LCBS5058 Developing Enterprise Sample

Introduction

Barkers of Kensington is mainly a departmental store mainly based in the country of the United Kingdom. Through this type of market, they mainly offer various types of beverages, foods, and household types of products which are mainly organized in different types of sections. Through this fruitful type of business Barkers of Kensington mainly provides all the things through their particular market which is different from the others. For this type of thing, Barkers of Kensington is searching a new type of investor for helping to understand the potential. Barkers of Kensington company has a business has mainly contains the plan with carefully crafted descriptions and summaries. Establishing the best types of connections with banks and financial specialist is necessary. So the marketable strategy of the Barkers of Kensington company is mainly introduced through the format of the business plan. For this here mainly needs to follow a standard type of business, and plan the format of the business to keep Barkers of Kensington on track. Here mainly believe that this business idea of Barkers of Kensington will become a successful brand through extensive knowledge and an extensive network. Analyze important business strategies and aspects that are necessary for success in the volatile market.

Discussion

In this case, here mainly discuss all the business and enterprise development strategies of the Barkers of Kensington. So all the development strategies of the Barkers of Kensington are given below.

Model design of a business

This is something realistic that approaches the layout of the business overall. It includes the design and strategy of the company to achieve its goals (Burt, 2022). It includes the main activities, resources, cost structure, value proposition, revenue streams, relationships with customers, customer segments, and delivery channels, as well as the company’s most important partners. The plan of action considers these listed viewpoints to ensure its viability. The majority of the aforementioned aspects are taken into account in Barkers of Kensington’s business model, but revenue streams, which also have a significant impact on businesses, are not included. Despite this, the business continues to generate profits, but including these sources of revenue would have significantly improved the situation.

Customer base and value proportions

To develop the company, it is necessary to ensure the customer base of the company which will increase the value of the Barkers of Kensington company. This type of proposition canvas is mainly a solid type of foundation for a probable type of business layout (Rough, 2018). It is made to deal with issues that will most likely arise in the time of business in Barkers of Kensington or its clients. Consequently, the proposition aims to guarantee that the requirements of customers are taken into consideration. This guarantees that customers are aware of all potential advantages and disadvantages prior to purchase. As a result, improvement measures are simple to implement.

Products and services of the Barkers of Kensington company:

One of the organization’s administrations is to screen the conveyance of various items that clients request on the web. The Barkers of Kensington company guarantees that the items will arrive on time. The business of Barkers of Kensington is in the best position to satisfy its clients’ requirements.

Gain creators:

The company of Barkers of Kensington looks at customer feedback to see if the products and services which is the company mainly sells meet the needs of the people the company Barkers of Kensington wants to sell them to. Some customers leave negative reviews, despite the Barkers of Kensington company’s positive reviews. The company of Barkers of Kensington uses this as a chance to grow in order to satisfy each and every one of its clients. Simply put, the company’s offerings benefit customers greatly. They mainly offer various types of departmental stores. Recently the Barkers of Kensington mainly shows their new edition of automatic watches and also gives offers over that which can easily be gaining clients to the departmental store.

Pain relievers:

Additionally, the company of promises to deliver products purchased online. Customers are happier and more likely to take advantage of the assistance because it guarantees that the items will arrive on time. However, the company also responds to customer complaints. This is done to prevent customers from moving on to another departmental store in the same industry.

Marketing

It makes sense to the particular ways to enter the market or arrive at the objective market. It is absolutely necessary to carry out marketing initiatives and campaigns in a timely manner. One or more association groups begin by organizing what needs to be covered, step by step or quarter by quarter, using a showcasing group conceptualize to get your marketing process moving in the right direction. The structure of Barkers of Kensington, a department store, is structured in such a way that it has a structured very much point-by-point methodology. This gives local businesses opportunities to win at significant levels or even in the global market. In order to come up with a good analysis for the Barkers of Kensington Company’s marketing strategy plan, a SWOT analysis was performed, which first identifies the potential strengths, weaknesses, opportunities, and threats that are evident in the plan. The development of an efficient marketing strategy is influenced by the business’s advantages and disadvantages, as well as the opportunities and threats it faces.

