Starting a Thermal Bottle Business | Business Idea For New Start Up Assignment Sample

Introduction of Business Idea/Plan For New Start-Up Business Assignment

The report will be focusing on the people elements that are required for the new set up business such as m the CEO of the company, who will oversee the day-to-day operations in the organization regarding the production and distribution of thermal bottles, additional workers may be needed to launch a new product into the market. There are a number of actions connected to the new business when a new product, such a thermal bottle, is launched on the market. As a result, it is critical to determine the product strength because doing so will have an impact on sales. The ability of thermal bottles to maintain both hot and cold water is one of their strengths.

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People elements required for a new business start up

The possible staff that are required to be hired for the introduction of new business in the market are apart from the CEO of the organization who will be looking after the day to day operation in the organization regarding manufacturing and distributions of the thermal bottles. Involvement of product manager plays an important part such as it works both with the production and the marketing team of the thermal bottles. The product manager works closely with the marketing team to produce the thermal bottles in the right place at the right price (Bocken et al., 2019) The sales managers help in selling the thermal bottles that will; help in generating more revenues for the organization. The chief financial officers play an important role while setting up the new business. The CFO helps in recommending the startup regarding the financial elements associated with the new business. Requirement of the business development manager who will be able to help the business in growing from the marketing point. Identification of the new business opportunities associated with the thermal bottles are available to the business development manager. Most importantly, a new business requires a good customer service representative who will be solving issues related to the thermal bottles (Mickiewicz and Kaasa, 2022).

The issues that have been associated with the HRM policies in the new business regarding thermal bottles are that there are various challenges a new business faces regarding the performance of the employees. The supervisors are not aware of the right approaches that need to be taken that will overall help in improving the performance of the employee in the production team of the thermal bottles. The line managers with a very limited knowledge are performing the roles of the HR as they have very limited knowledge and training that are required. Thus, there are chaotic situations that are taking place in the new business. Lack of proper trainers who will be able to provide the required training to the employee involved in making thermal bottles in the organization (Koning et al., 2022) Various flaws are witnessed that are posing to be the challenges in marketing the product in the market. The new organization often faces issues while retaining their employees as there are no proper retention policies that are followed by the organization. Issues have been observed while recruiting candidates, the new business often struggles to find the exact qualities that are required for the candidate who will be able to qualify for the required posts (Huang et al., 2022).

The founder of the business has to look out for the people who have special skill in working in the manufacturing unit of the thermal bottles. Apart from that, the sales manager has to be qualified who have prior work experience of working in a thermal bottle manufacturing organization. These factors are required to be present in the employees who will be hired for the thermal bottle manufacturing organization (de Araujo de Araujo, 2021).

Competition and competitive environment of the new business

When a new product such as a thermal bottle is being introduced in the market, there are a series of activities that are associated with the new business. Thus, it is important that the strength of the products requires to be identified and thus, the sale will depend on it. The strength that has been observed in the thermal bottles is they can keep the water both hot and cold. Moreover, they are eco-friendly and can be used many times. Unlike the plastic bottles that are harmful for the environment. Thus, these are the factors that require it to be pitched during selling of the product. It is important that the views of the customer are valued, the changes that are being observed by the customers, such as regarding the feedback about the thermal bottles, are to be taken seriously. Most importantly, it is important to monitor the numbers such as the increase that has been observed in the sale of the product (Radchenko et al., 2022). The revenue that is being generated from the product and the market share of the products are some of the factors that help the thermal bottle to survive as a newly launched product in the market. These factors will help in providing a confidence to the organization that will determine that the products will be successfully launched in the market. Equally, it is important to keep watch on factors such as the way the organization or the newly launched products are working in the market (Anwar et al., 2022).

The products require the use of different market channels to promote their products, as a newly launched product thermal bottles have various benefits such as it is an eco-friendly product that will not harm the environment. Thus, the promotion strategies that are being used in promoting the products are the use of social media that have helped in reaching the customers (Tiwari, 2022). Although, television and pamphlets are considered to be the traditional way through which the promotions are being done. Yet, choosing social media, SMS and email marketing have observed significant improvement in the marketing strategies that are being adopted by the organization (Kraus et al., 2018).

Operations and operations management issues

The operations that are associated with the new business are the location of the business required to be selected with reference to factors that while transporting the materials the royal way and the ship way requires to be near. The availability of the resources plays an important part, the resources that are required for the manufacturing of the thermal bottles. The major operations that are associated with the business are the human resources of the thermal bottle organization and must ensure that they have the right workforce that will be able to perform the essential activity (Polinkevych et al., 2021). The staff is required to be involved working with both the digital marketing and the freelancers. The importance of the technology is that the team of workers of the organization requires the equipment of the tool. It is an essential solution that will keep operating efficiently (Koning et al., 2022). The workforce management software requires a better roster and also helps in organizing the agents.

