Role a Business Advisor a Local Business

¶ … role a business advisor a local business 'start-' consultancy company, asked provide a portfolio a potential customer requires advice start a business venture: ____ The Repot Task (1) How start a business venture a Fast Food takeaway Wolverhampton City UK (2) Using 'Marketing mix', develop a Marketing Strategy Fast Food takeaway Wolverhampton. Fast Food Takeaway Venture The modern day economic agents face incremental challenges from the industry and the market and they often require the assistance of business specialists in order to best respond to these emergent challenges (Boone and Kurtz, 2010).

The fast food venture is to be opened in Wolverhampton City, UK and its success would be ensured by a full understanding of the industry and the market and the strategic adaptation based on company capabilities, industry features and market requirements (Brown, 2005). The first step is represented by the thorough analysis of the market and the identification of the need for takeaway fast food products. The logistics issues must then be resolved and the resources need to be estimated and allocated.

As these efforts are completed, the sale of the fast food products is projected to commence. In order for it to succeed however, it is essential for the firm to develop and implement a well-built marketing campaign which creates demand for the company and its products. The tool used in the construction of the campaign was represented by the marketing mix.

Finally, in order for the company and its operations to be sustainable within the long-term, it is recommended that the leaders of the firm continually assess the market and the industry in order to quickly adapt to the emergent challenges. 2. Introduction Setting up new ventures is often a highly difficult task and it is generally useful to request the assistance of a group or an individual specialized in launching new ventures.

Opening new business operations is a complex effort not only for the novice entrepreneur, but in fact for all entrepreneurs, especially if their concomitant expertise in the field of operation and the market they address is limited (Flick, 2008). The business analyst comes to meet the needs of the new entrepreneur and supports his/her endeavors of setting up a new business. In the current instance, the client is looking to set up a new fast food takeaway venture.

The current process offers input constructed with the aid of the specialized literature, but adapted to the needs of the entrepreneur and the selected market -- the customer base in Wolverhampton City, United Kingdom. 3. Launching the new venture The specialized literature identifies a wide array of steps to be implemented in the launch of a startup organization.

Rob Walling (2010) for instance militates for the need to launch a venture in a niche market and to control its sizes, whereas Rolf Sterberg (2009) militates for the need to adjust the venture to the specifics of the market to be addressed.

Based on the analysis of the literature, as well as based on the specifics of the company and the market in which it would operate, the following four stages of development have been devised: The research of the market (Iacobucci and Calder, 2002) The addressing of the logistics issues (Chandra and Grabis, 2007; Dolgui and Proth, 2010) The analysis and allocation of the resources (Cheverton, Foss, Hughes and Stone, 2005) and The eventual launch of operations (Kapoor and Kansal, 2004). 3.1.

Market research This stage consists of the identification of the need for fast food takeaway in the Wolverhampton City. The United Kingdom, unlike the United States, has historically been reticent to fast food products and it was only KFC that managed to successfully penetrate the British market in the 1960s decade. Gradually however, with the entry of Burger King and McDonald's, the population in the UK increased their consumption of fast food products.

At a business level, fast food represents an attraction as it creates opportunities for franchising (Lashley and Morrison, 2000). At the level of the population, this now consumes high amounts of fast food products, revealing as such a real need for the products to be sold by the new venture. Also, the modern day population is busier than ever and has less time to prepare meals in the households, and also less time to enjoy the meals in restaurants.

This situation represents a context in which the need for the takeaway fast food products is increased. And this is true even more so in Wolverhampton, which is an educational center filled with busy students who enjoy fast food products. 3.2. Logistics considerations Logistics is traditionally understood as the totality of functions of design, planning, handling and control of information, materials and goods in order to satisfy customer demands and do so in accordance with the market features (Kannt, 2002).

At the level of the new fast food venture, the logistics decisions revolve around the following: The location of the store -- will be addressed throughout the 4.3. Place section The place of purchase for the ingredients. It is recommended that the ingredients be brought from local farmers, instead of imported. This would also enhance the role of the company within the local business community and would improve the company's public image. The transportation of the commodities and materials as well as that of the employees.

