College Of Administrative And Financial Sciencesassignment 1 2 3cou ✓ Solved
College of Administrative and Financial Sciences Assignment 1, 2 & 3 Course Name: Entrepreneurship and Small Business Student’s Name: Course Code: - MGT 402 Student’s ID Number: Semester: II CRN: Academic Year: 1440/1441 H For Instructor’s Use only Instructor’s Name: Students’ Grade: Marks Obtained/Out of Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY · The Assignment must be submitted on Blackboard ( WORD format only ) via allocated folder. · Assignments submitted through email will not be accepted. · Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page. · Students must mention question number clearly in their answer. · Read carefully Grading Rubric below for specific criteria: 0-5 Marks. · Late submission will NOT be accepted. · Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks.
No exceptions. · All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). · Submissions without this cover page, assignment instructions, and assignment questions will NOT be accepted. You must submit the assignment without deleting the assignment instructions, cover page and assignment questions. Department of Business Administration Entrepreneurship and Small Business - MGT 402 Assignment 1, 2 & 3 Course Learning Outcomes: Marks: . Demonstrate a solid understanding of the potential of entrepreneur in today's competitive business world. (Lo 1..
Demonstrate ability to think independently and systematically on developing a viable business model (Lo 1.3 & 3.. Understand the place of small business in history and explore the strengths and weaknesses of small business. (Lo 1.1). 4. Utilize strong analytical skills and tools to formulate an effective Bootstrap Marketing Plan on which a small business can build a competitive edge in the marketplace. (Lo 1.8, 4.3 & 4.5). 5.
Deliver and communicate marketing massages in coherent and professional manner. (Lo 4.4). BUSINESS PLAN Project yourself as an entrepreneur of a small-scale business in Saudi Arabia. Assignment Objectives & Requirements: 1. Owners a. Your Business Name, Address, Eâ€Mail 2.
General Business Description (300 – 500 words) A. What business will you be in? What will you do? •Mission Statement •Company goals and objectives B. Business Philosophy a. What is important to you in your business? • To whom will you market your product? • Describe your Industry: Is it a growth industry?
What long term or Short-term changes do you foresee in the industry? How will your company take advantage of it? • Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture? • Legal form of ownership: Sole proprietor, Partnership, Corporation, Limited liability corporation (LLC)? Why have you selected this form?
3. Products and Services (300 – 500 words) a. Describe in depth your products or services. (Technical specifications) b. What factors will give you competitive advantages or disadvantages? Examples include level of quality or unique or proprietary features.
4. Marketing Plan (300 – 500 words) a. Market Research- Why? b. Market Research- How? Primary or Secondary Data? c.
In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the allâ€important sales projection. Facts about your industry • What is the total size of your market? • Current demand in target market. • Trends in target market—growth trends, trends in consumer preferences, and trends in product development. • Growth potential and opportunity for a business of your size. • What barriers to entry do you face in entering this market with your new company? • How will you overcome the barriers? • How could the change in technology, change in government regulations, change in the economy, change in your industry, affect your organization.
Product • Describe the most important features. What is special about it? • Describe the benefits. That is, what will the product do for the customer? Customer • Identify your targeted customers, their demographics Competition • What products and companies will compete with you? • How will your products or services compare with the competition? Strategy • Outline a marketing Strategy.
Promotion • How will you promote your Product? • What will be your promotional budget? Method of setting prices •Compare your prices with those of the competitors. Are they higher, lower, the same? Why? •How important is price as a competitive factor? • Do your intended customers really make their purchase decisions mostly on price? • What will be your customer service and credit policies? Distribution Channels How do you sell your products or services?
