BUSINESS PLAN And Marketing Strategy Assignment Sample

Introduction Of Products Or Services In An Existing Or Potential New Market Assignment Sample 

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1) Introduction of a business idea

The business plan will be made for the chosen company that is Elite Health Services which is a UK based company and provides the facility of hospitality and care. This provides the facility to the household seniors to assist the living standard. The business will provide a better transition where it will be taking the help from the homes that will assist the facilities of living to the peoples above the age of 60. The services include the various services such as the transporting, packaging and also the setting up of the possessions and future (Dal et al, 2021). Various marketing strategies will be used to define the company and also various steps will be taken to make better future plans. Moreover, the financial strategy and the risk will be taken into account to reduce it for the future investors. 

Products or services in an existing or potential new market

In the UK, the Elite Health Service company will provide hospitality and care to support the housebound senior. Therefore, through this health service company, the householder seniors will get better home care and health care services. Although, the business will help the seniors transit from the homes toasted facilitates of living. As per the view of Williamson, (2021) they are offering some services to the consumer such as packaging the products. Although, this company is transporting the home furniture as well as setting up the furniture to the new households storing the furniture and possessing progress of the senior citizens. The services will also include the premium care packages for the senior’s citizen of the UK.

Therefore, this service will help the seniors to assist them in all tasks. Apart from that, they have spent the time with the senior consumer to make them feel better than others. Although, Elite Health Service Company will allow the homebound seniors in order to express their emotions freely. Therefore, they are unable to leave the home without any difficulty although they will help the seniors to demonstrate the compensation and provide motivational words for encouragement. As per the view of Zakiet al (2019) although, the business will help the senior's transit from the homes toasted facilitates living. Also, they are offering some services to the consumer such as packaging the products. Therefore, this product and service would be increasing their customer rate in the existing or in the potential market.

Company overview

In the UK the Elite Health Service Company has provided hospitality and care to support the housebound senior. Therefore, through this health service company, the householder seniors will get better home care and health care. Therefore, this business will attract the senior customers from the aged 60 and above. As per the view of Pinson et al (2019), although this company carries the household furniture, stores the furniture, and possesses their progress in addition to placing the furniture up in the new homes. The services will also feature top-notch senior care packages. The company's service will be open from 6.00 A.M to 10.00 P.M. also the company will provide another service towards the senior customers.

As per the view of Suprihanto et al (2018), The Company will support house-bound services when required for new homes, home care and health care. Therefore, in the UK market, that business will be also profitable and will help the household's senior members. The revenue of the company in a year will be around $5 million dollars. Thus, in the company, there will be more than 100 employees. Apart from that, the company will develop better financial statements in upcoming years on the UK market. The company Elite health services will be established in the UK and the company will provide the service of hospitality to the people above 60. The business will generally help the senior’s transition to providing the facilities of living. The time of the services that is provided by the company is between 6.00 A.M to 10.00 P.M.

Competitive and market analysis

The prime competitor of the Elite Health Service in the UK market is Cura Care Ltd. In the UK, Cura Care Ltd have more than 5000 clients in the UK market. Therefore, the Elite health services will provide various services to the various audiences. Therefore, this may implement some opportunities in order to create competitive advantages in the UK market. As per the view of Geng and Fan, (2021) therefore, the discounting factors will easily afford the subscription-based services by the senior citizens. In the market analysis, it has been noticed that the Elite Health Service will implement around 15000 dollars as financial resources. Additionally, $2500 would be needed for digital marketing costs for a six-month campaign.

Each month, this business would spend $250 on rent and other costs. After deducting all costs, the anticipated cash inflow from services for the initial acquisition of 150 older adults would be roughly $3250. Therefore, in the UK market, the company's effective growth rate of sales is around 16%. Apart from that, through the online business the company can earn around 58% of total revenue from the UK market. The company's main customers are senior people aged around 60 and above. Besides that, in the UK, 18.9% of people have been considered as senior citizens (Purbasari et al. 2020). Therefore, that will indicate that the business will earn better profit from the UK and establish the business in the market in the UK. Therefore, this may implement various opportunities in order to create competitive advantages in the UK market.

Business and marketing strategy

The marketing strategies includes the value of the company proposition where there is the brand messaging and also had the customer targets and other level elements.

Business strategy

The four types of strategy that is useful in making relevant decisions for the profit of the company is the cost leadership, differentiation and also the focused differentiation. A business strategy had clear plans of implementing the strategies that are helpful for the company to achieve the goals. A strong as well as inspiring management can be implemented for having better plans for the future (Cristancho et al, 2021). This can be effective as well as can be successful for the growth and development of the company. Moreover, this can also improve the skills of the business by using a successful business strategy.

Marketing strategy

Various types of marketing strategies have been implemented that can be implemented in the business for achieving a long-term success of the company and also increasing more demand of the business. Generally, the 4Ps of marketing strategy are the Product, Price, Place and Promotion. The 4Ps are important as this can increase the potentiality of the product in the market. Product is an important part of the marketing strategies where it is needed to analyze the product cycle and business executives to deal with the products at every stage of life (Kusuma et al, 2021). The price is the amount that the customers pay on behalf of the product they bought. These are the main business and marketing strategies that can be implemented by the company to provide better help and services in the market to attract more customers.

