IN GOD WE TRUST is the name of their Business Venture
Established in May 2018. IN GOD WE TRUST comprises Undergraduate
Students from the University of Professional Studies who studied
Management of Small and Medium Enterprise. After their National
Service they decided to start a Poultry Business. IN GOD WE TRUST
overarching purpose for establishing a Poultry Business was to
become the leading producers of Quality Poultry Products in the
Poultry Industry within their catchment area of Business operation.
IN GOD WE TRUST is aware of the uncertainty within the Poultry
Business all the same they resolved to go into it. Their opening
capital form their own savings stood at GH 45,000.It is their
Business Philosophy that the Success of the Business is entirely
within their control and external control has insignificant or no
impact on their Business Success They have done all the necessary
documentation to get the Business registered at the Registrar
General Department with the name IN GOD WE TRUST.
IN GOD WE TRUST have acquired an acre of land around Dodowa area
for the Poultry Business. By July 2018 Business started in Ernest
with the aim of making a huge sales during the 2018 Christmas
festivities. IN GOD WE TRUST is aware of the fact that potential
customers are not homogenous because they have different needs,
wants, taste, income level and characteristics. One way by which
they can get larger share of the market in the next three to five
years is to concentrate more on customers in the middle level
income, Small and Medium Scale Restaurants and satisfy their needs,
wants, interest and specification of Packaging. Sales will also
increase all things being equal if their price offer is the lowest
possible (within the Poultry business) in the next three to five
years. They agreed to make their offer the lowest possible price to
increase sales volume in the next three to five years. IN GOD WE
TRUST even though in their first year of operation has identified a
controllable tactical marketing tools that it combines to produce
the desire response in the larger market
With their Knowledge skills and competencies acquired in the
Management of Small and Medium Enterprise they were able to prepare
a statement showing their financial position as at 31/12/ 2018. One
item that is of importance to IN GOD WE TRUST as at 31/12/2018 was
their current assets and current liability .The current liability
was three times the current assets.
IN GOD WE TRUST was alarmed and approached Fidelity Bank for a Loan
Facility. The Loan Facility Director of the Fidelity Bank requested
that IN GOD WE TRUST furnish them with a written document
describing the direction the business is taking, what its goals
are, where it wants to be and how it is going to get there, is a
fundamental perquisite that is to be satisfied before the loan is
granted. IN GOD WE TRUST by the end of February have forwarded all
the documents required by Fidelity Bank
Fidelity Bank in a letter to IN GOD WE TRUST agreed to provide them
with a loan facility to the tune of five hundred thousand Ghana
cedis (GH 500,000) at the rate of one percent (1%) interest per
annum. IN GOD WE TRUST in their letter of response, have also
agreed in principle to all the conditions attached to the loan
facility.Additionally, Fidelity Bank agreed to introduce IN GOD WE
TRUST to HAMDALLAH POULTRY FARMS that helps new and startup
business to develop by providing service such as management
training , Business advice and office space.
They needed to engage in Market Survey to have an idea of how they
can gain entrance into the Market. This they will be able to know
the Market players in the Poultry Industry. Another important
project that is worth carrying out is to systematically gather
information and analyze these information concerning other Poultry
Farmers trends and activities within their area of operation, in
order to further their Objective. This Project has been very
successful and IN GOD WE TRUST is of the view that they stand to
gain a competitive advantage within the Poultry industry if they
utilize the findings of the Project. IN GOD WE TRUST also want to
maximize the advantage of being small to the year 2025
To ensure prudent management of the business financial position for
development, growth, sustenance and realization of its profit
motives in the short-long term through the deployment of sound
financial practices such as effective record-keeping, frequent
inventory taking, monitoring of cash coming and going out of IN GOD
WE TRUST, other relevant accounting control measures and strategic
sourcing and disbursement of funds will be strictly adhered
to.
From the Case study read above identify the sentence(s) or
phrase(s) that indicate each of the concept below and explain
1 Mission Statement
2 Balance Sheet
3 Cost Leadership Strategy
4 Focus Strategy
5 Current Ration/ Working capital Ratio
6 Niche Strategy
7 Business Plan
8 Internal locus of control
9 Marketing Mix
10 Equity Financing
According to HOMEWORKLIB RULES, kindly post other parts again for the answer. Please find below four parts below
1 Mission Statement - the overarching purpose for establishing a Poultry Business was to become the leading producers of Quality Poultry Products in the Poultry Industry within their catchment area of Business operation.
Here the purpose is clearly defined for the company, that aims to produce quality poultry products. Mission statement depicts the purpose that the company wants to fulfill
2 Balance Sheet - Their opening capital form their own savings stood at GH 45,000
A balance sheet is the systematic record of financials of a company that includes its investments, profits, debt, etc. By analyzing the balance sheet, a holistic picture of the company can be known, like its debts, losses, deliverables, etc. Here only a glimpse of it is mentioned like GH 45,000 is up for capital.
3 Cost Leadership Strategy - They agreed to make their offer the lowest possible price to increase sales volume
Cost leadership is to provide products at the cheapest rate possible. This is lesser than most competitors hence can give more sales to the company. Brand in the case is also doing the same.
4 Focus Strategy - concentrate more on customers in the middle-level income, Small and Medium Scale Restaurants and satisfy their needs
Here, the focus of the company needs to be decided. Like the segment that is targeted or price, etc. Case mentions that the company focuses on middle-level income people, and Small medium restaurants.
5 Current Ration/ Working capital Ratio - The current liability was three times the current assets.
The current ratio is the current asset to current liability. It
is helpful in measuring the liquidity of the company to pay off
debts in the short term. Here, their current ratio is not in good
shape as liability is three times the assets
IN GOD WE TRUST is the name of their Business Venture Established in May 2018. IN...
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