MAR015-6 Entrepreneurship And Small Business Management

Free Samples

MAR015-6 Entrepreneurship And Small Business Management

.cms-body-content table{width:100%!important;} #subhidecontent{ position: relative;
overflow-x: auto;
width: 100%;}

MAR015-6 Entrepreneurship And Small Business Management

0 Download14 Pages / 3,305 Words

Course Code: MAR0156
University: University Of Bedfordshire

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: United Kingdom

Questions:
The aim of the unit is to ensure that you are able to:
 
1. Develop key critical, analytical, problem-solving skills and a understanding of the process and practice of entrepreneurship;2. Facilitate the integration of key business skills – in people management, marketing, accounting and finance, strategy etc. – towards the purpose of the successful launch and growth of a business or new product/service;3. Understand how the process of entrepreneurship and entrepreneurial leadership needs to change as the organisation grows and develops
Answers:
Introduction 
Recently, trend to add silk flowers and artificial trees in the home decoration or event decoration is being widely used by the art lovers. The durability of the silk flowers is also long and due to emergence of various technologies, it has become more attractive and famous business activity. The growing business of silk flower and artificial items in the gift industry and market places has also captured attention a lot in Australia. Import of silk flowers is now become necessity more than luxury for a business from some past years due to competition.
Thus, this study is providing an insight on business plan of imported silk flowers. This report covers all the necessary information related to the products and services provided by the company named Red Basket. Red Basket will import its silk flower, trees and some jewellery items from Thailand at reduced cost and sell it with a margin. Along with this, the location of operation, functions, market research, financial, managerial and future plans of the company to establish its business in Sydney, Australia market has been explored.  
Mission
Red Basket’s aim is to be a successful and popular importer of Silk articles/flowers with the best quality and best services in Australian market. It also desires to promote 100% handmade products embracing artistic flare and eco-friendly products.
Furthermore, its mission is to establish its reputation with maximum customer satisfaction and with price worthy products (Flowers by Design, 2017). Red Basket wants to create new opportunities for artificial silk flowers in the market with unique imagination and product differentiation strategy.
Key to Success
Red Basket’s key to success strategies as follows:

Customer satisfaction by providing best hospitality through internet and in stores services
Most unique and best quality of 100% handmade artistic silk flowers
Offering more than 10  varieties of new Silk flowers every year while subsidising poor sale products
Reaching and establishing best distribution and manufacturing network
Minimising the variable and fixed cost in the initial years
Establishing the Alexandria store as art gallery presenting non-parallel and artistic displays to attract art lovers

Company Summary
Red Basket imports best quality of silk from Thailand and encourages diversified and unique silk fake flowers and other products in Australia. It encourages 100% handmade flowers to promote art crafts and designs as well as focuses on minimum waste and eco-friendly products (Hitt, 2012). It offers retail gifts comprising different range of artificial flower and silk decorative items, silk hair accessories. Target customers in the market are upper class and upper-middle class females.
Company Ownership
Red Basket is a private company. Alice Rutto and Malina Wesley are the co-founders of the company. The company is fully owned by these two in 50-50 partnership.  
Start-Up Summary
Red Basket is starting with a capital of $150,000 that is $75000 from each partner. The start-up cost is then distributed in products cost entails marketing, manufacturing and other expenses.
Company Location and Facilities
The company is headquartered at Sydney, Australia at 52, North Lavender Street, Australia. This place also serves as a wholesale warehouse to distribute all the products to manufactures and retailers in the market. Red Basket will soon set up its office on an 800-square foot space retail shop in Alexandria, St. Louis Market. The retail shop will also be used for test market and as an art galley to sale products in a distinctive way. 
Products
Red Basket imports its Silk flowers and other articles of best quality100% handmade from Thailand artisans. The orders are based on the combos and customised demand by the buyer. There are various types of flowers and the company add or cuts out the flower for experiment and according to market demand (Hitt, 2012). Products also include silk jewellery decor items and hair accessories as well as scarfs from next year.   
Product Description
Red Basket deals in variety of silk flowers and offers outrageous colours in each variety. Along with this, the company also delivers retail gift items made up of silk such as hair accessories, silk flower made jewellery, and artificial trees of silk (Hill and Power, 2013). For initial two years the product line of the company will be as follows:

