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Unit 2 Business Essentials Level 4

442 Downloads I Published: 07 May ,2020

INTRODUCTION

Business can be defined as the coordinated efforts of few individuals to manufacture and sell to earn profit, the services and goods which satiate the requirement of society. There are several components in business organisation that are essentials to undertake while carrying out business operations that can assist in achieving business objectives (Cobanoglu and et. al., 2011). Patty Smith and Hank Marvin are planning to expand their coffee shop in Finland for which the entire research over the marketing mix, resources, geographical elements, along with ethical consideration, logistical considerations and structural challenge in regard of expanding the business organisation in other nation.

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MAIN BODY

1. Country (within the European Union) that Marvin and Smith’s coffee shop could expand into

Hank Marvin and Patty Smith has gone through a deep analysis and proper evaluation of market along with target market in regard of operating Marvin and Smith's Coffee Shop. They have determined their USP through dealing with coffee beans from the very popular and quality provider organisation Gumutindo Coffee supplier in Uganda. Marvin and Hank has opted Finland in which they are planning to expand their business. Finland, also known as Republic of Finland is one of the sovereign country among European nations. The nations has land their edges with Norway, Russia and Sweden. With more than 5.5 million population, majority of their public is aimed in the southern demographical region. More than 88.7% populations speaks Finnish and are Finnish, people also speak Uralic language along with Swedes and Finland (Engemann and Henderson, 2011). The country is eighth largest nation in the entire Europe and is most distributed populated nation in the entire EU nation.

Understanding the aspects of coffee consumption in the entire EU nations, Hank and Patty have determined to opt Finland as the nation to expand their business organisation. As per the their case study, the organisation has determined most suitable resources and best methods in regard of achieving their business objectives. This is the best and most appropriate option that enterprise can expand their business in as Finland is one of the most coffee consuming nation in the entire world and European nations as well.

As per the illustrated graph, this can affirm that Marvin and Smith's Coffee Shop has chooses the most suitable nation in regard of developing their business as the people of Finland are more inclined to the consumption of coffee in their basic routine (Laudon and Laudon, 2011). There are various offers and plans were carried out by the organisation for attracting the services user for the enterprise toward their coffee shop. Here are justified the major ethical, logistical consideration along with structural challenges while deploying their business in Finland:

Logistical Consideration: Logistical consideration consist of innovative and creative mean to render better education, means of distribution, packaging, delivering, importing and exporting their business activity. Marvin and Smith has determined their business operation in Helsinki, capital of Finland with more part of population of entire Finland's population. The place is the main attraction of the entire country which can assist the Marvin and Smith's Coffee Shop in arranging their business activities in the best way. The issues of logistics are surprisingly increasing in the country due to Finnish discussion of public. 95% of imports as well as exports of travel through ship and 70% of freight throughout the Finland. Hence, this is essential for Marvin and Smith to resolve and undertake these essential consideration in regard of developing business.

Ethical Consideration: it can be defined as the principles and values accumulation which address numerous questions in regard of bad and good for the human activities and affairs. This is required for Marvin and Smith's Coffee Shop to undertake the major ethical consideration in regard of expanding their business organisation in most suitable and effective manner (Ragas and Culp, 2014). This is required for organisation to maintain their dignity and manage the quality of services and products for taking care of individuals or services user consuming their products and services. There are various Diabetic issues and health problems emerged in Finland due to the consumption of Coffee. Hence, this is paramount for Marvin and Smith's Coffee Shop to undertake the major issues and maintain their services and products according to their culture and human affairs.

Structural Challenges: Structural challenges can refer to the functioning, operating and designing the business operations, vision, mission and objectives of enterprise as per the consequences and requirements in regard of achieving them. This is essential for Marvin and Smith's Coffee Shop to manage their growth as per the market situation of Finland along with major elements of market as well as mission, vision of enterprise in effective manner.

Understanding the aspects of business elements along with various components, there are various political imbalance that country has faced after the Brexit negotiation. As this term has not influence the trade policies of EU nations, it has come up with some modification which are not contrast in regard of business entities of company. EU has largest trading bloc in the global market which is therefore has very strong position of negotiation. Hence, this is significant for market to achieve their business objectives along with meeting their business objectives.

2. Marketing mix in relation to the coffee shop

Marketing mix can be defined as the set of tactics, action and practices which an organisation opt in regard of promoting their products and brand in the market. As Marvin and Smith's Coffee Shop in introducing their business in another marketplace, this is essential for them to properly analyse, market and promote their services and basics in the competitive working environment for achieving their business objectives in more significant manner (Robyt, 2012). Here are mentioned the marketing mix of enterprise in relation to expansion of business aboard:

Product: The core product of Marvin and Smith's Coffee Shop is coffee. Beside this, enterprise are establishing various varieties of services and products to lead the market. The main speciality of their coffee is they provide finest beans of coffee from Gumutindo Coffee, which is a fair supplier of Coffee from Uganda. The other products include high quality herbal and other team, infusions of herbal, East African based snacks, cold drinks and pastries along with mango juice etc.

Price: In Finland, there are various domestic and local coffee stop that are dominating and leading in the competitive marketplace. The company, understanding the favourable of coffee within the market consider the quality as their major priority along with cost of the products. As per the Helsinki's market consequences, company has determined to keep their pricing strategies more fine and effective according which premium pricing strategies is best and suitable for Marvin and Smith's Coffee Shop for developing and sustaining in the foreign market.