Employees who have to commute to work would be reimbursed for the price of the tickets. The transportation of the materials would be ensured by the business partners and the contracts would be signed in a manner in which transport is included in the retail of the commodities. The handling of the ingredients and the final products would be completed within the utmost highest standards of quality, hygiene and sanitary conditions. 3.3.

Resource allocation At an incipient stage, it is estimated that the following resources are necessary: $2,000 for space rental and preparation -- utilities, improvements and so on $3,000 for ingredients as well as appliances for the making and sale of the fast food products $500 for marketing purposes one personal computer or laptop on which to process and store all company related information, for the purchase of which at least $500 should be allocated two staff members to retail the products, for the salary of which $5,000 should be allocated $1,000 for unforeseen costs and provisions.

To sum up, the initial cost of the project is of $12,000. A return on investment is expected to occur starting with the third month of operations. In order to increase the financial stability of the company, it is necessary for at least half of the required sum to be possessed by the owner. The other half can be obtained through a bank loan, for which collateral would however be requested.

Other solutions revolve around a personal loan from family or friends, or the taking of a partner in order to share the costs, but also the control and the profits. 3.4. Launch of operations As all decisions are made and the preparations are completed, the company would have to integrate all of them and start operating (Johnson and Clark, 2008).

This specifically implies that it would: Find and rent / purchase the location (New and Ramsay, 1994) Sign contracts with the business partners, including the purveyors Attract the customers Promote the company and its products Create high quality products Sell the fast food items. In order to ensure the successful launch of the company, it is essential to develop and implement a complete and complex marketing campaign which creates awareness of the company and its products, and also draws customers to the items. The following section is dedicated to this campaign. 4.

Marketing strategy The marketing strategy is best created with the aid of the marketing mix (Peter and Donnelly, 2002). The marketing mix -- or the four Ps of marketing -- is one of the most common and popular marketing tools which allow the economic agents to assess situations and decide upon them based on the elements of the mix. "The marketing mix variables are usually considered as internal variables over which a manager has control and makes decisions (albeit influenced by customers, competition and other external uncontrollable factors)" (Smith and Taylor, 2004).

Specifically, the elements in the marketing mix refer to the following: Product Price Place (distribution) Promotions (Smith and Taylor, 2004). 4.1. Product It has to be noted that the fast food industry is generally mature and saturated, and that in order for a company to succeed, it has to develop various points of difference. These points of difference would draw the customers and generate their loyalty, and as such the sustainability of the revenues (Lussier, 2008).

At the level of the products, the point of difference would be constituted by the high quality of the fast food products, as well as by their increased variety. The variety would ensure that, regardless of taste, each customer is able to find something to their liking (Keat, Whitely and Abercrombie, 1994). Another point of difference regarding the product selection would be constituted by the creation and sale of fast food products with emphasis on the health quality.

At an international scale, and even more so within the developed regions such as the United Kingdom and the United States, people are becoming more aware and self-conscious of their eating habits. "Nowadays the health problems due to diet are different. People die prematurely from heart disease and cancer. They can become disabled because of high blood pressure and strokes, and many people suffer because their digestive systems are unhealthy. Many people are also overweight or suffer from tooth decay" (Cole-Hamilton, Livermore and Watson, 1987).

In a context of declining health due to alimentation, the consumers in the UK are starting to focus on more healthy products. The new fast food venture ought to meet these needs by selling fast food products rich in fresh produce, fruit juice and water instead of soda, bread made from whole wheat and several other solutions to preserve a healthier style.

Other decisions made at the level of the product refer to the following: The fast food products would be sold under the brand name of the firm The packaging would be provided by the firm in special paper bags (also environmentally friendly) scripted with the firm's logo. The packaging plays the dual role of keeping the food fresh as well as keeping it safe throughout the transportation process.

