200717 Professional Practice: Business Plan Assessment Answers

Task:

Write a business proposal for an organisation or business based in Australia. You may have any of the following perspectives:

• Focus on a real business issue/concern that is facing the organisation and recommendations to solve the problem. (You may be directly involved in this issue or may have access to the information clearly)
• Focus on enhancing the business opportunities for an existing Australian business
• Focus on building a new business venture in Australia (A new proposal for any business sector in Australia).

Mission

It has mission to achieve at least 40% market share in retail industry by providing diversified products and services to its clients.

Values of company

Wesfarmers Ltd has been providing its services and products by following all rules, regulation and maintaining ethical business practice

New business proposal for Wesfarmers Ltd

Wesfarmers Ltd has leading brand image in retail business industry. In order to expand its business, company should plan to enter into clothing business. This business has been chosen because of the wide range of retail shop store which could be helpful in selling cloths to its clients. The clothing products will be accompanied with jeans, girl’s apparels and other cloths. Company can adopt a new business proposal which is related with selling its own clothing brand from its own outlet. Wesfarmers Ltd has strong brand image around the globe. Wesfarmers should come up with its own clothing products to grip Australian clothing market. However, company needs to assure that its products are certainly produced with high quality and fashionable designed as per the requirement of customers. The target market of clothing products is required to be concentrated on gender and different clients based on their particular incomes. Company could develop this strategic plan by collecting data from stratified sample survey. All the products designed with Wesfarmers logo are unique and affordable to clients which will increase company’s brand image.

Target market of company

Target market would be comprised of those customers who are inclined towards using newly developed products accompanied with high quality. The main aim would be made on customization of products as per youth and adults choice of actions and demand. Ideally, offered products of Wesfarmers would be more lucrative to those clients who are interested in using new brands and clothes with high quality. Ideally, in the introduction stage of clothing products Company should be keeping price of products very low to attract more clients in Australia.

Benefit of adopting new business line

Wesfarmers Ltd has effective brand image around the globe. It is also considered that people are more inclined toward using excellent branded products which could be found at affordable price of products offered in market. Wesfarmers Ltd could win cloth market in effective manner by reducing price of the products and customizing its products style. Company by following two main strategies such as cost differentiation and product differentiation could lead the market. Nonetheless, the strong brand image of company will surely help company in its new product line to win the market. It is considered that people who will buy the products of Wesfarmers will get the feeling of confidence. In addition to this, cloths offered by Wesfarmers are more durable and stylish which would be highly appreciated by youths for their fashion sense.

Action plan required to implement all the strategies of company

This plan is covered with time involved in discharging all the set activities for the business plan. This action plan will divulge the total number of days which would be implemented in the business functioning of clothing business. There are following activities which would be implemented by Wesfarmers Ltd which will take following days.

Business practice

In order to develop effective business practice Wesfarmers Ltd need to follow several strategic plan to make effective business functioning. First of all company has to adopt effective product development strategy to win the market. In addition to this, strong brand image of Wesfarmers Ltd could also assist its new product line and sales team could easily sale its products in effective manner.

Estimated cost-

It is the amount of money which would be required for the proper business functioning of newly developed organization.

There are several costs which would be incurred by

Wesfarmers Ltd is leading brand in retail industry. Before starting new business company has to make efforts to find available sources which could be deployed in newly developed business. After that company has to gauge its business requirement then possible actions would be taken by company to mitigate all such problems. Ideally, company in its initial time of its business should reduce its cost of capital which will help in keeping its product cost lower and developing cost leadership strategy in clothing market.

Proposed involvement

In order to make this project plan successful, high level of involvement from HR team and Marketing team will be taken into consideration. If HR team of company has made efforts to hire quality of employees then it will provide effectiveness in value chain activities of organization. Marketing team of company will also help in increasing sales of company and brand image in clients mind.This proposed involvement should be made very effectively otherwise company will have to face high amount of losses in its newly developed clothing business.

Involvement of HR team- All the managers in HR department will make their efforts in gauging intents and strength of newly hired employees. In addition to this, they will provide in house training to all the employees so that they could be trained as per the business requirement. Company should make efforts to hire employees who are having good amount of experience in clothing business. It is necessary to develop core competency in its business functioning either by providing different newly fashionable products or by hiring best team of employees in the interaction with employees.

Involvement of marketing team- Sales team is accompanied with persons who make interaction with clients. Therefore, it is required to hire employees who are having good communication skills, and marketing tactics. All the sales persons should be promoted by reward system based on the sales they made. They should be given incentive on the particular level of sales in their outlet which will eventually increase turnover of company

Recommendation

Wesfarmers Ltd in order to make expansion in its existing business functioning should come up with clothing business. Nonetheless, company should indulge in developing an effective sales team to promote its new products in Australian market. It is evaluated that company has strong brand image in its retail business and in order to extend its new business in its existing clients it could come up with loyalty card plan. This plan will help organization to understand clients’ perception in effective manner. This would also help organization to make useful promotional plan to attract clients to buy products and services of company. Now it would be recommended to Wesfarmers Ltd that it should keep its clothing products prices at very low cost with product differentiation to stand up with tough competition.

Concussion

` In this report a complete study has been prepared on the newly developed products of company. Wesfarmers Ltd has inclined for developing new clothing business with a view to tap new market. However, there are several activities and steps which would be implemented by organization to develop core competency and market leadership in this clothing business. By evaluating above given business proposal, company could easily implement its business functioning in easy and determined approach. Company should switch its old employees in new business that can assist new employees to make positive efforts for the development of clothing business of Wesfarmers Ltd. Now in the end it would be inferred that Wesfarmers need to evaluate all internal and external factors of clothing business before tapping the market with its resources so that possible losses could be avoided efficiently.

References

Akele, E.F., 2016. Influence of Brand Association on the Purchase Decision of Business Students on Clothing Items in Tertiary Institutions of Bayelsa State (Doctoral dissertation).

Bainbridge, S.M., 2016. Revitalizing SEC Rule 14a-8's Ordinary Business Exemption: Preventing Shareholder Micromanagement by Proposal.

Mortimer, G., 2016. How Kmart ate Target: A story of retail cannibalism. The Conversation, (31).

Nurhayati, R., Taylor, G. and Tower, G., 2016. The impact of international brands and awards on Indian textile and apparel firms' social disclosure practices. The Journal of Developing Areas, 50(5), pp.157-169.

Parkin, A. and Hardcastle, L., 2013.Government–business relations. Government Politics in Australia, p.275.

Sullivan, R. and Gouldson, A., 2016. The Governance of Corporate Responses to Climate Change: An International Comparison. Business Strategy and the Environment.

Veit, D.R., Lacerda, D.P., Camargo, L.F.R., Kipper, L.M. and Dresch, A., 2017. Towards Mode knowledge production: analysis and proposal of a framework for research in business processes. Business Process Management Journal, 23(2).