Orchid, Hibiscus, Mum, Roses and Lily (Dahlia and Sunflower after one year)
Silk accessories comprised of Hair Clips, Hair Bands and Hair Buns
Silk jewellery includes Bangles, Rings and Necklace of silk flower
Silk décor and gift item embroils Artificial Trees and pre order Flower Bouquets
Silk Scarf’s

Competitive Comparison
There are several points or features that differentiate Red Basket from its competitors in Australian market such as the faux silk flowers are 100% handmade from Thailand artisan and reflect their fine art work in their product.
The marketing of the company is based on the same theme. Moreover, Silk quality used in flowers is very superior which gives a competitive advantage for the company to capture the market (Flowers by Design, 2017).
In addition to this, there is fine design and embroideries in the edge of articles which makes the decorative pieces and jewellery appealing and graceful.
Furthermore, all he products are very unique gives the Hawaiian vibes and are not available in Australian market easily (Byrnes, 2014).   
Sourcing
The company handles its all legislatives and custom related transactions from its custom related head office in Richmond in New South Wales, Australia. The imported items from Thailand are arranged and legalised matching all requirements by preparing all legal paper and paperwork from this office (Shimizu, 2012). Right now, there is no legal hurdle in importing faux goods from Thailand. There is duty free import of artificial items from Thailand to Australia under free trade agreement implementation between Thailand-Australia. Thus, this agreement of free trade will benefit the company in cost cutting from legal expenses.   
Technology  
Red Basket protects its products duplication through patent right on some of its products. Though most of the products are not patentable invention and can not be categorises in technical process too (Shimizu, 2012).
Future Product
Red Basket is determined to introduce new twelve new flowers every year in initial 4 to 5 years. Marketing and advertising strategies of the company is very aggressive though internet, newspapers and trade magazines in the middle of every quarter of the year (Byrnes, 2014).
Red Basket also plans to add its product line from Vietnam and China. This accumulation will only be considered after capturing the wide market of Sydney (Harmer, 2014). The future item may include different mirrors, boxes, small cloth accessories with extension in jewellery and flowers variety. The company will still be stick on 100% handmade products promotion and explore more art work in other regions too.   
Market and Industry Analysis in detail
Artificial Flower market trend is continuously growing in the Australian market because of its long durability and imported high quality material. According to past recent statistics, there is a aggravated growth of $ 4 billion in the sale of artificial flower items and demand of fake flowers are growing each day due to various events and occasions  (Flowers by Design, 2017).
It has also been noticed that the retail gift industry is also growing with a good rate and most repetitive buyers of this industry is under 55years.  
Market Segment
Red Basket is currently launching its product in some categories only, hence less segments are classified that is floral collector, event organisers and gift purchased (Flowers by Design, 2017).
Website Demographics
Currently, in Australia websites and online shopping are the most attractive commercial business. People are willing to try new products and high quality products through websites and online availability. Apart from that people are looking for investment in unique and handmade items for their interior decoration plus wholesalers and retailers also look for online catalogue to fulfil their urgent need of artificial silk flowers (Hopeman, 2016).
Market Needs
This is most convenient way to attract mass buyers for imported products. Besides this, this is also good idea to put website and offer retailers and wholesalers various discounting deals. Online Catalogue will give required information to the buyers and delivery services with conditions provide them additional benefits in deciding the deal clearly and coherently (Flowers by Design, 2017). It is also very useful to advertise the art exhibition after sometime in rented Alexandria showroom which will entice art lovers in outlet too.
Market Trends
Technology and e-commerce is the most burgeoning sector in any industry. Every day items as well as luxury items are shopped at the commercial website. It gives the feasibility to the individual to compare price of the same products in different websites. In addition to this, they can order things with their own time as everybody is busy in their work and business (Hopeman, 2016). Therefore, it has been realised that website will be a valuable wheel to the company for operating its business with new trend. With the researches it can be depicted that target market’s behaviour pattern is changing positively and dramatically.   
Market Growth
From cloth to home interiors and from online study to hotel deals, today everybody is using internet for their daily life needs (Hill and Jones, 2011). People are busy working and earning money and want easy access to find their side interests and ease. The target market is upper class and upper middle class who always find leisure time to surf a website for their artistic taste. Thus, market in website is growing rapidly.
Industry Analysis 
Red Basket is dealing with two industries which are retail gift market industry and Silk faux flower and accessories industry.
In recent years, the Australian gift industry is declining its importance as people are less involved in giving gift items; instead they celebrate more often and give useful stuffs of daily life. It has been also been found that people under 45-54years of age is the biggest gift giver people. Along with this, real flowers in the gift items are more in demand than any other items. With the time it has also been noticed that people are tend to shop gift items from online and deliver as a surprise for other person (Hill and Jones, 2011). Online websites has covered the sales of outlet gift shops sales in the recent past years. Consumers are changed with their choices of gift in the following years more unpredictably.
