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PRODUCE ESTABLISHMENT PLANS FOR SMALL BUSINESS VENTURES
This assignment is based on small business management and will describes what steps one has to take so that he can meet his vision and mission statements to achieve the goals of the organization. Customers are considered as a king in all businesses. While making this assignment, we can know how to make Customer’s satisfaction, how to compete with the competitors, ways to increase the sale of product and maximization of profit.
Part One: Explore and Articulate Business Vision Concepts
Answer 1.1 We have taken vision statement of puma. The vision of puma: Fair, Honest, Positive, Creative. Puma believe that our position as the creative leader in sport lifestyle gives us the opportunity and the responsibilities to contribute to a better world for the generation to come. A better world in PUMA vision – would be safer, more peaceful and more creative than the world we know today. The 4 keys is the tools we develop to help us to stay true to puma vision and we use constantly asking customers about their needs and requirements and we are being honest, fair, positive and creative in everything we do.
Answer 1.2 As the PUMA have good brand name it is popular in the entire world for its quality and sports lifestyle products. So the main thing of its vision statement has to maintain quality of its products. PUMA has to listen about the needs and requirements of the customers and provide product according to them. As the puma is famous for its sports life style products so the products should be comfortable and light weight.
Answer 1.3 For small business to established, vision concepts are such that it is easily liked by people for their good quality products. To establish a business proper planning is necessary where to start a business because place is important to any business. We should start a business according to people living in that particular area. What trend is going on and what they like or what are their needs and requirements of the people living in that area. Also living standards of the people is very important in success of any business.
Answer 1.4- The culture of Puma is unique and has been one of the key reasons behind the success of the company. We are focused on ensuring that we provide great value products for our customers every day. Puma has an extensive programme of environmental and social initiatives, which we feel are improving our community and our environment. View our Triple Bottom Line Report for more information about our most recent environmental and social activities. We aim to ensure that these values flow on to our stakeholders - our team members, customers, suppliers, shareholders and our community. The big businesses like Puma and the Nike shoes interact with their customers to get knowledge about what kind of shoes they wanted and what is the latest trend going on. They hear customers and try to bring what they want. This helps them to achieve their vision statement and also they share their motive with their employees and motivate them to achieve.
Vision Statement of PUMA:-
Puma’s vision for the next ten years “Inspire the world, create the future.” Puma’s arm envisions a future where just about everything you see and touch from the walls in your house and the floor you walks on to your car windows and coffee mugs is a display powered by Puma’s services.
On one hand, Puma’s display vision of the future probably isn’t that far off in a number of ways: soon, everything will be connected. It’s also pretty terrifying though, in that it depicts a world where it’s impossible to escape all of these products and services for even a moment.
Small Business venture:-
In small business to established, vision concepts are such that it is easily liked by people for their good quality products. To establish a business proper planning is necessary where to start a business because place is important to any business. We should start a business according to people living in that particular area. Also living standards of the people is very important in success of any business.
To develop into a most popular and successful product in particular areas. Being the best means providing outstanding quality, service, and price which should satisfy the customer and get a view that they have got value for what they spent.
Part Two: Formulate and Communicate an Ethical Framework for Business Operations
Answer 2.1 Business value: For start of new business first thoroughly look out place where someone want to start business, like look financial conditions of people living in that area and possibility of expansion of business.
Personal values: values like faithful contribution of all workers working in business. Loyalty towards the enterprise so that business runs in proper way and serves quality products to the people.
Ethnic value: The code of moral principles and values that governs the behaviour of a persons or group with respect to what is right or wrong. Treat the customers nicely, so that the feel comfortable while eating. No barrier of racism should be there Social values and responsibility: Treat people nicely, Increased percentage of overall sales growth, increased percentage of profit growth, improved customer service, continued high quality products.
Answer 2.2: Policies for business practices
Customer’s policies- We should make some policies in favour of customers some of them would be:
Customer relationship must be very good.
Listen to customer first-what they really want in product
Guarantee and warrantee policy
Discount on special occasions
Policies for the Employee: Income Policy, Attendance policy, A policy for giving views in meetings, Policies related to rewards.
Policies for Competitors: We should do that competition which will not cause some problem in market.
Making awareness about which new products are introduced by the competitors.
Find you’re lacking points compared with competitors.
Comparing their price offered to customers on special occasions.
Policies for communities: We will make policies for different communities by providing them jobs during vacancies and by providing awareness of their health and safety by organizing some seminars and plays.
