Student: Stanley

Legal and industry requirement and Financing and financial forecasts

Module Code MAN00001I Module Business Planning Module Leader Claire Sinclair Assessment Open Group Report Maximum Word Count 5,000 words Release Date To be confirmed Submission Date 11:00 (11am), Tuesday 28 April 2020 Weighting 40% Important information. A penalty of five marks will be deducted for late submissions that are made within the first hour after the deadline. Submissions that are more than one hour late but within the first 24 hours of the deadline will incur a penalty of ten marks. After the first 24 hours have passed, ten marks will be deducted for every 24 hours (or part thereof) that the submission is late for a total of 5 days. After 5 days it is treated as a non-submission and given a mark of zero. The consequences of non-submission are serious and can include de-registration from the University. If you are unable to complete your open assessment by the submission date indicated above because of Exceptional Circumstances you can apply for an extension. If unforeseeable and exceptional circumstances do occur, you must seek support and provide evidence as soon as possible at the time of the occurrence. Applications must be made before the deadline to be considered. Full details of the Exceptional Circumstances Policy and claim form can be found here: https://www.york.ac.uk/students/studying/progress/exceptional-circumstances If you submit your open assessment on time but feel that your performance has been affected by Exceptional Circumstances you may submit an Exceptional Circumstances Affecting Assessment claim form by 7 days from the published assessment submission deadline. If you do not submit by the deadline indicated without good reason your claim will not be considered. Please take proper precautions to safeguard your work and remember to make backup copies of your data. The University provides all its students with storage space on the University server and you should save and back up any work in progress on this server on a regular basis. Computer failure and theft of your equipment or storage media are not considered exceptional circumstances and extensions cannot be granted for work lost for these reasons. Word count requirements The word count for this assignment is 5,000 words. You must state on the front of your assignment the number of words used and this will be checked. You must observe the word count specified in this assignment brief. The School has a policy of accepting variations to the recommended word count of plus or minus 10%. What does this mean for you? Markers will mark your work up to the word count maximum plus 10% and then will stop marking; therefore all words which are in excess of the word count plus 10% will not be marked. Where your word count is more than 10% below that specified, it is likely that this will result in a lack of analytical depth or relevant content, which will be reflected in the mark assigned. What is in the word count? The word count includes: - the main text, including in-text reference citations and quotations. The word count does not include: - Title page - Contents page - Abstract/executive summary - Tables, figures, legends - Reference lists - Acknowledgements - Appendices. It is expected that business plans will use Appendices for supporting data, which may be too detailed or complex to include as a Table. They are not a device to incorporate material that would otherwise cause you to exceed the word limit.   This is a business plan so make sure it looks good on the page. GROUP BUSINESS PLAN (Contributes 30% of the grade for this module) The Brief: Working as a team, prepare a business plan in report format for the establishment of a new enterprise that addresses issues of sustainability and the environment as presented at the Entrepreneurial Bootcamp. It is expected that your venture will be a limited company, with you as the shareholders. See: (see https://www.gov.uk/business-legal-structures/limited-company). In addition, if your venture is a social enterprise it may be a community interest company (CIC). See: https://unltd.org.uk/portfolio/3-7-determining-the-right-legal-structure-for-your-social-enterprise) You can make up to three major assumptions that enable your plan to be viable, These should be stated in the introduction to your plan. For example, you may make an assumption about the level of investment you have, about a technological advancement, availability of specific business premises or results of clinical trials. Outside your three assumptions, everything else in your business plan must be based on reality and supported by evidence. Your objective is to provide a business case that is convincing for potential investors. You will decide the type of investor you are seeking and pitch to them appropriately. You should demonstrate the return that investors will achieve and provide convincing financial forecasts for when that will occur. Include financial information, cash flow and projections for the first 4 years of your enterprise. You are required to show your sources. Business plans do not conventionally use the Harvard academic referencing system. Use footnotes to indicate sources of evidence employed in your plan. Provide a separate bibliography as an appendix referencing theories, tools, concepts, models and frameworks that you apply in your business plan. This is a group activity and so a single document will be produced by the group as a whole. All members should proof read and agree the final draft before you submit it. Your proposed enterprise must operate within the law. Illegal/black market/loan shark type arrangements to boost your virtual funds are not acceptable. Neither can you team up with another group in order to pool resources or simply say that you will get additional funds from a friend or a relative! You do not have to employ each and every member of your team as a paid member of staff and you may use a reasonable amount of unpaid voluntary work consistent with the type of enterprise that you are proposing. You should demonstrate a realistic approach and employed staff should be budgeted at the ‘going rate’. You should show the return that all members of your group will achieve (either as salary or dividend). If group members are not achieving any return from the enterprise, investors will question how they will sustain themselves and maintain commitment to the venture’s success. Instructions for the submission of work Submit one (1) copy of your business plan: One electronic copy Follow the instructions on the VLE to submit one electronic copy before the specified deadline. Only one member of each group can submit