+44 7400010488 help@instantassignmenthelp.com
Save 51% on Expert-Crafted Assignment Solutions!

Enterprise Create Own Business

University: University of London

  • Unit No: 15
  • Level: High school
  • Pages: 8 / Words 2107
  • Paper Type: Assignment
  • Course Code: BM6005
  • Downloads: 622

Table of Content

  1. INTRODUCTION
  2. CONCLUSION
Organization Selected : N/A

INTRODUCTION

It is essential for a business to develop innovative and unique ideas which help it gaining a competitive edge against competitors in the market (Anderson and Obeng, 2017). The report is based on the concept of launching laser markers in the market to meet the expectations of customers and attract potential clients from across the world. It explains how the concept was tested and how improvements were made based on the feedback that was received and how the final idea has improved in terms of desirability and feasibility. Also, how can the idea be implemented in a real entrepreneurial setting. The report also describes a business canvas model which explains how the feedback was implemented and the original idea was modified and launched in the market.

Original business concept

The business concept is a new innovation in the market and is based on launching a laser marker that can be refilled with 3 different colours of inks , i.e., red, blue and green. The marker can be charged by a USB. The mission behind the concept is to be authentic as well as to be able to create trust among customers worldwide by launching a unique design. Also, the concept visions to bring in creativity and inspiration from people all over the world with the main objective of meeting customer expectations, providing products of high quality and also to increase the overall sales by 20% within a timespan of 18 months. The basic marketing plan of the concept comprises of building awareness about the brand in the market in order to increase the overall market share, target new customers by launching new products and enhance the customer relationship through YouTube which will help in increasing the overall profit (Vargas and et. al., 2016).

The target customers for the laser marker will be different universities, colleges, schools, offices and business firms. The key activities that will be carried out before the launch include marketing, promotions, advertising on social media and packaging of the product for final sale. The products will be distributed through various platforms like Amazon, eBay, Argos etc. as well as at various offline retail stores (Bernus and et. al., 2016). The customers will also be offered loyalty cards and the products will be personalised. The initial cost of selling a marker was £7, the cost of marker with 5 refills was £2.5 and the pack of 5 refills was £2 with main value proposition of the product being its design which will be offered at a low price but will be of high quality. Need Assignment Examples?Talk to our Experts!

Testing the original business concept and the feedback that was received

The concept of launching a laser marker was tested by presenting a presentation in the class that explained the complete idea with each aspect being explained individually in detail which turned out to be helpful in assessing its impact in the market (Cook, 2017). The tutor as well as fellow classmates shared their point of views and feedback regarding the same. The feedback turned out to be very supportive and helped me in modifying my overall concept in order to achieve the set objectives (Wilde and Leonard, 2018). The presentation clearly explains the concept of the Laser Marker wherein each aspect is explained in detail. On sharing this with the tutor and classmates, various pros and cons of the concept were identified which helped in making better decisions to grow and enhance the performance the respective business. The idea was also shared online with various groups which are a great platform to share ideas and receive feedback for the same as many people can provide feedbacks based on their individual perspective (Gattorna, 2016). This can prove to be valuable as modifications are made based on the needs of customers which means they will be satisfied when the final products is launched in t

Download Full Sample
Students have a lot of academic burdens these days that make them seek online assignment help from experts. Therefore, we have created an exclusive list of sample for almost every subject. Our highly qualified experts curated it for your assignment, essay, and dissertation help. So what are you waiting for? Explore the content written by our professionals and go ahead and seek essay writing services UK from our experts. The best part is they are available 24*7 to provide excellent assistance. So, what are you waiting for? Ask our experts, "Can you do my assignment for me, please?" You will see the magic happening in an instant.
Boost Grades & Leave Stress

Share Your Requirements Now for Customized Solutions.

Lowest Price

SHP4.8

    FOR FIRST ORDER GET EXTRA 25% OFF

    Use Our Seasonal Offers!

    Get Up to 51% OFF

    Coupon Code

    INSTANT25
    Claim Now

    Our unique Features

    24/7 Customer Support

    100% Customer Satisfaction

    No Privacy Infringement

    Quick Services

    Subject Experts

    Innovative Documents

    100+ Qualified Writers

    For Best (Accounting) Assignment Help

    Julia Swift
    2454 - Completed Orders
    Julia SwiftView Profile Hire Me
    Tara Samuel
    2423 - Completed Orders
    Tara SamuelView Profile Hire Me
    Emma Stewart
    162 - Completed Orders
    Emma StewartView Profile Hire Me
    Jessi Jones
    2564 - Completed Orders
    Jessi JonesView Profile Hire Me
    View All Writers
     
    IAH whatsapp

    Limited Time Offer

    Exclusive Library Membership + FREE Wallet Balance