SWOT Analysis

Strength

The main strength of the Barkers of Kensington company is that all the team members of that departmental store have required vast types of knowledge, passion, and experience in the industry (Baciu et al. 2020). There are a variety of people who are getting the Barkers of Kensington company which are mainly interested in the service and the products of that departmental store. For this, the founder of the Barkers of Kensington company has a good type of credit rating with the banks. Not only does the founder have good types of credit ratings with the banks but also the major stakeholders also have good types of credit ratings. A collection of track records is also provided which can be shown the business development of the Barkers of Kensington company.

Weakness

The Barkers of Kensington business company mainly faced common types of nuisance which is known as risk-taking. In any type of business, risks are mainly a very necessary thing. Also knowing the risk factors is necessary before presenting any type of plan to investors. Strategic types of market plan is also a very critical type of point in the business of Barkers of Kensington. Another thing is that the inadequacy of enough types of storage facilities is mainly a big type of deal for the business of the Barkers of Kensington whose company’s products are so massive.

Opportunities

The plan gives Barkers of Kensington a competitive advantage in the marketplace by providing the company with a product that best manages one of its most popular activities and multiple revenue streams (Televantos, 2020). The most crucial aspects of business planning of the Barkers of Kensington are the utilization of planning instruments, the consistent management of plans, and extended timeframes. By creating appropriate data, better grasping the indispensable climate, and diminishing vulnerability, this sort of arranging can further develop execution. According to a different point of view, business planning is more effective as a revision of previous decisions than as a plan for the future. It can be used as part of the Barkers of Kensington company’s efforts to make new, consistent assumptions about itself (Thomas, 2020). These assumptions, when combined with previous efforts, can form a moderately broad range of planned goals.

Threats

There are various types of threats that come into the picture. Marketing strategy is one of the biggest threats in the departmental store. Not only the marketing strategy but also theft of the physical types of items, inventory damage, and any of the injuries of the customers under the departmental store is also the biggest types of threat. Another thing is that if the Barkers of Kensington company fail to monitor the other competitors then it is also an biggest threat for the Barkers of Kensington company.

PEST Analysis

In the future, the present is in for a treat. Businesses are expected to continue growing and adapting to the likely occurrence of new developments. PEST analysis-related issues, for instance, would shed light on the business environment of the Barkers of Kensington (Adams et al. 2020). Some examples include technological, social, economic, and political issues.

Political

New government regulations may have a negative impact on the company’s performance. For instance, licensing restrictions may restrict Barkers of Kensington’s customer base in this business. Organizations are compelled to make changes to their financial plans because of the expansion in the expense edge to meet the necessities forced by the public authority. Corruption, tax policy, trade restrictions, and government policy are all examples of these requirements.

Economical

Businesses have a major problem when the value of a currency fluctuates. Products’ prices rise as a result of these changes, which reduces demand for them. Subsequently, a business might try and wind up imploding (Ward et al. 2019). The majority of businesses face additional economic threats from rising interest rates. Items’ prices may vary depending on how much demand there is for them, and if they are negative, the business is in a tough spot. Inflation, interest rates, and seasonal factors are examples.

Social

Potential customers for the products are provided by the population surrounding the Barkers of Kensington business. Therefore, Barkers of Kensington businesses should prepare for a larger market and increased product demand in the future (Crossick and Jaumain, 2019). The issue of available environmental resources is important because it determines how easy it is for a business to get the inputs it needs, like health care, immigration/emigration, and lifestyle trends.

Technological

Potential customers for the products are provided by the population surrounding the business. Therefore, businesses should prepare for a larger market and increased product demand in the future. The issue of available environmental resources is important because it determines how easy it is for the Barkers of Kensington business.