the electronic copy. Please include a cover sheet listing the examination numbers of each group member. POLICY ON ASSESSMENT OF GROUP WORK Candidates are reminded of The York Management School’s policy on Group Work: “If a group hands in its assessment late, all members of that group will receive the stated penalty. However, if individual students believe that they are not to blame for the late hand-in, they may appeal in writing to the module organiser.” Please be aware that whilst academic staff are willing to offer advice and group mediation to project teams experiencing difficulties in developing their group-working skills, we do not accept the failure of students to do so as grounds for compensation. We consider it important that students learn that their individual achievement in group activities is closely related to that of the group. Hence, the marks awarded will reflect the work of the group as a whole. END OF ASSESSMENT TASK  LEARNING OUTCOMES AND MARKING CRITERIA Generic criteria Module specific learning outcomes relevant to this assessment G1 Argument S1 Understand and apply key aspects of new venture creation and development, including: deciding upon a business idea, developing a ‘value proposition’ for customers, and refining a ‘business model’ to deliver the value proposition to customers. G2 Structure S2 Understand the interaction between various key functional areas within Management. G3 Use of sources S3 Acquire and organise information from a wide range of source materials. G4 Referencing S4 Analyse and prepare solutions to an increasingly complex set of business problems. G5 Presentation S5 Demonstrate and utilise the skills needed for effective group and teamwork   Generic Marking Criteria: Group Report/Business Plan ARGUMENT inc CRITICALITY STRUCTURE USE OF SOURCES inc. QUOTATIONS REFERENCING PRESENTATION 1st 70-100 ➢ Answers the assessment brief fully and thoughtfully linking their answer to broader discussions in the discipline and/or developing new perspectives on the question ➢ Articulates a clear position on the issue ➢ Presents a strong, focused business case, well supported by impressive analysis and evidence ➢ The points being made are clear and convincing for the reader throughout the work ➢ Has an engaging explanation of the business opportunity that contextualizes the issue, states the subject and the focus of the work. ➢ Has well-structured paragraphs, that have one main idea and strong supporting material ➢ Has good links between paragraphs and between the different sections of the report/plan that result in work that flows well ➢ Conclusions and proposed solutions are powerfully convincing ➢ Understood and integrated complex and/or theoretically sophisticated material into their own work. ➢ Demonstrated excellent independent research skills by sourcing additional scholarly material relevant to the topic ➢ Has used direct quotations only when absolutely necessary ➢ Paraphrased sources well and integrated points into their own work to good critical effect rather than describing position of others ➢ The reference format (in-text citation and Reference List) is used accurately throughout ➢ Formatting of Reference List correct ➢ No spelling or grammatical errors ➢ Appropriate tone and use of language ➢ Correct punctuation   Generic Marking Criteria: Group Report/Business Plan ARGUMENT inc CRITICALITY STRUCTURE USE OF SOURCES inc. QUOTATIONS REFERENCING PRESENTATION 2:1 60– 69 ➢ Answers the assessment brief clearly and in sufficient detail ➢ Articulates a clear position on the issue ➢ Presents a business case with relevant analysis and supporting evidence ➢ The points being made are clear to the reader ➢ Other perspectives / alternative scenarios are acknowledged even if criticality is not fully present ➢ Has a clear explanation of the business opportunity that states the subject and purpose of the work. ➢ Has well-structured paragraphs that have one main idea and supporting material ➢ Links between paragraphs and between the different sections of the report/plan are there but could be stronger ➢ Has clear conclusions and proposed solutions which bring together the main points and answer the assessment brief ➢ Demonstrates understanding of arguments and esp. critiques found in source material & integrated them well into own argument. ➢ Has included additional material into their paper to strengthen analysis or broaden understanding ➢ Good use of paraphrasing ➢ Direct quotations used, but linked well to points being made ➢ The reference format (in-text citation and Reference List) is used accurately - except for a few minor errors of formatting ➢ One or two minor spelling and grammatical errors ➢ Appropriate tone and use of language ➢ Correct punctuation 2:2 50- 59 ➢ Mostly answers the assessment brief – some irrelevance ➢ Presents a basic business case with some analysis but predominantly contains description / summary and little or no criticality ➢ The points being made can be followed with some effort ➢ Has an explanation of the business opportunity that states the subject and argument of the work, but is not totally clear ➢ Has separate paragraphs that have one main idea and some supporting material ➢ Some links between paragraphs and between the different sections of the work ➢ Has conclusions and proposes solutions which repeat the main points ➢ Demonstrates understanding of the arguments used in source material ➢ Has used and integrated the recommended reading well. ➢ Tendency to be over-reliant on direct quotations rather than paraphrasing, breaking the flow of their writing and argument. ➢ The reference format (in-text citation and/or Reference List) has consistent and/or frequent errors ➢ Mostly accurate spelling and grammar usage but needs careful proofreading – a few careless errors ➢ Shows a reasonable grasp of academic style and vocabulary 3rd 40-49 ➢ Addresses the question but in a roundabout way and/or goes off on a tangent ➢ The argument is not clear with more summary and “telling the story” than analysis ➢ The point of the work becomes lost in places ➢ It is difficult to discern the explanation of the business opportunity ➢ Has poor paragraph development – main ideas are left undeveloped or there is more than one main idea in paragraphs ➢ Links between paragraphs and between the different sections of the work are absent or not clearly stated ➢ Has conclusions and/or proposes solutions but with little detail / unclear ➢ Basic understanding of source material ➢ Insufficient sources used, with the effect of being over-reliant on a few or poor quality sources. ➢ Frequent use of direct quotations to the point of distraction for the reader ➢ The reference format (in-text