Assignment - Preparation of Business Plan
Task - Write a business plan for a PRINTING COMPANY. This can be a real or an imaginary business or a plan for an existing small business.
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Answer - BUSINESS PLAN FOR PRINTING COMPANY
Business Plan illustrates the environment of the business and the strategies engage in it, such as sales and marketing strategy, financial strategies, advertising strategies etc. Value Proposition likes creating a brand awareness of the products or services which idea is to manipulate the customer's activities and convert leads into sale. Market segmentation is being created on the basis of varied characteristics which simplifies the targeting process and helps the organization to communicate with its customers. The resources playas a very imperative role in the development of the company, without the effective resources a company would not survive in this competitive market. The study has used a printing company and varied aspects related to it are illustrated in a very easy manner.
A business plan is termed as an approach which consists of the description of the business's future. It guides in executing the prepared plan or strategies and in what way. It also illustrates the nature of the business and the strategies involve in it, such as sales and marketing strategy, financial strategies, advertising strategies etc. It is also defined as the most important documents for establishing the new business because explains about the business and its services or products. It enables the new business in securing the finances and other investments as well as provides assistance in evaluating the opportunities. In this study, the focus is on the printing sector, especially in the marriage and birthday card printing business.A thorough business plan is illustrated to explore the opportunities involved in this business. The study highlighted the important aspects related to the business such as competitor analysis, market targeting and financial projection.
Value Proposition is termed as an innovative service which focuses on enhancing the quality or of product or the company. It can be considered as a marketing statement that the organization uses to deliver information about the products, that why the product or services is beneficial for the customers. It's like creating a brand awareness which purpose is to influence the customer's behaviour and convert leads into a sale (Baldassarre et al.,2017). The printing business has a very huge market and a lot of potentials to grow as a company in this sector but with a large market, the competition is also huge. The competition is so much intense that companies are burning the cash just to capture a certain market proportion. The company, especially the printing greeting cards business needs to understand its potential market and customers before adding any enhancing component to its existing company or products. The company must ensure first that what add-ons it is providing to the customers. The need for add-ons is very essential to establish a business in such a dynamic and competitive market.As the printing company needs to focus on the innovative technologies to provide the better qualities of a card at an affordable rate as well as consuming minimum time to print the card. The technology improves the efficiency of the business and creates trust among the customers about the quality which will be delivered to them. The company can shift its focus towards digital printing technologies as it can print a large volume of cards within a minimum time frame. It provides flexibility in printing millions of greeting cards and it also minimizes the inventory and also the cost related to the inventory. It requires minimum maintenance, thus reducing the maintenance cost as well. The digital printing improves or simplifies the process as it was complex in the traditional approach as well as the process is also cost effective. It handles a large amount of order and thus can help in generating high revenues for the company. Apart from digital printing, the company can focus on sustainable products which will send a positive message to their customers. The cards after the use are recycled and can be used raw material. The company should adapt to the dynamic market as the trends are changing very frequently in term of customer requirements. The Company can introduce a varied new design in keeping in mind its target customers. The implementation of new design every week will offer the customers a wide range of cards to choose and will attract the customers to the business.
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Target Market Segment
Market segmentation can be defined as a method that divides the broad market and customers into small subcategories on the basis of different characteristics to target the potential customers or market at an individual level. The different segmentation is being created on the basis of varied characteristics which simplifies the targeting process. It helps the company in creating new products according to their consumer requirement (LeesWinchester, & De 2016). It improves the effectiveness of marketing as it provides a better understanding of the target audiences. The purpose of these segmentations is to satisfy the needs of the costumes as well as to gain advantages over the rivals. There are four types of segmentation, which are as follows:
- Demographic Segmentation
- Behavioural Segmentation
- Psychographic Segmentation
- Geographic Segmentation
Demographic Segmentation: In such type of segmentation, customers or the market is targeted on the basis of gender, age, religion, family life cycle, income, education, family size, race, nationality, and social class (Healey, Stepnick, & O'Brien, 2018). It is widely used market segments as it easy to measure and identify the potential customers. The printing company will be very benefited by implementing this market segment into its business for targeting prospective customers. The company can introduce new designs by keeping such factors in mind, which would provide the company with a clear idea of about the need of the customer's.It can use different types of designs for different ages of peoples.