Part Three: Identification of Meaning of Fostering Entrepreneurship and Innovation
Answer:3.1 The most important persons who are giving their contribution in achieving the objectives in the business are employees and if the company thinks that their employs are doing well in their job they should be rewarded by giving incentives. Owner can give some offer to them like holiday packages or tour trip. Promotion can also be a good idea for the hard working employees. We can give them some discount on products. One another way of rewarding is by giving honor to the hard workers during special parties organized by business.
Answer 3.2: Plans for improving our services
1. by taking feedback and ideas directly from the customers:
Feedback will be helpful to know the services provided by the business and if there is something to improve, can be improved at time.
2. By making all types of shoes available in the showroom: This will attract the customers to buy the product according to their need.
3. By keeping suggestion box: Suggestion box will help the business by getting different suggestions from their customers. By reading suggestion letters a business can get new ideas and if possible can take best ideas into practice.
4. By making facility of internet dealing: We can provide internet facility to customers because people sometime have no time to visit the shop for shopping internet deals can easily help them to purchase their favourite product just by doing little work on interne.
Answer3.3: Innovation involves a wide range spectrum of original concepts, including new ways of doing business, new business models, business application of technology and communities, new management techniques, telecommunication, transport and finance. We will prepare a business plan for our business so that it will go with that way. Recognition of employees does make for a better work place. Recognition can really build up morale and productivity. If you are a manager or employer, it soon becomes pretty clear that using a carrot is far better than using a stick to motivate the people under you. Recognition goes a long way in providing the carat.
Part Four: Establish Business Goals and Objectives and Formulate Strategic Plans for Specific Small Business Ventures
We choose Te puke for opening a showroom of shoes because it is beautiful small town where people like to enjoy their leisure time by playing and where people have keen interest in their professions our shop provides all necessities for their feet comfort.
Answer 4.1: Objectives
Profit maximisation: Providing the best service to the customers, selling quality products at reasonable prices helps to increase sale and hence profit.
Full Customer satisfaction: Customers are known as king in every business and first priority should be given to the customer. Customer should be treated well and should be carefully heard. If any customer having any problem with any issue regarding products that should be solved first.
Opening of branches in different cities: Having branches in different cities of New Zealand where people can take advantage of our products.
Goodwill of the business: Image of the business display where the business stand. If a business is popular it means the reputation of the business is really good, on the other hand if it is not popular then we have to take some steps to improve our business.
Answer4.2:Goals to achieve objectives:
- Decorated showroom to attract customer.
- To work legally with every aspect of business.
- To be aware of government regulation.
- Do Advertising to increase sale.
- Having a well talented and experienced staff.
- Making time to time list of the competitors.
Our Business Format:
- We will write out our basic business concept.
- Our second point will be to gather all the data that can on the feasibility and the specifics of our business concept.
- Focus and refine our concept based on the data we have compiled.
- Outline the specifics of our business. Using a "what, where, why, how" approach might be useful.
- Put your plan into a compelling form so that it will not only give you insights and focus but, at the same time, will become a valuable tool in dealing with business relationships that will be very important to you.
Answer4.4: Detail Strategies:
Business- Our business is related to shoes store.
Location- Te puke, Jellicoe Street.
Price- we have different prices of products according to their quality.
Promotion- Give advertisement in newspaper, distribute flyers in the street and to residents’ mail boxes and also banners etc.
Target Market – our target market are people who comes to our shop and visitors.
Resources- Employees, money, computers for recording data and other technical tools and all products.
Details ownership- Manager has take charge but talented staff will be recruited so.
Staffing- Employees can be employed as a full time or part time, depending upon the necessity for the job. If there is any problem regarding less or more employment it will be decided by owner of the shop? However an employee will be good communicator and experienced.
Organisational and Operational Management-The owner and some experienced staff members will organise and operate the business.
Answer4.5: Appropriation and complexibility of our business plan according to the business opportunity
Well we know that today is modern era and the techniques and time is changing day by day. So our business plan should also be flexible (not much) and relevant to the time conditions. Well at some stages we have to change staffs or should train them according to the current or advanced method of business. Well some of the points due to which our business plan can be complex are-
- Economic factors
- Legal factors
- Community factors etc.
Answer4.6: Our business plan is very much relevant, informative and advanced, as it has been made according to the practical point of view. Some of the points are given below-
- Low cost (expenses) more profit
- Perfect Marketing idea
- Very much understandable
- On the basis of current market aspects
Answere4.7: Documentations of business proposal
- Clear objectives
- Clear goals
- Perfect vision
- Vision statement
- Formulated statured
$250 per week
$500 per week
$150 per week
Wages and salaries of employees
$2000 per week
Internet and phone
$100 per month
5. With the help of RBC lecture notes