citation and Reference List) is not Harvard and/or is used inaccurately ➢ Marker not confident that secondary citations are accurately presented ➢ Uses language which occasionally gets in the way of meaning or is not appropriate to the audience ➢ Frequent spelling and grammatical errors CF 30-39 ➢ Fails to answer the assessment brief ➢ No evidence of a business case or any use of evidence ➢ The point of the entire work is confused ➢ Fragments of disconnected material, no one perspective established ➢ Has an explanation of the business opportunity which is confused or serves little purpose for the reader ➢ Has little sense of paragraphing – paragraphs and sections within the report are too long or too short – main ideas and supporting material are confused ➢ Has conclusions and/or proposes solutions that do not round the work off but raise more issues ➢ Has not demonstrated sufficient grasp of source material ➢ Poor judgment in selecting sources – poor quality and/or non-scholarly ➢ Work is dominated by direct quotations with short passages of commentary in between ➢ The reference format (in-text citation and Reference List) is not Harvard and/or is used inaccurately ➢ Marker not confident that secondary citations are accurately presented ➢ Missing items from the Reference List ➢ Uses language which often gets in the way of meaning and/or is entirely inappropriate for an academic piece of work ➢ Frequent spelling and grammatical errors F 0-29 ➢ Does not address the topic or answer the assessment brief ➢ No business case or evidence provided ➢ There does seem to be any real point to the work or it answers an entirely unrelated question / brief. ➢ No explanation of the business case in the accepted sense ➢ Little attempt to organise into paragraphs and distinct sections – very confused ➢ No conclusions or proposed solutions ➢ Little evidence of understanding source material ➢ Poor judgment in selecting sources – poor quality and/or non-scholarly ➢ Reliant on Wikipedia or lecture notes for construction of work ➢ Work is almost entirely made up by direct quotations or bullet points ➢ The reference format (in-text citation and Reference List) is not Harvard and/or is used inaccurately ➢ Marker not confident that secondary citations are accurately presented ➢ Missing items from the Reference List ➢ Sentences that cannot be understood ➢ Student should be counseled re use of academic English and referred for specialist help.   Group Report (Business Plan) – Module Specific Outcomes S1: Understand and apply key aspects of new venture creation and development, including: deciding upon a business idea, developing a ‘value proposition’ for customers, and refining a ‘business model’ to deliver the value proposition to customers. S2: Understand the interaction between various key functional areas within Management. S3: Acquire and organise information from a wide range of source materials. S4: Analyse and prepare solutions to an increasingly complex set of business problems. S5: Demonstrate and utilise the skills necessary for effective group and teamwork. 1st 70-100 Thorough application of concepts throughout (comprehensive and detailed use of various frameworks/concepts/tools taught on the module and diagrams/visualisations are always presented in an applied manner). All main content areas required within a business plan have been included. The connection between the business idea, value proposition, and business model are absolutely clear. Detailed and thoroughly convincing financial information has been included which shows clearly how the proposed business will meet the requirements of the brief in terms of any specified performance indicators. Overall, the work clearly demonstrates highly developed analytical and evaluative skills. Accurate understanding of the different functions of a business enterprise and the related necessary elements of a business plan. Critical understanding has been given to the potential tensions between different business activities and/or functions (i.e. between making sales and fulfilling orders). A cogent and coherent plan: ➢ Underpinned by a synthesis of findings from a blend of primary and secondary sources including academic journals, industry reports, and market research, in addition to the core textbook and other materials on the module reading list. ➢ Data has been processed and is summarised systematically, effectively and selectively within the main body of the report, and where applicable, appendices used for supporting information. ➢ Where appropriate, information is summarised visually (i.e. charts and graphs) and to a professional standard. Strong evidence that the complexities and choices/dilemmas involved throughout the business planning process have been identified and addressed effectively. Comprehensive identification of factors and risks stemming from the different levels of the business environment have been systematically analyzed and evaluated, and suitable and realistic solutions/mitigations have been stipulated. Financial projections provided for some realistic alternative scenarios – spreadsheet data may be placed in the appendix, but should be briefly explained and referenced to in the main body of the plan. Clearly explains and justifies what the performance indicators for the new venture would be, including more than just those specified within the assessment brief. Overall, the plan is consistent, cohesive and cogent and reads well as a single document, avoiding the ‘silo’ effect of inconsistent, contradictory and disjointed chapters which can occur when students work only independently rather than as a team, for example, the plan is: ➢ Integrated with evidence of ‘joined-up thinking’ throughout in terms of the different business functions. ➢ Consistent throughout in terms of budgets, branding and so on, and the different elements are complementary/supportive rather than disjointed and/or contradictory. In respect of aspects of the plan concerned with human resources/staffing/management team: ➢ Detailed and thorough consideration given to recruiting and incentivising an effective workforce/team, and explains the skills and knowledge that would be required to operationalise the proposed venture and how these will be met. S1 S2 S3 S4 S5 2:1 60-69 A detailed application of concepts throughout, using various frameworks/concepts/tools taught on the module and diagrams/visualisations are mostly presented in an applied manner. All main content areas required within a business plan have been included. The connection between the business idea, value proposition, and business model are mostly clear. Detailed and mostly convincing financial information has been included which shows