In addition to this, Australia gift industry has also shown its interest in imported and quality gift items (Oliver, 2014). The target customers do not buy local items but want to gift exclusive items to their friends and families. They are also more likely to gift specific historic or artistic crafts and work which looks exclusive and precious according to their status.
In case of Artificial silk flowers and accessories industry of Australia, retailers and wholesalers are demanding for imported unique flowers with various variants and colours. The most of the buyers are 35-60 years of age flower gift market. The demand of silk flower is continuously growing and demanded in various types of occasion (Hill and Jones, 2011). Even, in formal occasions organised by the event organisers based on various themes silk artificial flowers are being used undoubtedly. In addition to this, people are also likely to organise their events in different theme party which included accessories for guest and hosts. Admittedly, with the increasing uses of silk flower and accessories, the demand of silk items is growing the Australian market rapidly.
In other words, the silk flowers as a gift product has ample of opportunities in both the industry. Moreover, with the help of website creation the business can capture new markets easily and marketing can be done more accessibly (Drucker, 2012).       
Industry Participants
Silk flower industry and silk accessories is the least explored segment in the gift market of Australia. There is no giant or well established competitor in the market. Very few retaliates are there who directly deals with consumer plus only small and some wholesaler competitors import from Thailand and its qualitative silk items in the market. There is minimal section of distributors that deals in the same product (Hopeman, 2016).  
Thus, it can be analysed that there is large scope to expand the business of silk flower gift and accessories in the Australian market. Provided that, both the industries are blooming in silk products and after some time few suppliers will add in the competition with its increasing demand (Oliver, 2014). The relations with the suppliers are concentrated highly important.
Distribution Patterns
Distribution channel of the company includes import goods from a finest artist in Silk flower in Thailand for delivering products to Red Basket (Bates, 1986). The distribution pattern of the company is very normal and items will be directly shipped to Red Basket. After some time art gallery will be opened and shop will established which requires variety in items and more suppliers from Thailand. Till then, for initial years there is no specific need of any focus on distribution channel (Drucker, 2012).
Competition and Buying Patterns
As the stats are recorded in the ‘silk trade fair 2016’, it has been interpreted that there are 60% of floral wholesalers and event organisers are wholesaler buyer of the silk flower and accessories (Drucker, 2012). Moreover, 20% are from gift chain stores, fabric centres, variety chain stores and craft and floral chain stores. 15% are the manufacturers and assemblers of different gift items. Rest 5% are garden centres, home centres, membership clubs and mail orders (Hopeman, 2016).
Main Competitors
There are only some tough competitors in the market for Red Basket as a supplier of artificial silk flowers and related gift items such as craft stores, gift shops, real flower market and other flower wholesalers (Bates, 1986).
Strategy and Implementation Summary
Red Basket aims to cater finest quality products for its buyers and focuses on easy and great hospitality in its services. It also considers customisation with the need of buyers and wholesalers. It also promotes its good as 100% handmade and eco-friendly to attain competitive edge in the market. Small group of employees motivated and fully skilled are building good culture and effective operation of the company and reduced cost is strengthening the financial side of the company (Tiffany and Peterson, 2011).
Marketing Strategy
The target market of the company is upper middle and upper class of females as well as for commercialised and B-2-B, wholesaler, retailers and event organisers (Bates, 1986). The company will prepare two catalogues in online presentation with suitable discounts for first time buyers and hard copy presenting all the details. These catalogues will be used at the time of ‘Silk Trade Fair 2016. This will be a great opportunity and exposure for the company to make maximum contacts and acknowledge target customer about Red Baskets presence (Reiss, 2012).
Sales Strategy 
Sales strategy is related to assure maximum pre-orders at the trade so that the company will earn the sufficient amount of money to expand further (Hatten, 2015). This is the most vital strategy after commencing the business for successful operation ad function in the future.
Promotion Strategy 
The promotion of the product will be done by online and hard copy of catalogues. Initial 2 or 3% discount to first time buyers will attract more wholesalers and retailers plus direct mails and advertisement in the newspaper, social media and magazines will be done for intense marketing. Further, after expansion of art gallery, art exhibitions will be the biggest promotional tool of the company (Wagen and Goonetilleke, 2015).    
Price Strategy
The price of the products will be standard price with no bargaining. Reasonable costs of products will be exhibited in the catalogues (English, 2012).  
Management Summary
The company is owned by two owners that manage and organise the operations of the company. In initial level two more employees who are skilled and experienced in the field will be taken (Varbanova, 2013). All the work will be completed with the local service providers. In the near future and with expansion, Red Basket requires four more employees.  
Organisational Structure
The legal matters of the company are handled by the consultant lawyer and there are three major function areas of Red Basket that is communication, finance and administration and sales and marketing (Varbanova, 2013).  
Management Team

