Management Project Essay

 

 

EXCUTIVE SUMMARY

Wedding occasions are rather considered one of the most important occasions in one’s entire life. Being joined together with the one that they are supposed to share their whole lives with has actually made it a strong reason for the planners of this business proposal to find a way with which the dream weddings of those who have less freedom in finances still fulfill their aspirations in having the best day of their lives be a part of a remembered historical memory of their past. Living in a tight budget is already a normal issue in the society today. This is the reason why there is a strong need for making memories, like weddings, last even though there are some restrictions in terms of financial terms. This is what the business proposed is trying to solve through creating possibilities for everyone to enjoy their dream weddings.

PART 1: INTRODUCTION

Business Backgrounder

The proposed business set up for this plan is an internet-based wedding planning company that would likely cater to the wedding needs of the target country, Singapore. Because of the high cost of weddings today, it has been planned that this business approach be pursued so as to be able to handle more technological as well as analytical assistance to the clients in terms of helping them decide on the wedding arrangements that they are to pursue for their ceremonial occasions. However, to be able to consistently and successfully handle the huge issues that might serve as challenges to the newly directed operational business, several key discussions need to be answered and examined for better business applications. Within the plan presentation that follows, the ways by which the business is supposed to operate shall be discussed well. Along with the said presentation is the scrutinizing of the different elements of e-business that should be well dealt with by the administrators of the organization later on as the business intends to grow much stronger in the industry.

To start an overview of the entire plan, it is important to carry on the fact behind the major outline of operations that the business administrators actually expect the company to be. The said business is to be known as an e-budget wedding planning service provider that aims to make wedding ceremonies much more convenient and reasonably priced at the same essence of romantic ambiance that the clients would particularly expect from such an occasion. Likely, the target market of the business is to simply cater to Singapore where newly wed couples usually chose to delay wedding parties so as to be able to prepare for the budget needed for the said get together after the wedding. If given a better break in the said process of business operation, the idea of setting a fine budget for a simpler yet more romantic wedding is expected to hit other neighboring countries as well. As of now though, the administrational planners of the business simply hopes to impact the target market for the while.

To be able to make the business approach more effective and directly appealing to the target market, the administrational body of the business aims to put up a website that would likely be much appealing to the attention of those wanting to keep track on their budget in terms of handling wedding occasions. Of course, the website shall hold features of photographs that would naturally show how a dream wedding that might look so expensive would simply become budgeted and controlled while not loosing the essence of the reason for gathering together for the sake of two people bounded together by love in marriage. Practicality in weddings is the primary theme of the business. Not all may agree on such an idea, however, with the impending economic crisis binding the entire human society today, such a choice is already a regular offering that everybody else expects. At some point, it is hard to accept that because of lack of money, some couples need to settle for super simple presentations on weddings as they are not able to afford the elitist’s style of enjoying wedding ceremonies. E-wedding planner is about the change all that. Exquisite wedding ceremonies are not only for those who have the money. It is the aim of the business administration to show how a perfectly arranged budget could fit an elegant party to a less expensive occasion such as wedding ceremonies.

Finding the Right Resources

The business that is proposed is planned to exist based on outsourced services to make the service cost cheaper while making the wedding quality still in high-level. Most often than not, the administrational personnel of the business aims to extend their branches of service and material source such as flowers, catering and photography services and other things alike from the different neighboring countries namely Indonesia, Malaysia and Philippines. The venues of the weddings though are still at the mean time localized in Singapore until the time that it would be able to operate in other countries later on.

A SWOT Analysis of the Business

As part of the presentation of the proposed as well as expected performance of the business in the industry, the following SWOT analysis of its functions and operations is shown below:

From the SWOT analysis presented herein, it could be noted that the major threats and weaknesses is being planned to be counter treated with by the administration in a more positive approach to ensure the success of the business in the industry that it aims to affect.

Why has E-Business System been Chosen?

As mentioned earlier, the Internet has mostly invaded the entire human activities, and in this manner, even business transactions became a new approach of the Internet to invite surfers to appreciate the business services available through the cyber space. As an example, a common resource provided by the Internet is a worldwide system for sending and receiving electronic mail, known as E-mail. In fact, E-mail represents a large portion of all Internet traffic and is for many the only Internet resource they use. In this manner of transferring data, many business companies are able to transact with their consumers from other parts of the world simply by posting the details of their company through the net for international viewing. After which, the consumers who are interested in their products or services are able to have options of ordering for services and products offered by the said company and pay for the provisions through wire transfers and other bank to bank transactions.

