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Business & Enterprise for Events Assignment Sample

Pages Pages: 9

Words Words: 2273

Introduction of Business & Enterprise for Events

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In the recent decades the number of businesses in the international business world had increased to a greater extent. Individuals are focusing more on setting their own enterprise and offering unique products and services to the society.Due to increasing competition in the industries the individual needs to do effective market research and developing an effective business plan before entering into any of the industry. In the present report the researcher would focus on developing an effective business plan for creating an enterprise in the event industry. Also, the report had included the knowledge related to the different marketing strategies, risk factors and different products and services that would be offered by the case company. The researcher would focus on business plan that focuses on setting a wedding flower design company in UK. In this business proposal the researcher would explain all the different factors and concepts that are required to be concerned while setting up a new business or an enterprise.

BUSINESS PLAN

While planning to operate anenterprise it is important to focus on getting detailed information related to the target market and industry in which the organisation is required to be established. On the basis of these different factors the entrepreneur needs to focus ondifferent factors such as are proper strategies, management teams, marketing strategies, and many more.

Business objectives and strategy

The business objectives are having a major impact on the success and failure of the firms. While establishing a new business it is essential for the entrepreneur to focus on developing effective business strategies and objectives. The entrepreneur would establish the company “Wedding Floral Creation” and the company would offer best flower decorations with best designs to their customers. The florists in UK are earning a better income and people prefer to have flower decorations for their weeding or any other functions as well. The entrepreneur is looking forward to starting a new business in the event industry of UK which is one of the profitable industries and the businesses operating in this industry are generating better profit. The entrepreneur is having an aim to establish the company in an effective manner and to generate better revenue from this business. The vision of the enterprise is to be a leading firm in the flower design service offering company in the event industry of UK.

The case company would focus on establishing themselves in an effective manner in the new industry and for this they would be focusing on following business objectives which are mentioned below such as:

  • To establish the company in target market in an effective manner.
  • The financial objective of the company is to generate the profit of around £45000-£90000 in the first year.
  • To offer the best quality and latest flower design to their customers in their weeding and other functions.
  • To develop a client referral program after 6 months of the establishment of the company for increasing the brand reach.
  • To increase the investment in the marketing strategies by the end of first year.

While stating a business it is important for the entrepreneur to focus on developing effective strategies that can help them in achieving the goals and objectives of the company in an effective manner. One of the important strategies on which the case company should focus will be the product differentiation. There are several firms in the event industry of UK offering flower décor services to the customer and as a result of it the case company would face high level of competition in the industry. The company would focus on offering attractive flower decoration design to their customers that would help them in product differentiation and help them in gaining competitive advantage over others.Along with this the company should focus on offering innovated products and services to their customers.This would be also an effective strategy for the company, and they should focus on offering unique flower décor to their customers at different events.

For retaining the customers and developing effective brand loyalty the company would focus on offering best customer service and this would help them in creating a better customer base and establishing themselves properly in the event industry of UK.Along with this the company should also use effective pricing strategy that can help them in attracting the new customers and creating brand loyalty as well. As the company is entering into the new market, they should focus on keeping their price low as this would help them in attracting more customers and generating better profit.

Management Team

Management is important for running the firm in an effective manner. The company need to focus on having effective teams and management for managing proper functioning of these teams.For the new enterprise it is important for the company to focus on developing the different teams and departments as per the different departments that are being managed by these department. For running a firm in an effective manner, it is essential to have well managed teams in which all the team members perform their roles and responsibilities in an appropriate manner.A weeding flower decoration company needs to manage diverse roles such as designing, marketing, purchase, operation management, accounting and human resource management. For performing all these roles in an effective manner, the enterprise needs to have diverse section or the departments. The company should have different departments such as human resource management, marketing, designing, accounting and finance, purchase department and operational management department.

Human resource will play a major role in the success of the firm and due to this reason, they need to focus on having effective employees. All these different teams would have a specific number of employees and the number of employees would increase as the size of the company would increase as per the increase in the market demand.The leaders need to ensure that all the different departments/teams should work properly and should deliver better work to the firm. On the other hand, the manager needs to focus on ensure that all the team members are having better skills and knowledge and performing their roles efficiently. It is the role of the CEO/leader to ensure that the entire firm should work with better cooperation and collaboration so that they can make this business successful.

