Objective of this Assignment: Recall from Assignment 2 the
situation you are to assume for your final project.
Business Case situation: You have decided to explore the idea of
opening your own pet food and supplies retail store. You have 10
years of retail management experience, a college diploma in
business and a strong love for animals. You currently live in the
Toronto area – but are willing to move. You are leaning towards
serving the higher end of the market – but are not sure. You want
to provide a good range of products, maybe focused more heavily on
higher quality goods that cater to other pet lovers like you. At
the same time, however, you know the value of a dollar and that
everything seems very expensive. You are a bit unclear on the
specific direction you should take. You know that a great deal of
research and analysis is needed to better understand the
opportunity, formalize your mission/goals and shape your business.
Your research will also help inform how your business may grow. You
also know that at the end of the day, you may need to make very
important assumptions – some of these at a very high level. Indeed,
you know from your time as a student that the perfect set of
relevant research may be unavailable or incomplete.
Assignment Tasks: Complete your business plan, please use the information and insights you were able to gain through the modules, exercises, self-assessment quizzes, assignments and textbook. Please also employ additional research and analysis you have done. You are also encouraged to leverage the work you did – and the feedback provided – on Assignment 2.
Business plan for pet food and supplies retail store:
Executive summary
The executive summary is a synopsis of the entire content of the business plan such as ownership, product, and the market among other details that appear in the business plan. For instance,
Xyz pet food and supplies retail store is a newly opened enterprise. The objective of the retail store is provision of high quality pet products. These include all forms of pet foods, equipment's, detergents, toys, clothes as well as veterinary services. The products are mostly targeted to be sold to pet owners as well as other pet shops. The owners of the retail store are ABC and QKM who have vast ownership of business management acquired from school work. The intended location is Toronto or any other suitable location which the ease of access by customers is effective.
Objectives
The objectives are the desired outcome of the organization as it operates in its daily activities.
Leader in the supply of pet feeds
Provide quality supply of pet feeds that are environmentally and socially friendly.
Increase the amount of its through maximum productivity and profitability
Mission
This part should comprise of the long term strategic plan for the company.
Designing, development and marketing of highly quality functional pet feeds and other products in a friendly and competitive environment.
Key to success
The key to success are the strategies that the organization would use to ensure that it attains its objectives and goals
These include
Designing and development of highly innovative products that would quality to the customers
Promotion of the safety and health of pets by delivering safe pet feeds
Provision of highly quality customer services through quality
Company summary
This part focuses on the details such as ownership of the company, summary of the startup expenses, sources of finances, the product and the market
Company ownership
The company will be privately owned by ABC. This is because this will be a family owned retail store and ABC will be sole proprietor.
Startup summary
The startup expense will be $100,000 financed by the owner investment and loans. The money will be used to finance purchase of pet foods, equipment's, transport services, promotional services and pay of human resources services.
Product
Xyz pet supplies will be dealing with both products and services. The products include all forms of pet foods, equipment's, detergents, toys, clothes as well as veterinary services. This will be given to all customers that will be visit the store and those who will be ordering online.
Market analysis
Based on the market research, Xyz Company will deal with customers such as pet care professionals, individual consumers, government agencies and design professionals. This is because they will aid in the establishment of product, brand credibility and reliability which will highly influence consumer purchases.
Market segmentation
The design professionals will be used to design the pet houses based on the needs of owners.
Pet care professionals will be used to identify health problems of the pet and address them accordingly. This will be based on the advice given to customers before they purchase the desired pets.
Individual customers will are the largest number of the potential buyers
Industry analysis
This part focuses on competition and buying patterns and consumer strategy implementation.
XYZ will face stiff competition from other developed pet stores within Toronto as well as other retail stores. However, innovation and use of modern technology will place XYZ at high end competitive edge. The pet products that have been adopted design and pet care professionals will result to establishment of highly recognized and accepted brand in the market.
Management summary
ABC will be the key owner and operator of XYZ pet supplies. This is because of the managerial, operational and technical expertise in business management. This expert in the field will aid in the formation of strong customer service and sales foundation. In addition passion for pets and designing by ABC will be an added advantage to the company.
The company will have two full time employees, the owner and other three part time employees to perform customer service.
Financial plan
The company will operate at a profit beginning in the first year. However, a loss will likely to be experienced during the first six months based on market research and response from pet care professionals.
Explanation:
A business plan is a document that aligns the management team to achieve a common set of goals and attracts professional investors. A business plan has elements such as executive summary, business description, market analysis, management information, sales strategies, and financial projections.
Objective of this Assignment: Recall from Assignment 2 the situation you are to assume for your...
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