets. To accomplish its desired objective the administration requires almost $43,000 amount for total assets.
Strength of Fresin fries
In this business plan the three major strengths of this organisation are, such as:
Quality of services
To compete with the other fast food retailer the organisation uplifts their service quality in the market. To make the organisation more attractive towards the service users the organisation promote superior exterior. By maintain the exterior clean and tidy it attracts more customers in their business (Finch, 2010). People often prefer clean and healthy services for the fast food retailers rather than the pricing of the product. By developing clean and tidy services within the Fresin fries organisation the management can enhance their customer base and promote effective brand awareness in the Singapore market. By the help of promoting brand through the quality of services the organisation can enhance their growth and competitiveness.
To make an effective business plan the management needs to aware about the proper pricing of their products and services (Brinckmann, et, al. 2010). To compete in the market place the organisation needs to aware about the proper pricing strategy in their business to attract more customers. With quality of food in minimum cost effectiveness the organisation can attract customers in their business process. By the help of effective pricing of the product the organisation can easily compete with the other competitors in the market. Being a fresh organisation in the market the management needs to aware about the low pricing of the product and providing different deal the management can attract the people in their business (Barringer, B. 2012).
Promotion is one of the main factors in the marketing for any business. In the business plan the organisation have effective promotional activities to engage more customers. Apart from the traditional way of promotional activities like newspaper promotion, magazine print and poster presentation the organisation also relies on the social media promotion for branding their business towards the customers (Naina Mohamed & Mohd Daud, 2012). Through the social media marketing the organisation can promote their new services and products which can be beneficial for their productivity and profitability in their business process.
In this business plan there are several weaknesses for the organisation. To enhance their business in the competitive market the organisation need to concentrate on these weaknesses.
Brand Awareness
Due to the new in the market, the organisation does not have any customer base. To make their business in a competitive market it could be one of the most exciting challenges for the organisation to enhance their business.
Limited Funds
In this business plan the organisation faces several issues regarding the funding. Investor attraction becomes the one of the most difficult task for the organisation to build effective growth in the competitive market(Paik & Choi, 2007). For every business funding is one of the vital aspects. Due to the less knowledge about the organisational background and their range of products often the investors cannot attract and not able to invest their money in their business which can affect the overall progress and growth of the company.
To make a business plan in the competitive market and execute this as a highly effective way is quite tough challenge for the organisation. Singapore market is one of the most rapid increasing market and people often buy fast foods from some renowned fast food outlet (Chen, et al. 2009). To expand their business in the competitive market and compete with large scale fast food retailer is quite difficult task for the organisation to sustain in the market place.
Strength of Garbles Cellular Phones, Inc
Pricing of the product is becomes the main challenge for every organisation in their business plan. Effective pricing with quality of products and services attracts more customers in their business process (Pinson, 2008). Garbles Cellular Phones, Inc organisation has understands this factor very well and wants to implement in their business to compete well in the USA market. Due to the high competitive market in the cellular phone segment the organisation needs to aware about their proper pricing strategy for different age group people with different features. The prices of the phones are depending on the features, durability and the creativity of the phones.
To become more popular in the competitive market apart from the pricing of the product the organisation needs to hire more skilled employees in their business process. To attract customers in the business the organisation needs to develop better design and better desirable product with durability. By engaging the skilled and trained staffs in the organisation the organisation can built effective business plan to compete with the leading cellular phone manufacturer in the USA. To deal with the vendors and to upgrade the phones with the latest version of operating system skilled employees are the valuable in the organisation.
Every new developed business needs promotion for their betterment in the market. To expand their product range and the service towards the customers the organisation moreover depends on the social media promotional activities in their business process. Through the effective marketing strategy the organisation can communicate with the people and it can be beneficial for them (Karlsson, T., & Honig, B. 2009). From the given feedback of the customers the management can easily aware about their lagging areas in their business and they can mitigate and fix those problems according to the given feedbacks.
Weaknesses of Garbles Cellular Phones, Inc
Brand awareness becomes the most harmful factor for the Garbles Cellular Phones, Inc to sustain in the market place. In the USA most of the people relies on several branded cell phones and they do not compromise the product quality instead of the price of the product.
Competition
Due to the vast competitive market in USA the organisation have to promote their business more and more otherwise it could affect their business market. Due to the several Chinese brands rising in the market and providing less cost with effective quality products, now a days the large scale organisation like Nokia, Samsung, Siemens also made lower profit, so being a new in the market the organisation Garbles Cellular Phones, Inc have some tough challenge in the future days (Ward, J. L. 2011).
After sales Services
Due to the non branded organisation in the competitive market the customers did not relies on the after sales services of the organisation and their service providing activities (Stutely, R. 2007). Due to the less brand value in the market the resale value of the product is less rather than the other brands like Nokia, Siemens and Samsung.
From the above mentioned business plans it can be analysed that, Customer service, quality and innovation of the product and services are the prime factors.
Customer Service
By the help of effective customer care services and after sales services both the organisation’s business plan can execute effectively in the market place. To attract more customers in the business customer service is more important factor to understand the customer feedback and satisfy them according to their demand (Russell, et al, 2008).
Quality and innovation of the product
Proper quality development and innovation is the major factor for a business plan (Mullins, J. 2012). For a non branded organisation effective innovation technology is quite effectual to grab more customers in their business process with the help of providing quality product in less cost.
From the market analysis it can be said that both the business plan depends on the target market. To attract more customers in their business the fast food outlet company mainly depends on the youth and the kids for promoting their business and enhance their number of customers (Barton, M. R., & Walker, J. H., 2006). On the other hand to expand their business the cell phone manufacturing company also depends on the age group between 18 to 60 years people. The main objectives of both the organisation is to expand their marketing efforts in the competitive market and enhance their market area.
After analysing both the business plan it can be recommended that, brand awareness is the vital things for every business process to attract more customer base in their business. By the help of effective promotional activities the organisation can enhance their brand values towards the customers. After sales service is another significant factor for the both organisation. To engage more people in their business both the organisation needs to upgrade their after sales services. For the fast food outlet the organisation needs to provide a feedback section in every outlet and in the social media page to get proper feedback from the customers where as the cell phone manufacturer needs to develop more service centre in various locations to fix the customers product and service related problems.
In both the cases the vital challenge for both the organisation is to attract investors in their business to get effective outcomes in the business process. Lack of investment in the business could affect the whole business process and productivity, profitability of the organisation. To mitigate the challenges the management requires promoting their business more towards the investors and by the help of innovation and quality of product the management can attract investors in their business. Cross cultural barrier is another vital challenge for the organisation to extend their services across the world (Young, 2007). Proper motivation and communication from the management can ensure to mitigate the challenges from the organisation.
From the overall report it can be depicted that, producing business plan is very much essential for every business merchants to assess their position, market demand, target audience and investment. For a new start up organisation, promotion and innovation is the main factor in their business. With the help of proving quality of service and products in cost effective way and promoting their business in various media can reduce the competency from the market. To mitigate the challenges for both the business plan in this report some recommendation has been highlighted by which these organisations can enhance their growth in productivity and profitability.
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