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business planning unit 8

Extracts from this document...

Introduction

Business Plan The business I intend to set up is private ltd company. The manufacturing business is based on producing chocolates to all the major supermarkets, the idea of producing and supplying chocolates came to me after observing various supermarkets and seeing that chocolates are one of the fast selling products. Furthermore chocolate is a type of product which is enjoyed and preferred by all sorts of age groups, moreover to ensure that the product will run successfully and in order to decide what type of chocolate to produce, as there are lots of different varieties available in chocolates for e.g. plain chocolate, whole nut, mint, fruit and nut, short cake etc. Consequently to produce the most favourable product, I undertook some market research which allowed me to find out what the people who are going to purchase my product exactly want. I carried out a questionnaire amongst a group of people, within the questionnaire I had 13 different questions through which I tried to gather as much as information I possibly could. In addition to this I tried to make the questionnaire as easy as I possibly could because otherwise there were chances of people not wanting to fill out the questionnaire. They may well have taken the questionnaire but didn't answer it as seriously as they could have, due to the amount or depth of the questions. Therefore to make the questionnaire friendlier I decided to make it multiple choice so that they don't have to waste their time in writing, also by giving simple and straight forward questions. The health conscious issue which a lot of people are worried about, everyone wants to eat and stay healthy. Therefore I had to keep this issue in mind whilst designing the questionnaire as chocolate is one of the products which they will cut down on as it contains a lot of fatty ingredients. ...read more.

Middle

The method of sales promotions has a benefit because it is likely to attract customers yet also has a drawback since it requires a lot of sales to meet a satisfactory profit margin. However the benefits are likely to exceed the drawback because once the product is distributed lots of customers would want to try it out. Sales promotion A sales promotion is non-personal promotional efforts that are designed to have an immediate impact on sales. Sales promotion is media and non-media marketing communications employed for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. For example: o Discounts and sales ( buy one get one free) Since it will be a new business therefore during the first few months to attract customers towards the product, promotions such as buy one get one free will gain more customers to purchase the product. The advantage of this type of sales promotion is that it also encourages customers to buy the product because for each product they purchase they will receive another one free. This means that it is more likely to attract more customers because it would be a better deal to buy Galaxo's product rather than Galaxo's competitors such as Cadbury. Displaying the product Once the products are distributed they will be displayed in such a way to attract customers and to gain their attention towards the product. Compared to the way the competitors display their products within the similar way Galaxo will also be displayed using the same technique. Holding promotions in the similar way as competitors will allow Galaxo to gain more customers as they will be able to see the new product introduced and the promotions held upon them. Advertising Using the research I have gathered, I have conducted that the ideal place to hold the advert to create awareness and generate sales. Is to place the advert on a billboard costing �100 per week, through this the customers will become aware of the product moreover once the product is more recognised and gains high sales. ...read more.

Conclusion

The Balance Sheet The balance sheet above is showing all the fixed and current assets that have been acquired within the business including the liabilities. By looking at the balance sheet my business has bought two fixed assets which are machinery and van, the machinery is what will be used within the factory to produce chocolate. Were as the van has been purchased to deliver Galaxo to all the shops from the factory. I have two current assets which are my debtors and the stock I will have, the short-term liabilities that I have are my creditors and the bank overdraft that I require at the first year of my trading. The balance sheet has been shown balanced this tells us that everything has been assorted and the business is ready to take place. The Manufacturing Account The manufacturing account has been produced as my business is a manufacturing business therefore to find out my purchases the manufacturing account had to be produced in order to use the production cost as the purchases within the profit and loss. Once the manufacturing account had been completed the production cost came to be 167,200 which was then transferred to the profit and loss statement as purchases. All the costs of direct and indirect was taken from the trial balance, under the direct costs their was only one direct cost which was factory wages that will be paid to all the workers working within the factory. The two delivery men's wages are not included in this as they are not going to be working in the factory therefore their wages have been included in the profit and loss as expenses. In the indirect cost their occurred to be three different costs which were factory rent, light and heat that will be used within the factory and the depreciation of machinery. The light and heat within the manufacturing account is included 2\3 of the total were as the rest 1\3 has been included within the profit and loss account. ?? ?? ?? ?? Unit 8 A2 Business ...read more.

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