clearly how the proposed business will meet the requirements of the brief in terms of any specified performance indicators. Overall, the work mostly demonstrates highly developed analytical and evaluative skills. A mostly accurate understanding of the different functions of a business enterprise and the related necessary elements of a business plan. Some understanding given to the potential tensions between different business activities and/or functions (i.e. between making sales and fulfilling orders). A mostly cogent and coherent plan: ➢ Underpinned by findings from a blend of primary and secondary sources including academic journals, industry reports, and market research, in addition to the core textbook and other materials on the module reading list. ➢ Data has been processed and is mostly summarised effectively and selectively within the main body of the report, tends to be done systematically, and where applicable, appendices are used for supporting information. ➢ Where appropriate, information is summarised visually (i.e. charts and graphs) and to a relatively high standard, although with a small number of omissions or inconsistencies. Good evidence that the complexities and choices/dilemmas involved throughout the business planning process have been identified and addressed effectively. Detailed identification of factors and risks stemming from the different levels of the business environment have been identified and evaluated, and suitable and realistic solutions/mitigations have been stipulated. For a higher 2:I there will be some inclusion of financial projections provided for alternative scenarios – spreadsheet data may be placed in the appendix, but should be briefly explained and referenced to in the main body of the plan. Explains and to an extent justifies what the performance indicators for the new venture would be, including more than just those specified within the assessment brief. Overall, the plan is mostly consistent, cohesive and cogent and reads well as a single document, avoiding the ‘silo’ effect of inconsistent, contradictory and disjointed chapters which can occur when students work only independently rather than as a team, for example, the plan is: ➢ Mostly integrated with evidence of ‘joined-up thinking’ throughout in terms of the different business functions. ➢ Mostly consistent throughout in terms of budgets, branding and so on, and the different elements are complementary/supportive rather than disjointed and/or contradictory. In respect of aspects of the plan concerned with human resources/staffing/management team: ➢ Detailed consideration given to recruiting and incentivising an effective workforce/team, and mostly explains the skills and knowledge that would be required to operationalise the proposed venture and how these will be met. Most important points covered. S1 S2 S3 S4 S5 2:2 50-59 A basic application of concepts throughout, using various frameworks/concepts/tools taught on the module but only some diagrams/visualisations are presented in an applied manner. All main content areas required within a business plan have been included. The connection between the business idea, value proposition, and business model are mostly clear. A basic coverage of financial information has been included which shows to an extent how the proposed business will meet the requirements of the brief in terms of any specified performance indicators. Overall, the work demonstrates some attempt at analysis and evaluation, although mostly descriptive. A somewhat accurate understanding of the different functions of a business enterprise and the related necessary elements of a business plan. Little understanding given to the potential tensions between different business activities and/or functions (i.e. between making sales and fulfilling orders). A somewhat cogent and coherent Plan, although some problems: ➢ Basic evidence of research to underpin the plan, from a narrow set of sources that makes little use of the module reading list and/or a basic level of descriptive primary research. ➢ Data rather than information is presented and/or information is presented in a confusing or mostly unsystematic manner. ➢ Some visualisation of data/info (i.e. charts and graphs) but omissions and inconsistencies tend to detract from the message. A limited degree of evidence that the complexities and choices/dilemmas involved throughout the business planning process have been identified and addressed effectively. Some identification of factors and risks stemming from the different levels of the business environment have been identified. Evaluation and mitigation is only basic and not fully explained or justified. Financial projections relate to just 1 scenario. Performance indicators for the new venture are limited to just those specified within the assessment brief. Overall, the plan is somewhat consistent, cohesive and cogent but on occasion fails to avoid the ‘silo’ effect of inconsistent, contradictory and disjointed chapters which can occur when students work only independently rather than as a team, for example, the plan lacks to some extent: ➢ Integration with evidence of ‘joined-up thinking’ throughout in terms of the different business functions. ➢ Consistency throughout in terms of budgets, branding and so on, and the different elements are in several places disjointed and/or contradictory. In respect of aspects of the plan concerned with human resources/staffing/management team: ➢ Basic consideration given to recruiting and incentivising an effective workforce/team, and a basic explanation of the skills and knowledge that would be required to operationalise the proposed venture and how these will be met. Most important points covered, but lacks the level of detail or clarity expected at 2:1 level or above. S1 S2 S3 S4 S5 3rd 40-49 Some attempt to apply the business planning concepts using the various frameworks/concepts/tools taught on the module but diagrams/visualisations are not presented in an applied manner. Most of the main content areas required within a business plan have been included. Some attempt to show the connection between the business idea, value proposition, and business model but these links are not entirely clear. A basic coverage of financial information has been included which shows to an extent how the proposed business will meet the requirements of the brief in terms of any specified performance indicators. Overall, the work demonstrates little attempt at analysis and evaluation, and is mostly descriptive. Some basic understanding of the different functions of a business enterprise and the related necessary elements of a business plan. Little understanding given to the potential