Legal Environment • Licensing and bonding requirements • Health, workplace, or environmental regulations • Special regulations covering your industry or profession • Insurance coverage Personnel •Number of employees • Type of labor (skilled, unskilled, and professional) • Where and how will you find the right employees? • Quality of existing staff • Pay structure • Training methods and requirements • Who does which tasks? • For certain functions, will you use contract workers in addition to employees? Inventory • What kind of inventory will you keep: raw materials, supplies, finished goods? • Average value in stock (i.e., what is your inventory investment)? • Rate of turnover and how this compares to the industry averages? • Seasonal buildups? • Leadâ€time for ordering?
Suppliers: Identify key suppliers. • Credit and delivery policies 5. Financial Plan (300 – 500 words) The financial plan consists of a 12â€month profit and loss projection, a cashâ€flow projection, a projected balance sheet, and a breakâ€even calculation. Together they constitute a reasonable estimate of your company's financial future. 6. Conclusion (300 – 400 words) Assignment Submission · There will be three submissions for this assignment as the following: Submission Week Due Date Point covered Word Count Marks First Submission Week ,2, &. ..
Second Submission Week . Third Submission Week & .. Instructor’s assessment based on the sincere effort and participation in the followings: · Class · Blackboard · Discussion Board · Wiki · Blogs 10 TOTAL MARKS 25
Paper for above instructions
Owner Information
- Business Name: EcoFresh
- Address: 123 EcoLane, Riyadh, Saudi Arabia
- Email: info@ecofresh.sa
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1. General Business Description
A. Business Overview
EcoFresh is a sustainable cleaning service company that offers eco-friendly cleaning solutions to both residential and commercial clients in Riyadh, Saudi Arabia. Our mission is to provide a high-quality, environmentally-friendly alternative to traditional cleaning services, making homes and workplaces clean while prioritizing the planet's health. Our company goals include establishing a loyal customer base, expanding services to other cities in Saudi Arabia within five years, and maintaining a sustainable operation that minimizes waste and maximizes recycling.
Mission Statement
"To transform the cleaning industry with sustainability at its core while providing exceptional service and promoting community health."
Company Goals and Objectives
- Achieve break-even within the first year of operation.
- Acquire a customer satisfaction rating of 90% or more.
- Increase market share by at least 10% per annum through customer referrals and innovative marketing.
B. Business Philosophy
In EcoFresh, we prioritize sustainability and customer satisfaction. We believe in using only eco-friendly products that are safe for both our clients and the ecosystem. Our primary target market includes environmentally conscious consumers and businesses in the middle to upper-income brackets. The cleaning industry is currently growing as consumers seek healthier living spaces. We anticipate further growth fueled by increasing awareness of environmental issues.
Industry Overview
The cleaning industry in Saudi Arabia has shown resilience and growth potential, particularly in eco-friendly segments. Key trends include increasing consumer preference for green products and services. EcoFresh plans to leverage this shift by using organic cleaning materials and innovative techniques to reduce water and energy consumption (Mansour, 2020).
Company Strengths and Core Competencies
Our core competencies lie in our environmentally-friendly approach, exceptional customer service, and skilled workforce. With a background in environmental science and business management, I bring both passion and expertise to ensure EcoFresh excels in service delivery. We will operate as a Limited Liability Corporation (LLC) to maximize liability protection while allowing for future investment opportunities.
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2. Products and Services
EcoFresh offers comprehensive cleaning services that include residential cleaning, office cleaning, post-renovation cleanups, and specialized services such as carpet and upholstery cleaning. We utilize biodegradable, non-toxic cleaning agents that are effective for both dirt removal and sanitization.
Technical Specifications
Our cleaning solutions are made from plant-based materials that are effective, safe, and leave no harmful residues. We use state-of-the-art equipment that conserves water and reduces energy consumption.
Competitive Advantages
1. Eco-Friendliness: Our core differential is our use of all-natural cleaning products that benefit both our clients' health and the planet.
2. Quality and Reliability: We ensure thorough training of our staff, maintaining high-quality standards in every job we undertake.
3. Customer-Centric Approach: Our services are tailored to meet individual customer needs, thereby enhancing client satisfaction and retention rates.
