Cezar Andrei

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University of West London *

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Business

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Nov 24, 2024

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CEZAR ANDREI MODU LE INTRO DUCTI ON TO BUSIN ESS ASIIGN MEN 2

CEZAR ANDREI EXECUTIVE SUMMARY In this report, I will present a detailed description of a start-up business I want to make functional in the near future. On the next step, I will determine what type of information I need for my business and how it will help me make the right decisions and plan my business. In addition to analyzing the macroeconomic and microeconomic environment with Pestle's and Porter's analysis, I will also determine the biggest threats we have to face.. INTRODUCTION The goal of this report is to choose a start-up idea that will be launched soon and to investigate some information that will be useful to me in the future. The business concept I chose involves the establishment of a store that sells flowers and floral arrangements to people of all ages. Because of the numerous benefits, we have chosen a general partnership as our organisational structure (IBIS World, 2019). We chose the name FlowerPower because it best describes us, and we chose the location in the heart of London because it will allow us to reach a larger number of potential customers. The retail value of the UK fresh cut flower and indoor plant market is £2.2 billion. To put this in context, the UK music industry is worth approximately £2 billion (Flowersandplantsassociation.org.uk, 2019). This equates to a £36 annual spend per person (£28 on flowers and £8 on plants). While this is an improvement over the 1984 value of £8 per person, it still falls short of the rest of Europe, where people regularly spend £60-£100 per year on cut flowers and indoor plants. BODY Internal and External Information Having information is vital to a business because it allows us to measure activities and make decisions both internally and externally. Organizational development depends on decisions made by a business, and decisions are based on information obtained through analysis (Kotler, 2013). I will present some key information both internally and externally about the start-up business I've selected, and why each is important. First of all, I have to describe my business and I will say that it is a start-up business, which deals with the sale of flowers or floral arrangements made by us. The location I chose is in the center of London because it is very crowded. Consumer behaviour in this industry is quite important because everyone has different perspectives on flowers, for some they are a passion, others want to give them a gift or others have allergies and do not like them. The market information we collected from an external source led us to determine that the main customers we seek will be younger, females with medium to high incomes. In my role as director of the company, the external information helped me decide which products we should make and the prices we should charge. (Understanding the internal and external organisational environments - evaluating internal resources and organisational capabilities, 2017)

CEZAR ANDREI Secondly, we also need to know about the competition, because when we analyzed and discovered there are six other clothing shops in the area where we will open our store, we managed to plan some strategies to differentiate ourselves from them, and we made decisions about the marketing methods that would attract customers. Marketing methods have a success rate of over 60% and are the most effective in attracting customers. When analyzing the market, I discovered that we would need a legal person, someone with accounting experience. When analyzing the market, I figured we would need a legal person and a person with accounting skills.. All this information helped me to make the most effective decisions for my business and to divide the tasks in the most appropriate way. MACRO ENVIRONMENTAL ANALYSIS-PESTLE Unfortunately, when it comes to opening a flower shop, it does not have the best environmental impact. Most flowers are picked and can be grown with chemical-laden substances. Furthermore, the manner in which flowers are wrapped and, more often than not, placed in plastic bags, which are then discarded, has a significant impact on the environment. Most florists do not value this aspect, but we want to use recyclable materials to reduce our environmental impact. Customers are encouraged by the government to purchase flowers from local stores rather than placing orders from other stores abroad. We contribute to England's imports by using it to bring flowers from other countries. From an economic standpoint, we can divide customers into two groups: those with high incomes who can afford to buy larger and more expensive bouquets, and those who are affected by the minimum wage and unemployment rate and do not want to invest in flowers. People with limited resources prefer to grow flowers on their own for a longer period of time or to obtain them for free from gardens (www.studymode.com, n.d.). From a social standpoint, we can discuss people who promote flowers and have a large garden. Some people adore flowers and give them as gifts as frequently as they can. From a technological standpoint, we can draw a parallel here between people who prefer online shopping because they can easily check the products in all stores to compare prices and people who prefer physical shopping because they can see the quality of flowers in person. However, with ever-increasing technology, it has a significant impact on how a business owner should decide which methods to use to attract as many customers as possible, and here I am referring to opening a website or developing an application. MICRO ENVIRONMENTAL-PORTER In my report, I will include an analysis that I will conduct using Porter's five forces. The goal of this analysis is to examine our store's competitive environment and gather information about potential threats (Porter, 2008). We also hope to gain a competitive and long-term advantage for our flower shop with the help of this analysis. When raw materials are available in small quantities, suppliers have great bargaining power, which is exacerbated by the fact that the number of suppliers for a given product is quite

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CEZAR ANDREI small. Our industry has quite a few suppliers and their bargaining power is not too high. Flowers and packaging materials are readily available everywhere. When there are many competitors selling the same products as us, customers have more bargaining power (Acasestudy.com, 2019). There are many competitors in the area we chose, which makes it easy for our customers to place orders because they have so many options. Our competitors each offer products that fit the needs of their customers, as a result, customers are able to choose competitors with lower prices or much better deals, so it can be concluded that customers have great bargaining power. It will be difficult to compete with well-known stores that sell well-known products, so the rivalry is quite high. We are not threatened by new entrants because for them to create a reputation or competitive advantage, they need good resources and distribution channels. We are threatened by substitutes when we come across similar products. Our competition may offer lower prices or more advantageous offers, and because we are just starting out and have no extremely strong products, we can be replaced easily. We can conclude, therefore, that replacements are a significant threat. CONCLUSION The information I have provided is all necessary for a successful business. In order for a director to exercise his decision-making abilities, he must perform some analysis. The basis of any business is making well-thought-out decisions. Additionally, in my report I highlighted how competition and competition impact start-up businesses, as well as the key factors that determine a company's fate. REFERENCE LIST Flowersandplantsassociation.org.uk. (2019). The UK Flower Industry. [online] Available at: http://www.flowersandplantsassociation.org.uk/industry/uk-market.htm IBIS World (2019). IBISWorld - Industry Market Research, Reports, and Statistics. [online] Ibisworld.com. Available at: https://www.ibisworld.com/united-kingdom/market-research- reports/clothing-retailing-industry/ . Health Knowledge. 2017. Understanding the internal and external organisational environments - evaluating internal resources and organisational capabilities. [online] Available at: <http://www.healthknowledge.org.uk/public-health-textbook/organisation-management/5b- understanding-ofs/internal-external> [Accessed 25 February 2022]. Kotler, P., 2013. Marketing. 1st ed. Frenchs Forest, NSW: Pearson Australia. MindTools (2009). PEST AnalysisIdentifying Big Picture Opportunities and Threats. [online] Mindtools.com. Available at: https://www.mindtools.com/pages/article/newTMC_09.htm.

CEZAR ANDREI Porter, M.E. (2008). The Five Competitive Forces That Shape Strategy. [online] Hbs.edu. Available at: https://www.hbs.edu/faculty/Pages/item.aspx?num=34522 . (Understanding the internal and external organisational environments - evaluating internal resources and organisational capabilities, 2017) www.studymode.com. (n.d.). Pest analysis of flowershop Free Essays | Studymode. [online] Available at: https://www.studymode.com/subjects/pest-analysis-of-flowershop-page1.html [Accessed 7 Mar. 2022].

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