Entrepreneurship can be defined as what entrepreneurs do in their business. According to mvp (2012), "entrepreneurs is using their personal initiative and taking risk to create a new business ventures by raising resources to apply innovative new ideas that can solve the problems, meet the challenges and satisfy the needs of the market." Therefore, entrepreneurship is using their idea to start a new business for the long-term. However, entrepreneurs must have ability to plan, communication, marketing skills, interpersonal skills, basic management skills, leadership skills and others. So, entrepreneurs must have those skills only can manage and control their business become more efficiency and effectively.
Task 1 is to review overall the performance of Jerry's company. I would help Jerry to explain about their performance by using marketing mix.
Task 2 is the strengths and weaknesses of Jerry's company. Every company also has their strengths and weaknesses. Therefore, I would help Jerry to identify about the strengths and weaknesses of company by using example.
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After identify the strengths and weaknesses of company, I would help Jerry to recommend a plan of action that capitalize on their company's strengths and overcome its weaknesses in task 3.
In task 4, I would help Jerry to investigate ways in which the business existing performance could be maintained and strengthened.
2.0 Review the performance of business
Jerry has been started a new business enterprise in 2008. The company name is called as "Noodles King." The company has produced and sells many flavors noodles which are Spinach Noodles, Carrot Noodles, WanTan noodles and Yellow Noodles. Those products are the new products in Malaysia. Therefore, customers can have an opportunity to choose favorite flavors to buy and try it in Malaysia. The phone number of Jerry Company is 05-2543888 and Company website is www.noodlesking.com.my. So, customers can contact us and visit the website to understand about the background of the company.
2.1 Location of company
Jerry's company is located at urban area of Ipoh in Malaysia. Therefore, it would become more convenience for customers easy to find and buy our products in the company. Besides that, Jerry also has distributed his product to nationwide shopping centre and grocery store such as Tesco, 7-eleven, Aeon, Econsave, Giant, The Store and others. According to Wisegeek (2013), "the customers can find their needs in the shopping malls." So, customers can find and buy the product in the shopping centre, grocery store and company.
2.2 Price of the products
Jerry has many loyalty customers. It is because his company has produced many flavors noodles they like and packaging in many types such as cup and pack. Besides that, the price of a pack yellow noodles and WanTan Noodles is RM3.60 (5 x 75g). In contrast, price of a pack Spinach Noodles and Carrot Noodles is RM4.20 (5 x 75g) and price of a cup. Furthermore, price of all flavor cup noodles is the RM1.50 (64g). According to youbeli (2013), the price of a pack Cintan Noodles (Original Flavor) is RM3.60 (5 x 75g) and price of a pack Cintan Noodles (Chicken Mushroom Flavor) and price of a cup Cintan Noodles is RM1.50 (64g). It shows that the price of a pack and cup yellow noodles, WanTan noodles, Spinach Noodles and Carrot Noodles are same with the Cintan Noodles. So, it means that the customers have affordable to buy the noodles.
2.3 Market Share of the Company
Every company has their own market share. According to Wisegeek (2013), "market share is a company of sales in a particular industry." Therefore, increases and decreases of the company may affect the profit of the company. Besides that, Jerry's company's market share 18.6% in Malaysia. Based on the market share, it shows that Jerry's company is earning profit. Furthermore, based on 2012 financial statement of Noodles King Company, it shows that the company's income more than the expenses and Jerry's company is earning 4.5 million in every year. It means that Noodles King Company is profitable and stable company. So, the company can enlarge and expand their market and business.
I had use marketing mix to explain about the performance of company which is product, price, location and market share.
3.0 Strengths and Weaknesses
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In a company, there must be understand strengths and weaknesses in their business. So, the company would compare with their competitors and do better than their competitors. According to MyStrategicPlan (2012), "strengths encompass everything that your company does well." Strengths can define as the forte of the company such as capabilities, skills, resources that you execute on your business plans and actions. Therefore, strengths are the advantages does company have. In contrast, weaknesses are the things that company should improve. So, strengths and weaknesses is the process of reviewing your strategic position in your business.
3.1 Strengths of Jerry's company
Jerry's company has sells many products which are Spinach Noodles, Carrot Noodles, WanTan Noodles and Yellow Noodles. In Spinach Noodles and Carrot Noodles, they are using 100% spinach and carrot juice to produce it. Besides that, WanTan Noodles and Yellow Noodles also using 100% egg to produce it. So, customer can fully enjoy the noodles. Therefore, customer would have confidence to the products.
