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Identifying Entrepreneurship Opportunities

University: LONDON CHURCHILL COLLEGE

  • Unit No: 12
  • Level: High school
  • Pages: 24 / Words 5939
  • Paper Type: Assignment
  • Course Code: N/A
  • Downloads: 595
Question :

This assessment will cover the following questions:

  • Tesco is a multinational supermarket brand of UK. Analyse how to motivate individual and teams to achieve organisational goal.
  • Which theories and approaches are useful to influence organisational behaviour in a complex business situation.
  • Demonstrate how an organisations culture, politics and power affects performance and behaviour of an individual.
Answer :
Organization Selected : Tesco

INTRODUCTION

Entrepreneurship is a process through which new business is developed, planned, designed and the person who develop that business is known as entrepreneur. Entrepreneurial opportunities are the conditions that provide benefits to an entrepreneur in terms of increment in profit and growth (Foss, 2018). It is the advantage that an entrepreneur get by selling there product and services in the market with comparative higher cost as compared to cost of production. Tesco is one of the largest retailing company in UK that was founded by Jack Cohen in 1919 and have headquarter in Welwyn Garden City Hertfordshire. It deals with different products and services like groceries, clothes, furniture, electronics and many more. But to gain more competitive advantage Tesco plans to diversify their product and services for that they enter in new segment that in cosmetic sector. This report includes the rationale and market gap for an entrepreneurial idea with that analyse the support gap that is needed to evaluate the idea. Furthermore, includes the analyse the strength, weaknesses, opportunities and threat that support the assessment of entrepreneurial idea.

Explain The Rationale and The Market Gap For a Specific Entrepreneurial Idea.

As Tesco has around 2,318 store worldwide and have 13 international market apart from UK. Thus Tesco uses geographic segmentation by which they supply there product and services as per the development and requirement of the society (Gianesini, 2018). Whereas in Behavioural segmentation Tesco supply there product and services as per the behaviour of the customers and that depends on education, qualification, values, mentality etc. While demographic segmentation includes the sex, age, family size etc. with that Tesco provides the services as per the requirement of market.

Porter's Five Forces Model:

It is a model that is used by Tesco to measure the market competition as they innovate their cosmetics product for the young generation. As they are very much conscious about there skin thus Tesco innovate there cosmetics by adding herbal purity in that and add the organic material. With that there are various competitors in the market for that company performs this model that is as explain below as.

Bargaining Power of Suppliers:

There are various suppliers that supply the raw material to the retailing company. Suppliers are more ascendant that they can directly affects the profit that is gained by the company. If suppliers sells the raw material with higher rate that decreased the overall profit that is gained by the retaining companies. For that Tesco must maintain the supply chain management with different suppliers with that also performs different experiments by changing the designs and material of the products. Also analyse there competitors like Asda, Walmart about there relations with the suppliers and then balance the relationship with there suppliers to earn the profit through bargaining.

Bargaining Power of Buyers:

As customers always want new products with less price that it is important for Tesco to maintain the profit for a longer period of time. With that large customer base expects they expect more discounts and offers by the company. For that Tesco try to builds the large customer base that helps them to reduce the bargaining power with that enhance the sale and profit. For that Tesco innovate the new product and offers the discount to the customers that maintains the increment of the productivity of the company.

Threat of Substitute:

With that innovation of new product and services it is always a threat for Tesco that if its competitors (ASDA, Walmart, Morrisons etc.) brings the same product that divide the sale of the company. Thus Tesco manages that by focusing of service orientations rather than product orientations. With that induce the changes as per the requirement and demand of the customers with that company retain there customers and gain long time competitive advantage (Gümüsay, 2018).

Threat of New Entrants:

New entrant always brings more competition in the market and that reverts the pressure on Tesco to lower downs the pricing strategy, cost also get decreased and that provides more benefit to the customer. Tesco must manage there strategies to remain balanced and secure their competitive edge. For that Tesco innovates there product and builds the strong customers base with that to enhance the profit and sales Tesco must reduce the cost of per unit product.

Rivalry Among Existing Competitors:

Rivals are the competitors that always try to reduce there cost price to grab the attention of the customers. Tesco also imparts the competition in the market by reducing their overall production cost. Tesco manages the rivalry by providing the better scale to the customers with that increases the size of the market to gain more competitive advantages.

By analysing the porter's five forces model Tesco made the best strategies to reduce the overall production cost with that also manages the changes in the market trends and then innovate there new product. With the help of innovation company enhance the competition and measure the profit.