The fast food products would be created using the highest quality ingredients and in conditions of utmost hygiene Aside from the traditional fast food products, the company would also present its customers with healthier alternatives and a wide array of beverages. 4.2. Price At the level of the price, the decisions which need to be made refer primarily to the price strategy to be implemented. "A pricing strategy is a course of action designed to achieve pricing objectives.

Generally, pricing strategies help marketers to solve the practical problems of setting prices" (Pride, Hughes and Kapoor, 2009). Pricing strategies are traditionally decided upon based on the particularities of the company, the product (such as its stage in the life cycle) or the nature of the market onto which the products is sold. Based on these features, it is recommended that the company used a combination of the penetration pricing strategy and the variable pricing strategy.

The penetration pricing strategy would be implemented immediately after launch and it would reveal the particularity of selling the products at prices lower than the competition. Such an effort would ensure the attraction of the customers, but it would not be sustainable in the long-term. Its scope is that of introducing the customers to the products, convincing them of the high quality of the items and creating demand for the future.

In one month's time after the initial introduction and launch within the market, the penetration pricing strategy would be replaced with the variable pricing strategy. This second strategy sees that the product is sold at prices created based on the costs incurred in the manufacturing and delivery of the respective products. In essence, the price is sensitive to changes in commodities.

This price would be the real one and it would ensure revenue sustainability for the firm; the first price would play a marketing role (Arnold, 2008; Bowdin, O'Toole, Alle, Harris and McDonnel, 2006). 4.3. Place At the level of the place, or the distribution location, this would have to be ensured in an easy to reach location. In other words, people would have to be able to easily access it by various means of transportation, such as personal automobile, bus or even on foot.

Specifically, in order to attract as many customers as possible and to sustain their continued visits, the store of the fast food takeaway venture would have to comply with the following: Easy access by all means of transportation Parking spaces for the customers Drive through and the ability to form a line while in the automobiles Clean and aired spaces which enhance the quality of the product as well as that of the customer experience Welcoming and obliging staff members. 4.4.

Promotions At the level of the promotions, these refer primarily to the actions to be taken in order to familiarize the targeted customer base with the products offered by the new fast food venture, as well as create demand for the respective items (Oriesek, 2004).

Based on this realization, it becomes obvious that the information contained in the marketing campaigns would be divided into two categories: The benefits of the products and the services offered by the firm, and Practical information on the product diversity and where the store can be found. The marketing campaign would consist of various specific actions and materials, which would be created and promoted in such a manner that they appeal to the selected customer base.

One special component of the promotional strategy would consist of fliers and banners which would be strategically placed and distributed in locations in which the concentration of the prospective customers is increased, such as the center of the city or the campus of the university. Another component of the promotional strategy would be represented by radio advertisements issued by local radio stations, during the programs listened to by the prospective customers. The campus radio station would also be approached.

Also, the manager would strive to feature in the local media, through interviews in the newspapers or in television shows, during which he/she would present the company and its products, with distinctive emphasis on the points of difference. Recent theories argue that the marketing mix is not to be limited to the initial four Ps, but should be extended to include a total of 7 Ps, the addition consisting from: People Process Physical evidence (Kotler, Keller, Brady, Goodman and Hansen, 2009).

In terms of the people dimension, the new fast food venture would ensure to hire and retain the best skilled staff members, which combined both expertise in the fast food industry, as well as personal dedication and commitment. This approach to the staff members would improve the company's image as a notable economic agent within the business community of the Wolverhampton City.

Then, at the level of the processes, emphasis would be placed on the creation of human, material and technical support which ensures the delivery of high quality products to the customers, but also which ensures high levels of operability and efficiency. Finally, at the level of the physical evidence, this would revolve around environmental responsibility, hygiene and a strong sense of smell and taste which would lure the customers. 5. Conclusions The economic agents of the modern day society are faced with a wide array of pressures and challenges.

They are no longer able to simply manufacture and sell a product in order to ensure organizational success, but they have to complete their organizational operations in a means in which they best serve the needs of as many stakeholder categories as possible. In essence, in order to attain their financial goals, economic.