As we all know, green leafy vegetables have provided many nutrients to us. According to Woodward (2011), she notes that "raw spinach consumption is beneficial due to rich source of iron, potassium, calcium and vitamins such as C, E, B2 and B6. Those vitamins may help to prevent serious health condition such as kidney stones, cancer and others. Therefore, Jerry's company is using spinach juice to produce noodles. It would attract the customers come to buy the noodles because spinach have provided rich source of vitamin, calcium and others. So, after the customers ate the noodles, it can let the customer become more healthy and robust.
Besides that, carrot also provided many nutrients to us. According to Herington (2011), she states that "carrots have provided vitamin A and a host of other powerful health benefits including healthy glowing beautiful skin, cancer prevention, and improved vision. Therefore, Jerry's company is using carrot juice to produce noodles. It would attract the customers come to buy the noodles because carrots have provided rich of vitamin A and nutrients. So, after the customers ate the noodles, their skin would become more beautiful and improved their vision.
Certainly, preservative is used to protect the food and help it last longer. According to Callahan (2011), he states that "preservatives would affect the health of the human body." Therefore, after customers ate foods, then it would affect our health. Jerry's company did not put any preservatives in the noodles. In contrasts, the noodles are dried by the sun and using vacuum packaging to package the noodles. So, the customers can be assuring to buy and eat our products.
Furthermore, customers can take order from Jerry's company by using internet. According to Vyavhare (2009), he states that "certainly there are many advantages that come along with internet." Online order is easy and convenient to the customer. Therefore, Jerry's company has provided online order and delivery service to the customers. Nowadays, many customers do not like to go out. So, after get the orders from the customers, the company would deliver the product to customers. So, customers can take the order by internet. It would become more convenient for the customers.
3.2 Weaknesses Of Jerry Company
Jerry's have faced some problem which is capital and technology. Therefore, their manufacturer can only produce and distribute their product in Malaysia only. It is because their company machine already degraded. So, they cannot produce so many noodles. Therefore, they need to follow the trends and buy a new machine that can be manufactured more noodles. But Jerry did have extra funds to buy a new machine. It is because the company is small and they will face a problem which is lack of investor to invest their company. Therefore, it will be affect the productivity of the company. So, jerry's company cannot produce and export extra products to other country. If Jerry's company wants distribute their product to other county. The first things should do is attract more investors come to invest their money and improve their technology.
Jerry must be understood strengths and weaknesses in their business. So, the company would compare with their competitors and do better than their competitors.
4.0 Capitalize on the company strengths and overcome its weaknesses
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Each company would have their own strengths and weaknesses. Thus, Jerry's company must be understood their strengths and weakness. So, they only capitalize their own company strengths and overcome their weaknesses. Therefore, it can be provide the best product and service to the customers.
Nowadays, every company would use advertisement to advertising their company and products. Advertisement can be defines as plan of action. Therefore, Jerry need to spend money to advertising their company and products. For example like newspapers, TV shows, flyer, website, Facebook, radio fm and others. Thus, the customers would through these to get the information and know about the products. Besides that, Jerry would promote their products and make a promotion in the specific events. So, it can be lure the customers and introduce our products to the customers. In today's society, Smartphone is an indispensible communication tool and the customers can use apps to get the information. Therefore, Jerry created a Smartphone application and customers get the product information and order the product from there. It can become more convenient to the customers.
4.2 Line up with Tourism Company
Besides that, Jerry's company would line up with the tourism company. So, Tourism Company would organize trips and bring the customers come to visit the factory. Therefore, customers can through the trips to watch our manufacturing process. Thus, it can attract more customers come to buy our products. Furthermore, Jerry has heard much of distant legend from outside and they said spinach and carrot noodles are using pigment to making it. So, the purpose of the trips is to prove to the customers to see and the customers can through the manufacturing process to ensure our noodles did not put pigment. Thus, it can attract more customers come to visit our factory and introduce to the customers about the products and manufacturing process. Jerry's company would through this trip to increase the confidence to customers. These would let the customers become more assured to enjoy it.