tensions between different business activities and/or functions (i.e. between making sales and fulfilling orders). A reasonably understandable plan although noticeably incoherent in places: ➢ Basic evidence of research to underpin the plan, from a very narrow set of sources, for example just the core textbook and a very basic level of descriptive primary research. ➢ Data rather than information is presented and/or information is presented in a confusing manner. ➢ Little visualisation of data/info (i.e. charts and graphs) but omissions and inconsistencies tend to detract from the message. Little degree of evidence that the complexities and choices/dilemmas involved throughout the business planning process have been identified and addressed effectively. Little identification of factors and risks stemming from the different levels of the business environment have been identified. Little evaluation and mitigation and not fully explained or justified. Financial projections relate to just 1 scenario. Performance indicators for the new venture are limited to just those specified within the assessment brief. Overall, the plan demonstrates little consistency, cohesiveness or cogency and tends to fall into the ‘silo’ effect of inconsistent, contradictory and disjointed chapters which can occur when students work only independently rather than as a team, for example, the plan: ➢ Lacks integration with little evidence of ‘joined-up thinking’ throughout in terms of the different business functions. ➢ Lacks consistency throughout in terms of budgets, branding and so on, and the different elements are in many places disjointed and/or contradictory. In respect of aspects of the plan concerned with human resources/staffing/management team: ➢ Basic consideration given to recruiting and incentivising an effective workforce/team, and a basic explanation of the skills and knowledge that would be required to operationalise the proposed venture and how these will be met, but too many important points are missing, and important detail is lacking. S1 S2 S3 S4 S5 CF 30-39 Very little attempt to apply the business planning concepts using the various frameworks/concepts/tools taught on the module, and diagrams/visualisations are not presented in an applied manner. Most of the main content areas required within a business plan have not been included. Very little attempt to show the connection between the business idea, value proposition, and business model but these links are not entirely clear. A very basic coverage of financial information has been included which fails to show sufficiently how the proposed business will meet the requirements of the brief in terms of any specified performance indicators. Overall, the work demonstrates very little attempt at analysis and evaluation, and is mostly descriptive. Very little understanding of the different functions of a business enterprise and the related necessary elements of a business plan. Very little understanding given to the potential tensions between different business activities and/or functions (i.e. between making sales and fulfilling orders). A mostly incoherent plan: ➢ Very little evidence of research to underpin the plan ➢ Data or information is presented in a confusing manner. ➢ Very little visualisation of data/info (i.e. charts and graphs) and omissions and inconsistencies tend to detract from the message. Very little degree of evidence that the complexities and choices/dilemmas involved throughout the business planning process have been identified and addressed effectively. Very little identification of factors and risks stemming from the different levels of the business environment have been identified. Very little evaluation and mitigation and not fully explained or justified. Financial projections are incomplete. Performance indicators for the new venture are limited to just those specified within the assessment brief. Overall, the plan demonstrates very little consistency, cohesiveness or cogency and more often than not falls into the ‘silo’ effect of inconsistent, contradictory and disjointed chapters which can occur when students work only independently rather than as a team, for example, the plan: ➢ Lacks integration with very little evidence of ‘joined-up thinking’ throughout in terms of the different business functions. ➢ Lacks consistency throughout in terms of budgets, branding and so on, and the different elements are in many places disjointed and/or contradictory. In respect of aspects of the plan concerned with human resources/staffing/management team: ➢ Very basic consideration given to any of these aspects – some relevant points mentioned but with no explanation provided to justify the points made. S1 S2 S3 S4 S5 F 0-29 No attempt to apply the business planning concepts using the various frameworks/concepts/tools taught on the module. Most or all of the main content areas required within a business plan have not been included. No attempt to show the connection between the business idea, value proposition, and business model. No coverage of financial information has been included. Overall, the work demonstrates no attempt at analysis and evaluation, and is entirely descriptive. No understanding of the different functions of a business enterprise and the related necessary elements of a business plan. No understanding given to the potential tensions between different business activities and/or functions (i.e. between making sales and fulfilling orders). A wholly incoherent plan: ➢ No evidence of research to underpin the plan ➢ No data or information is presented or is entirely confusing. ➢ No visualisation of data/info (i.e. charts and graphs) No evidence that the complexities and choices/dilemmas involved throughout the business planning process have been identified and addressed effectively. No identification of factors and risks stemming from the different levels of the business environment. No evaluation and mitigation and not explained or justified. No financial projections. Performance indicators for the new venture are non-existent. Overall, the plan demonstrates very little consistency, cohesiveness or cogency and throughout the plan it falls into the ‘silo’ effect of inconsistent, contradictory and disjointed chapters which can occur when students work only independently rather than as a team, for example, the plan: ➢ Lacks integration with very no evidence of ‘joined-up thinking’ in terms of the different business functions. ➢ Lacks consistency throughout in terms of budgets, branding and so on, and the different elements are disjointed and/or contradictory. In respect of aspects of the plan concerned with human resources/staffing/management team: ➢ Many or