Small Business Enterprise Essay
Small Business Enterprise
In this modern business world, competition makes the whole quality process straighter. Competition makes the competitor’s to feel about the quality products and services (Adcock D et al., (001). Cambridge Satchel Company is the organization which produces quality leather bags for every people of every level. The organization tries to keep the price low. Cambridge Satchel Company is a British Company which is now ruling over the market. This report is based on a case study on Cambridge Satchel Company. However, the report tries to present the strengths and weaknesses of this organization, develop comparative measures of performance, the way of overcoming the weaknesses, and develop new areas of business, the procedure of implementing the action plan and the management of the changed plan (Brassington, F. &Pettitt, S., 2003).
1.1 Produce a profile of a selected small business identifying its strengths and weaknesses Profile of Cambridge Satchel Company
Cambridge Satchel Company is one of the successful business organizations in British. The organization is founded by Julie Deane and her mother in 2008. They have started the journey with the capital of £600. At the beginning of the business they spent £70 on leaflets for the advertisement about their organization. While starting the business, Julie Deane has made a commitment to herself that if she couldn’t make a success out of this business than she’ll try to get a job. And this commitment has made her successful in today’s competitive world. Julie Deane the founder of Cambridge Satchel Company beliefs in the line that a limited budget can make you more creative. The ‘Kitchen Table’ company was another success of Julie Deane. The company sells £30,000 worth of bags. This selling condition actually brings the organization in the front line and further the growth of the
business. By the end of the first year, the turnover of the business becomes £200,000 (Case Study). However, the Cambridge Satchel Company has some strengths and weaknesses which are very important to consider. Based on these strengths and weaknesses, the success of the organization depends (Business & Entrepreneurship, 2013).
The strengths of the Cambridge Satchel Company are stated below: Strong commitment to self is the very strength of this organization. Quality of the products and on time delivery system.
The products have been sported by the Hollywood actress Angelina Jolie which fastens the growth of the business. Low pricing strategy.
The bags are adaptable for any kind of outfits.
The design of the bags which are well crafted.
The weaknesses of this organization are stated below:
Julie actually looks for a new manufacturer of her bags and she provide proper training on how to make those bags with what type of machines than there arise a possibility of developing rivals of the organization. Lacking of proper market survey.
There arise fake founder of this organization which hampers the brand image of the Cambridge Satchel Company.
1.2 Carry out an analysis of the business using comparative measures of performance Cambridge Satchel Company is a British company which produces handmade bags for their customers. The organization is very much concerned about the quality of the bags and tries to keep the price at the lower level in order to capture the mass customers for their products (Jobber, D., 2001). Julie Deane and her mother try to produce bags which are adaptable with any outfits. There is some performance measurement technique which stated below: Quality of the bags: The quality of the bags actually attracts the customers towards their products. Price: The Cambridge Satchel Company tries to keep the prices of their products at the lowest possible level compared to other rivals in UK. Design of the bags: The organization has designed the bags in such a way which is adaptable in any outfits. And this actually attracts customers. Payment System: The organization actually follow the after delivery payment procedure unlike other rivals in the market.
2.1 Recommend with justification, appropriate actions to overcome the identified weaknesses in the business. For the development of the business organization, it is important to have a proper knowledge about the weaknesses of the organization. This weakness actually makes the whole business process suffer the loss all the time. Identifying the weaknesses helps the organization in developing the ways of overcoming these (Fill, C., 2002). Cambridge Satchel Company has identified ways of overcoming the weaknesses which are stated below: The organization tries to develop rival identical products to attract more customers for their products. For this reason, Julie Deane looks for new manufacturers who are actually desire to further their growth in the business. However, Julie didn’t want to take chances. She set a factory by herself which actually manufacture almost half of its totally produced bags (Guidry, M., 2011). To overcome the knowledge about the market survey, Deane may go through the all of the financial magazines every day and look in the internet continuously. This searching may help her in identifying changes in the business condition. Recently, Deane has identified 330 fake websites which actually claims the Cambridge Satchel Company as their own. They take money from the customers and send low quality products, in some cases they just disappear. In that case, Julie Deane may copyright his products and registered her site with some marking which actually presents her originality (Jobber, D., (2001).
2.2 Analyze ways in which existing performance could be maintained and strengthened. Quality performance is the key to satisfying the customers. Customers are the all in all in the development of the business organization. Acceptance of the organization’s products actually furthers the growth of the business organization (Kaden, R, 2008). Currently, the Cambridge Satchel Company is providing quality performance to its customers. And it becomes necessary for the organization to maintain this level and try to enhance it in the near future. However, the organization may follow some ways which helps in maintaining and strengthening the performance of the organization properly (Kotler, P, et al, 2008). Always seeks for customer’s satisfaction. In this case, the organization may do a survey on the customer regarding the quality of their products and services. Comparing with other rival organization’s product pricing the organization may try to keep the price of the products at the lowest possible level. In this case, market survey can perform the key role. With the changes of time, the taste regarding the product design also changes respectively. The Cambridge Satchel Company tries to design their products by considering the changing mentality of the customers. They may continue the after delivery payment system in their organization. This system is so flexible that attracts customers easily by reducing the hassle of paying for the product. Through this system customer can pay after receiving the product. The organization need to maintain its timing in case of delivering products to the customers.