Business structure and legal form

Business structure is one of the important for all the businesses and it is essential for them to have best structure. The case company would be a private organisation that will focus on generating higher profit, so it is a type of profit organisation.Being a private organisation, the company needs to focus on all the different legal rules and regulations made by the UK government for the firms operating in the flower decoration service providing sector. The firms operating in the event industry are having functional organisational structure in which different tasks are allotted to diversedepartments.

Services/Product/ Pricing

Flower decoration sector had expanded to a greater extent and due to this reason, the company needs to have diversified product range so that they are offer diverse services and can attract more customers. The case company would offer flower decoration for events such as weeding or parties or any other events. They would be offer different designs of flower decoration at the weeding events. The company would be using diversified products and will be using different flowers imported from different nations so that they can offer diversified services to their customers. They would be offering the decoration of all the popular flowers that are being used in UK that includes rose, tulip, freesia, lily, orchid, carnation, hyacinth, freesia, chrysanthemum and many more.

Unique designs for flower decoration would be used as it would help them in in attracting the potential customers and doing marketing in an effective manner. Other than the products and services offered by the company, pricing is also an important factor that affect the value of the firm for their customers. As anewcomer in the industry the new enterprise will be focusing on low-cost strategy with minimum profit. This would help them in attracting more customers and creating a loyal customer base. Once the company would establish themselves then it would be increasing the cost as per the market trends.

Marketing Strategy

While starting a new business or running the business marketing is one of the most important operation of the company that is having a significant impact on the success of the firm. In the present business world firms needs to have effective marketing strategies that can help them in attracting the customers. The event industry of UK is highly competitive and due to this it is important for the new enterprises to focus on having effective marketing strategies that can help the in establishing their firm in an appropriate manner.The enterprise should focus on using both traditional marketing and digital marketing strategies.

With the increasing digitalisation the case company should focus on using the digital marketing and internet marketing strategy in an effective manner. The company would be using different social media platforms such as google, Facebook, Instagram and twitter for advertising the services that are being offered by them. Along with this they can also tie up with the event companies for paid promotions and this would also be an effective strategy that would help them in attracting new customers.Also, the case company should use the traditional marketing strategies such as print media, direct mail, advertisements on the billboards and posters.

Competitors

Competition had increased in all the different industries and it had become difficult for the new firms to establish themselves in an effective manner as they face high level of competition.The case company is likely to face higher competition from both large and small firms operating in the same industry. The firms such as imagine event design, orange blossom designs, Todict Floral design, Flower design events, amazon are some of the major firms that are offering weeding flower decoration services to the customers across the UK. It can be said that the company would face high level of competition in this industry in UK. The company needs to focus on developing effective strategies that can help them in gaining competitive advantage over others and operating in an effective manner.

Risk Factors

While operating in any of the market there are different factors that created risks for the firm. Risks are having a major impact on the businesses as they are likely to affect the profitability of the company. there are different types of risks that can be faced by an entrepreneur while running an organisation such as strategic risk, financial risk, operational risk compliance risk and reputational risk.Financial risk is higher for the case company because it is an start up when the firm enters into a new industry that it needs to have better financial capital that would help them in running their businesses and working effectively so that they can generate the profit. For reducing this risk, the company needs to have better support from its investors so that they can manage the financial risk in case if any occurs.

Strategic risk is also having a significant impact on the businesses as it can affect in effectiveness of the company in the market in which they are operating. The case company needs to focus on conducting detailed market research before entering into this industry. And then on the basis of if they need to focus on developing better strategies that would help them in being effective. Also, the company needs to focus on changing business environment and market trends so that they can bring changes in their strategies as well for reducing the strategic risk. The risk related to the compliance are also important, but this risk is less for the case industry. It can be said that the case company should focus on working according to the rules and regulation so that they would be working properly. The company would be affected by the operational risk because the event industry is affected due to the different factors of the external business environment in which they are operating. The operational risk can occur due to the people or processes, so the company needs to have effective decision making.This would help them in managing such risk in an appropriate manner by taking immediate action for reducing the risk.

Conclusion and Future Opportunities

The business plan mentioned above is developed for operating a flower decoration service offering company that would be offering different design and styles of flower decoration to their customers in UK. On the basis of the business proposal, it can be said that the company is having better opportunity to start their business and grow in this strategy. Along with this if the company would manage the business operations in an effective manner and would be offering best quality services to their customers. Then it can be said that they are having better opportunity to expand their business operations in future.

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