BABSH 3 Business Plan Proposal Assignment Sample
Here’s the best sample of BABSH 3 Business Plan Proposal Assignment, written by the expert.
Business Description
Product & Services
The aim of this business plan is to focuses on retail sector for making shift the store from conventional to sustainable practice. In regards to this, Eco-friendly choice retail firm will address all the products and services which include green ingredients. Likewise, Energy Saving TVs, green LED lights, solar water heater etc are the key products which tend to offer at Ireland market (Liu et al., 2012). Besides that, it is also planning to make an investment over the eco-friendly household product and service. It includes Green-minded Brits which has all organic ingredients such as Baking soda, coconut oil and vegetable glycerine etc, and these ingredients are used in the development of green-cleaning products. Thus, these products tend to be offered to the Irish consumers and such practice will help to solve the problem related to environment and health. Other than that, Eco- friendly choice stores will also engages into the digital mobile wallet and self-checkout system for making a paperless retail environment. This practice helps the store to make fully store eco-friendly one with the offering of green product and service.
Current Trends of Retail Sector
The retail industry is growing massive change compare to past scenario. In this, consumer behaviour and their expectation are changing with the advancement of technology. In context to Irish market, the current trend in retail sector is the focusing excessively over the digital strategy for various aspects like payment, promotion and trading of product & service (Retail Ireland, 2018). Other than that, the increasing issue related to environment push the Irish market to make an investment into green product & service. That’s why sustainable practice is considered as a current trend for the retail market.
Besides that, expansion of new market beyond the boundaries are considered as a biggest trend in the Irish retail sector which local companies adopting extensively in current business environment. Thus, these trends put pressure on the new firm to get with the latest development in order to sustain in the market for a longer duration (Holopainen et al., 2014). It is found that if firm do not pursue as per the latest trend then it never be able to cater the needs of consumer and fails to run business in a smoothly manner. Therefore, the industry trends tend to be important for both existing and new business for operating business in successful form.
Target Market
The target market for this product and service will be the Irish youngster or educated business or services class people. The reason for choosing the respective target market is that Irish Youngsteris becoming more conscious about the increasing environmental issue. So in regards to this, they tend to attract more towards the green product or service (Hristov and Reynolds, 2015).
Other than that, educated peoples in Irish are targeted because they have aware about the significances of green product in regards to environment and health. That’s why they do not hesitate to make an investment over the green product and service.
This graph indicates the increasing literacy rate in Irish country so this justification stated that ratio of educated people increases year by year. It becomes easy to target the educated people about the eco-friendly products and services.
Business Location
Eco-friendly Choice will choose the location of Ireland country and plans to open the store where there is huge rush so that green products and services can be observed by target market. In respect to this, Dublin is the best location to implement the store and get the maximum attention of target customers (Hassini et al., 2012). Dublin is located on Ireland’s east coast bordering the Irish Sea at the estuary of Liffey River. However, there are various reasons behind to select Dublin like the population of this city is highest as compare to other one.
This table clearly indicated that Dublin’s 2018 population is estimated around 1201426. It has been growing since 2005 and it continues to show in future also. The increasing population attract various FDIs due to which people standard of living get increasing. Such practice may help eco-friendly choice store to achieve the maximum attention of target consumers towards the green product and service.
Key Benefits from the Product & Services that are providing to customers/Clients
There are various benefitsthat will be offered with the opening of store. It can be high quality of goods as with the use of latest innovation, firm able to enhance the quality of product and make its position among the target market. However, the adaptation of proper packaging will assist to make a positive perception among the customer and this result in enhancing the customer satisfaction as there are various companies who provide quality product but it usually focus less on the packaging part due to which people show dissatisfaction with the firm. Furthermore, the firm can offer benefit to firm in the way to design the schemes and discounts offers. Such practice may help Eco-friendly Choice to attract maximum customer which leads to growing consumer base.