2.3 Recommend with justification, new areas in which the business could be expanded. For the further development of the business organization it is important to expand the business properly (Kenneth, C. E. & Donald, B., 2007). By considering the competition level and other factors the Cambridge Satchel Company may tries to expand their business outside the national border. The organization can target the women for the selling of their bags. However, the organization may also target the students who always need bags to carry their belongings. The adaptable condition of the bags actually attracts customers. All the people are their customers as they produce products both for the male and female. The Cambridge Satchel Company can also expand their business in those areas where most of the people looks for fashionable and adaptable bags. Actually, the bag is the most necessary things which most people need to carry with them. The organization may expand their businesses in USA, Russia, Australia, the Asia Pacific Zone, etc (Kerin, H &Rudelius, 2001).
3.1 Produce an assessment of existing business objectives and plans The Cambridge Satchel Company is the bag manufacturing company in Britain. The organization founded by Julie Deane and her mother in 2008. Their main objective is to lead the market by providing quality bags and services to their valuable customers. To establish their objective, the organization has developed different plans and tries to implement it (Kotler P et al., 2001).The organization mainly produces leather bags for every type of customers but their main customers are the women. For the development purpose, the Cambridge Satchel Company sell their leather bags at the lowest possible prices compare to their rivals. They also design their bags in such a way that adapts with the outfits all the time even in the night mode. In today’s business world, most of the people are fashion oriented. They are much concerned about their dress up. Thus by considering their weaknesses about the fashionable dress the organization tries to develop adaptable and fashionable leather bags for its valuable customers. Deane also insists to attach the made in Britain in the bag to introduce her products along with the country. But the organization name is the brand which actually bears the country of origin flag with it (Mardsen, P., 2002).
3.2 Revise business plans to incorporate appropriate changes Developing business plan is very important for the betterment of the organization. In this modern business world, the taste regarding the products quality and services is changing day by day. Thus to adapt with the changing environment the organization need to develop flexible business plan (Mohan, R. J., 2005). The Cambridge Satchel Company also faces the changing taste in the products design, quality and services. The taste of one design in 2008 has been changed in 2014. People are becoming more upgraded day by day. New changes are becoming available in the design of the bags. On the other hand, most of the people in the country are fashion concerned. Thus to meet their demand, the Cambridge Satchel Company produces fashionable and adaptable leather bags for their valuable customers. In this case, the organization has left its leaflets in different stores, shops, doctor’s surgeries, and schools. However, their products have been liked by the Hollywood actress Angelina Jolie which actually attracts more customers towards their products. In order to lead the market, the organization need to rule over the local market and for this purpose, the relationship with the local community helps the organization in improving its market condition properly (Ward, S., 2013).
3.3 Prepare an action plan to implement the changes
It is true that, changes can be blessings or it can be reason to kick out. With the changes of time the organization need to adapt with it (Wilburn, M, 2006). People are changing continuously and with those changes the taste in the products design and quality also changes. To adapt with the changing condition the Cambridge Satchel Company has develop some action plans which are stated below(Ward, S., 2013): Build up the relationship with the local community than the overseas community. Design the bags in such a way that everyone can use it as a necessary things as well as a fashion. Motivate the suppliers to provide quality products to them.
Develop standard and easy to payment procedure in order to hassle from the part of the customers. People like fashionable and practical products in this case. And the Cambridge Satchel Company tries to develop their leather bags as per the requirement of the customers. Provide a specific and standard guarantee system to their customers to attract them. Tries to develop such a system to identify the fake founder of the organization and make people or customers notified about the whole system in order to reduce the chance of falling into fraudulent situations.
4.1 Report on the impact of the proposed changes on the business and its personnel. For the development of the business organization it is important to consider each and every factor very carefully (Wrenn, B. et al, 2001). Proper consideration helps the organization in achieving the objectives of the business organization. As the time changes the overall business conditions also changes with its personnel. Thus it is very essential to cope up with the changing business conditions of the organization(Ward, S., 2013). However, the impact of the proposed changes on the business and its personnel are stated below: The change in the fashion sensitivity actually makes customers more concerned regarding the design of the bags. The better and attractive design attracts more customers than the normal design in today’s business world. The expansion of the business outside the national territory also enhances the jobs and responsibility of the personnel of the organization. The caring attitude of the employees is very important to gain customer satisfaction. This caring attitude also needs to enhance with the changes of time.
4.2 Plan how the changes will be managed in the business
Management is the forwarding stone in the business organization. The management of the business activities helps the organization in developing its condition in this competitive market. The Cambridge Satchel Company produces handmade leather bags for the customers. With the changes of time there has also been some changes arise in the business organization. Proper management of these changes helps the organization to step in the development process (Ward, S, 2013). By providing proper training and development program to its employees the organization can help its personnel to adapt with the changing business environment. Customers are the key to success. Thus to be successful the Cambridge Satchel Company also provide a careful customer services in order to achieve customer’s satisfaction and trust over their products.Different customers require different design and quality bags in order to match with their outfits. The organization tries to provide the customize services to its customers which helps in managing the situation properly (Mohan, R. J., 2005).