Behavioural Segmentation: This segmentation reveals about the behaviour of the customers such as their buying habits, attitudes towards the products (Wei, Liu, & Xing, 2015).It monitors customers purchasing pattern and the information gathered from it would be used to target customers with tailored products. It reveals that the customer is interested in trying a new product or would stick to the existing products. It also enables the organizations to understand the mentality of the customers that, they prefer only the reputed brand or would consider a new brand (Daryanti, & Simanjuntak, 2017). Such insights are very crucial to convert leads to purchase.The printing company can track its potential customers and accordingly can create a hype of new products to attract more customers to purchase it. The frequency buying rate would help the company in decision making while creating a new design or shifting to new technologies (Yang, & Gabrielsson, 2017).
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Psychographic Segmentation: It is the hardest market segmentation as compared with other segmentations. It is the hardest because it's very hard to analyze the personality and lifestyle profiles (Krystallis et al., 2015). This segmentation covers a huge area but grouping the customers by their hobbies would narrow down the search and enables the company to target their customers in an easy manner. To reveals such preferences, the marketing surveys, and interview need to conduct as these are not easily visible. It would be difficult for the printing company to implement this market segment as it involves survey and interviews but if the company could conduct such activities it will benefit the company to achieve its target.
Geographic Segmentation: It is one most effective market segment and therefore practices by various big organizations to target the potential market or the customer. It targets the customers on the basis of their geographical position (Aschonitis et al., 2018). It enables the company to understand the culture and various need of the customer of a specific place.It narrows down the target area which helps which increases the chances of higher return of interest. The people are generally influenced by the place where they live or work and this market segment takes advantages of such influences to identify its potential customers. It will be very beneficial for the printing company, as it will enable it to discover its prospective customers.It would also help the company in making a proper advertising marketing which would individually target the customers on the basis of locations. The company can recognize the requirements or trends of specific locations and work accordingly to satisfy their needs (Volpi, & Ferrari, 2015,).
Analysis of Market and Competitor
Market and Competitor Analysis in the most crucial aspect of the marketing strategy as it only decides the success or failure of the company's strategies (Wirtz et al., 2016).It enables the company to have insights into the strength and weakness of the rivals which would help the company to make a proper strategy to tackle such rival's pressure. It enables to understand the market opportunities which are being grabbed the competitors. The company with help of this analysis can obtain loopholes and thus can target the rivals by keeping the loopholes in mind. The rival's information which is being gathered is examined and a plan draft is created to discover the potential area, which the company should focus on. The competitor products specifications and features are also examined to understand how to create a better product than its rivals. A thorough study of analysis reveals such details which will suggest the company to focus on specific areas as it would be more beneficial. The market is of dynamic nature means frequent changes are executed in the market which makes it more competitive in nature. To establish the business in such a competitive market, the company should understand that the services or the products must be unique or it must provide extra values to its customers from it is rival's products. The product or the services which adapt dynamic trends survive in the market. The organization need to be more agile and must display a robust approach in accepting the new trends. The printing company should identify its competitor technological approach and the design its using to attract the customers. The other printing company might be focus towards the innovations and focuses more on technological aspects of the business by introducing next-generation equipment, using high-quality colours and hiring good designers for creating unique designs according to the changing trends.The rivals might be using social media or websites to promote its business or products to their customers as it cost-effective and the outcome is also positive The printing company before investing the money into the startup must analysis it competition before blindly jumping into the high intensive competitive market.It should underestimate the importance of rivals marketing strategy but also should implement in its existing strategies to establish its name in the market.
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Core Marketing & Entry and Growth Strategies
Core Marketing creates values or the customers and tries all possible way to satisfy the need of the customers at profit (Sarkar, Kundu, & Chaudhuri, 2016). It consists of varied functions such as creating ideas, brand management, risk management and many more. The very important core concept of marketing is as follows:
- Need, Wants and Demands
- Market Offering
- Value and Satisfaction
- Exchanges and Relationships
Need, Wants and Demands: In this concept of marketing the needs or the requirements or the customers are considered while preparing ay products or services.Such products are only created when there is a huge demand for specific products. The printing company should consider the need of its customers before investing in the business. The success is only achievable when it has clarity of the process which will be executed in establishing the business. The company should identify the need of the customer that is there any need of any printing store in their locality or at any specific location or need related to the greeting cards. Such needs are very essential for the company to understand creating a long term plan. If the need is being satisfied then it important to understand that what customer want such what quality of greeting card they need and of which design as act accordingly.