How does this benefit the company? In a vivid description, the company is able to advertise and reach a vast number of consumers around the globe, making it possible for them to accumulate more and more sales revenues from their Internet marketing strategies. Through the animated presentations, the company is also able to make a clear presentation of its missions and visions which makes its reputation more acceptable for the consumers as well.

Aside form this; the company is able to ensure its consumers with fine service without actually having to personally deal with them. Thus, this paves way to a more effective consumer communication since all the necessary details they need to know about the company or the product they ought to have is available within a click of the finger. Thus, the company is able to give its consumers a fine service at their own convenience.

It should be noted though that the operations of the business could only push through if the elements of e-business in the industry shall be addressed with carefully though understanding by the administrational personnel handling the organization. What are these particular issues needed to be faced with conscientiously and seriously by the said administration? The section Crucial Issues to Consider shall handle the presentation of the said discussion.

PART 2: CRUCIAL ISSUES TO CONSIDER

Creating the Business
Everything starts with a vision. From a vision comes plans, and from plans come fulfillment of the vision. Vision and plans are the primary elements for starting any business. An entrepreneur must posses the vision and determination needed for an individual to become successful within the business industry; however, these elements are not solely the needed requirements. Vision and plans are the abstract elements that contribute to business proceedings hence empowering the entrepreneur to continue whatever it is that he has started. The other elements include capital, land [place of business headquarters] and the people force.

The elements that were mentioned primarily give essence to the business itself. The capital is more on the monetary resource needed to start the business. At times, this particular resource comes from a group of entrepreneurs who decide to work together for a certain organization, or on the other hand, it is sourced out from loaning or from the pocket of the entrepreneur himself. At some point, the capital actually determines the scale of the business. Land or the area intended for the business headquarters is depending on what type of business is planned to be established. If the business is supposed to cater to several clients, there should be a place intended for them that would be much convenient for business transactions. However, if the business is online [which is at trend right now] or other home based businesses, the area of business branch would not be much of a problem since the transactions are to be done at any convenient place possible. The people force also depends on the scale of business that is being established.

Whatever type of business is being established, it is necessary that the entrepreneurs see to it that the different sections of the business, especially that of the people force are well taken care of. The success of the business naturally depends on the ability of the entrepreneurs to balance the idealistic mission as well as the activities of the organization as a business entity. This as well includes the legalities of the organization and its close connection with the existing laws for business organizations.

It could be noted that opening or establishing a business organization is not that easy to deal with. The first months of operation towards the first year usually deals with the different challenges of effective strategies created to put the organization within the existing competition. Entering a certain business organization and trying to make it within the business industry is a great challenge to everyone wanting to create a considerable reputation in the society. However, once these particular challenges have been successfully met by the new entrepreneurs, the continuous progress of the said new established organization could be assured. This though does not mean that developments are already to stop once the business has been established. As for a fact, the establishment should simply mark the beginning of the progressive developments intended to help the whole organization remain within competition as long as it exists within the business industry.

From this particular section of the study, it could be observed that the primary reasons for establishing a business should not only be lead by the need or the want of the entrepreneurs in gaining profitable results form the business. It should be clear to the business entrepreneurs that the said operational act needs to receive ample time for planning and attention on the pros and cons of the situation. From this particular assessment of business opportunities, the possibility of creating a successful source of profit could be identified in a positive point of view.

It has been certainly stressed out that the different elements of business should be given careful attention within the planning procedures. Carefully giving the said elements ample time of observation shall give the entrepreneurs to make amends on the possible weak links that could cause the failure of the business in the future.

Analyzing Success through Marketing

Marketing is one particular branch of business that deals with all the promotional aspects of a certain business organization. At some point, this particular sector of the organization is perceived to have a certain group of experts attending to the said needs of the organization with regards promotion and advertising. Every kind of organization has their own marketing branch. This is specifically because of the fact that the incoming profit that the company expects from its clients is particularly empowered by the marketing strategies created by the marketing group.

Whatever it is that the Marketing group plans shall determine the organization’s success in the industry. The ability of the said in-charged group in making amends for the organization’s ability to make it within the industrial competition in the business world shall make it possible for the business to make a considerable reputation that could attract the clients who are being targeted by the said organization. This is particularly the reason why business organizations both large-scale and small-scale make it a point that the marketing procedures that they carry on for the sake of business progression are given careful attention and as well as an ample amount of investment.

