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    Foundation Business Essentials Assignment Help

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    Foundation Business Essentials Assignment Help


    Foundation Business Essentials

    Introduction

    The world of business is a complex system, which involves the transformation of resources into different products and services. The commercials businesses have the responsibility of meeting the demands and needs of the consumers in exchange for a certain amount of profit. The business organizations are formed with different purposes and they operate in specific markets to align their business objectives and ideas with the market and economy conditions. This assignment would cover details about a new business idea and its several aspects.   

    Task 1 

    Part A 

    The new business idea taken into consideration is about a pizza business called, “It’s All About Pizza!” As the name suggests, all the food items would be pizza flavoured only. The items would range from the classic pizzas and flavoured pizzas to the new pizza rolls and cones. The first diner outlet of “It’s All About Pizza!” would be opened in the Hyde Park area of London. It is one of the prime locations in London, where one can find visitors from different countries. The first new diner outlet would be able to attract students, working professionals and other residents as well. The different items would include healthy, non-healthy, vegetarian, non-vegetarian and vegan options for all the customers. Further, the customers will also have the option of choosing different flavours of cheese and pizza sauce. The customers would be provided with the free home delivery service (Barringer, 2012). The new and innovative business idea would be successful as the pizza diners and high street outlets near the Hyde Park Area do not have such a wide range of varieties related to pizza. “It’s All About Pizza!” would also provide frozen pizza in the supermarkets under its own brand name. 

    There are 15 top pizza chains in the entire United Kingdom. The new business would face huge competition from the existing pizza chains in the UK. Further, the local brands like Giordano’s, Pizza Capri, Medici on 57th and Italian Fiesta Pizzeria would also give high competition to It’s All About Pizza. The brand image and quality of products and services would make difficult for the new business to gain differential advantage or competitive advantage. Considering the current market scenario of the pizza businesses in London, the market value of the pizza restaurant has increased by 5% and the pizza is the most popular items bought in all the restaurants and is the 2nd most bought item for dinner from the supermarkets. Hence, it can be beneficial for the new company to enter emerging market and gradually expand its business in London.         

    Part B

    The new pizza diner called “It’s All About Pizza!” is going to become a new player in the food industry. The prime location of the restaurant has strong requirements for variety dining options. The combination of well-oriented dining experience, frozen food products and easy home delivery option will position the restaurant to take advantage of the fast-food industry and serve the new needs and trends of the customers (Gabrielsson and Politis, 2012). Along with providing different products, which are pizza flavoured, the customers would also be provided with the option of making changes in the classic pizza base. The restaurant will introduce alcohol infused and flaming pizzas, which would promote the restaurant’s forte of molecular gastronomy (Barham et al., 2010). 

    Along with product innovation and wide range of options, the business would be established for fulfilling the following objectives.

    Business Objectives-  

    To use molecular gastronomy and other disciplines of the food science and technology to provide customers unique and innovative food products 

    To create high presence for supporting the sales and marketing goals 

    To develop better relations with the distributors, customers and other stakeholders 

    To achieve the target of high sales and double profit margin within 2 years of establishment 

    The above objectives have been developed in order to give the business a competitive advantage and better scope. The first objective has been developed in order to promote the restaurant’s new forte of adapting the latest trend of molecular gastronomy. The second objective has been developed to build the foundation for the business to expand. The third objective is justifiable because the stakeholders play a very important role in supporting the business and promoting it (McGrath, 2010). The last objective has been created in order to consider the financial perspective of the business and make sure the organization is able to expand in future by creating good brand image and having strong customer base. 

    It’s All About Pizza!” would be a partnership based business which would open its first diner outlet near the Hyde Park are of London. This type of business ownership is essential as the restaurant has different products and departments to handle for which two or more heads are required. Moreover, after the business is able to establish properly, the business would be able to expand by providing the option of franchisee. Franchised ownership would maximise the sales volume, increase profit and create better brand awareness.   

    Task 2 

    As the “It’s All About Pizza!” is going to start its business for the first time in London, it is essential for the organization to understand the business environment where it is about to operate. Given below is the PESTLE analysis of “It’s All About Pizza!”- 

    The marketing plans for “It’s All About Pizza!” has been developed where the marketing mix elements have been used. The details about marketing objectives and target markets have also been mentioned that would be useful to construct the marketing plan. 

    Marketing objectives

    As the company is going to venture into the food industry for the first time, it is essential to promote and market its business, products and services for which the following marketing objectives should be considered. The marketing objectives have been aligned with the business objectives of the company- 

    To create huge presence in the city by using different promotional and marketing strategies 

    To increase the market penetration every year by providing quality and wide range of products at low cost 

    To enhance brand awareness that will be quantified by the feedback and reactions of customers 

    To reach the customers through social media platforms  

    To create high brand equity and make customers aware about the new products and services being offered by the company

    Target Markets 

    It’s All About Pizza!” will use the mix of psychographic, demographic and geographical segmentation variables to introduce its products market. Further, the organization would use the technique of undifferentiated targeting strategy to target its customers and market its products and services. As “It’s All About Pizza!” is a new food chain company, it is essential for the organization to target the right type of market to ensure their new and innovative products and services get properly promoted. As “It’s All About Pizza!” is going to start out for the first time, it is essential for the company to treat all the potential customers as homogenous group. Rather than developing different target market strategies for different groups, society or products, the method of undifferentiated marketing will help the organization to reach the potential customers with a single marketing strategy (Solomon, 2014). This would also save the company huge costs and time, as this approach’s main aim is to reach maximum number of people at the same time.  

    Marketing Mix

    The marketing mix strategy given below described about how the business organization has decided to choose specific approaches for developing the appropriate marketing plan and carry out the business operations successfully. Given below are the different elements of the marketing mix plan along with description and justifications- 

    Marketing strategies for each target market

    The main marketing strategy of “It’s All About Pizza!” is to target the mass market and enter the emerging market by using the undifferentiated marketing strategy. Moreover, all the 4Ps and 7Ps of the marketing mix will be used by the organization in order to support the marketing strategies. Such strategies and the pricing strategies would facilitate the business organization to attract more customers and develop better brand image (Zikmund et al., 2013).  

    Conclusion 

    In this assignment, a new business plan has been developed by using different business essential modules. The business plan of “It’s All About Pizza!” incorporates all the details that are required for establishing a new business. The different tasks in this assignment describes about the importance of marketing strategies, market objectives, target market, marketing mix, PESTLE analysis and different business information system.   

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