Retailing Industry Life Cycle:

It is a cycle that defines the different stages of product and services that is offered by Tesco to the customers that is as explained below as:

Start-Up

It is a stage in which customer are not aware and familiar about the product and services of the company. In this stage company supply there product with very less revenue and also measure the negative flow of cash within the business as because company invest a lot of amount in new technologies, raw materials and equipments.

Growth:

It is a period in which company measures the higher profit as product and services has been already advertised in the market. This is a stage in which gross margin is increased as marketing and production cost decreases with that measures higher profit as compare to cost of products.

Shake-Out Stage:

It is a stage that strengthen the business as some of the business get loss as they didn't get established there business whereas, Tesco gets the profit in terms of market growth and development. This is a stage at which company profit slays down as business formulate to maturity period (Hueter, 2019).

Maturity :

It is a stage in which company already feels the growth and higher sale and as faster the product reached at maturity rate that much sustainability in market in increased. And with that company faces a lot of competitions thus they also insert different strategies to remain in the market with that sometime re-launched the product and services with new advancement.

Decline:

It is the stage in which company feels the recessions as by gaining the profit and higher market growth product and services eventually falls down and company performs the penetration strategy to enhance the sale and profit. Company also provides the discount to the customer to liquidate the availability of the stocks and at last product vanished from the market.

Provide Justification of How a Specific Entrepreneurial Idea Fills a Market Gap.

Market gap is the different between the need of the customers with the product and services that is provided by the company. This gap provides the growth to the business as it provides the opportunities to the companies to expand their business by spreading the awareness in the market about their product and services. As youngsters are more aware and conscious about there skin and for that they uses higher quality products and that are quite more expensive thus it is not possible for all to purchase that. With that is not possible and easy to purchase those highly expensive products. For that Tesco launch the new innovative product that is less expensive and easy to purchase. The new product includes the herbal and organic products that is suitable to all the skin tones and with that it is beneficial for both male and females. Thus Tesco fulfils the gap of market by providing the product that is economical for all.

Critically Evaluate a Specific Entrepreneurial Idea Based on Interpretation And Investigation of Competitive Market Place.

The new and innovative idea is based on the interpretation and investigation of market place competition. As there are a lot of competition that is faced by the retailing industry because of there are more then one business that produced the similar product and services to the customer. Competition has been raised as customers has a lot of variety and for that company reduces the cost to attains the maximum profit (Joll, 2018). For that Tesco analyse the requirement and demand of the customers and with that interpret the competition of the market. And with that investigate the product and services that is already presented in the market. With that made the product that is not developed in the market and insert the changes that is needed by the customers.

 

Present Data Needed to Support Gap Analysis in The Evaluation of Entrepreneurial Idea.

Gap analysis is a description of the difference between the product and services that is offered by the company and requirements of the customers. For that Tesco maintains the difference between the current and future situations.

 

Basis

Current position

Desired position

Action plan

Products and Services

Tesco Provides different products include groceries, furniture, clothes, toys, telecom and financial services, electronics and many more (Korte, 2018).

To manufacture cosmetics products that is more herbal and organic for both male and female.

To producing these cosmetics products, Tesco purchase different machinery and provide training to the employees to manage the production of new products.

Cost

Tesco offers the product with appropriate prices by which customers easily get connect with the company.

Tesco manage the prices of there product and services by analysing the pricing strategies of the competitors to gain the competitive advantages.

Tesco developed the product with reliable price and uses price penetration strategy to attain the attention of customers.

Innovation

The new innovate idea is very much creative that attracts the large customer base.

By inducing the innovation in the cosmetics products Tesco has the large scope to gain the advantage and market share.

By accepting the feedbacks and reviews, from the customers Tesco implement the further change and follows the customer centric appraoch.

 

Objectives

Strategies

The major objective of Tesco with this new product is to gain the large customer base by satisfying the need and demand of the customers.

  • To manufacture the good herbal and organic products.
  • Using penetration strategy to attract the customer towards the new innovative product.

To balance the sustainable business

  • For that Tesco collects the feedback and review of customer and then implement the change as per requirement of customers.
  • Tesco also offers discount to all the customers and special offers to permanent customers (Kreps, 2019).

 

Gantt Chart:

It is a chart that defines the time that is required to perform a certain task within the business for to complete the process that is as explained below as:

Interpret Data Appropriately to Provide Evidence of Market Potential.