4.3 Delivery Service
In addition, Jerry's company had provided delivery service. After customer can using Smartphone to call them or using apps to take order from them, the company would deliver the noodles to the customers within 15-30 minutes depend on the distance between factory and customers location. However, the condition to deliver to customer and the customer should purchase above RM15. Otherwise, they should pay the delivery service charge of RM2 above depend on the distance between factory and customers location. If the customers had bought the noodles above RM30 then the company would free delivery service to the customers. Therefore, delivery service would become more convenient to the customers.
The lack of technology is the weaknesses of Jerry's company. It is because their machine already degraded. So, they would use the business action and proposal to attract the investors come to invest their company. For example, Jerry can carry out joint venture with foreign company. According to linkedin (2013), "strategic alliance is a relationship between two or more parties to pursue a set of agreed upon goals or to meet a critical business need while remaining independent organization." Therefore, investors are able to provide capital to Jerry's company while Jerry can utilize this capital to buy a new machine for their factory. So, it will be increase productivity of the company.
Jerry would use advertisement, organize a trips, delivery service and technology to improve their strengths and overcome their weaknesses of the company.
5.0 Growth and Improvement of business
Jerry's company has intention to growth his business. Therefore, there have many ways to growth their business which is product development of product line, strategic alliance and international business. Jerry would use this 3 ways come to expand his business. So, jerry can generate higher profit through this ways.
5.1 Product Development of Product Line
Jerry wants to expand his business and the things should do is develop a new product. It is because create a new product has become a main resources of competitive advantage. According to Kottolli (2008), he states that "new product development provides an opportunity to change competitive landscape." Therefore, it can help jerry to gain new customers and it will be increase profitability of the company. In Jerry Company, they already have many products which is spinach noodles, carrots noodles, WanTan noodles and yellow noodles. If Jerry want to expand his business, he need to developed a new products. After done the research and development in few months, Jerry had been developed a new noodles which is pumpkin noodles. Pumpkin noodles are made by pumpkin juice. Besides that, pumpkin fruit have provided rich of vitamin A, vitamin C, protein, fiber and potassium & zinc. According to be well buzz (2010), pumpkin can lower the risk of prostate cancer, great on your skin, prevent kidney stone and Anti-Inflammatory Effect. Therefore, after customers ate pumpkin noodles, they will get many benefits in pumpkin noodles. However, pumpkin noodles can be attract customers come to buy it and help the company to gain new customers and increase profitability of the company. Therefore, product development of product line is the way to help company to expand their business.
5.2 Strategic Alliance
Strategic alliance is the way to expand his business. According to linkedin (2013), "strategic alliance is a relationship between two or more parties to pursue a set of agreed upon goals or to meet a critical business need while remaining independent organization." Therefore, Jerry would build a relationship with Tourism Companies. Besides that, Jerry needs to discuss with the tourism companies. After the discussion, tourism companies would use his factory make as a tourism place in every trips. Therefore, when the tourism companies organize trips come to Ipoh, they would bring the traveler come to visit Jerry's factory and buy the noodles. In addition, revenue earn from the customers in every trips will be take out 10% to tourism companies. So, Jerry and Tourism companies can earn profit in every trip. It is the way to expand his business and earn great profit through partnerships.
5.3 International business
Jerry can expand his business go internationally. If Jerry want his business to remain competitive then he should to expand his business go internationally. It is because business goes to internationally expansion having many benefits. For example, you will have more customers and earn more profits. Business go internationally can make their market become larger. Besides that, Jerry can learn the culture and get an idea from other country. Furthermore, the resources cannot get in home country and get it from other county such as machine and flour. So, Jerry company should go to internationally.
6.0 Conclusion & Recommendation
In task 1 is the Jerry's company overview of performance. It shows that Noodles King Company is profitable and stable company. So, a stable and profitable company only can enlarge and expand their market and business.
In task 2 are the strengths and weaknesses of Jerry's company. Therefore, Jerry must be understood his company's strengths and weaknesses only can go to growth his business and compare with their competitors and do better than their competitors.
In task 3, before Jerry expands his business, he should be making a plan of action to overcome his company weakness first and improve the strengths of his company. The ways improve strengths and overcome weaknesses of the company are advertisement, organize a trips, delivery service and technology. I believe that Jerry through this way can improve and overcome his company's strengths and weaknesses.
Lastly, after overcome the weaknesses and improve the strengths of the company. Jerry's company is preparing to expand his business go internationally. The ways to growth a business have product development of product line, strategic alliance, and go internationally business. Business goes to internationally expansion having many benefits. Therefore, Jerry should to expand his business go internationally.
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