all of the required points are highly inaccurate or are missing entirely. Most or all relevant points missing and no explanation provided to justify any of the points made. Small contents page for editing reference · 1.Executive summary 1 · 2.Business details 1 · 3.Industry and market analysis 2 · 4.Customers and value proposition 2 · 5.Marketing and sales 3 · 6.Operations and Resources 3 · 7.Management team, personnel, and company structure 1 · 8.Legal and industry requirements 4 · 9.Financing & financial forecasts4 · 10.Risk assessment 5 · 11.Key milestones 5 · 12.Beyond Start-up5 3.1 Industry Analysis: Current UK school uniform suppliers come with one of two major issues: their uniforms are either too expensive or they contribute to the growing issue of fast fashion as 350,000 tonnes of unwanted clothing head to UK landfills every year (WRAP, 2012). At Uniformed we are aiming to provide school uniforms that serve as a solution to both of these issues. Offering parents with a cheaper alternative, that are made entirely out of recycled clothing, without skipping out on quality. For the meantime there are little-no direct substitutes for a school uniform, even though there is no legislation regarding the wearing of school uniforms. The decision falls on the individual schools, and it is traditional custom that school children in the UK wear them. This is not to say that it will not change in the future, although there are no signs of doing so. Uniformed’s target market is the low end of the market. We aim to satisfy the needs of those looking to save money on school uniforms, so largely low-income families, in the (specific?) London area. As well as those who are conscious of the environmental effects of fast-fashion and seeking an eco-friendlier alternative. The ‘back to school’ market is growing year on year as the latest research from Mintel estimates that the back-to-school market was worth £1.16 billion (up 36% from the previous year) in 2018, [Mintel say 1.2 billion, GlobalData say 1.7, can include either with a sufficient source] with the number of children in school continuously growing (see figure 1). This paired with the increasing spending on school uniforms (see Market Analysis) leads us to believe this industry is a safe one to enter, with considerable profit potential. With the end goal being to supply school children up and down the country with our cheaper, more sustainable uniforms. Figure 1: School Population: Primary, Secondary, All schools There are no specific taxes on textile production, only costs related to imports/exports which are irrelevant given that we do not plan to import materials nor export our products. Government regulation is relaxed – the list of guidelines is addressed in the market analysis. No new issues are expected to arise with the impending exit from the European Union. 3.2 Market Analysis: Mintel estimates that the back-to-school market was worth £1.16 billion in 2018. This is a huge market with lots of opportunity for new players and an even bigger potential to undercut the market given the continuous rise on prices of school uniforms. The Department for Education (DfE) asked 1183 parents about the cost of school uniform in 2015 and (adjusted for inflation) the figures came to £217 for a primary school girl, and £207 for a boy. Our uniforms priced at [????] are [%] cheaper. To begin with, we will be aiming to target 30 schools in the (specific?) London area, selling on average to 20% of the students in that school. Given the average number of children in primary schools is 281 (Staufenberg, 2018), this gives us an estimated number of customers per school of 56, and thus, 1860 estimated customers overall. Competitors competencies vary, with some being highly established and respected suppliers specialising in quality, and others looking to provide simpler options at a cheaper price. Some of the specialist retailers are deploying eco-friendly ranges, but none of our competitors can match us on price nor environmental protectionist measures. Figure 2: Table comparing competitors against Uniformed The lack of eco-friendly products on the market offer a gaping hole for us to slot in to. Whilst some competitors have eco-friendly ranges, we are the first and only provider in which 100% of our activity is eco-friendly. We are not dabbling or making a half-hearted attempt, we are fully committed and uncompromising in our product and message[a]. And everything that we do, goes towards creating a financially cheaper alternative for parents, without skipping out on quality by sourcing our materials from the leading used clothing provider in the UK (ukusedclothes.co.uk). To further ensure quality we only accept clothing in their “Cream” range which consist of new/nearly new clothing from UK high street brands ONLY. *****I can change this if we want, let me know. Cream consists of adult clothing that costs £7 per KG for summer clothes, and £6 per KG for winter. Their ‘Grade A’ range for example, provides used clothing in good condition i.e. no stains, rips, bobbling etc for the following options: - Summer mix of Adult & Children clothing - £3 per KG - Winter and Summer: Adult clothing - £2 per KG (Summer only @£3 per kg) - Winter and Summer: Children clothing - £4 per KG (Summer only @£6 per KG) ****** We aim to create a trendy & desirable range to move focus from the idea that it is “recycled clothing”. It’s important to us to reaffirm that they aren’t old/reused clothing, we have taken something old and made it into something new. We intend on being as transparent about the process (making videos etc?) as possible to show kids/parents that these aren’t old or ruined hand-me-downs, but new, clean, eco-friendly alternatives. When it comes to barriers to entry concerning potential future competitors, costs are low which is an issue and we don’t have substantial funding to corner off the market. However, with sufficient funding we will be able to expand production and make it difficult for potential competitors to replicate our model. We are building a strong relationship with our suppliers hoping to bargain lower prices with larger orders. There is no current supplier making new uniforms out of recycled clothes/materials. We will be successful because Uniformed presents an innovative way to provide eco-friendly uniforms for kids. The nature of our production process means that we are not at risk of running out of cheap materials/ingredients. Regulation in this industry is extremely relaxed, within the wider textile industry the main elements are: · General obligation to state the full fibre composition of textile products; · Exemption applicable to customised products made by self-employed tailors; · Empowerment of the European Commission to adopt delegated acts amending the technical Annexes of the Regulation, in line with Article 290 of the Treaty on the Functioning of the European Union; 4 Customer Value Proposition: · Saving: The planet & your own money. · Save money whilst you help save the environment. · Pay less towards a better future. (Haven’t decided which one yet, but they revolve around the idea of saving) Staufenberg, J. (2018). ‘DfE: Schools get bigger as pupil population increases by 66,000’. Schools Week. Published June 28th 2018. Available at: https://schoolsweek.co.uk/dfe-schools-get-bigger-as-pupil-population-increases-by-66000/ [Accessed April 23rd 2020] WRAP. (2012). ‘Valuing our clothes: the evidence base’. WRAP. p.2. Available at: https://www.wrap.org.uk/content/textiles-overview [Accessed April 23rd 2020] School census. (2019). Main text: Schools, Pupils and their Characteristics. GOV.UK. Published 27th June 2019. Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/812539/Schools_Pupils_and_their_Characteristics_2019_Main_Text.pdf [Accessed 23rd April 2020] 5.Marketing strategy Marketing Objectives Our marketing aims include: - To build and maintain the loyalty of our customers through relationship marketing - To eventually achieve brand awareness as one of the most environmentally sustainable uniform production companies - To gradually expand our base across London, allowing us to further expand our reputation Our marketing mix is a tool that will enable us to achieve our marketing objectives (Jobber, 2013). Marketing plan Target market Our target market is children from low-income backgrounds with household incomes below £30,000. One in six families are forced to cut back on food and other basic essentials to afford their children’s school uniform (Battersby, 2019). In 2018 there were over 2.74 million children living in families in relative low income (Gov.UK, 2020). Therefore, the size of this segment is very large in comparison with the overall market. Our products will be at a lower cost to our competitors, enabling our company to be a suitable option to those from low-income backgrounds. Additionally, at first, we will only target children in primary school, from the ages of 5 to 11 years, due to our lack of resources, as less materials will be required. Then, once growth is achieved, our company will establish a segment expansion strategy into all school uniform clothing (Shaw, 2012). Branding and Positioning The company will create their brand awareness primarily through word-of-the-mouth. Once the first initial contacts are made, we are hopeful word will spread. Eventually, as our company expands, schools will reach out to us to provide their schools with our eco-friendly uniforms. Our main focus is providing prosperous value to our first schools, thereby building our brand as a reputable organisation. Uniformed will utilize their environmentally sustainable image to create a memorable and meaningful aspect to the brand through storytelling. Positioning involves the design of the company’s image and offering, creating a distinct competitive position in the targeted consumer’s mind. Uniformed will position themselves as a supplier of environmentally sustainable uniforms for primary school children. The organisation will be most beneficial for the environment, in relation to our competitors, thereby providing competitive advantage. Additionally, the lower cost of our product in comparison with our well-known competitors will further successfully position the company to attract the low-income segment. Marketing Mix The marketing mix consists of the 7P’s model, enabling Uniformed to portray all service operations within the market. The 7P’s model is a more recently developed model than the 4P’s model, which only consists of product, price, place and promotion (Ivy, 2008). The marketing mix is highly relevant to the company’s overall marketing plan but may need to be adjusted as the company grows. Product Uniformed sell a range of clothing items in primary school uniforms for children. These uniforms are entirely reproduced from second-hand clothing. Our product variety is large due to the different types of clothing required. Figure 1.0 Uniform items list Girls uniform Girls sportswear Boys uniform Boys sportswear Blouse T-shirt Shirt T-shirt Blazer Shorts Blazer Shorts Jumper Jumper Jumper Jumper Skirt Skort Shorts Tracksuit Pinafore Tracksuit Trousers Socks Tights Socks Socks Socks Customers can choose to purchase any variety of clothing dependent on their requirements, for example, some schools require girls to wear skirts, while others require pinafores. The selection of clothing items have been designed to meet the needs of all customers. In regard to Ansoff’s Matrix, Uniformed is undergoing product development. This is where the innovative construction of second-hand clothing takes place in an already established school uniform market (Ansoff, 1957). The modification of our product through utilizing previously owned clothing is an inventive approach to reducing the impacts of fast fashion. All of our clothing will be fitted based on these age range brackets: · 5 to 6 years · 7 to 8 years · 9 to 10 years · 11 to 12 years Price In our calculation of price, we have summarised uniforms’ as a whole to provide a widened outlook on the cost of our products. Our aim is to price our products at a strict minimum of 5% below our competitors. Thereby, visibly highlighting our lower cost of products, enabling us to attract our targeted segment. This shows our competitive pricing strategy, constructed through Porters Five Forces analysis (Porter, 1980). We are aiming to achieve a matched or reduced price for our products, when compared with our competitors, to ensure Uniformed is a cheaper alternative. Figure 1.1. Table showing cost of item for girls’ uniform for 11 to 12 years Girls uniform Cost per item £ Girls sportswear Cost per item £ Blouse 1.30 T-shirt 0.80 Blazer 8.00 Shorts 1.30 Jumper 1.70 Jumper 1.70 Skirt 2.80 Skort 2.80 Pinafore 3.50 Tracksuit 3.00 Tights (pair of 2) 1.50 Socks (pair of 2) 0.50 Socks (pair of 2) 0.50 Figure 1.1. Table showing cost of item for boys’ uniform for 11 to 12 years Boys uniform Cost per item £ Boys sportswear Cost per item £ Shirt 1.30 T-shirt 0.80 Blazer 8.00 Shorts 1.30 Jumper 1.70 Jumper 1.70 Shorts 2.20 Tracksuit 3.00 Trousers 2.80 Socks (pair of 2) 0.50 Socks (pair of 2) 0.50 Our product will vary slightly based on age. This summary above is based on the highest age of 11 to 12 years. Our product cost will decrease by 15p for every reduced age bracket, for example, a girls’ blouse at 7 to 8 years will cost £1.00. By providing an