Essay Unit 19 - Pitching for a New Business assignment 2 (graded distinction)
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Course
Unit 19 - Pitching for a New Business
Institution
PEARSON (PEARSON)
Essay Unit 19 - Pitching for a New Business assignment 2 (graded distinction) it covers all the criteria for you to achieve your desirable grade (pass, merit or distinction)
My business is cake subscription I chose this business because it is very trendy and perfectly targets
the current market. The business comes in a niche market as it will target all age people and the best
things about this business it is a very unique and as a result it will bring very less competitiveness
and far more revenue for the business. If I sell my cake subscription box on my official website, I can
attract a larger audience and eventually gain more brand recognition and more profit. the actual
opening expenses for this firm are considerable, but because of the low servicing cost, there is a
chance to make a huge amount of sales. Furthermore, it will also attract customers who are
concerned about environmental protection as the ingredients are going to be fairtrade friendly and
the packaging is going to be 100% recyclable. The unique selling point for this business is that every
month you are going to be receiving different types of cake recipes so you get to try something new
and also you get to spend your time with your family while you are baking a cake.
Aims and objectives for this business
Aims – one of my business aims is going to be to figure out what my customer needs and wants are
to do this I can send a feedback form by email to the customers this will allow the company to
expand more and generate great customer service
Objective - one of my objectives at the start of the business is to get at least 20 people in my local
area to test my business website as this is the place where they are going to be subscribing for the
monthly cake subscription this objective will give me my weakness which then I can work on
Aims- my second aim of this business is going to be increase brand awareness I could do this by
promoting my business on online platforms such as Instagram and tik Tok and also to increase my
brand awareness I could give discounts to my new customers.
Objective – my other objective for this business is to increase sales by 30% in the first 6 months I will
try my best to promote my business and gain more customers and let them try my service and then
they can give me feedback and then I can work on those feedback
How will you use your start up loan to achieve these aims and objectives?
I will use my start up loans to achieve my aims is by spending some of my loan on increasing brand
awareness to achieve this I need to pay some influencers to promote my business. To achieve some
of my objectives I may spend my loan on my website so there are no problems for the customer
when they subscribe to cake subscription on the website.
My skills and experiences which will help in this business
Skills - hard working, independent, working under pressure, communication, leadership and time
management
Experiences - worked as a team member from 2019 to 2021
,3. Your target customers
Demographic details:
Delete any answers not applicable to you and provide some description as relevant.
How many potential customers do you estimate are in your target regions for this financial year?
5,000 in the local
13,000 in the county
45,000 in the national
Briefly describe your target customers and any other distinguishing features, expanding on any of the
areas you have already highlighted above:
My target customers are mostly going to be older age people who wants to spend some time with their family
so this cake business is perfect it will allow to family to come together and they can bake the cake together.
Explain your approach to pricing your product(s) and/or service(s):
cake subscription box for 12 months subscription box it will be about £175 and per month it will be £36 these
prices cover all costs from ingredients to delivery and will leave a very healthy cash flow for the business
4. Your market and competition
What research have you conducted to understand your market, including your industry, regions,
customers, competitors?
Delete any answers not applicable to you and provide some description as relevant.
Surveys & questionnaires
Focus groups
Interviews
Desk or online research
Market testing
Trade fairs or exhibitions
, Met with suppliers
Competitor 1:
Name, location, website: Average prices:
£ 55 per month
Monthly Cake Subscription Box | Ridiculously Rich
by Alana £455 per year
Name, location, website: Average prices:
£ 45 per month
Cake Subscriptions | Shop Our Range of Cake
Subscriptions - Yumbles
£ 350 per year
Strengths: Weaknesses:
High sales High prices
High quality of ingredients Not much of brand recognition
Your business:
What sets your business apart from your competitors?
What sets us from the other business is we have high varieties of cakes that has not yet been introduced which
I think will attract lots of new customers and all our ingredients are fairtrade friendly
Your strengths: Your weaknesses:
Cheap prices than the competitors business promotion to gain customer loyalty
high quality and fairtrade friendly ingredients Give quick customer service
Current or future opportunities: Current or future threats:
To expand the business nationally People might me sacred to order from outside
because of covid
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