Market Analysis In Order To Start Business Mark And Dongle Company

Question: Discuss about the Market Analysis In Order To Start The New Venture Mark And Dongle Company. Answer: Introduction In the context of this research paper, a formal business plan would be developed by using Canvas business model in order to effectively attain the key objectives of the study. For this, Mark and Dongle Company is the name of new organization that might want to bundle jujubes products of the soil jujubes juice to offer in the Australian market. On the other hand, with regards to the formal business plan, different aspects would be discussed such as: Customer Segments Value Proposition Customer relationships Channels Minimum viable product (MVP) Key activities, Key resources Key partners Revenue structure and cost structure Moreover, this paper would also conduct on the feasibility analysis about the new venture by considering several elements such as: Market feasibility Technical feasibility Financial feasibility Human resource feasibility. Product and Company Description Jujube is a natural product that is for the most part called the red date that is likewise types of Ziziphus in the buckthorn family. There are many events while Australian individuals can be eaten crisp or dried jujubes. It has an aftertaste like an apple and contains numerous vitamins and minerals. It is a profitable fixing in cooking styles, for example, Chinese, Indian, and Korean sustenance (Brito, 2011). DONGLE COMPANY would bundling the jujubes nourishment and furthermore giving its juice in the particular target showcase e.g. wellbeing cognizant customers. MARK and DONGLE COMPANY predominantly concentrate on bundling of the new jujube nourishment item and gives stuffed juice to make item appealing. Australia is picking up force in developing jujubes organic product; along these lines MARK and DONGLE COMPANY is focused on the Australian market (Beamish, and Ashford, 2012). Canvas Business Model In this segment, clarifies the principle parts of this business plan, for example, client fragments, esteem suggestion, association with client, circulation channels, least suitable item (MVP), key business exercises, key assets, key accomplices, income structure and cost structure. The accompanying are the principle elements of the strategy for success/plan of action canvas: Client Segments: MARK and DONGLE COMPANY segment the Australian market on the premise of geologically, pay class, sex and age gathering. The center and high pay class clients, youth and center and seniority gather clients are the objective fragment of MARK and DONGLE COMPANY in the market. Moreover, it is also important to know that, the company would not only target their customers on the basis of sex. It means the main customers for the company would be both female and make. Additionally, the company would also consider both rural and urban areas to target their customers for the product (Mohana, 2011). In addition, urban and rural areas and both male and female customers are the main target segment in the Australian market Value Proposition: Within the current market of nation, the demand for jujubes foods grown from the ground is quickly upgraded; because of individuals favored frequently eat crisp products of the soil that gave a few minerals and vitamins like jujubes. MARK and DONGLE COMPANY gives estimations of the clients through presented bundled juice with low valuing and sound or natural crisp bundle nourishment that is not hurt wellbeing of them (Bowhill, 2008). Client Relationships: MARK and DONGLE COMPANY will adopt the web and web-based social networking instrument to create or enhance association with portioned clients in the objective market. The online web and web-based social networking uses to convey and share items or business data with clients that enhance association with them (Slotegraaf, 2012). Distribution Channels: MARK and DONGLE COMPANY will open their production units in the urban areas of nation and after that disseminated their juice and items in everywhere throughout the nation. Furthermore, the new business unit would try to develop relationships with the major retailers of the country in order to sell their products effectively. Additionally, it will contract neighborhood eateries, bars, bistros and juice corners to offering their items. The new firm would also use social media, and online web tolls to sell their products in the market (Team, and Markovic, 2006). MVP (The minimum viable product): As per this method, the company would offer high quality products at the best possible low costs to their customers. The clients additionally give profitable input to future advancement that will be considered by MARK and DONGLE COMPANY to make jujube items. Key Activities: MARK and DONGLE COMPANY key business procedures is buy nourishment from neighborhood ranchers or homestead houses and afterward stuffed them and in addition make organic product squeeze and pressed in jugs and after that offer these in the market. The organization key exercises are assembling, bundling, conveyance and offering or promoting