Market Offering: It involves satisfying customer needs and wants. It is a type of offer in which the products or the services are tailored accordingly to the customers' requirements. Customer satisfaction can be achieved by providing quality products at an affordable rate (Cheung, Fung, Tam, 2016). The offering might be intangible or tangible. The printing company can satisfy its customer by providing a variety of cards with varied designs and for different occasions. It can win the trust of its customer by offering superior services such as on-time deliveries and door to door deliveries (Shamima, Sakib, & Islam, 2015). By offering such superior services and products, it will improve the overall experiences of the customers which will help in creating a trust for the company
Value and Satisfaction: Values are defined as the capacity of the product or the services and it is depended on the level of satisfaction of the customers. The high customer satisfaction would result in a high value of the product (Prebensen, Kim, & Uysal, 2016). The customer generally thinks about the values of the product or services when they are going to acquire it. The consumer invests an ample amount of money on the product so it's essential to provide them with the value, they need which will result in high satisfaction. The printing company need to provide value to its product or services which will clear its customer doubts while buying the product s. The values can be enhanced by providing high-quality products at affordable rates.As the market is very competitive lowering the price would result in low-profit making, so it must focus on services which are provided to the customers. The satisfaction of the customer will create a strong bond which would help the business in the long term.
Exchanges and Relationships: It is the basic concept of marketing where the services or the products are provided to the customers by exchanging the money. To create a consistent flow of money it is essential for the company to create a good relationship with their customers (Kumar, Lahiri, & Dogan, 2018). This relationship can be made by providing good quality services on a regular basis.
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Break Even Calculations
Monthly Cash Flow
Resources can be defined as the supply of materials, money, employees, and other assets that can bed by the company. The resources playas a very important role in the development of the company, without the effective resources a company would not survive in this competitive market.The resources may be land, labour, capital or any other resources which are being taken by the company to establish its business. The other resources such as information expertise, entrepreneurship management, and time are a very important component of the resources. These resources are used to produce benefits for organizations. Effectively using the resources an organizations can improve their overall growth. The resources enable the proper functioning of the activities involves in running the business. The resources of the printing company will its employees and customers. The company can effectively utilize its resources for the development of the company. It is necessary to create a proper strategy for the better utilization of the resources. The company need to focus on its other resources that are its customer which are very valuable for the company. The revenue is being generated by such loyal customers. The employee invests their skills, time and knowledge for the betterment of the company. They are the key resource and the importance of them could not be ignored to survive in long term competitive market. The printing company needs to focus on its resources needs and requirements as they the key people who directly or indirectly impact on the overall growth and development of the company. The printing company need to hire employees who have depth knowledge about the printing process because an unskilled employee would hinder the printing process. It is necessary to have basic skills about the machines to operate the printing process otherwise the machines would be affected by the wrong practices. The company should understand the importance of printing process as the process is responsible for the quality of the product that is the greeting cards, once the customers feel rejected, it will greatly affect the company on its revenue chart.
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Material Risks Identification and Mitigation
The material risk is one of the most crucial aspects of the organizations as it affects the operations of the company (Dubey, Gunasekaran, & Ali, 2015). A failure would create huge impacts on the performance of the company. Proper functioning of the company is deepened on the material of the company as it is the most vital aspects for consistent production. It is very necessary to identify the risk involved in developing or starting a business. The risk evolves in starting the business need to be calculated by making a proper strategy. The risk would affect the growth of the company or delaying of the establishment of the company. In the printing company, it is necessary to identify the risk evolves as without identifying the risk would result in failure of the business. At first, it is required to understand which materials are very vital for the company and without which company operations cannot be continued. As the essential materials are being identified, the risk associated with it must be foresighted and proper approach should be implemented to eliminate or reduce the risk related to specific materials The company need to follow a proper risk management techniques to avoid the future risk which is liked with materials of the company. In the case of a printing company, the material would be the printing equipment which are very costly and extra precaution should be required to keep it secure from the hazards. The risk associated with the printing machine is short circuit issues and other issues as the operation of the machines by the unskilled labour. Wrong printing techniques would also affect the machines and the company would suffer a huge loss. The company must implement a good operator to perform the printing task and proper electric connections to keep the machines from the hazards.
From the above study, it can be concluded that stating a printing company in a competitive market needs prior knowledge of the current market trend. As the market is very frequent, so it becomes very essential for the company to have a robust approach in adapting the changes. In this study, the important aspects related to the development of the company is illustrated in a very easy manner. The techniques or the approach which plays a vital role in creating awareness or promoting the business is described in the study.
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