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3. Marketing Plan
A. Market Research
Market research is essential for understanding customer needs and industry trends. We will invest in primary data collection methods, such as surveys and focus groups, to gather insights into consumer preferences and pain points.
B. Market Size and Trends
The total market size for eco-friendly cleaning services in Saudi Arabia is estimated to be around SAR 480 million, with a current growth rate of 15% annually (Al-Bawaba, 2023). As consumers grow more environmentally conscious, we expect demand for our services to increase.
C. Competitive Analysis
Our main competitors include traditional cleaning services and a few emerging green-oriented companies. EcoFresh will differentiate itself through superior quality and eco-friendly services at competitive prices. Our prices will generally be on par with competitors, but we will highlight the added value of eco-friendly products.
Promotional Strategy
We will utilize digital marketing, social media platforms, and local community events to promote our services. The initial promotional budget is set at 5% of expected revenues, channeling resources into targeted online ads and community sponsorships.
Distribution Channels
EcoFresh will operate primarily through direct service delivery, with clients booking via our website or phone. We will implement a customer loyalty program to encourage repeat business.
Legal Environment
We will ensure full compliance with Saudi regulations regarding licensing, workplace safety, and environmental guidelines. Liability insurance will also be secured to protect against potential claims.
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4. Financial Plan
Profit and Loss Projection
We project to generate SAR 1 million in revenue in the first year with an anticipated growth of 20% in subsequent years. Startup costs, including equipment and marketing, are estimated at SAR 250,000.
Cash Flow Projection
Our cash flow will primarily come from client payments, with an expected inflow of SAR 80,000 monthly after the initial client acquisition phase.
Break-Even Calculation
We expect to achieve break-even after 10 months of operation, considering our fixed and variable costs.
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5. Conclusion
In conclusion, EcoFresh is poised to tap into the growing demand for sustainable cleaning services in Saudi Arabia. By prioritizing eco-friendly practices and customer satisfaction, we will create a unique market positioning. Our innovative approach, coupled with strong financial planning and an effective marketing strategy, will ensure our venture's success. The industry presents ample opportunities for growth, not only through increasing demand but also through changes in consumer awareness regarding sustainability and health. By focusing on these facets, EcoFresh aims to become a market leader in environmentally-conscious cleaning solutions.
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References
1. Mansour, A. (2020). Green Cleaning Solutions: Trends in Saudi Arabia. Journal of Environmental Management, 271, 110885.
2. Al-Bawaba. (2023). Market Analysis for Eco-Friendly Products in Saudi Arabia. Retrieved from [www.albawaba.com](http://www.albawaba.com)
3. Saudi Arabia Vision 2030. (2019). National Industrial Development and Logistics Program. Retrieved from [www.vision2030.gov.sa](http://www.vision2030.gov.sa)
4. Market Research Future. (2022). Growth of the Cleaning Industry in GCC Countries. Retrieved from [www.researchfuture.com](http://www.researchfuture.com)
5. GlobalData. (2021). Saudi Arabia Cleaning Services Industry Insights. Retrieved from [www.globaldata.com](http://www.globaldata.com)
6. International Business Times. (2020). The Rise of Green Cleaning Products Worldwide. Retrieved from [www.ibtimes.com](http://www.ibtimes.com)
7. International Journal of Business and Management. (2022). Consumer Preferences for Eco-Friendly Products in Saudi Arabia. 17(4).
8. Jeddah Economic Forum. (2020). Sustainability in Saudi Arabia: Trends and Challenges. Retrieved from [www.jef.org](http://www.jef.org)
9. Ministry of Environment, Water and Agriculture. (2021). Regulations on Eco-Friendly Practices. Retrieved from [www.mewa.gov.sa](http://www.mewa.gov.sa)
10. Arabian Business. (2023). A Green Future: The Role of Small Businesses in Saudi Arabia's Economic Sustainability. Retrieved from [www.arabianbusiness.com](http://www.arabianbusiness.com)