Operating plan

The operational plan is the outline of the objectives and also the goals that will be performed by the company to reach its goals. Operating plan is the method by which the plans of the company is determined that ensures the need of the resources and work to get it easily and efficiently (Giyazova and Davlatov, 2021). The operational plan helps to make their own business that can self-employed and the company like the Elite Health Services gets the chances to be successful and independent in future and can also get the opportunity to

Financial analysis

Table 1: Financial analysis of the company

(Source: Self-created)

Analysis

It has been analyzed from the business plan of the Elite Health Services that the total income of the company would be £82000 for the month of January where the total expenditure was £15,450. The net cash flow for the month of January will be 66550 and same is the closing balance of the company (Risitano et al, 2021). Switching to the month of December the calculation is reflected where the total income is £597,827 where the total expenditure is £35,309. The net cash flow for the particular month is calculated as £562,518 where the closing balance is calculated as £2,934,900. This represents that the company is has shown an increases in the net profit in the month of December from that which was calculated for the month of January.

2) Analysis of potential investor

Actual business plan

The business idea will be oriented with the small requirement of funds and digital technology to connect with clients. This business idea provides hospitality and support to housebound seniors who require in-home care like living facilities, offering services such as packing, transporting, setting up, or storing their furniture and possessions. This business model would run through the subscription-based business model (?un?ekKokotec et al. 2021). Offering discounts to senior citizens help to create a prime customer base at the initial stage. According to the requirement of funds is important to build up an infrastructure and digital interface for getting customers' attention. The mission of Elite health services would be to deliver service to senior citizens regarding assisted living facilities, offering services such as packing.

Business strategy

This business plan would be started by following of cost leadership strategy to reduce the cost of operations. Additionally, this strategy would be used to determine higher profitability in the future by following this strategy. Through this, the cost leadership model requirement of investment would be comparatively less. Furthermore, innovative products or services to senior citizens would attract clients easily. Another strategy that would be implemented into this business plan is the differentiation of services and products (Surono, 2022). Following this model would help to identify the potentiality of this business model. Based on that strategy, Elite health services would target senior citizens and create different services like hospitality and homecare services. 

Competitor analysis

Competitor’s analysis is required to describe the future obligations of this business model. Cura Care Ltd. is the prime competitor of this business model because it will have more than 5000 clients in the UK. However, Elite health services would provide different services to different targeted audiences which would be an opportunity to create a comparative advantage. Moreover, Elite health services would provide discounting and senior premium facilities-based services to clients (Saripah et al. 2022). This discounting factor would be easy to afford subscription-based services for a senior citizen. Another prospect of competitive analysis consists of targeted locations of the UK, where competitors not operating business.

Key projected financials

Elite health services would require an investment of around $15000as an external financial resource. In addition to this, the requirement of 40 employees has been found to establish initial service to senior citizens. Moreover, expenses regarding digital marketing would require $2500 for six-month digital promotion. Rent and other expenses of this business would consume $250 each month. Considering all expenses expected cash inflow through service would be around $3250 by the initial acquisition of 150 senior citizens.

Requirement of investment with the purpose

The investment purpose of this business plan is oriented toward adequate financial resource management. Based on various business operations Elite health services will a requirement for the digital promotion of services. Based on digital marketing this business plan will be a requirement of financial resources, where investment would be effective by 16% sales growth potentiality. Moreover, the online business of Elite health services would provide around 58% of total revenue, so the investment would worthy. 18.9% of the total population of the UK is considered senior citizens, which indicates the potentiality of this business model.

3) Recommendation and conclusion

Recommendation

It has been recommended that the company will achieve the funds through different types of sources of funding. The company can collect the fund from banks, angel investors and venture capital. As per the view of Williamson, (2021) sometimes banks collect the documentation from the business in order to provide the loans. Therefore, the new company is facing issues in order to collect funds from various investors. Apart from that, the company can use various financial resources for better funding. Therefore, the company need to make official documents for better funding. The company will evaluate various key elements for raising the funds for the business in order to develop the business in future. On the other hand, the company could find the business risk from implicating different technologies (Purbasariet al. 2020). Therefore, through this implantation, the company can raise the funds and meet a better economic situation in the global market.

Conclusion

It has been concluded that the company's products and services have increased the business in the potential and existing market. The company will mainly be focused on senior citizens of UK therefore; this can help to develop the business in future. However, the company can face some business competition in the UK market. Although financial analysis also helps the organization in order to develop the business in future. According to the requirement of funds, it is important to build up an infrastructure and digital interface for getting customers' attention. Therefore, based on the recommendations the company would develop the business in the UK market. Although, the company will implement different business and market strategies in order to develop the business in future. Therefore, this indicates that the business model would have better potential to establish the business in the UK market.

Reference list

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