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MBA602 Small Business Administration

Published : 23-Oct,2021  |  Views : 10

Question:

Who is asking for finance How much money is required How the funds will be used How the funds will benefit the business Product or service superior features. Which market niche is being targeted How large is the market.How many potential customers can you reach within your trading area Who are the customers for this product or service Who are the competitors of the business How will the business go about performing its tasks.

Answer:

Tasmanian Gourmet Vension Private Limited is a reputed wholesale butchery firm in Tasmania, which is looking for funds in order to diversify its business diversification. The aim is to establish retail butcheries in Launceston and Hobart.

Amount of needed finance:

            The organisation needs funds of $500,000 for its business diversification in order to form its butchery outlets. The organisation requires funds to buy new equipment, leasehold improvements and working capital (Cassar, Ittner and Cavalluzzo 2015).

Usage of the funds:

            In order to initiate the new business, Tasmanian Gourmet Vension would acquire a loan of $500,000. The fund would be used to acquire plant and machinery, pay wages and develop the marketing strategy of the organisation. Finally, it would be used for establishing new outlets of the organisation.

Benefits of the funds to business:

            With the help of the funds, Tasmanian Gourmet Vension could develop its business diversification strategy in an effective manner. The funds would help in leasehold improvements, interior decoration and formation of walk-in cold store. The needed funds would be utilised in advertising, which would provide the organisation with several opportunities to attract the customers in its new outlets (Dilger 2013). Finally, attractive facilities could be built and superior services could be provided in order to draw the attention of the customers.

2.1 Business name:

            The name chosen for initiating the butchery business is Tasmanian Gourmet Venison Private Limited.

Business structure:

            The organisation intends to create and process organic meat, which would be offered within two market segments like retail and wholesale segments. With the help of retail trade, the locations of the organisation would be promoted by offering superior services. Thus, the business structure of the organisation would be established in a way to offer convenient location and delivery service coupled with running a website (Goss 2015).

2.3 Main business activities:

Tasmanian Gourmet Venison Private Limited would be an organic meat product supplier among the customers of Tasmania. It would be engaged to manage the grazing and breeding operation, which could be adjudged as a main activity. The organisation would concentrate on vertical integration of its operations related to meat supply within wholesale and retail sectors. Another business activity would include breeding and processing deer within on-farm specialised abattoir (Giaoutzi, Nijkamp and Storey 2016).

2.4 Location and facilities:

            The organisation has managed in identifying a property in Hobart to be taken as lease for five years in the initial stage. After lease is taken, planning is made to renew the lease term for additional two years. The plant would comprise of effective interior decoration and walk-in old store. Another outlet of the organisation would be located in Launceston, after the first outlet has started to fetch positive returns by becoming operational.

2.5 Description of new product, customers and economic trends:

            The organisation would offer its lean meat product for the health conscious customers. This new product would contain low content of cholesterol and fat in opposition to beef, chicken, pork and lamb based on the tastes and preferences of the customers in Tasmania (Young et al. 2014). Thus, the target market for the organisation would include speciality restaurants and food markets. Based on the economic trends, it could be evaluated that the demand for health conscious products is increasing in Hobart and Launceston. There are 47 restaurants, 21 food markets and 18 specialist butchers offering diet health benefits along with organic vension products.

2.6 Key personnel:

            In the outlet of Hobart, the organisation would employ two specialist game butchers. These two personnel would be accountable to form organic meat products for wholesale and retail trade. In addition, it would employ four part-time sales assistants and their responsibility would be to award casual rates and sell organic vension products to the retail consumers over the counter. In the outlet of Launceston, the organisation would employ one specialist game butcher and two sales assistants.

3.1 Product or service superior features:

            The organic food offered is capable of providing various health benefits, since it would be rich in polyunsaturates in order to build healthy physique. The new vension meat would have low fat diet, since it would contain 207 calories per 100 grams with high protein and iron quality, which the customers of Tasmania prefer primarily (Storey 2016).

3.2 Target market:

            The main target market for the organisation would include the health conscious customers residing in Launceston and Hobart, speciality restaurants and food markets. The individuals searching for vension meat, which is free from antibiotics and hormones, fall within the target market of the new meat and vension product of the organisation.

3.3 Size of the target market:

            The target market size is limited, since the initial focus would be to form products for the health conscious customers demanding low fat and organic food. By taking into consideration, it could assure that the organic vension supply would be of sufficient volume, which enables consistent supply of product to the target market.

3.4 Customers to be reached within the trading area:

            The main customers for the organisation would be the individuals within the areas of Launceston and Hobart looking for greater quality organic vension at affordable prices. In addition, the customers searching for vension topside and vension rump steak would fall within the trading area of the organisation (Slavnic 2013).

3.5 Target customers for product or service:

            The target customers for the organisation would be food markets and specialty restaurants. In addition, the health conscious customers of the areas are the target market for the organic lean meat of the organisation.

3.6 Competitors:

            The main competitors of the organisation would be two butchers in Hobart and one butcher in Launceston, since they have acquired their organic vension in the past from the organisation. In addition, they operate as wholesale customers.

4.1 Plant:

Tasmanian Gourmet Venison Private Limited has detected a property in Hobart, which would be taken as lease and the plan is to extend the lease term for additional two years. The interior decoration of the plant would be effective and there would be walk-in old store. The sales area of the building would 135 square metre, cutting room of 12 square metre and additional space of 80 square metre, which is utilised currently for diversification. Another outlet of the organisation would be located in Launceston, after the first outlet has started to fetch positive returns by becoming operational (Ionescu 2016).

4.2 Processes:

            The method through which the organisation would offer the products is to maintain cleanliness and hygiene, attractive facilities and greater services. The organisation would provide organic vension by supplying the same to the food markets and speciality restaurants. The concentration of the product would be to maintain steady supply, regular service delivery, convenient location, greater quality and comprehensive website offering service in the market segments (Henrekson and Sanandaji 2014).

4.3 People:

            The outlet of Hobart would have two specialist game butchers and they would be accountable to create organic meat products for wholesale and retail trade. In addition, for awarding casual rates, there would be employment of four part-time sales assistants along with selling organic vension products to the retail customers over the counter (Lichtenstein 2014). The Launceston outlet would employ one specialist game butcher and two sales assistants.

References

Cassar, G., Ittner, C.D. and Cavalluzzo, K.S., 2015. Alternative information sources and information asymmetry reduction: Evidence from small business debt. Journal of Accounting and Economics, 59(2), pp.242-263.

Dilger, R.J., 2013. Small business administration and job creation.

Giaoutzi, M., Nijkamp, P. and Storey, D.J. eds., 2016. Small and medium size enterprises and regional development. Routledge.

Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.

Henrekson, M. and Sanandaji, T., 2014. Small business activity does not measure entrepreneurship. Proceedings of the National Academy of Sciences, 111(5), pp.1760-1765.

Ionescu, L., 2016. The Role of Professional Accountants in Business Administration. In International Conference ICESBA, Bucharest (pp. 29-30).

Lichtenstein, J.U.L.E.S., 2014. Demographic characteristics of business owners. Small Business Administration Office of Advocacy, Issue Brief, (2).

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