There are different sources from which company collects the data and then analyse the different factors to measure the success. There are two type of sources one is primary in which data is collected by the very first time as from interview, surveys, questionnaire. Whereas, secondary sources are in which data is collected from the already published data like from journals, books, magazines etc. For the new innovative product Tesco follows the primary research and for that company collects the information from 30 people with the help of questionnaire that is as follows as:

 

QUESTIONNAIRE

Name:

Age:

Address:

Contact Number:

Q1. Did to know about herbal and organic products?

A. Yes

B. NO

Q2. Did you use herbal beauty products?

A. Yes

B. No

Q3. Is herbal and organics product healthy for skin ?

A. Agree

B. Disagree

C. Don't Know

Q4. Do you think that herbal and cosmetics products get the success in the market?

A. Agree

B. Disagree

C. Can't Say

Q5. Do you think Company gains the competitive advantage with this innovative product?

A. Yes

B. No

 

Q1. Did to know about herbal and organic products?

Frequency

A. Yes

17

B. No

13

Total

30

Mean

15

Median

15

Mode

4

 

Interpretation:

As from the above graph it is measured that as from the 30 peoples 17 are aware about the herbal and organic products (Markard, 2018). Thus as per the information mean is 15, median is 15 and mode is 4.

Q2.Did you use herbal beauty products?

Frequency

A. Yes

25

B. No

5

Total

30

Mean

15

Median

15

Mode

0

 

Interpretation:

As from the above graph it is measured that as from the 25 peoples 30 are aware about the herbal and organic products. Thus as per the information mean is 15, median is 15 and mode is 0.

Q3. Is herbal and organics product healthy for skin ? ?

Frequency

A. Agree

16

B. Disagree

8

C. Don't Know

6

Total

30

Mean

10

Median

8

Mode

4

 

Interpretation:

As from the above graph it is concluded that 16 persons out of 30 believes that herbal and organics product healthy for skin. Whereas, 8 are disagree with the statement. There are 6 persons who are nor in favour or against. While Mean is 10, median is 8 and mode is 4.

Q4.Do you think that herbal and cosmetics products get the success in the market?

Frequency

A. Agree

13

B. Disagree

10

C. Can't Say

7

Total

30

Mean

10

Median

10


Mode

6

 

Interpretation:

10 out of 30 persons are agree on the statement that herbal and cosmetics products get the success in the market, Whereas, 13 are disagree. 7 persons are neutral. Mean of this information is 10, median is 10 and mode is 6.

Q5. Do you think Company gains the competitive advantage with this innovative product?

Frequency

A. Yes

16

B. No

14

Total

30

Mean

15

Median

15

Mode

2

 

Interpretation:

16 persons believes that Company gains the competitive advantage with this innovative product and 14 doesn't believe in this.. Mean and median of this statement is 15 and mode is 2.

Justify The Specific Sources and Method of Data Collection and How it Relate to Market Potential.

Internal Sources of Data Collection:

This is the data that is collected within the company that is as follows:

  • Stakeholders: These are those who equally participate in the profit and loss of the company these are employees, creditors, owner, suppliers etc. thus they provide the brief accords to there knowledge (Newman, 2018).
  • Financial Reports: It is a report that is developed by the company itself and it includes the record of performance of the business with different product and services.

External Sources of Data Collection:

This is the data that is collected from outside the company that is as follows:

  • Customers: Company collects the feedback and review in the form of questionnaire, survey etc.
  • Journals: It is a secondary source of data collection as it is already published data of some author and that is needed for the business as it provide the brief about the already happened activities.

Analyse Appropriate Specific Sources and Methods of Data to Provide Justified Business Objectives.

Primary Source:

It is a source in which data is collected for the very first time as by conducting the survey and collecting the feedback, by preparing the questionnaire, by taking the interview of different people. There are different benefits of this as it helps to justified business objectives are as follows:

Advantages of Primary source

Disadvantages of Primary source

As from this company gets the exact information as per there requirement.

It is very much time consuming as collection of data takes a lot of time.

Tesco gets the accurate and reliable results from the primary source of data collection.

It takes a lot of cost to get performed as everything is conducted by humans.

 

Secondary Source:

It is a source in which data is collected from the already published data i.e. from journals, books, articles etc.

Advantages of Secondary source

Disadvantages of Secondary source

It is very much less expensive and very much practical work is required.

Sometime company doesn't get the reliable results according to requirement.

It takes lesser time to get searches the data as per the requirement.

Somehow data is outdated and doesn't fulfil the objective of the company (Nicholas, 2018).

 

Apply SWOT Framework to Collate Evidence to Support an Objective Assessment of Entrepreneurial Idea.

