Rwt1 Bussiness Research

Topics: Marketing, Startup company, Marketing research Pages: 8 (2642 words) Published: September 8, 2013
Business Research Report

New Product Line for Juice Bar
Presented to: WGU Assessment Code: RWT1 Student Name: Carol Wilson Student ID: 000219654 Date: February 22, 2013 Mentor Name: Christina Williams

Table of Contents
EXECUTIVE SUMMARY......................................................................................................................3 Introduction……………………………………………………………………………………………………………………………………………………5 Research findings .................................................................................................................................................. 6 FINDING NUMBER 1 (LEARNING YOUR MARKET) .........................................................................................6 Finding Number 2 (Market research)………………………………………………………………………………………………………………7 Finding Number 3 (Training & Operations) ............................................................................................................... 8

Recommendations…………………………………………………………………………………………………………………………………..9 Conclusions……………………………………………………………………………………………………………………………………………10 References……………………………………………………………………………………………………………………………………………11

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Executive Summary Here I have gathered a report to help the executives in my company to decide how we will go about expanding into a new juice bar business. We have a choice of buying a franchise for $80,000 which is a package deal. There are no concerns about recipes operational procedure or training. The down side would be exhausting our financial resources. Then there is the choice of developing a unique juice bar of our own with a start-up cost of $40,000. If we choose to develop our own we must take a close look at three major aspects. #1 Finance let us review the options I presented. Apply for grant funding and minimize the internal funding. Buying a franchise for double the money is unnecessary. Without proper funding choices in place, we could end up in debt. #2 Marketing how will we reach our target market, what are they willing to pay for. Joining a health food association will give us access to industry reports and survey data to study and create strategy. The franchise will cover all marketing aspects. While establishing our own we will need to research an effective plan on how to attract the desired revenue. #3 Training & Operations how will we structure management and establish job descriptions. Then we will hire a 3

productions manager who will train all staff of procedures ,customer service, health, and safety. We could have a great product line but what will our service be like without a good foundation in this area. Again for a greater cost the franchise covers these concerns. So that you can decide between the two options (juice bar franchise or newly developed juice bar) I have shared with you my findings from several creditable resources along with my recommendations. As an existing company we have an idea of what it takes to maintain a successful business. Establishing our own unique juice bar would be rewarding. It’s not difficult to adapt the three recommendations. #1 Laying out a start-up budget sticking to it and applying for grant funding. #2 Doing the Market research ,getting connected with health food associations. We can easily gain access to popular diet trends and industry reports, allowing us to create a strategic plan that will attract the desired revenue. #3 Hire an operations manager to train everyone on health, safety and effective customer service skills. The staffs roles will need to be defined with detailed job descriptions. Making sure that levels of cleanliness and safety are upheld. Why wouldn’t we want to spend half the money and apply these basic techniques to establishing a successful business. Hopefully you’ll see things the same way and choose the newly developed juice bar.

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Introduction

As a partner in a dry cleaning company I would like to explore a new business venture. In fact establish a new line of...

References: Works Cited
Ballew, J. (2011, June 24). The top 7 disadvantages to buying a franchise. Retrieved from Bright hub: www.brighthub.com/office/entrepenuers/articles/38973.aspx Caplan, S. (1999). High Profit Financial Management for your small business. Chicago: Dearborn Financial Publishing,Inc. CMC, J. D. (1999). Marketing for the home based business. Holbrook: Adams media Corp. Cohan, P. S. (1957). Hungary start up strategy. Sanfransisco: Berrett-Koehleger. Golden, S. L. (1997). Secrets of Sucesssful Grantsmanship a Guerrilla guide to raising money. Jossey-Bass. Lacy, H. R. (2001). Financing your Business. Deerfield Beach: Made E-Z Products Inc. Ostrowski, S. (2012, April). Smart Business Cleveland. How to grow your business using market research , p. 1. PH.D., D. K. (1994). Avoiding mistakes in your small business profiting from the experiences of others. Crisp Publications. Rice, C. S. (1990). Trategic Planning for the small business. Holbrook: Bob Adams,Inc. Scott, C. (2011). The benefits of market research. Retrieved from Ezine Articles: http://EzineArticles.com/?export=Colin_Scott
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