Budget for the plan
In regards to implement the business plan i.e. to open eco-friendly Choice store, the start-up capital would be €300,000 (Shirley and Kammen, 2013). For this, there are various activities are undertaken such as hire talent workforces, installation of technical equipments in order to support the digital payment system. Other than that, advertisement expenses is also counted as without making people aware about the requirement of green product and service then how they can get the importance’s of using such goods in their daily lives.
| Activities | Estimated cost |
| Physical resources | €50000 |
| Human resources | €40000 |
| Technical resources | €100000 |
| Advertising expenses | €50000 |
| Product packaging cost | €15000 |
| Control of production and manufacturing | €15000 |
| Online orders and distribution cost | €30000 |
| Expected Cost | €300,000 |
Justification for the proposed business
For the implementation of this business plan, there are various preliminary research has been conducted so that the proposed plan can be covert properly into the reality manner. Likewise, the primary method is selected through conduct the market survey of Ireland and identified the major requirements which will be not addresses till now by the retail firms (Falguera et al., 2012). However, the interview questions are prepared and send to the local people in order to identify their current needs and requirements. In regards to this method, the random sampling process is used where respondent are selected randomly as this give an equal chance to each citizen to become a part of market survey.
Besides that, the secondary method is also undertaken through use of e-books and journal articles in order to study about the current trends related to the retail sector. The combination of both method presents that there is lack of focus on the green practices in Ireland companies (Kumari and Pushkar, 2013). In regards to this, the investment over the green product and service proves to be useful for the firm in order to gain the maximum customer base.
On the basis of above research, it is observed that there is less focus on the environmental issue at Ireland and there is no as such initiatives are taken by the company to address them (Wang and Lin, 2012). So in that case, the development of eco-friendly choice store is considered as a best plan to exist in reality.
References
Callaly, E., Ni Chroinin, D., Hannon, N., Marnane, M., Akijian, L., Sheehan, O., Merwick, A., Hayden, D., Horgan, G., Duggan, J. and Murphy, S., 2016. Rates, predictors, and outcomes of early and late recurrence after stroke: the North Dublin population stroke study. Stroke, 47(1), pp.244-246.
Falguera, V., Aliguer, N. and Falguera, M., 2012. An integrated approach to current trends in food consumption: Moving toward functional and organic products?. Food Control, 26(2), pp.274-281.
Hassini, E., Surti, C. and Searcy, C., 2012. A literature review and a case study of sustainable supply chains with a focus on metrics. International Journal of Production Economics, 140(1), pp.69-82.
Holopainen, J.M., Häyrinen, L. and Toppinen, A., 2014. Consumer value dimensions for sustainable wood products: results from the Finnish retail sector. Scandinavian journal of forest research, 29(4), pp.378-385.
Hristov, L. and Reynolds, J., 2015. Perceptions and practices of innovation in retailing: Challenges of definition and measurement. International Journal of Retail & Distribution Management, 43(2), pp.126-147.
Kumari, S. and Pushkar, S., 2013. Performance analysis of the software cost estimation methods: a review. International Journal of Advanced Research in Computer Science and Software Engineering, 3(7).
Liu, X., Yang, J., Qu, S., Wang, L., Shishime, T. and Bao, C., 2012. Sustainable production: practices and determinant factors of green supply chain management of Chinese companies. Business Strategy and the Environment, 21(1), pp.1-16.
Retail Ireland, 2018. Retail in depth. [Online] Available at: https://www.retailireland.ie/Sectors/RI/RI.nsf/vPages/Retail_in_Ireland~retail-in-depth?OpenDocument (Accessed on: 30-11-2018)
Shirley, R. and Kammen, D., 2013. Renewable energy sector development in the Caribbean: Current trends and lessons from history. Energy Policy, 57, pp.244-252.
Wang, K. and Lin, C.L., 2012. The adoption of mobile value-added services: Investigating the influence of IS quality and perceived playfulness. Managing Service Quality: An International Journal, 22(2), pp.184-208.
World Population Review, 2018. Dublin Population 2018. [Online] available at: http://worldpopulationreview.com/world-cities/dublin-population/ (Accessed on: 30-11-2018)
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