Alice Rutto: Co-founder of Red Basket, MBA in finance. She has been in Thailand for over 10 years. She has close and family relations with Thailand supplier and expert in dealing with their culture and government.   
Malina Wesley: Another Co-founder of Red Basket, MBA in marketing and sales from a prestigious university. She is expert in making corporate and public relationships and experience of corporate world for over 11 years.  
Rita Romney: Manager and legal adviser, she is a graduate and certified legal Para-legal and now pursing for management course in Sydney.  

Conclusion
From the above discussion, it can be implicated that this report describes all the essential aspects to establish business of import of faux flowers, company naming Red Basket. The company offers products that are 100% handmade and eco-friendly, which is also the theme or marketing strategy of the business. Red Basket has a mission to create its business vast and renowned in some upcoming years by catering people quality products and customer friendly services. It also aims to open an art gallery for art lovers in Australia and attract a large number of the silk flower buyers. The report illustrates all other prospective related to target market, functioning, locations, management and financial aspects as well.  
Financial Plan
This segment shows the financial forecast of the company for all the months of first year and helps us to find out the break even point on the basis of forecast made. In order to draw the financial forecast, some assumptions have been drawn as follows:

Particulars

Year 1

Current Interest Rate

10.00%

Interest Rate (Long Term)

10.00%

Tax Rate (Flat Rate)

30.00%

Other

0

Break Even Analysis

Monthly Units Break-even

888

Monthly Revenue Break-even

$23,536

Assumptions:

Average Per-Unit Revenue

$26.49

Average Per-Unit Variable Cost

$14.31

Estimated Monthly Fixed Cost

$10,827

Contribution per unit

$12.19

Contribution margin Ratio

46%

References 

Bates, J. 1986. Artificial-Flower Company Exudes Sweet Non-Smell of Success [Online]. Available At: https://articles.latimes.com/1986-09-09/business/fi-12637_1_artificial-flowers [Accessed on 16 April 2017]
Birt, I. 2016. Writing Your Plan for Small Business Success. Allen & Unwin.
Byrnes, W. J. 2014. Management and the Arts. CRC Press.
Drucker, P. 2012. The Practice of Management. Routledge.
English, J. W. 2012. How to Organise & Operate a Small Business in Australia: How to turn ideas into success – from Australia’s leading small business writer. Allen & Unwin.
Flowers by Design. 2017. Why are artificial flowers called silk flowers. [Online]. Available At: https://www.flowers-by-design.com/why-are-they-called-silk-flowers/ [Accessed on 16 April 2017].
Harmer, W. 2014. Business Planning for Small Business: A step-by-step guide to the what, why, when and how of business planning. Balboa Press.
Hatten, T. S. 2015. Small Business Management: Entrepreneurship and Beyond. 6th ed. Cengage Learning.
Hiduke, G., and Ryan, J. D. 2013. Small Business: An Entrepreneur’s Business Plan. 9th ed. Cengage Learning.
Hill, B., and Power, D. 2013. The Pocket Small Business Owner’s Guide to Business Plans. Skyhorse Publishing, Inc.
Hill, C. W. L., and Jones, G. R. 2011. Essentials of Strategic Management. 3rd ed. Cengage Learning.
Hitt, M. A. 2012. Strategic Management: Concepts and Cases: Competitiveness and Globalization. 10th ed. Cengage Learning.
Hoggett, J.  2012. Financial Accounting. 5th ed. John Wiley & Sons.
Hopeman, D. 2016. Artificial Plants and Flower Industry: A Beautiful History.[Online]. Available At: https://www.artificialplantsandtrees.com/articles/artificial-plant-flower-industry-beautiful-history/ [Accessed on 16 April 2017].
Oliver, T. 2014.Occupations.Cambridge University Press.
Reiss, M. 2012. Change Management. Books on Demand.
Shimizu, K. 2012. The Cores of Strategic Management. Routledge.
Tiffany, P., and Peterson, S. D. 2011. Business Plans For Dummies. 2nd. ed. John Wiley & Sons.
Varbanova, L. 2013. Strategic Management in the Arts. Routledge.
Wagen, L. V., and Goonetilleke, A. 2015. Hospitality Management, Strategy and Operations. 3rd ed. Pearson Higher Education AU.

Free Membership to World’s Largest Sample Bank

To View this & another 50000+ free samples. Please put
your valid email id.

E-mail

Yes, alert me for offers and important updates

Submit 

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

UploadUnique Document

DocumentUnder Evaluation

Get Moneyinto Your Wallet

Total 14 pages

PAY 8 USD TO DOWNLOAD

*The content must not be available online or in our existing Database to qualify as
unique.

Cite This Work
To export a reference to this article please select a referencing stye below:

APA
MLA
Harvard
OSCOLA
Vancouver

My Assignment Help. (2021). MAR015-6 Entrepreneurship And Small Business Management. Retrieved from https://myassignmenthelp.com/free-samples/mar0156-entrepreneurship-and-small-business-management/artificial-items.html.

“MAR015-6 Entrepreneurship And Small Business Management.” My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/mar0156-entrepreneurship-and-small-business-management/artificial-items.html.

My Assignment Help (2021) MAR015-6 Entrepreneurship And Small Business Management [Online]. Available from: https://myassignmenthelp.com/free-samples/mar0156-entrepreneurship-and-small-business-management/artificial-items.html[Accessed 18 December 2021].

My Assignment Help. ‘MAR015-6 Entrepreneurship And Small Business Management’ (My Assignment Help, 2021) accessed 18 December 2021.

