Business Venture Analysis for La Trobe University - Case Study Example

BUSINESS VENTURE Name Institution Professor Course Date Introduction to the business venture La Trobe University is a learning institution focusing on making valuable contributions towards realisation of sustainable growth of the professional, as well as place-based communities within the context of Melbourne’s north, Bendigo, Greater Shepparton, and the Murray-Darling Basin. There is need for the organization to change the way of doing things in order to achieve successful implementation of the strategies. This calls for venturing into a business platform with the objective of making sustainable growth within the community. La Trobe University should consider entering into manufacturing of sports equipment and programs as a viable business venture with the objective of achieving sustainability and competitive advantage. The objective of this case study is to evaluate the business venture, resources, and costs, as well as benefits of the venture in accordance with the image, vision, mission, and values of La Trobe University. Business Venture Analysis Leveraging assets La Trobe University has the ability and potentiality to leverage its assets towards helping the communities, as well as existing businesses within the case of Melbourne. In the contemporary society, sports are in high demand inclusive of the international and recreational sporting activities. In addition, the sale of sports equipment continues to generate substantive amount of financial resources for the growth and development of the economy. La Trobe can focus on the usage of its resources and image to venture into this business entity. In the first instance, the organisation can concentrate on adequate investment in the extensive research relating to the operations of more complex technologies for effectiveness and efficiency in the delivery of quality equipment and programs for the sporting activities (Grande, 2011). Venturing into manufacturing of the sports equipment and programs can enable La Trobe University to leverage its assets in the course of aiding the community, as well as existing businesses in Melbourne to achieve their goals and targets (Barringer, 2012). One of the most effective approaches is through organisation and execution of open-fan-day programs to invite the community and existing business entities. This program will be vital in enlightening the community about the intention to engage in the manufacturing of the sports equipment and programs. Similarly, La Trobe University will seek to use this approach to generate business partnerships with the communities and such businesses, thus improvement of the living conditions of the community members (Shank & Lyberger, 2014). Various governments play active and essential role in the development, as well as provision of support to the sporting life of their respective nations. This is also true with reference to the high-performance level and community sport systems for the people of all ages, as well as abilities. From this perspective, La Trobe University will gain the essential endorsement from the ministry of education on its approach to engagement the community though sporting activities and programs. Market Opportunities Sporting industry continues to grow and development while becoming an essential component in the contemporary economy. In addition, sporting activities remain one of the most powerful tools and techniques for the empowerment of the community members to overcome their inappropriate conditions. The view to venture into this business opportunity will enable La Trobe to benefit from two fronts. In the first instance, the learning institution will focus on the usage of the approach to enhance its image and reputation under the influence of the CSR program. Secondly, La Trobe University will improve its revenues avenues through marketing and distribution of the sporting equipment and programs. Melbourne community has substantive market opportunity for the sporting industry. For instance, there are diverse sporting activities in relation to football, hockey, rugby, basketball, netball, and volleyball among other games (Capranica & Millard-Stafford, 2011). This is an illustration of the fact that the industry is fruitful. La Trobe University can focus on manufacturing sporting gears and wear for these sporting activities. In addition, La Trobe University can organize annual competitions for the elderly and young community members while encouraging the society to embrace their products (Abbate, Alibrandi, & Souca, 2015). Business Venture vs. Mission and Values La Trobe University seeks to become a wonderful learning institution perceived for its innovation and excellence with reference to the big issues of the contemporary society while making a difference. The mission of the institution is to become one of the top three universities within the context of Victoria, as well as one of the top 300 learning institutions within the global context. In the course of achieving this mission, La Trobe University has focused on integration of five critical values: incorporation of a global perception, pursuit of ideas and excellence with energy, respectful and collective interactions, open and friendly encounters, and obligation for making a difference. These values exist in the behaviours of La Trobe staff and students for the benefits of the communities the institution seeks to interact with while making the difference. Engagement in the manufacturing of sports equipment and programs will enable La Trobe University to achieve the mission of becoming an excellent learning institution within Melbourne, as well as the entire Australia. This is through improvement of the image and reputation within the educational sector and communities (Onetti, Zucchella, Jones, & McDougall-Covin, 2012). Resource Analysis Resources In the course of venturing into this business idea, the institution will have the opportunity to consider exploitation of diverse resources. For instance, there will be need for human resources with reference to employees in the manufacturing, planning, distribution, and marketing of the merchandise. In addition, there is need for time resources for the business venture to pick up in accordance with the demands and expectations within the market and industry of interest (Rauch & Rijsdijk, 2013). Thirdly, there is substantive demand for the financial resources, which will be ideal in the execution of different objectives of the company. Some of these actions include procurement of production and manufacturing facilities, hiring of the human resources, execution of research and development, marketing and distribution of the products, and execution of advertising and promotional activities (Ciabuschi, Perna, & Snehota, 2012). In addition, there is need for the integration of adequate customer service systems to aid or facilitate implementation of the strategic plan in relation to venturing into the business (Obschonka, Silbereisen, & Schmitt‐Rodermund, 2012). Finally, financial resources will be ideal in the implementation of training and development programs to improve the image and reputation of the firm. Benefits and Costs Entering into the business venture of manufacturing sporting equipment and programs will enable La Trobe to enhance its image and reputation while improving its profitability levels after every financial period. This is through increasing the revenues inlays through marketing or selling of the sporting equipment to the community while forming partnerships with the existing businesses within the case of Melbourne. In addition, La Trobe University will have the opportunity to enhance the coverage of its brand (Koltapehi, Khajehpour, Forotagheh, & Hosseini, 2015). This is through the presence of their brand within the community while generating the platform for expansion in the entire Australian context. Furthermore, the institution will make a difference through ensuring that the community keep fit. This is through generation of programs such as gym sessions for the elderly within the society, thus formation a quality relationship with the community members (Green & Haines, 2015). On the other hand, there might be costs in association with the business venture, which might affect the operations of La Trobe University. In the first instance, there will be need for La Trobe University to consider causing substantive stain on the financial resources. This is through increased investment in research, procurement of production or manufacturing equipment and technology, hiring marketing practitioners, investment in advertising and promotional practices. This is because of the need to ensure that the project or business venture is a success in the case of Melbourne. The institution will also need to invest on the manufacturing facilities, licensing costs, and other relevant registration costs. Nevertheless, the potentiality of the business venture to be profitable indicates that the benefits might outweigh the costs of venturing into the business. Conclusion La Trobe University should consider entering into manufacturing of sports equipment and programs as a viable business venture with the objective of achieving sustainability and competitive advantage. Entering into the business venture of manufacturing sporting equipment and programs will enable La Trobe to enhance its image and reputation while improving its profitability levels after every financial period. In the course of executing this venture, there is need to consider exploitation of resources such as human resources, time, and financial resources. 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