Business Plan After identifying a business opportunity among our fellow students, we decided to come up with business plan that would help us achieve our business objectives1. The plan presented by my team mainly outlined the main futures of our shop as the main business outlet…
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Firstly, a business premises is a place and hence a physical location from where we distribute our products and meet with our customers. Secondly, through the shop we will be able to determine the appropriate prices for our commodities by analyzing the customer’s reactions. The shop will also enable us to distribute our products and hence the shop will symbolize our products. Finally, through the shop we will be able to carry out advertisement for our products. After analyzing the four P’s for our Students Vault, the second step was to define our mission and vision statements based on our goals and future prospects. The main customers for our business were the university students and therefore our mission and visions had to be in relation to their needs. Our mission also had to incorporate the dynamic nature of their needs and to be flexible enough to include any future needs for a change. As a business team, our mission for venturing into the business was to supply university students with all their stationary and appliances needs for a successful university life. To realize our mission we had to define our vision in the business through a vision statement. A vision statement is a statement is a declaration of anticipations relating to growth and expansion of the business within a given period. In the project, we settled for expansion of our business within the United Kingdom and the diversification of our products as our vision statement3. The vision and mission statement of a business summarizes the four P’s of the business in an implicit way. Through these statements, a business team gives its intentions or plans on achieving the four P’s of a business. The product is an important part of any business, through the product a business is able to realize and launch its competence in the market4. Due to the importance attached to the product, we had to consider our product as an important part of the business plan. Stationery and books were our main products. Our business also dealt with accommodation equipment, electronic devises and catering equipment. These products were intended to fulfill our mission of supplying university students with all their requirements for a comfortable university life. After defining our product, the second important part was the definition of the place or location of our business. Our business team settled for Manchester city as the first target or business location. Unlike other potential locations, Manchester city had a high student’s population due to the availability of many colleges and universities within the city. The city also lacked business dealing with stationeries and students necessities and this implied that our bushiness was unique to the city. Our business plans therefore capitalized on the uniqueness of our business as the basis for our competence. Manchester city also served as an ideal city and therefore establishing our business in the city enabled us to determine the response of other potential cities towards our business. The price of a commodity determines the success of the commodity in an ideal market5. This implies that in the business plan we had to settle at an appropriate price in order to attract and retain our customers. Students were our target customer and therefore our prices had to be considerate of their financial status and capabilities. In the plan, we settled for a competitive price for all our products. This implies that
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