Promotion: Marvin and Smith's Coffee Shop is expanding their business in international market which makes the activity of promotion and marketing more fundamental for organisation for sustaining and developing among the competitors. The enterprise can optimise flyers, brochures, hoarding, newspaper advertising, magazines ads, digital media ads etc. for achieving their target market and create potential service user in Helsinki.

Place: As it can coherent that Finland is a 6th largest country is the entire European nations group. This is very crucial elements to undertake the major place where the organisation should place their position to be more available and visible for the organisation. The company has opted the Helsinki and it's main market for opening their store as this can make the store more visible and available for mass number of people.

Hence through managing and adopting various techniques, tools and methods of marketing, maintaining proper mix of marketing, the organisation can attain their business objectives and achieve set target in ideal manner. Hank Marvin and Patty Smith is accountable for handling and managing other issues and regards that is essential to undertake within the marketplace for managing development in more efficient manner.

3. Implications of the need for Marvin and Smith’s to cover a wider geographical area

Hence, through managing the logistical and ethical consideration along with the managing marketing mix components, there are various practices that are required to undertake by Marvin and Smith's Coffee Shop in order to achieve and cover wider business areas in more efficient manner (Urner, 2016). Various factors and elements affects the organisational structure and activities while expanding a new business in the international marketplace such as organisation culture, information system, management structure, supply chain etc. that can not only assist in covering the marketplace in Helsinki but also aid in understanding the demand of consumer within the competitive trade. Here are mentioned some of those factor which is discussed as below:

  • Information System: process of management are interlinked with substantive evaluation as well as the transfer and preparation of information, hence the system of information deliver the message more strongly influences each process of business. Marvin and Swift's Coffee Shop can manage the information framework in regard of achieving their business objectives and aims that can help them in covering major market of Helsinki. This assist in meeting their business aims and goals as it can help in gaining consumer and meeting the outcomes of enterprise. Here are mentioned its uses:
    • Cost Reduction: Information system support in decision making associating in the processing and acquiring.
    • Interactivity: Reports and statements built through information system assistance which is required for making optimal decision. Hence, this is effective.
    • Flexibility: Administration deals with various decision making issues which can be solved through Information System helping in management of proper communication and administration of procedure.
  • Management Structure: Through administrating effective structure of management of Marvin and Smith's Coffee Shop in Helsinki, enterprise can achieve various targets through managing various aspects. There are several elements and practices that can go unorganized and need to carry out in more disciplined manner in order to achieve competitive edge in the global market. Understanding the various aspects of company, this can be affirm that company as per the consequences, need to manage proper divisional structure for meeting their basic operations (Planning for overseas expansion: How to maintain a smooth transition, 2016). Numerous types of stricture that can be referred for Marvin and Smith's Coffee Shop that can aid them in managed functioning such as legal structure, flat structure, operational structure etc. through managing this in their enterprise, organisation can achieve their business objectives along with covering more wide areas in Helsinki market.

Hence, these two are the approaches and components that can aid the major perspective of entire targetted market of Marvin and Smith's Coffee Shop helping in proper management of various practices in more significant manner.

4. Financial information linked with profitability and liquidity impact on decisions

Hence, it can state the overall liabilities and capital of company reached by 113, 000Euros (Wilson, 2014). This is essential for enterprise to manage their overall budget and liabilities in regard of achieving their financial achievements and goals in significant manner.

5. Summary about the overall viability of overseas expansion at this stage

Considering the various aspects of market, this can be affirm that in regard of managing expansion and management, there are various techniques which Marvin and Smith's Coffee Shop has undertaken for deploying their business. In order to meet the certain outcome of over the scale, company has opted Helsinki, in Finland as the place has more practices to use within the marketplace. Also, through managing marketing mix, understanding information system and management structure, enterprise can cover more wider market in Helsinki (Zakrajsek, 2013). Hence, this can affirm that opted strategies and business essential elements are viable in context of case of Marvin and Smith's Coffee Shop.

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CONCLUSION

This can be summon from the above mentioned report that various components of business essential are needed to be undertaken within an enterprise in order to achieve targetted outcome. Business essential is fundamental for achieving business objectives for which there are various factors and strategies essential to opt by any company.

REFERENCES

  • Cobanoglu, C and et. al., 2011. The impact of technology amenities on hotel guest overall satisfaction. Journal of Quality Assurance in Hospitality & Tourism. 12(4). pp.272-288.
  • Engemann, K.J. and Henderson, D.M., 2011. Business Continuity and Risk Management: Essentials of Organizational Resilience. Rothstein Publishing.
  • Laudon, K.C. and Laudon, J.P., 2011. Essentials of management information systems. Upper Saddle River: Pearson.
  • Ragas, M. and Culp, E., 2014. Business Essentials for Strategic Communicators: Creating Shared Value for the Organization and Its Stakeholders. Springer.
  • Robyt, J.F., 2012. Essentials of carbohydrate chemistry. Springer Science & Business Media.
  • Urner, J., 2016. Development Of Intersensory Perception Comparative Perspectives. Development. 1. p.2.
  • Wilson, J., 2014. Essentials of business research: A guide to doing your research project. Sage.
  • Zakrajsek, T., 2013. Essentials Skills in Building and Sustaining a Faculty Development Center: Budget and Staff. Journal on Centers for Teaching and Learning.5.
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