Business Economics UF03 BE Assignment Sample
Objectives
The core objective of this business is to provide sustainable food products to target customers to meet their expectations. Providing sustainable quality of food products by Fast and Safe Delivery Inc increases its brand value which provides scope for the business to generate more profit (Garcia-Garcia et al. 2019). In this situation, the company can include various new technology and digital tools in its business module which minimise costs of a product and maximise profit for a business. In order to retain customers for sustainable growth, increase in product design, and quality of service and cost reduction is mainly focused. This activity not only boosts the quality of products and services but also enhances financial position in the market.
USP
Sustainability in food products minimises harmful impacts on society but also increases its quality of services. As opined by Soon et al. (2019), a business needs to have a special feature that is different from its competitors. Healthy home delivery food has mainly focused on providing healthy food which is sustainable in nature. This kind of product quality in this company minimises various harmful substances such as additives, antibiotics and pesticides. Post pandemic provides an opportunity for businesses to attract customers through such kinds of services. Apart from this, delivering these products with the help of various digital tools and technology make it different from its competitors. Based on this, business can be able to provide great quality of product at a great price which makes it special in the market.
SWOT analysis
| Strength | Weaknesses |
| ● Having a higher market value of a share
● High customer retention rate
● Effective workforce engagement (bin Mohd Shah, 2018) |
● Lower brand image in the market
● High turnover strength in the business ● The issue regarding reliability of the product
|
| Opportunity | Threat |
| ● The implication of digital tools increases product quality
● New product launch ● Renovation in an existing operation |
● Change in government policy and decision
● Inclusion of new rival business in a market ● Economic condition |
Table 1: SWOT analysis
Based On the table it has been found that the company has strengths such as the high market value of share which attracts stakeholders to boost financial performance. As stated by bin Mohd Shah, (2018), the SWOT analysis of Fast And Safe Delivery Inc provides a scope by which the performance of a business can be improved. Apart from this, the company also has weaknesses such as poor brand image and reliability issues. However, this weaknesses period provides an opportunity to boost its performance by implication of digital tools and technology in their supply chain. Apart from this, covid-19 impact and post-pandemic customer behaviour are quite suitable for this kind of business as customers are more conscious about their health. Issues regarding reliability and brand image can be mitigated through the implementation of digital tools.
Research
In order to perform effectively in the Market, a perfect plan is quite necessary. Based on this, businesses can be able to execute the whole activity in a better way. In addition to conducting this research various data such as financial strength of a business, current market position in the market and business objectives is required. Apart from this, customer perception is also an important factor that enables us to analyze various aspects. Besides this, past performance of business and profit trend line is also considered in this research which assists in making various decisions in management (Lim et al. 2020). On the other hand, impact on covid-19 is also considered in this research which plays a pivotal role in the decision-making process of product development and quality of services.
Marketing analysis
Marketing analysis provides a wide range of opportunities by which businesses can be able to increase overall performance on the market. As opined by Loopstra et al. (2018), marketing analysis enables businesses to measure the reputation of business and customer perception towards its product and item. In order to expand business in terms of developing new business strategies, launching new products and amendments in the current product, marketing analyses provide guidance to business management. Customer perception and their behaviour towards business activity and the product are quite necessary as these are key factors of business success.
Marketing Mix
Product: products are those goods and services which meet customer demand and expectations. Sustainable quality of food products enables this business to meet customer expectations and fulfil their demand. Apart from this, products feature such healthy in nature suitable for customers as due to covid-19 pandemic.
Price: attractive prices always attract customers towards its product and services. In this situation, Fast And Safe Delivery Inc need to use an effective pricing strategy such as costs plus pricing penetration pricing which enables them to provide great quality of product at a reasonable price.
Figure 1: 4Ps of Marketing Mix
Place: place denotes those areas in which a business operate its activity. In order to operate successfully Fast And Safe Delivery Inc needs to choose those areas where demand is high and where per capita income is high (Zhao and Dou, 2019). This increases the purchasing power of consumers which increases the profitability of this company.