My Assignment Help. MAR015-6 Entrepreneurship And Small Business Management [Internet]. My Assignment Help. 2021 [cited 18 December 2021]. Available from: https://myassignmenthelp.com/free-samples/mar0156-entrepreneurship-and-small-business-management/artificial-items.html.

×
.close{position: absolute;right: 5px;z-index: 999;opacity: 1;color: #ff8b00;}

×

Thank you for your interest
The respective sample has been mail to your register email id

×

CONGRATS!
$20 Credited
successfully in your wallet.
* $5 to be used on order value more than $50. Valid for
only 1
month.

Account created successfully!
We have sent login details on your registered email.

User:

Password:

Are you someone who is dealing with reflection paper for the first time? If you lack the skill of good writing, you may wonder ‘how to write a good reflection essay paper’. At MyAssignmenthelp.com, you can get writing help for your reflection essay from the best writers. We also have an advanced essay typer tool where you can quickly check plagiarism, grammar, etc. If you are running short in time, ask our experts ‘do my homework’, and they will assign the best writers for your essay.

Latest Management Samples

div#loaddata .card img {max-width: 100%;
}

MPM755 Building Success In Commerce
Download :
0 | Pages :
9

Course Code: MPM755
University: Deakin University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Answers:
Introduction
The process of developing a successful business entity requires a multidimensional analysis of several factors that relate to the internal and external environment in commerce. The areas covered in this current unit are essential in transforming the business perspective regarding the key commerce factors such as ethics, technology, culture, entrepreneurship, leadership, culture, and globalization (Nzelibe, 1996; Barza, 2…
Read
More

SNM660 Evidence Based Practice
Download :
0 | Pages :
8

Course Code: SNM660
University: The University Of Sheffield

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: United Kingdom

Answers:
Critical reflection on the objective, design, methodology and outcome of the research undertaken Assessment-I
Smoking and tobacco addiction is one of the few among the most basic general restorative issues, particularly to developed nations such as the UK. It has been represented that among all risk segments smoking is the fourth driving purpose behind infections and other several ailments like asthma, breathing and problems in the l…
Read
More
Tags:
Australia Maidstone Management Business management with marketing University of New South Wales Masters in Business Administration 

BSBHRM513 Manage Workforce Planning
Download :
0 | Pages :
20

Course Code: BSBHRM513
University: Tafe NSW

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Answer:
Task 1
1.0 Data on staff turnover and demographics
That includes the staffing information of JKL industries for the fiscal year of 2014-15, it can be said that the company is having problems related to employee turnover. For the role of Senior Manager in Sydney, the organization needs 4 managers; however, one manager is exiting. It will make one empty position which might hurt the decision making process. On the other hand, In Brisba…
Read
More

MKT2031 Issues In Small Business And Entrepreneurship
Download :
0 | Pages :
5

Course Code: MKT2031
University: University Of Northampton

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: United Kingdom

Answer:
Entrepreneurial ventures
Entrepreneurship is the capacity and willingness to develop, manage, and put in order operations of any business venture with an intention to make profits despite the risks that may be involved in such venture. Small and large businesses have a vital role to play in the overall performance of the economy. It is, therefore, necessary to consider the difference between entrepreneurial ventures, individual, and c…
Read
More
Tags:
Turkey Istanbul Management University of Employee Masters in Business Administration 

MN506 System Management
Download :
0 | Pages :
7

Course Code: MN506
University: Melbourne Institute Of Technology

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Answer:
Introduction
An operating system (OS) is defined as a system software that is installed in the systems for the management of the hardware along with the other software resources. Every computer system and mobile device requires an operating system for functioning and execution of operations. There is a great use of mobile devices such as tablets and Smartphones that has increased. One of the widely used and implemented operating syste…
Read
More
Tags:
Australia Cheltenham Computer Science Litigation and Dispute Management University of New South Wales Information Technology 

Next