of the bundled jujube products of the soil (Teece, 2010). Key Resources: Financial and HR are the essential prerequisite to begin another business wander. In addition, without business accomplices and cooperations, the new pursuit business is required enormous HR and immense reserve to build up their position in the market that additionally improved money related dangers to organization. In addition to this, in order to effectively target the customers, the new startup company would try to create relations with the different firms that belongs from the same industry (Barschel, 2007). Key Partners: The main key partners of the company would be local vendors, farmers/ranchers, and farm houses of Jujube. Moreover, different retail companies of the Australia would be the major partners of the company. Additionally, eatery, bistros, juice corners, bars, and inns are different accomplices of the organization those buy items straightforwardly with the organization. Revenue Structure: MARK and DONGLE COMPANY will produce income in the Australian market through focuses on the distinctive age gathering, both sex and high and medium wage class clients in the market by gives the new foods grown from the ground at various sizes and weights as indicated by the statistic qualities of the objective market (Bak, and Stair, 2011). Cost Structure: Cost structure of MARK and DONGLE COMPANY is clarified in the term of depict the settled cost and variable cost extent to aggregate expenses. The organization will 55:45 cost structure implies the 55% settled cost and 45% variable cost extent in complete cost. The overall revenue of the organization would be 20% of the offering cost after lessens settled and variable expenses and other working costs identified with the business (Verhoef, and Lemon, 2013). Feasibility Analysis Feasibility analysis is important strategy for success and use to assess trade condition and capacity to make due in the marketplace In this segment, examinations viability of the novel pursuit business as far as investigations market plausibility, specialized achievability, human practicality and money related attainability these are: Market Feasibility: Western Australia is taking care of business as the Australia's driving maker of jujubes organic product. WA's jujube industry size is not substantial but rather extending with aggregate 31percent generation of natural product. In addition, because of development of industry and gigantic request created of jujubes natural product the market of Australia and Asian approximately 5,500 fresh trees are being planted in each year that ought to fundamentally help supplies of the jujubes organic product in coming year. The jujube common item market is not at full farthest point and the high probability to be another beneficial agricultural part for the nation. Of late, by far most of the Australians are getting the thing now from the Coles and Woolworths those are the primary two retail associations of the Australian staple markets. Over the latest five years, Deli Shopping of natural items bit of the pie of Woolworths was 43% and Coles was 36.7% in 2015 that demonstrate d over 75% piece of the overall industry holds by these two players. It demonstrated the greater part of the clients acquired items from markets (Teece, 2010). Also, all age gathering, all salary class, both sexual orientations, both country and urban occupants are the objective clients for MARK and DONGLE COMPANY items. Male and female and also urban and rustic both sorts of clients love the medical advantages of the jujube organic product. Likewise, jujubes natural product has accessible at a superior cost from anyplace in the country's amongst $30 and $45 per kilogram. Ward administration additionally strengthen jujubes ranchers and steady climate, ground for jujube trees or organic product creation contributed into the development of this industry. No section hindrance is made dangers of novel rivalry passage in marketplace for MARK and DONGLE COMPANY generally other market achievability examination showed the steady and alluring circumstance of the new pursuit business (Slotegraaf, 2012). Technical Feasibility: The accessibility of the most recent innovation in the Australian market would be useful for new business set out to keep up their business in the market. The new business wander is outlined their innovation of creation independent from anyone else generally subcontract. In the event that the mechanical abilities representatives have in the organization then create outline independent from anyone else generally given contract of specialized firms to plan its business producing process. Stamp and DONGLE COMPANY is utilized choice of in house alternatives for delivering the jujube squeeze and bundling of juice and natural product to make item. The organization is built up their assembling and bundling unit in the western Australia locale, because of jujube natural products for the most part delivered here that spare cost of supply of natural item/rough material (Tiecheng and Jianghe, 2015). Joint meander or business relationship with retail