Promotion: it is important for Fast and Safe Delivery Inc to promote its product and services which increase its revenue and cash flow. Thus, various promotion strategies such as free samples and free home delivery service
Cash flow
| JANUARY | FEBRUARY | MARCH | |||
| LOAN | 100000 | CASH BROUGHT FORWARD | 44000 | CASH BROUGHT FORWARD | 74000 |
| SAVINGS | 20000 | SALES | 80000 | SALES | 85000 |
| TOTAL | 12000 | TOTAL | 124000 | TOTAL | 159000 |
| OUTGOINGS | OUTGOINGS | OUTGOINGS | |||
| WAGES | 20000 | WAGES | 18000 | WAGES | 25000 |
| EQUIPMENT | 40000 | LOAN | 10000 | LOAN | 10000 |
| FUEL | 10000 | FUEL | 1200 | FUEL | 15000 |
| ADVERTISING | 5000 | ADVERTISING | 7000 | ADVERTISING | 15000 |
| OTHER COSTS | 1000 | OTHER COST | 3000 | OTHER COST | 10000 |
| TOTAL | 76000 | TOTAL | 50000 | TOTAL | 75000 |
| CASH IN | 120000 | CASH IN | 124000 | CASH IN | 159000 |
| CASH-OUT | 76000 | CASH-OUT | 50000 | CASH-OUT | 75000 |
| BALANCE | 44000 | BALANCE | 74000 | BALANCE | 84000 |
Table 2: cash flow
Conclusion
Based on the whole analysis it can be concluded that Fast And Safe Delivery Inc though the inclusion of this business plan in its activity can be benefited. The objective of business can be fulfilled through various marketing analyses and marketing strategies such as four P. on the other hand. It can be also concluded that the impact of this plan positively impacts business brand value. An increase in brand value of product enhances financial performance in market and cash flow of business. Thus, the implication of this business plan economically benefits business as well as prodded the opportunity to serve their customer in a better way.
References
Journal
bin Mohd Shah, M.A.S., 2018. The viability of halal food industry for Brunei economic diversification: SWOT analysis. Journal of Social Sciences, 3(3), pp.1220-1233. Available at: https://pdfs.semanticscholar.org/7466/a39ec35e6808f52802d5c2c3752e6545ef81.pdf
Garcia-Garcia, G., Stone, J. and Rahimifard, S., 2019. Opportunities for waste valorisation in the food industry–A case study with four UK food manufacturers. Journal of Cleaner Production, 211, pp.1339-1356. Available at: https://www.sciencedirect.com/science/article/pii/S0959652618336722
Lim, K.Y.H., Zheng, P. and Chen, C.H., 2020. A state-of-the-art survey of Digital Twin: techniques, engineering product lifecycle management and business innovation perspectives. Journal of Intelligent Manufacturing, 31(6), pp.1313-1337. Available at: https://www.researchgate.net/profile/Pai-Zheng-5/publication/337363063_A_state-of-the-art_survey_of_Digital_Twin_techniques_engineering_product_lifecycle_management_and_business_innovation_perspectives/links/5f09c0e9299bf18816129dd2/A-state-of-the-art-survey-of-Digital-Twin-techniques-engineering-product-lifecycle-management-and-business-innovation-perspectives.pdf
Loopstra, R., Fledderjohann, J., Reeves, A. and Stuckler, D., 2018. Impact of welfare benefit sanctioning on food insecurity: a dynamic cross-area study of food bank usage in the UK. Journal of Social Policy, 47(3), pp.437-457. Available at: https://www.cambridge.org/core/services/aop-cambridge-core/content/view/9BDC098A9A432583859D6739C0A0DA0C/S0047279417000915a.pdf/div-class-title-impact-of-welfare-benefit-sanctioning-on-food-insecurity-a-dynamic-cross-area-study-of-food-bank-usage-in-the-uk-div.pdf
Soon, J.M., Krzyzaniak, S.C., Shuttlewood, Z., Smith, M. and Jack, L., 2019. Food fraud vulnerability assessment tools used in food industry. Food Control, 101, pp.225-232. Available at: http://clok.uclan.ac.uk/26402/1/26402%20Manuscript_Food%2520fraud%2520vulnerability%2520assessment_Accepted%2520version.pdf
Zhao, J. and Dou, X., 2019, March. A study of British organic food market. In 9th International Conference on Education and Social Science, Shenyang, China (pp. 29-31). Available at: https://webofproceedings.org/proceedings_series/ESSP/ICESS%202019/ICESS19201.pdf
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