Cost and Structure

A company’s structure is incomplete without it. It explains how much each item costs the company. The cost of any good or service should be in proportion to its value. Investors should consider funding Barkers of Kensington in this instance, according to the business plan (Cheshire and Buyuklieva, 2019). In addition, it has prompted lenders to provide funds that can be repaid as the business expands. It is necessary to estimate the business’s cost and structure. It is necessary to calculate the business’s expenses in order to determine the typical cost within a day. This makes it simpler to anticipate how much money the business will earn over a given time period.

Key partners

The method can actually work in business if key partners are connected. Consequently, essential business alliances are required. Crowdfunding is essential because it enables a business to acquire funds to fund some of the most significant projects (Hackett, 2021). Crowdfunding is usually done online to get the money that is mainly needed in the business of Barkers of Kensington. Crowdfunding is essential because it gives everyone in the community a chance to help the business succeed. Partners like accountants and other sources of funding are important to the business.

Key Resources

The most prevalent resource is the phone line, which facilitates internal and external communication. Electricity is also an important resource because it powers all Barkers of Kensington departments and other equipment. Additionally, vehicles are significant because they enable Barkers of Kensington employees to move around the property (Green, 2019). These kinds of resources have a significant positive impact on the Barkers of Kensington business.

Segments of the customer

Any business cannot function without its customers. It is important to start a business with its customers in mind because they will be using the products and services it offers. Customers are the foundation of any business model, and no business can survive without them. Consequently, this demonstrates that the customer demands a suitable response.

Business Delivery

Additionally, the business must carefully assess and select the appropriate channels for the goods’ distribution. The company’s market strategy will determine these channels (Roberts, 2022). However, if the Barkers of Kensington company want the products to arrive on time and to customers, picking the best delivery options are also essential.

This is discussing how the products are delivered to customers. Different businesses employ various channels based on the type of product or service being offered and the target market. Social media advertisements, for instance, are the most efficient way to reach young people who are always connected to the internet and on their phones.

Relationships with the customer

The business of Barkers of Kensington will succeed if it puts in a lot of effort to establish solid relationships with its customers. Good relationships are built by offering the best services to customers and any other partner organization. It would be necessary to start this relationship with the right partners (Barnes et al. 2020). Maintaining this excellent relationship with customers is advantageous because it allows the Barkers of Kensington company to attract more customers. When forming these relationships, two factors are taken into consideration: the length of time a customer has been with the business and the number of times they visit it.

Insurance

Insurance is a must for any business at all times. In the event of an incidental misfortune, it serves as security. A relatively new and growing industry, Barkers of Kensington has not yet provided insurance services. This is a weakness in this organization because accidents happen in the offices and don’t always come to light in advance (Feigin et al. 2021). Management, on the other hand, keeps an eye on the situation to make sure that the Barkers of Kensington company is insured as soon as possible to cover all risks. Customers who use the company’s products will also feel safer and more at ease as a result, which will make them feel more secure. Moreover, protection will give the business trust in offering types of assistance, particularly in an awful climate.

Intellectual property

The prevention of one company from infringing on another’s intellectual property is the end goal of intellectual property insurance (Paulson et al. 2021). Protection of intellectual property (IP) is a necessity for Barkers of Kensington company’s business due to the rising cost of prosecution. These expenses might adversely affect the organization’s everyday tasks. Due to the costs, a company may even decide to exit the business. As a result, if the company had intellectual property insurance, it would be protected from these costs.

Conclusion

The success of Barkers of Kensington’s business depends on the success of all aspects and members. Additionally, this blueprint serves as a physical guide for all methods. Barkers in Kensington need to make sure they are on the right path to achieving their objectives. When selecting operations to take shortcuts, businesses frequently disregard processes and strategies, ultimately falling into the rat hole. The entrepreneur is shielded from all uncertainties and risks associated with unplanned actions by a business plan or model. Barkers at Kensington Company use PESTEL analysis primarily to investigate external factors. Otherwise, he would not have been aware of and appreciative of the primary forces driving change in the commercial or strategic environment. The Barkers at Kensington can use this tool to investigate the current environment and potential changes. The main idea is that PESTEL will help Barkers of Kensington become more adaptable to change if the company is in a better position than its rivals.

Reference List

Journals

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