firms, for instance, C oles, Aldi, Woolworths, Dick Smith, and other is elective use to offer their things. Also, business association with diners chains, bars, bistros and juice corners would be appropriated to offering MARK and DONGLE COMPANY squeeze and stuffed natural product items (Beamish,and Ashford, 2012). Jujube new organic product is the crude material of the organization and neighborhood ranchers or homestead houses those delivered jujube natural products are the providers of the organization. Specialized aptitudes additionally required by the organization for improvement/assembling of item, stockpiling of item, keep up long-lasting freshness of the item, and use innovation gear to convey quality and new results of the clients. Australia birthplace sustenance naming laws clarified the naming and bundling prerequisites that must be trailed by MARK and DONGLE COMPANY while bundling and naming juice and natural product items. The Food Standards Code likewise considered and connected by the organization to take after the business gauges or controls. Protected innovation and natural obligation related standards and control must be trailed by MARK and DONGLE COMPANY while plan item bundling and oversee wastage. The adjustments in innovation may not significantly influence the business, be cause of the organization is not identified with IT field and not significantly relied on upon innovation to maintain their business (Reid, and Bojanic, 2009). Human Resource Feasibility: Bothmanagement and technical experience is important to run this kind of new-fangled pursuit business. Business visionary is the in charge of the achievement and execution of the organization. The underneath picture is demonstrated the proprietorship structure of MARK and DONGLE COMPANY that showed business person given right of CEO to effectively run the organization in bazaar of Australia (Schlegelmilch, 2016). MARK and DONGLE COMPANY would require machine executives, supervisory, quality control and care staff. Work required would consolidate around 120 perpetual representatives those on the generation line in light of creation necessities. The online enlistment ad, consultancy enrollment administrations and temporary workers representative choices of the enlistment of right representative will use by the organization. The organization will remunerate representative through apply the compensation for time as week after week and month to month premise. The best possible HR techniques, for example, pay or wages, after some time structure, impetuses or reward in light of execution, execution evaluation, leaves, benefits plan and others added to inspire representatives. The new enlisted workers will require the preparation on a progressing premise to run the operation effectively (Ajasafe, Lovell, Schmid, and Holmes, 2011). The association is immediately set up their juice collecting and packaging plant in Western Australia and flowed their things through business relationship with retail chain association, diners chains, clubs or bistros chains and press wholesalers. The association's is entered in the Australian all states and areas and taking after 10-15 years accomplishment will enter in the Asian market. The association will be administered and kept up quality through associated the quality standards of the business. Additionally, after finished improvement, the association will change its structure through go to IPO to enter in securities trade ASX (Australian Securities Exchange Ltd) for creating saves and enter in the other country markets (Rahmani, Emamisaleh and Yadegari, 2015). The delegates have get ready and employment progression opportunity to fulfill their calling way or targets in MARK and DONGLE COMPANY (Mohana, 2011). Financial Feasibility: The expected wages are $10000 in first year, $115000 in second year and $135000 in third year (Shown in reference segment 2). On the introduce of the factual looking over, these business evaluates in dollar sold. The offering expense of jujube 5 natural item packaged unit of $75, 200ml juice container of $75 per unit, and 1000ml juice container of $350 per unit. The business start-up costs are $67500 and equipment/capital costs are $49000 (showed up in addendum 1). Addendum 2 Table demonstrates the Profit and Loss announcements for the underlying 3 years that exhibits MARK and DONGLE COMPANY would pick up $12000; $14400; and $19100 in representatively 3 years (Koontz, 2010). Additionally, different sorts of wellsprings of financing available in the market, for instance, commitment and esteem that can use by the new business set up. The new interest has not promote reputation, picture and brand regard, so it stood up to inconvenience to new association for utilizing esteem wellspring of advantages. Business visionary will contribute their own capital of around $60,000 and obtain $60,401 by the bank progress for fulfill MARK and DONGLE COMPANY immediately selected as open association and fulfill other legal necessities and a short time later go to IPO to utilize esteem wellspring of financing for enter in other country publicizes later