The challenges that have been observed in the operations are effective communications. The challenge for the operation manager is they are unable to communicate effectively with both the internal and external stakeholders. It is important to master both the oral and written communication in making the day today communication smoothly. Effective and efficient communication also helps in building the morale of the employee (Takahashi et al., 2022).

Issues have been observed on the ethical conduct in the production. It is important to ensure the production is required to function and not damage the consumer of the society. Moreover, organizations must consider the effective use of various technologies. Unethical behavior of the employees has a significant contribution in successful corporations. On the contrary it has been also said that being ethical in the business also helps such as accounting resource management, sales and marketing. Production helps in providing the right kind of attitude that is required in the organization (Androniceanu et al., 2022)

Thus, these challenges need to be overcome by the management of the organization to ensure that there is a smooth communication between the management and the employees. Along with following the employees requires to behave ethically in the organization. Hence, the operation issues in manufacturing thermal bottles will be avoided. The management, manufacturing team along with the marketing team is required to assure that there will be smooth functions in the operations of thermal bottles which will overall help in marketing the products and there will be an increase in the sale of the products (Tong et al., 2022).

Marketing and sales and in particular segmentation, targeting and positioning

The demographic segmentation in marketing is considered in the case of thermal bottles, it has been observed that thermal bottles are highly popular both among the school goers and the office going people. The feature of the bottle as it keeps the water hot and cold, hence, it is in a great demand both for young and old crowds. The price of the bottle is pretty moderate for every person who will be able to afford thermal bottles. The concept of thermal bottles will be more appealing to the people. Thus, the market segmentation requires to be done according to the demographic factors that will be influencing the buying decision of the people (Ariq et al., 2022)

The importance that has been witnessed in the marketing segmentation is that the rate of sale of thermal bottles is much influenced by the marketing segmentation. There are strong demographic factors that work when it comes to the rate in the sale of the product. The finishing or the outer cover of the thermal bottles requires to be attractive that will have a strong effect on the buying decision of the customers. Thermal bottles will be following a characteristic based positioning in the marketplace. The sale of the product or the positioning of the products in the market will be determined by the characteristics (Ramazanov, 2022). The product will be highly demanded in the market as the characteristics such as it keeps the water both hot and cold in the bottle for a long time. Moreover, it has been witnessed that it is pretty ecofriendly and that has been an important factor behind the sale of the product.

Organizational structure – sole trader, partnership, private limited company, franchising, multi-level marketing etc

• Sole trader: When an individual runs their own business, they keep all the profits that are associated with the business. However, they have to pay the tax that is associated with their business. issues have been observed on the ethical conduct in the production. It is important to ensure the production is required to function and not damage the consumer of the society. Moreover, organizations must consider the effective use of various technologies that are being used by the sole traders while they are trading the thermal bottles all by themselves (Ghezzi and Cavallo, 2020).
• Partnership: When there is a formal agreement that is made between the two people and when the individuals agree to be the owners. They are responsible for distributing responsibilities for running the organization and share the income of the losses that will be generated by the business.
• Private limited company: Company where the article of association does restrict the transferability of shares and prevents the public from subscribing them there are various features that differentials private limited company from the other public organizations (Shepherd and Gruber, 2021).
• Franchising: the methods of distributing product a services that involves a franchise who will be establishing The trademark of the brand and the franchise receives pleasure royalty in often an initial fee for the right to do the business under the name of the franchisor (Astanin, 2022).

Multi-level marketing: When there is a practice of selling a good on behalf of the organization in the system with the participation might receive a commission on the sale of the product.

The organizational structure that will be beneficial for the private limited company is there will be a separate entity for the thermal bottle unit. There will be a wide legal entity and the property can be owned and also incurred debt. Most importantly, the shareholders of the organization will not be liable to the creditors of the company for such debts. It has also been observed by the death of any board of directors, it is unaffected by anyone’s existence and continues to function when there is a change in the membership. There is a free and easy transferability of shares, the transfer is easy as compared to the transfer of the interest that is running as a proprietor concern of the partnership. These are some of the advantages that have been observed when thermal bottle products will be working under a private limited organizational structure (Gill, 2022).

Break-Even Analysis

Cash Flow Statement

Gantt Chart

Conclusion

Discussion has been done on the marketing strategies that require to be adopted by the organization regarding increase in the sale of the product. The factors that have influenced the sale of the product in marketing such as in the case of thermal bottles, the demographic segmentation in marketing is taken into account. It has been noted that thermal bottles are extremely well-liked by both school-goers and office-goers. Because of the bottle's ability to maintain both hot and cold water temperatures, it is quite popular with both young and old people. The strategies that have been used and which will overall help in brand position and increase in the sale of the product.

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