outline of our product cost per item, it allows our customers to decide on the specific quantity of the product. We are aware there will be a peak of purchase in the months of July and August before the new school year begins. However, this will not impact our production because our research has indicated school uniform items will constantly be required throughout the year due to damage and lost property. ****Uniformed aim to reach an estimated 15% growth per year, with a minimum of 1,000 orders of our items within the first year, ensuring our reputable brand expansion as well. We have set a goal to reach over 6,000 orders of our items after 5 years. Place Our manufacturing and production will occur in London with Appareltasker. This manufacturing company will receive the second-hand clothing from UK Used Clothing Ltd and will produce our uniforms utilizing these materials. Our manufacturer is located in Epsom Street, London. London is a suitable location for our business to grow due to its high population and high percentage of low-income households. This will be the only physical workplace that will be required because all manufactured clothing will be shipped directly to our customers. As our company grows and evolves, it is predicted our business may expand into other areas outside of London, dependent on our rate of success. The sole location for contacting our company will be through our website. This will provide all contact details, such as our telephone number and email, enabling schools to contact us when needed. It is expected within especially the first year of operation we will be the ones reaching out to our potential customers. Promotion Uniformed will use their promotional efforts through creating an online presence to gain brand awareness. By using social media applications, such as Instagram and Facebook, this will enable the company to create a familiar image. This direct marketing enables the company to connect with potential customers. The exponential growth of social media and networking over recent years highlights the significance of this strategy for technological adaptation and future growth (Smith, 2019). People Due to the limited direct contact with our customers, our digital customer service will provide an optimum high-quality experience, ensuring our customer loyalty. Providing an effective online customer service will create a desirable reputation for the company. Process Acquiring our second-hand clothing from UK Used Clothing Ltd, ensuring the rapid production of our uniforms via Appareltasker, and transporting our products to our customers demonstrates the importance of an efficient supply chain. We understand the importance of minimising this time period to ensure our customers’ satisfaction, while abiding by our environmental sustainability policies. Physical Evidence We appreciate our customers are taking a risk of uncertainty in regard to our product, as there is no evidence until the product has been delivered. However, one strategy that will resolve this issue is meeting with potential clients before purchase and presenting them with samples of our uniform items. This reassures customers the expected quality they will receive if they choose to purchase. This strategy will most likely be implemented for our first initial customers, until we gain a reliable reputation. 6.Operations Strategy Location Uniformed does not have any business property, enabling the company advantageous flexibility and choice. This may change as the company expands, where we may purchase a shop location, but currently is unavailable due to the lack of resources. It may be more beneficial to gain a location once the funds are achieved so prospective customers visually inspect the clothing before purchase, reducing consumer purchase uncertainty (Littler and Melanthiou, 2006). Additionally, the disadvantage of not having a specific location means customers will have an increased wait time per order. Whereas, a shop could hold products immediately ready for sale, resulting in no customer wait time for low quantity orders. Manufacturer facilities All second-hand clothing materials will be purchased from UK Used Clothing Ltd and will be transported directly to Appareltasker to be manufactured into our school uniforms. They will produce the clothing within 4 weeks. Once orders have been produced, our van will collect those orders and transport them to the customer. Most customers will need to be in a close proximity within the M25. This ensures our customers are a close distance to our manufacturer, which will reduce our pollution damage via transportation. It is more beneficial to outsource our production processes due to the viable complexity and large variety of machinery required to produce these uniforms. Additionally, outsourcing to a large established manufacturer prevents restrictions on our production capacity. Procurement Appareltasker has been chosen as our manufacturer due to their principled environmental policies. These policies coincide with our environmental standards, ensuring zero waste production, while reducing environmental pollution. We will enter a short-term contractual agreement of 1 year with Appareltasker. This will ensure us supplier-dependability, while still allowing flexibility due to the short time arrangement. If this arrangement is undesirable after the contract has expired, there are various other suitable options for our production. Management-information systems and Information Technology The website will rely on utilizing information technology. Our website will be created by our employees with vast knowledge on design and IT. This website will be simple and straightforward, with the primary purpose of providing customers contact information to the management team. Weekly sales will be recorded on a spreadsheet through Microsoft Excel, which will be evaluated. Additionally, annual trends will be documented, allowing any seasonal trends to be classified. These documents will provide management with the necessary knowledge to certify enterprise success, while determining if company modification is required. Will add rest in morning/afternoon tomorrow 10. Risk Assessment 10.1 Critical Success Factors • Choosing the best pricing model that allows the company to benefit from the low cost of raw materials • Picking the best location to operate from so as to secure maximum sales potential • 10.2 PESTLE Analysis of Risks 11. Beyond Start-up 11.1 Short term development 11.2 Long term development 11.3 Exit strategy [a]possibly too informal for a business plan?

Budget: $35.00

Due on: April 24, 2020 00:00

Posted: 6 months ago.

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