4.3 Monitor improvements in the performance of the business over a given timescale
Continuous monitoring of the business activities helps the organization in improving its performance level in order to gain the customers objectives. Improving the performance level is a long term process (Mardsen, P., 2002). Maintaining the consistency in this case becomes the main issue. Most of the time customer satisfaction and trust ensure the improved performance level of the organization. With the £600 start up capital the organization has started its journey and now its turnover is £1m which is the sign of improved performance and growth of the business activities. However, by researching or surveying the organization can measure its performance level. If the customers becomes fond of different branded products than it becomes clear that the performance of this organization has been reduced or declined (Kerin, H &Rudelius, 2001).Continuous monitoring of the market condition also helps the organization in identifying fraudulent activities. In this case, Julie Deane has identified 330 fake websites named with their company and brand which actually makes the customers confused over the brand image of the organization. Thus in this case, continuous monitoring helps the organization in identifying its threats and mitigates it as early as possible (Kotler P et al., 2001).
The Cambridge Satchel Company is the leather bags manufacturing company which situated in Britain and started its journey in 2008. Over the life time of this business organization, it has faced many difficulties and different changing situations which actually makes the whole process a little bit complex. But with proper research and development activities the organization has developed and implements different plans for the betterment of the organization (Kaden, R, 2008). It also tries to measure its performance level in order to justify the customer satisfaction over their products which may ensure the success of this organization. The organization also tries to develop rival identical products to attract more customers for their products (Jobber, D., 2001). Quality performance is the key to satisfying the customers. Customers are the all in all in the development of the business organization. Acceptance of the organization’s products actually furthers the growth of the business organization. Thus by following the mentioned action plans in this report the organization can maintain its success for the longer period of time (Kotler, P, et al, 2008).
References and Bibliography:
Adcock D et al., (2001). Marketing Principles and Practice. 4th ed. London: Pitman Publishing Brassington, F. &Pettitt, S., (2003). Principles of Marketing. 3rd ed. FT: Prentice Hall. Business & Entrepreneurship (2013). Trends in Advertising & Promotion. [online] Available at: http://yourbusiness.azcentral.com/trends-advertising-promotion-9729.html [Accessed: 18 Dec 2013]. Fill, C. (2002) Marketing Communication Strategies and Application. 3rd Ed. London: Pearson Education Limited. Guidry, M., (2011). Marketing Concepts that Win! Save Time, Money and Work by Crafting Concept Right the First Time. Austin, TX: Live Oak Book Company. Jobber, D., (2001). Principles and Practice of Marketing. 3rd ed. New York: McGraw Hill. Jason, K., (2011). Advertising and social media. ABA Bank Marketing 43 (7): 40. Kaden, R. (2008) Guerrilla Marketing Research. London: Kogan Page Limited. Kotler, P, et al (2008) Principles of Marketing, 5th Ed, London: Pearson Education Limited. Kenneth, C. E. & Donald, B., (2007). Integrated Advertising Promotion and Marketing Communications. 3rd Ed, Upper Saddle River, 2007(6-7). Kerin, H &Rudelius, (2001). Marketing, The Core. 4th Edition, McGraw Hill Publishing 2001 Kotler P et al., (2001). Principles of Marketing. 3rd European ed. FT: Prentice Hall. Mardsen, P., (2002). Brand Positioning: Meme’s the Word’, Marketing Intelligence & Planning, 20(5), 307-312. Mohan, R. J., (2005). International Marketing. New Delhi and New York: Oxford University Press, Small Business – Chron.com. 2013. Examples of Integrated Marketing Strategies. [online] Available at: http://smallbusiness.chron.com/examples-integrated-marketing-strategies-3226.html [Accessed: 18 Dec 2013]. Smallbusinessnotes.com. (2013). Promotion Plan
– SmallBusinessNotes.com. [online] Available at: http://www.smallbusinessnotes.com/marketing-your-business/promotion-plan.html#ixzz2nms07OmS [Accessed: 18 Dec 2013]. Toolkit.smallbiz.nsw.gov.au. (2013). Advertising and Promotions. [online] Available at: http://toolkit.smallbiz.nsw.gov.au/part/3/12/61 [Accessed: 18 Dec 2013]. Ward, S. (2013). Writing The Business Plan: Section 5. [online] Available at: http://sbinfocanada.about.com/cs/businessplans/a/bizplanmarkplan_4.htm [Accessed: 18 Dec 2013]. Wilburn, M. (2006) Managing the Customer Experience: A Measurement-based Approach, American Society for Quality, New York, USA.
Wrenn, B. et al, (2001) Marketing research: Text and Cases, London: Routledge: Zeepedia.com. (2013). CREATIVITY IN ADVERTISING:Three aspects are most accepted Four Rules of Creativity Advertising and Promotion Business Advertising. [online] Available at: http://www.zeepedia.com/read.php?creativity_in_advertising_three_aspects_are_most_accepted_four_rules_of_creativity_advertising_and_promotion&b=34&c=18 [Accessed: 18 Dec 2013].