Particularly, marketing is a business branch that sets the path for the organization as to how they are supposed to follow the journey of success in the industry that they are dealing with. The intensity of the procedures taken by marketing experts particularly pertains to the quality of the advertising procedures that the organization ought to take into consideration for actual operational purposes. It is in this particular sector of the organization that the fast release or distribution of the services or the products offered by the organization towards the clients could be determined.

Today, the level of competition that each business organization deals with in the human society is clearly identified by the progressive procedures taken by the marketing team of each business company. According to Website Marketing:

“Marketing is a broad topic that covers a range of aspects, including advertising, public relations, sales, and promotions. People often confuse sales with marketing, when in fact the two are very different. The former involves getting a product or service into the market, promoting it, influencing behavior, and encouraging sales. Sales are the actual transaction of getting a product or service into the hands of your customers.” (http://tools.devshed.com/c/a/Website-Marketing/Importance-of-Marketing/).

The strategies of marketing that each organization adapts into is primarily defined by the financial capabilities of the said business entity t o provide the services need by the clients that pertain to promotional operations. The strong impact of the marketing strategies also usually brings about the thought that the main target of the promotional presentations is the group of people in the society who are assumed by the organization to be the primary clients of the organization. It is their interest that should be the focus of the promotional interpretations and presentations. The strategies are indeed strongly differed through the identification of the target consumers or clients of the organization. The Website Marketing also adds:

“Strategies in marketing have changed enormously since Jay Conrad Levinson introduced the guerrilla concept over 20 years ago. Tactics that were considered radical then are almost main stream now. With so many messages bombarding the consumer in the marketplace today, it is now more difficult than ever to get your product noticed, so marketers have learned to be creative.” (http://tools.devshed.com/c/a/Website-Marketing/Importance-of-Marketing/).

Overall, marketing could then be noted as a source of established foundation for every business organization. The impact that it has on every established business group is a primary concern that brings about possible profitable sources to the different business organizations. Indeed, marketing and the operations that are made under this particular sector of the organization assure the whole business entity of the competitive standing of the entire organization within the business industries.  This is particularly the reason why it has been commented that: “Companies without a marketing mindset are at a disadvantage in today’s business world. Those who are still centered on their products, rather than their customers, are doomed to fail.”

The clients are the main target of marketing procedures, companies who are still starting and those who are already established who give lesser care in this aspect of business operations are indeed assured to have a hard time coping up with the existing competition within the industry.

Getting through with all the RISKS
Planning the business and setting the marketing strategy to be used by the organization are simply the basic elements needed to create an organization that is intended to set sail in the journey towards global business engagements. TO be able to completely scale the capability of the organization to face the different challenges of dealing with the international market, it is necessary that the business entrepreneurs become aware of the impending issues needed to be dealt with during international business operations.

What are the risks being referred to herein? According to Fredrick Wilcox: “Progress always involves risk; you cannot steal second base and keep your foot on the first base”. This primarily implies the fact that there are several elements of success in business, especially concerning international relations that could not be met unless the entrepreneur meets the risks that come along with the primary developments.

The elements of risks could be discussed as follows:

A)              Business Risks:

o                Cost of Structure- The establishment of a certain business entity especially one that is made to face international transactions should and must be based on the financial capabilities of the owner. This particularly pertains to the available capital that is supposed to be the basis of how large or how small the scale of the business would be.

o                Competition- Being ready for the already existing companies within the country that goes with the same industry is necessary for an international entrepreneur to be prepared about.

o                Product Liability- the procedures of getting through with the laws in placing the products within the boarders of the other country should be one of the primary concerns of business entrepreneurs.

o                Human Resource Management- Since the business would involve international engagements; it is simply reasonable to expect that the employees would be coming form international races as well. Managing this type of human resource group should then be carefully given attention by the organizational authorities.

o                Clients or Customers- The demographics of the consumers, their interests and their product preferences should be among the main concerns of the business organization. Their culture and their wants basing on their traditions should be carefully noted by entrepreneurs to ensure their products of the market appreciation that it needs to be able to remain in business.

B)               Environmental Risks

o                Economic- The economic situation of the neighboring country where a branch or a trade engagement is prepared to be conducted should be set in balance with the economic status of the original branch of the business. The balance shall help the business operators to set some standard procedures in dealing with the finances of the organization.

o                Weather- The weather that is currently controlling the activities of the civilians of a certain country should be carefully given attention. This shall also determine the activities that are supposed to be taken in consideration by the business organization.

o                Legalities and the Government- this particular element should be closely given clear attention as it is among the most important factors as well as the most crucial one as it primarily determines if the organization is to remain in a certain country or not, based on the ability of the organization to become connected with the laws of the said neighboring country.

