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Strategy and Implementation of New Startups

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  • Unit No: N/A
  • Level: High school
  • Pages: 18 / Words 4552
  • Paper Type: Assignment
  • Course Code: N/A
  • Downloads: 394
Question :

Questions- This assessment will cover the following questions:

  • Provide the market analysis of the natures candy with implementing market segmentation.
  • Natures Candy manufactures candy with fruit and berries. In the in-depth company evaluation generate the buying patterns of the Natures Candy.
  • With the help of the sales forecast explain website market strategy and development requirements.
Answer :

INTRODUCTION

Innovation focuses to create more products, process as well as ideas. Regarding a business It means to implement various new ideas, improves or cresses the dynamic products. While Entrepreneurs focuses on the process of actions regarding a person as they can always focus on new ideas as well as provides the gainful opportunities. Present report focuses on Company ownership, Start-up summary Service description, Competitive comparison Technology Market Analysis Summary, Distributing service Main competitors Pricing strategy Management Summary and Financial Plan.

1. Executive summary

1.1 Objectives

Setting objectives is the key of the success as it helps company as a guideline as well as motivation for which they perform all functions. Some objectives of Brand Root company are:

  • To make the best brand and popular.
  • To make successful development of aggregator app.
  • To develop an effective and successful market program and campaign to identify effectiveness of performance and business plan.
  • To increase sales of upto 25% within 6 months.

1.2 Mission

Mission of Brand Root is to satisfy needs of different age group and needs of customers at one place by successfully developing aggregator app at lower price. Maintain a strong relationship with customers and solving all queries in a timely manner is vision of this company. This statement can help it out in defining aims and values of this company and improve image.

1.3 Keys to success

Developing a business plan is not an easy task and identifying the best and unique way of satisfying customers can help Brand Root to accomplish its goals and developing business plan. Some effective ways or keys of success include:

  • Marketing
  • Quality of products and services
  • Innovative business idea
  • Web design

2. Company Summary

2.1 Company ownership

Brand root company is a new company which wants to provide special features of app of aggregation by which people can search any kind of products and services and can know all stores from where they can get products and services at the best prices and according to their convenience. This company is based in Dubai and is a private limited company or owned by its principal investors.

2.2 Start-up summary

Start up of this new company for developing this app will require many resources including: human resources, tools, stationery, legal cost, furniture, long term as well as short term asset, technical staff for maintaining app etc. For marketing and promoting this business plan, it will require investing in brochure, digital marketing and others. It will require approximate $35,000.

2.3 Company location and facilities

Office of this company will be established in 5 star office located in United Arab Emirates. One of the main reason of selecting this office is it is convenient to people and is in the main area.

3. Services

3.1 Service description

In the context of services of this company, it is stated that it offers almost all products and services under aggregation app. It allows people to search different categories of products and services which is mainly divided into 3 categories such as:

Shopping: Under this category, people can search apparels, designer outfits, electronics, footwear, jewellery with the help of aggregation app which this company is developing. For example: If people of any age group wants to purchase online designer clothes than with the help of this app they can go in shopping category and search for clothing. By doing this they will get all stores nearby them which provides online clothing and by comparing prices, quality and al features of clothing of different stores they can make the best buying decision (Zukin, 2018).

Services: Under this category, people can search for some temporary services like: cleaning services, House maintenance, repairing of vehicle services etc. By searching services as per needs, people can search, and they will get all online and offline stores which provides all these services.

Others: Rather, apparel, house maintenance and others above discussed services, all other online services which are provided by stores online comes under this category. Like consultancy services, others whose informations people can get online. Some services are covered under this category and people search all services covered under this category and which are available near by location than they can show otherwise it will show them no data is available.

3.2 Competitive comparison

There are some companies are in United Arab Emirates which have somehow same features of service and provide facility to people to search products and services as per their needs.

  1. There are companies who provide only 1 type of products such as either they provide option to people to search for apparel and only clothing. Some companies who have aggregation app, they provide people service to search for only consultancy services (Lauritzen and et.al., 2016).
  2. There are some high level popular and prestige companies who are providing same features of products and service to people to make the best buying decision by getting informations of all stores which provide clothing and other services. There are only few companies who provide options to customers to search any kind of products and services as per their choice with the help of there developed aggregation apps.
  3. In the third kind of competitors, it covers all those companies or competitors who have their stores and provide all types of informations to people on call. People can call to this office or can visit directly and ask for all stores which provide clothing and other services as per customers needs. They can get informations of prices, quality and other things of all stores nearby them from these types of stores.

