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Be Your Own Boss - Essay Example

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Be Your Own Boss 24th April 2012 Word Count 1680 Introduction to business idea In the contemporary world, the demand for water by industries especially the chemical and food producing companies has been on the rise…
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Download file to see previous pages In addition, there has been scarcity of clean water especially in the developing countries leading to an increase of water borne diseases and deaths. For example, in the developing countries young children at the age of less than five years experience an average of 10 attacks of water borne diseases. Ice Cool Water Company (ICWC) is focused at providing safe and clean Ice Cool water within Birmingham City where the firm will be located. In order to ensure Ice Cool remain competitive in the bottled water industry, it will in future emulate extensive marketing strategies and adequate research to ensure that it meets the high demand for clean water in regions like Bangladesh, Nepal, and developing countries within the Africa continent. Feasibility of the business idea Birmingham City has the population of more than 1.4 million people making it to be the second most populous city after London (Hodder, 2004). In this regard, Ice Cool Water has a high possibility of acquiring a large market segment. To expand its supply to match with the consumers demand, ICWC will need to employ large number of skilled manpower that will also ensure quality products are provided in the market. Birmingham City University, one of the biggest universities in United Kingdom is a key institution that will provide experts who will be hired by the company. The skills possessed by the graduates from Birmingham City University and other institutions of higher learning within Birmingham's metropolitan area, provides effective and productive employees. In its production process, ICWC will greatly emphasize environmental conservation. In this way, the company will enjoy the support of the Birmingham Friends of the Earth, a volunteer group that advocates for development of industries that cater for conservation of the environment (Gordon, 1994).With a GDP of more than $90bn, the purchasing power of the of Birmingham residents is high. In this way, the company will not take a long time to break even thus making it to be at par with its competitors who are already established in the UK market (Kurtz, 2010). Being a renowned engineering and manufacturing centre, the city has high number of personnel who will be highly demanded in the production facility systems. This implies that ICWC will not incur high costs of hiring foreign engineers thus resulting to low costs of establishing the company. This feasibility study therefore shows that the establishment of ICWC is a viable idea and the company has the opportunity of excelling in the UK and international market. Market research and competitor analysis As mentioned earlier the city of Birmingham and Birmingham's metropolitan area in general, have high population resulting to establishment of large number of bottled water companies as they seek to expand their sales by meeting the high demand for their products in the market. Key competitors that ICWC will face include A Fine Choise Ltd, Aqua Amore Ltd, Refresh Water Ltd, Rent a Water Cooler, and Aqua Victis Ltd among others. Based on their early market entry, the competitors have the strength of large market segment and increased revenue. However, ICWC will provide quality and cheap bottled water that will ensure it attracts new customers even those who are loyal towards our competitors. It is worthy to note that even though the competitors have wide market segment, they have not effectively penetrated foreign market including Peru and Bangladesh where ...Download file to see next pagesRead More
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