To measure the strength and weakness Tesco performs the SWOT analysis as per the gain the market knowledge that is as explained below as:

Strength

Weaknesses

  • New innovative herbal and organic product of Tesco has all the components that is required by the customers thus it attract the large customer base.
  • Tesco made the product that is demanded by the youngsters and Tesco has strong value and image thus customers easily accept the change (Phadermrod, 2019).
  • Customers always get switched to different product inside of getting stick to similar product.
  • Tesco needs the large number of funds to introduce the product at large scale and there is no surety that product is accepted by the customers or not.

 

Opportunities

Threat

  • Customers wants a product that is more reliable and less expensive and Tesco has the same target that attracts the large customer base.
  • Tesco work with unique and creative idea that covers both male and female and they both are very much conscious about there skin problems.
  • Tesco has various competitor and they also try to made the same product with less price that brings huge loss in Tesco business.
  • New entrant also comes with new technology and ready to work with less revenue that is the biggest threat for the well established retailing company.
 

 

Market and Competitor Analysis:

It is an analysis that defines the different aspect of Tesco and its competitor that is as explained below as:

Basis

Tesco

Walmart

ASDA

Products and services

Provides all the different merchandisers and groceries and covers all the relevant requirements of the customers.

They provides the large variety of products and services includes retail goods, financial services, photo lab services, pharmacy and many more.

ASDA provides there own brand products with other companies product and also offers car insurance, credit card services etc.

Organisational structures

Tesco has hierarchical structure that helped them to focus on every department of the company and they use that as because Tesco is a very large organisation.

They are using hierarchical and functional organisational structure and follows the command from the higher authority and work in a vertical line.

They also use functional hierarchical structures as they works on large scale and have different functions.

Major attractions

They follows the customer centric approaches to grab the attentions of the customers.

Provides good quality services and better environment in there stores with that made separate column for every product that induce easiness for the customers (Sedkaoui, 2018).

They provides the holiday trip to there customer to visit the popular tourist attractions.

 

Evaluate The Competitive and Market Environment in Which Idea Will be Launched.

PESTLE Analysis:

It is an analysis that defines the macro-environment factors of the Tesco that is as explained below as:

Political

Tesco introduce the changes with that they need to follows all the rules and regulations and the policy of the government and company gets the benefit of that as UK government is very much stable and doesn't get fluctuate.

Economic

It is a factor includes the interest rate, inflation rate and all thus company gets the benefit as UK infrastructure if well developed thus company easily gets the land and labour as per the requirement (Shephard, 2019).

Social

As Tesco innovates the product and services to the customers and fulfil the requirement of the customers that builds the strong relationship with that customers.

Technological

It includes the technological advancement and Tesco brings that by innovating the product and provides the new herbal and cosmetics product to the customers.

Legal

As company must ensures that product doesn't harm the people and maintain the proper balance of all the required components within the product.

Environmental

New product of Tesco is very much environmental friendly and doesn't harm the customers.

 

Critically Evaluate a Specific Entrepreneurial Idea in the Context of Marketplace and Competition.

To be in a market for a longer period of time and to measure the competitive advantage Tesco performs different functions. And thus company compares the different slot as per there competitors and thus innovate the product that includes the organic components in that (Uygur, 2019). As youngsters have interest and with that thus company gains the more competitive advantage. Market has that cosmetics products but that is very much costly and it is not in range of all. Thus it is very hard for the customers to use the product that they want too. Thus with that Tesco comes with that product that is more beneficial and less costly.

Formulate Valid Conclusions and Justified Recommendations on How Specific Entrepreneurial Idea Can be Developed.

It has been concluded from the above discussion that Tesco develop the product that is beneficial for all and covers both male and female. With that produces the herbal and organic products for all the skin tone that is helpful to reduce the skin related problem thus a large number of customer base gets attracted towards there new products and services (Yun, 2018). It has been comprehended that company must collect monthly basis feedback and reviews from the customers and thus with that imparts the changes as per the requirements of the customers.

Also read:- Range of Business Ventures Accessible to Entrepreneurs

CONCLUSION

It has been concluded from the above report that there are different sources that is used by an entrepreneur to brings the innovation in the business. With that concludes the rationale and market gap for an entrepreneurial by the usage of tools and techniques. Company also needs the primary and secondary sources to collect the data that is related to there innovation. Then company performs different interpretation that provides the exact information about the innovative product that provides the competitive advantages. Furthermore, concludes the macro-environment factor with SWOT analysis to measure the strength and weaknesses of the business, To get more details about online assignment help ask our experts.

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