So, from the above, it can be said that there is a high competition in this sector but Brand Root company has unique idea which offer people to search for almost services and products at one place with the help of this App.

3.3 Sales literature

Promoting business and idea of business plan is one of the important function. Selecting the best way of promoting and making aware to people about this idea and business plan is the critical and tough part. Brand Root company will mainly focus on brochure for promoting business idea and establishing the positioning (Zhang and et.al., 2019).

3.4 Fulfilment

Fulfil needs of customers is the primary aim as well as key of the success of business plan so, company will need to identify the best way by which it can satisfy needs of customers and accomplish its pre-determined goals. With the help of professional expertise and suggestions of principal investors of this company it can select the best strategy.

In addition, it will also focus on market research and getting a lot of informations by which other companies get succeed.

3.5 Technology

Technology is one of the important factor in today's modern world. Nowadays most of the companies invest in advanced technologies and make their products and services innovative.

Brand Root company will also invest heavily in technology as its new business idea and development plan is unique and based on technology.

  1. Making use of Apple link in order to contact, communicate and working with people and identifying their needs. It can allow it to communicate as well as work with clients and professionals via E-mail delivery of informations.
  2. Developing website in order to solve queries of customers and measure effectiveness of this plan by identifying traffic on website (Chen and et.al., 2017).
  3. Making use of Windows machines by its technical staff for making an effective presentation and discussing further functions for developing business idea and plan.

3.6 Future Services

The aim of Brand root company is to improve image in the eyes of people by providing excellent services to people at one place and help them out in making the best buying decision. In the future, this company will expand its business by developing new ideas and expanding categories of products and services given to people. It will expand its business in America, Western Europe.

4. Market Analysis Summary

For developing a business plan and new idea successfully it is important for Brand root to analyse market and its all factors which can have impact on its plan and performance in critical manner. For protecting itself against negative impacts and taking advantages of all positive impacts of factors it will focus on market segmentation and other analysis strategies such as:

4.1 Market segmentation

Medium size growth companies: There are several small and medium size companies who provide consultancy and other services to people and help them out in selecting the best store and website for buying products as per their needs. These companies provide informations to them by gathering informations from aggregation apps (Kaplan, Naori and Raz, 2020). So, the main market segment of Brand root company will be small and medium size of growth companies.

Middle class and medium income of people: Brand root company provide facility to people to select products as per their needs at best price, quality and features by having a lot of options and informations. This facility is being given at affordable price so, medium income of people are market segment for this company.

4.2 Target market strategy

It is stated that company wants to mainly focus on 20-50 age group of people because they make an effective use of these types of applications. Above the age of 50 do not have proper knowledge of using aggregation apps and ways of searching products divided under categories. So, customers and people of the age group of 20-50 both male and female of Dubai and Western Europe are main customers (Weaver and et.al., 2017).

4.3 Service business analysis

Service business is one of the important analysis function which can help this company in providing informations to customers as compared to those businesses which offer physical products. Companies and websites which provides same features of facilities to people are mainly include consultancy organizations. There are several offline as well as online stores which provide individual consultancy and other services to people in identifying the best store for buying products and services (Lin and et.al., 2016).

4.3.1 Business participants

In the context of business participants and members of team of Brand Root, it can be said that it has well-established and potential names in management consulting. Among all of these, most of the members focus on marketing and research. It also has a strong relation or link with accounting companies as well as management consulting. All members and business participants help it out in maintaining relatively high overhead structure on the basis of participants and partners selling.

4.3.2 Distributing service

Selecting the best way of distributing and offering services to people as well as make them aware about this new business idea of aggregation app is face to face or traditional marketing. Company believes that making people aware about products and providing them all informations can be done by face to face in an efficient manner. By doing this, manager of this company can understand human behaviours and can solve their queries at a time.

It will also focus on newsletters and representative who will solve every problem of people and will help them out in selecting the best shop of products and services whichever they want to buy by meeting to them or online (Le Grand, 2018).

One of the main aim of selecting these methods is to improve relationship with customers and providing value for money.

