Planning a Business Venture

Essay Instructions:

Individual work to consist of a 1,500 word report on a chosen aspect of the planned new venture– it can be longer to allow for graphics, charts, diagrams, additional relevant information. Each team member to submit a report about some aspect of the planned new venture. For example: Address any of these types of questions about the new venture: The What? Why? Where? Who? When? How? Etc. or focus on how one or more of the following: The marketing Developing the product profile Sales approaches Operations issues How the idea evolved Finance matters etc. There is NO fixed format for this assessment, it is up to you to define a format appropriate for your topic area. However a skeleton to start from might look like the following:• Title page (including your name, student number, group and Offering)• Executive summary• General background on the topic• Literature review• Commercial sources etc.• Specific implications for your New Venture• Conclusions• Recommendations. It is in the student’s collective group interest to focus on their respective individual reports on different areas that would be useful to develop and combine for the final group report. The aim of this is to give each team member a chance to focus on a particular area before the group start to take the venture further forward toward the final business plan. It should help each team member understand the key points about the business idea. By this stage, each team will have discussed the idea in sufficient detail to be able to explore an area in more detail. The ideas can be expected to evolve and develop further as more in-depth research is done, but the foundation should be present with the individual report. A range of ideas can be expected to have been debated by the team, culminating in an agreed concept for further development. Each report is not expected to be conclusive for the final business plan but more of an exploration of an issue which will help highlight where any gaps are. The contents can be expected to vary according to the type of issue pursued. Working together well is an essential element in creating the final group business plan (Assessment 2), as is the clarity and execution of individual roles, and a fully effective team will take ownership of the whole final document. In many modules, you will undertake secondary or desk research (examining the work of others) to explore what has been written or said about a particular topic. In addition, you may also complement this with primary research (your own findings).Primary research is not mandatory in this module but you may find it helps you. In many cases, the primary research may be a survey, questionnaire or discussion with various individuals or groups of people at various locations.

Essay Sample Content Preview:

E-commerce Store in the UK: Market Research and Competitive Analysis Student’s Name Institutional Analysis Tutor Course Executive Summary This plan explores the establishment of a new business venture in the UK’s e-commerce industry. Establishing a new business entity in the UK’s e-commerce industry can be a positive move considering the projected growth of the industry of up to £500 billion by 2020. In this plan, the new e-commerce venture is assessed in terms of its offerings, competitive status, and financial position relative to the market demands. The analysis concludes with an understanding that venturing into the UK’s e-commerce industry with a capital of £1 million is an ideal decision because the organization will be profitable within the first two years of its operations bearing the financial analyses and forecasting. Introduction/Background This paper explores a business plan aimed at establishing a business venture in the UK’s e-commerce. The new venture has a capital allocation of £1 million. The choice to invest in the UK’s e-commerce is based on the industry’s attractiveness. It is one of the fastest-growing industries in the UK. Presently, the UK e-commerce market is thriving, with online retail sales projected to reach £500 billion by 2027. This plan focuses on exploring the possibilities and challenges surrounding starting a new business venture in the UK’s e-commerce industry. The plan is based on the ground that the venture is poised to maximize its inputs and outputs out of a capital allocation of £1 million. The UK’s e-commerce industry is fast becoming attractive for new ventures. This plan will include the assessment of the background, competitive analysis, marketing strategies, legal/regulatory assessment, and financial planning. Ultimately, the plan showcases why it is appropriate to invest in the UK’s e-commerce industry with a £1 million capital allocation. Review of Literature Market Trends Understanding the market trends is among the critical success factors in starting a new business venture. For a start-up, it is important to structure the resources based on the business’s potential to grow and be profitable. Presently, the UK’s e-commerce market is marked with key factors that will define the future of the new venture. Primary among the considerations is growth. UK’s e-commerce industry is presently valued at £200 billion (ECDB, 2024). However, the market is expected to continue growing at a steady pace, driven by factors like increasing internet penetration, smartphone usage, and convenience. By 2027, the market should be valued at £500 billion (ECDB, 2024). Such swift growth means that the new players in the industry stand a chance of succeeding. Also, growth in other prospects like technology or the adoption of social media usage are poised to fuel growth in this industry. There are more market trends that stakeholders must consider when venturing into the UK’s e-commerce industry. The shifting consumer behavior is a vital factor for consideration to that effect. Consumers are increasingly comfortable shopping online for various product categories, including groceries, clothing, and electronics. With the changing preferences and the increasing access to information that consumers have, a new entrant must be aware to succeed. Also, there is a new trend in mobile commerce. Mobile shopping is gaining traction, with consumers making a significant portion of their online purchases through smartphones and tablets. Factors such as an increased reliance on mobile gadgets and the expansion of the internet space are further fueling the trend. Finally, the e-commerce industry is putting focus on sustainability. Consumers are becoming more environmentally conscious, demanding sustainable practices from businesses with which they engage. Considering all the above trends should offer an idea of how a business can be structured to optimize its outcomes. Competitive Analysis Any attractive industry is often marked with consistently increasing competition. The UK e-commerce landscape is diverse, with established players like Amazon and eBay dominating the market alongside smaller, niche players (International Seminar on Education Management and Social Sciences, 2022). In a new venture, the key competitors include Amazon, which is the dominant player, offering a wide range of products and services. The other considerable competitor is eBay, a marketplace platform offering diverse product categories through various sellers. The other notable competitors in the UK’s e-commerce include ASOS, a leading online fashion retailer, and The Hut Group, an e-commerce holding company that owns ...

Updated on May 9, 2024

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