on (Kotler and Keller, 2011). Net income of 40% in the consistently, as a result of cost of items sold was 590% that would exhibit interest of new business meander. Additionally, 17% net income in first year that would be enhanced by 25.52% in second year and 14.15% in third year that demonstrated appeal of new business mean der (Chesbrough, 2010). Conclusion Based on the above exchanges, it is inferred that, Canvas business model showed the reasonable, alluring, and probability of new company as MARK and DONGLE COMPANY in Australian market. Moreover, attainability investigation finding are additionally shown the engaging quality for MARK and DONGLE COMPANY in the Australian market. Start-up Costing for [MARK and DONGLE COMPANY] - [2017] START-UP COSTS Cost ($) EQUIPMENT/CAPITAL COSTS Cost ($) Registrations Business purchase price O Business name 2500 Franchise fees O Licences 1000 Start-up capital 100000 Permits 500 Plant equipment Domain names 1500 Vehicles 20000 Trade marks/designs/patents 500 Computer equipment 10000 Vehicle registration 2000 Computer software 5000 Membership fees 1000 Phones 1000 Accountant fees 5000 Fax machine 500 Solicitor fees 4000 Security system 2500 Rental lease cost (Rent advance/deposit) 10000 Office equipment Utility connections bonds (Electricity, gas, water) 500 Furniture 8000 Phone connection 200 Shop fitout 2000 Internet connection 300 Computer software 500 Training 2000 Wages 20000 Stock/raw materials 3000 Insurance Building contents 500 Vehicle 250 Public liability 150 Professional indemnity 100 Product liability 0 Workers compensation 500 Business assets 500 Business revenue 10000 Printing 200 Stationery office supplies 300 Marketing advertising 500 Total start-up costs 6750 Total equipment/capital costs $49000 Assumptions: All figures are GST exclusive. Source: business.gov.au Profit Loss for ] as at [2017-2017] PROFIT LOSS Month 1 Month n Year 1 Year 2 Year 3 Sales 5000 8000 100000 115000 135000 less cost of goods sold 3000 4800 60000 69000 81000 More 0 0 0 0 0 Gross profit/net sales $2000 $3200 $40000 $46000 $54000 Expenses Accountant fees 50 70 500 550 580 Advertising marketing 100 150 500 550 580 Bank fees charges 40 50 600 650 650 Bank interest 80 100 1200 1250 1280 Credit card fees 10 20 240 280 300 Utilities (electricity, gas, water) 50 80 500 550 580 Telephone 10 15 200 220 250 Lease/loan payments 150 170 10000 10000 10000 Rent rates 80 100 1100 1150 1190 Motor vehicle expenses 25 40 250 270 300 Repairs maintenance 15 25 600 650 700 Stationery printing 10 20 300 330 350 Insurance 40 60 750 810 850 Superannuation 20 40 360 400 430 Income tax 0 8750 9600 12760 Wages (including PAYG) 250 300 2000 3000 4000 More 70 60 150 40 100 Total expenses $1000 $1300 $28000 $31600 $34900 NET PROFIT (Net Income) $1000 $1900 $12000 $14400 $19100 Assumptions: All figures are GST inclusive. References Ajasafe, A.G.F., Lovell, H., Schmid, V. and Holmes, S. (2011). Integrated Communication Plan- for the UK Mobile Phone Market. Germany: GRIN Verlag. Bak, O. and Stair, N. (2011). Impact of E-business Technologies on Public and Private Organizations: Industry Comparisons and Perspectives. UK: IGI Global. Barschel, H. (2007). B2B Versus B2C Marketing - Major Differences Along the Supply Chain of Fast Moving Consumer Goods (FMCG). Germany: GRIN Verlag. Beamish, K. Teece, D. J. (2010). Business models, business strategy and innovation. Long range planning, 43(2), 172-194. Ashford, R. (2012). CIM Coursebook 07/08 Marketing Planning (4th ed.). UK: Routledge. Beamish, K. Ashford, R. (2012). CIM Coursebook 07/08 Marketing Planning (4th ed.). UK: Routledge. Bowhill, B. (2008). Business Planning and Control: Integrating Accounting, Strategy, and People. USA: John Wiley Sons. Brito, M. (2011). Smart Business, Social Business: A Playbook for Social Media in Your Organization. South Africa: Pearson Education. Chesbrough, H. (2010). Open services innovation: rethinking your business to grow and compete in a new era. USA: John Wiley Sons. Koontz, H. (2010). Essentials OfManagement (8th ed.). USA: Tata McGraw-Hill Education Private Limited. Mohana, R.P. (2011). Financial Statement Analysis and Reporting. USA: PHI Learning Pvt. Ltd. Reid, R.D. and Bojanic, D.C. (2009). Hospitality Marketing Management (5th ed.). USA: John Wiley Sons. Slotegraaf, R. J. (2012). Keep the door open: innovating toward a more sustainable future. Journal of Product Innovation Management, 29(3), pp. 349-351. Slotegraaf, R. J. (2012). Keep the door open: innovating toward a more sustainable future. Journal of Product Innovation Management, 29(3), pp. 349-351. Team, V., Teece, D. J. (2010). Business models, business strategy and innovation. Long range planning, 43(2), pp. 172-194. Markovic, M. (2006). Internet advertising of artificial tanning in Australia. European journal of cancer prevention, 15(4), pp. 371-376. Teece, D. J. (2010). Business models, business strategy and innovation. Long range planning, 43(2), pp. 172-194. Verhoef, P. C., and Lemon, K. N. (2013). Successful customer value management: key lessons and emerging trends. European Management Journal, 31(1), pp.1-15.