Also Read:- Communication plays Effective role in Success of Companies

4.3.3 Buying patterns and competition

In the context of buying patterns and increasing sales, Brand root company believe that quality of products as well as trust is the most important factor. Trust is the thing which motivate customers to buy services and retain with the company for the long run. For retaining customers to the large extent, it is important for company to increase trust and loyalty among customers. For this purpose, it will adapt some ways and will focus on:

Rewards: Rewards means providing additional services and other benefits like vouchers and gifts can make them feel valued. It will increase trust among them, and they will be more likely to be with the company. It will direct impact on buying patterns and will help this company in taking competitive advantages (Heath, 2019).

Discounts: Giving discounts of this services and providing memberships option to people of using this aggregation app for few months can also increase trust and loyalty among customers. When customers feel valued and motivated than they cooperate companies in accomplishing their goals by mouth publicity and providing all required informations to them.

Post sell service: Customers feel happy and valued when they get post sale services. Continuous communication and being in a contact with customers after sell makes customers feel valued. They think that companies are trying to keep in touch with them and think about them then they are more likely to be with the company. They do not shift shops and retain for the long run. So, by focusing on all these things company will know consumers buying behaviours, patterns, increase trust among them, increase sales as well as can take comparative advantage.

4.3.4 Main competitors

It is important to analyse intensity of competition in the market. For this, company will identify strengths and weaknesses of all its competitors. One of the main aim of competitors analysis is to take competitive advantages by making changes in its strategies and ways of performing functions. Some competitors and their strengths and weaknesses are:

1. Market research companies: It includes those companies who research about all those stores which provides same features of products and services and than provide all these informations to customers (Keefer and Vlaicu, 2017).

Strengths: They provide services to customers at affordable prices and consultant them in selecting the best store of products and service which they want to buy.

Weaknesses: These types of research companies require investing in technologies and research which can increase their operational cost.

2. High level popular and prestige companies: It includes all those companies as well as websites which provide options to customers in selecting the best store and shop for buying products as like brand root company.

Strengths: One of the main strength of this company is they help customers in selecting the best shop for products and services as per their choice. They have distributed products and services in several categories.

Weaknesses: These types of shops and websites do not consult customers in selecting the best shop as customers have to select the best shop by comparing features of all available shops and stores. It s time-consuming process and it is one of the main weakness of these types of organizations.

3. Consultancy companies: It includes those companies who search and collect informations at their own and provide consultancy and other services to customers which help them in making the best buying decision. They provide these services at both their offline and online stores.

Strengths: One of the main strength of these types of companies of Dubai is they are expertise in research and marketing. They have skilled workforce and technical staff which helps them out in providing qualitative services to customers by collecting informations which is one of the main function of consultancy companies (Jin, Ji and Gu, 2016).

Weaknesses: It is stated that they do not have good relationship with customers because it mainly focuses on digital marketing and do not communicate with customers face to face. It reduces trust and loyalty among customers. Increasing operational cost due to heavy investment in research and marketing functions increase their operational cost. It can limit sales and profit.

4. Specific functions providers: It includes all those companies who provide facilities to customers and have an app which helps customers to identify the best nearby shop of specific products and services. For example: Some companies help customers to select the best shop for only apparel and clothing sector. Some helps in providing informations related to electric and other specific products only. As like Brand root company, they do not offer customers to select any types of products and services' shops as per their needs.

Strengths: They do not have to invest in app development as compare to others and focus on wide variety of products. It saves their time and can take competitive advantages opportunities by only focusing on specific product area and can make itself specialize.

Weaknesses: Lack of ability to spread and look beyond a specific area can create several problems in this competitive area. They charge high prices from customers and it is also one of the main weaknesses of these types of companies (Winnubst, 2017).

So, from the above discussed analysis of external factors, it can be said that there is a high competition in the market. But there are only few companies and competitors who provide same features of services to customers. It is also analysed that knowing buying behaviours and patterns play an important role. It can help Brand Root company in taking competitive advantages and retaining customers with the company for the long run. By selecting the best distribution channel, they can promote their products, new business idea and can also make a strong position in the market.

5. Strategy and Implementation summary

5.1 Pricing strategy

Firms uses Paymium as it is considered as app pricing that able to combines the model of the paid model as it can be obtained after the free mimum apps. It is now new one but also adds extra revenues within initial proves as for this work develops have to keep within their mind. For this the developers of the new exciting contents makes the unique features that are useful as well as game levels that the people who are subscribers pay for it (Campbell,. and Carayannis, 2016).

Pros of paid mium apps

It gives the ongoing income regarding app developers.

Developers are need to be more creative as well as find the new ways to boosts to spend more money.

