Throughout the course, you have learned a wide array of business concepts and theories. This assignment is designed to have you demonstrate knowledge of the course material learned in the course applying concepts and theories to a case scenario.
Outcomes Met With This Assignment:
After completing this course, you should be able to:
identify the critical business functions and how they interact in order to position the organization to be effective in the current business environment
explain the importance of the integration of individuals and systems to organizational effectiveness
describe the ethical and social responsibilities that confront a business
This project is the second of two projects. You will read a case scenario related to starting a small business. Many of the concepts learned in the course are seen in this project. The project requires you to go beyond mentioning concepts but requires you to apply the concepts.
A requirement of this project is to write a report. In business, a report is formal document that addresses specific information with a clear purpose and to a particular audience. Information is presented in a clearly structured format that uses headings to help a reader easily read, follow and locate information. This report does not have recommendations as it is informational only.
The expectation is that you provide a robust use of the course readings and research to support ideas, reasoning and conclusions. This means that you will present an idea and then use the research and the course readings to explain what you presented. Stringing one sentence after another using the course readings or research does not meet the requirement and does not demonstrate critical thinking. Critical thinking is demonstrated when the “why and how” and the “who and what” are thoroughly explained.
The report analyses the various challenges that the Smart’s are going to encounter during the startup of their business; Egyptian Delights. It will include the effect on their lifestyle, marriage, time management, health insurance and personal finances. It would also address the need of building a team and the importance of the team in the growth of the business. It will further give examples of areas where the team can yield improvements. It will also focus on marketing tools and the 4Ps of marketing. It would finally illustrate the meaning of operation management and its impacts in the success of the Egyptian Delights.
The first challenge that you will endure comes from your different schedules. You are both college professors at the University of Georgia, there would arise a conflict of time for your work and business. It is going to be demanding to simultaneously manage the two. Netwek (2013) Time management is an important factor in the success of your business. It requires commitment and dedication from you. It requires planning everything in advance to ensure everything is completed on schedule. Time is a resource in business and can save you money and earn you revenue.
Financing is another challenge you will encounter. Based on your earlier report, you make a combined $ 140,000 after taxes. This is a pool of capital that must be invested in the business in order to plough back returns. You also have to establish cash reserves and how to finance the business in case of losses? Will you take a loan or dig deep into your personal finances? There is also the issue of an insurance scheme for you and your workers.
Hiring a team is important in the growth and success of the café. Without a core team of quality it is impossible for the café to build as a brand and remain unique and attract customers. Entrepreneur (2016) the team will be aware of the challenges of the business and would work together to make it a simple and straight forward process. Each employee has a different skill set that when brought together can accomplish a lot.
Building Team examples
A good example of the team comes in the area of advertising to customers since it is new. The employees can reach out to their friends. Also, team work is needed in the customer handling to ensure the best experience when one is busy. When demand is high, team work is need to help in the production of the desserts in the different stages. Finally, brainstorming requires team work to improve on customer satisfaction.
Social Media Marketing
Social media offers a wide opportunity for your café to receive customers. There are different platforms for different demographics of customers. You can have customers write reviews about the quality of service gained from your café. This will get people talking about your business.
This includes creating an awareness campaign about the opening of your café. You can have boards outside the café with offers on some of the desserts. These can be seen by passers who are potential customers. It is also cost-effective and user friendly.
This can come in form of free samples, leaflets, contests, in-store signage, brochures, logo items and discounts. This attracts a lot of customers who turn out to be potential clients in the future.
It is important to capture and promote the main strong points of Egyptian Delights which are the cakes, in order to make them different from the competitors. Here is a strategy of the breakdown of the 4 Ps that are usually handy in business:
- Product – It is imperative to have a grasp of what exactly makes the desserts unique before marketing it. The fact that they are cuisines from Egypt attracts a lot of customers. Also the market research conducted proved to be viable since the coffee drinking culture in America is high which goes hand in hand with the desserts.
- Price – Since we have a concrete understanding of the desserts we can proceed to the prices. The price making criteria should be considerate of the baking materials and time and put in. This will impact the profit margins, demand and marketing strategy. It needs to be positioned based on the varying price points.
- Promotion – Since it is a new product in the market, you need to spread the word to people about the uniqueness and availability of the desserts. This include advertising, social media marketing search engine marketing a video marketing.
- Place – The location of the café is crucial in order to gain potential clients. It should be at a place visible to customers and frequently flocked. Since customers are interested in the desserts, you can go ahead and set up complementary ventures like a coffee machine and other pastries.
While going through the report, the operation management was left out. Operation management is defined William (2015) as the administration of business practices to create the highest level of efficiency in the business. It is an important factor that is concerned with the planning, organizing, and supervising the procedures of productions and provision of the services at the café. It attempts to balance the costs with the revenue to achieve the highest profits.
How does operation management impact success of Egyptian Delights
It is focused on delivery and ensuring that the café turns inputs to outputs in an efficient manner. The inputs include the baking materials, equipment, technology and the workers. It include logistics where the available resources are used accordingly event in terms of short supply to meet customer expectations. It also helps in developing a common perspective of the baking industry in terms of financial and governmental regulations.
Small business trends (2015). 3 challenges small business owners face. Retrieved from https://smallbiztrends.com/2015/04/3-challenges-small-business-owners-face.html
Tools for New Entrepreneurs (2016). 8 challenges facing the new entrepreneur. Retrieved from https://www.entrepreneur.com/254721
William J.S (2015). Operations management. McGraw-Hill Series in operations and decision sciences.
Cleveland Brand Agency (2015). The four Ps of marketing. Retrieved from http://www.purelybranded.com/insights/the-four-psof-marketing/
Newtek (2013). 7 habits of great small business owners. Retrieved from https://blog.teamwork.com/11-challenges-startups-face/
Entrepreneur (2016). Why core team is crucial for your startup. Retrieved from https://www.entrepreneur.com/article/270515