Cons

They needed regular high quality updates that takes a time to implement as it can prevent us from working on several other tasks or projects.

5.2 Sales strategy

Firms can uses the strategies such as Research target market as while choosing specified group of people. Also, promotes the app by the help of social marketing such as with the help of Facebook, Youtube, twitter and many more. As they can makes the specified page for this and various people see this page through this social media. The firms also makes its advertisement by the famous personalities (Mitra, 2019).

5.3 Milestones

It provides tactical implementation and strategic advances that aids to design the firms as they can hit the revenue goals as well as also builds effective sales within short term. There are key factors that impact the success of the new technology as it is designed to address the major concerns regarding the needs of the fins so that easily understand. Firms focuses on the various business models as well as scales operations effectively and quickly. The expert covers all the market analysis, business development ,sales execution as well as sales infrastructure. Milestones designed to qualify the market analysis as well as develop go to marking strategy (Wu, . and Huarng, 2015).

6. Management Summary

6.1 Organizational structure

Organisational structure also plays an important role are it works as a guide for employees and manager as well. It outlines that how some activities will be directed and by which ways of performance they can achieve goals of the company. For accomplishing all goals of this company which are discussed above like increasing sales, improving image and increasing customers' satisfaction as well as retention, company will focus on developing an effective organisational structure. It is important to decide key stakeholders and partners who can help it out in developing business plan with the help of organizational structure (Schenkel and Brazeal, 2016).

  • One strong European partners which is based in Dubai, have skills to manage day to day operations.
  • Technical staff.
  • Flat organizational structure with having few or no level of management between staff level employees and management. It supervises employees less and promoting active as well as increased engagement in the decision-making process.

The main aim of selecting flat organization structure is it is at small level and initially almost organization focuses on this type of structure because it has small number of layers. In this type, each manager of the company has higher number of direct reports as compared to other similar companies.

Advantages

  • One of the main advantage and benefit of using this structure at initial stage is manager can improve cost structure of the company.
  • It can help them out in improving morale of employees.
  • Less chances of conflicts as there is an effective communication in this type of structure.
  • Less dominance at workplace.
  • High employees retention and higher number of satisfied employees.

Disadvantages

  • Under the guise of expertise, bad and ineffective decisions can be made sometimes which create many other problems.
  • It can sometimes lead to waste of time.
  • One of the main limitation and disadvantage of this structure is it can limit productivity.
  • There is a lack of work life balance which makes employees frustrated sometimes.
  • Lack of responsibility guidelines and definition (Mallén and et.al., 2016).

6.2 Management team

This Brand root company need to have a high level of knowledge, understanding and experience to run an app which it needs to develop. There is are requirement to have an effective management team who can help it out in accomplishing all its goals. All partners and management team can help it out in increasing productivity and developing business idea by working with collaboration. It is also important for all members of management team to cooperate and contribute in order to satisfy customers. It will include approximate 2-4 partners, at-least 2 consultants, 2 technical members and 1 strong, skilled staff support at initially. Later, it can add and recruit more as per the sales and number of traffic on its app. It will further require customer service staff, sales staff, marketing staff, accounting staff etc.

6.3 Personnel plan

Personnel plan is considered one of the critical part of business development plan as it helps company in budgeting for current as well as future employees. It can also allow to Brand Root company in thinking through that who they need to hire and when they will require hiring employees. Estimated annual personnel plan is:

Personnel Plan

Year 1

Year 2

Year 3

Partners

$142,000

$170,000

$200,000

Sales people

$0

$22,000

$25,000

Consultants

$20,000

$40,000

$59,000

Marketing staff

$20,000

$35,000

$55,000

Office manager

$6,500

$32,000

$35,000

Others

$5,000

$6,500

$7,000

Total people

5

12

18

Total payroll

$1,93,500

$30,55,00

$38,1000

CONCLUSION

From the above it had been concluded that Company ownership by which people can search any kind of products at the best prices. Start-up summary will require many resources stationary, legal cost, furniture. Technology such as Making use of Apple link in order to contact, allow it to communicate as well as work with clients. Making use of Windows machines by its technical staff market segmentation. It focused on Brand root company provide facility to people to select products as per their needs at best price, quality and features mainly focus on 20-50 age group of people providing memberships option to people increase trust and loyalty among customers. Post sell service such as trying to keep in touch with them do not shift shops increase sales as well as can take comparative advantage. Brand roots uses Paymium promotes the app by the help of social marketing.

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