Considering all these elements of risk and being able to understand on how each one affects the business engagements of a certain organization in an International picture shall then help the entrepreneurs create the possibilities and the probabilities of the organization’s success in the multicultural market of consumers.

Getting Along with the ABC’s of the Plan

As the organization aims to venture in a new business operation that they have not been used to in engaging, it is much beneficial to take notice of the fact that the organization needs to take into consideration several factors that would involve the adjustments of the whole body of employee of the said company. The shifting of the priority and the opening of the new arena of service that the company would provide its clients should then be identified as a primary factor that should be carried in constant addressing during the whole procedure of adjusting the organization’s focus. First to consider then is the type of internet servicing that the company should be involved into. This shall be discussed within the paragraphs that follow.

(A)                      Choosing the Type of Service

To be able to reach the widest scope of market, the business should invest in creating internet networked branches from different areas of the world. The company may not be required in creating an actual physical branch in the different parts of the world, but it is required to subscribe at a certain internet website host such as Google or yahoo, that would make their company much more accessible by the target market that they ought to serve. Choosing the right type of server or website support is very important. This is the reason why ample research on this matter should be carefully considered by the ones who are to establish the company’s website. The scope of the network should also be closely attended to as this would indicate the expected scope of audience or market that the company could reach out to. As mentioned earlier, marketing is an important way of regenerating a prospect market to get involved within a certain business company; however, lacking the needed access to reach the said clients may make this particular procedure of business operation impossible. Hence, being able to scale on which type of website support could give the best services to the company basing from its mission in connection with the market that it targets is very important to take into consideration. By doing so, the creators of the said business service-provision branch does not only introduces the company to a wider scope of market, but it also gives it a chance in gaining the peak rate of revenue that it could reach in an annual calculation.

(B)                       Creating the Website

Since the organization aims to attract business enthusiasts and household members, the presentation of the website should cater to what they are actually interested in. This is where the art of marketing begins o enter the scene. Moat likely, it could be observed that the more attractive and interesting the website looks like, the more it is being viewed by Internet surfers. This is [particularly the reason why the website of the company should highlight the strength of the company and the idealisms that it has that may attract the concerns of the market. Constant attendance to what the target market wants to know about the company and about their services shall help the creators and programmers of the website have an idea on what they should actually set as features to the said website.

It must also occur among the creators that the insistence of the website’s becoming a user-friendly system is an important part of the feature of the said internet address. This would certainly allow the users, whether they are computer literate or not to have an easy access on what is actually being offered by the organization through their online network.

(C)                       Counting the Benefits

Having a company’s own website in the internet is like having a legitimate virtual address that would cater to mostly different people from around the world. As globalization opens its doorways to major new waves of business engagements, it could be observed that there are different benefits that the Internet operations bring the different business organizations that use the services provided by the said virtual community. Most of the company’s which do not even have physical establishments are already known because o their internet-based operations. This fact shall help the organization in realizing the fact that opening their doors to a more liberated procedure of operating within the business transactions that they want to offer their clients is an important part of their company’s growth as a major business entity.

(D)                      Counting the Costs

To be able to understand the plan further, it is important to lay the finances and budgeting procedures needed to support that project that is being proposed for the business to take into consideration. What are the particular elements of financing that needs to be considered?

·                                          Creating the Website

There is a need to hire an expert to at least program the website. The fact that there are different features of presentations that are planned to be embedded within the presentation of the website primarily to attract the clients, there needs to be the existence of professional help for this matter. This then requires a minimal yet reasonable payment for labor.

·                                          Funding the Website

Usually, the fees for website maintenance are paid annually. The company should then prepare itself in facing responsibilities such as this.

·                                          Advertising through Search Engines

The more exposure the site gets the more surfers it could invite. From this particular fact, it could be noted that funding the site’s fees is indeed worthwhile, as that particular fee shall allow the link to the website to appear several times with the utilization of several key words encoded by the internet surfers when they are seeking the help of major search engines in the internet.

·                                          Training the Operators of the Web

There should always be a standing support specialist that is ready to assist customers in their issues about the services offered by the company. Once the company ventures to this particular type of business operation, it should then occur to them that the importance of placing expert support technicians as well as product or service specialists should constantly be available incase interested client needs assistance.

If the values of the cost-causing elements mentioned herein shall be examined, it could be observed that the fees are all reasonable enough of paying on the part of the company’s financing group. Most likely, this is because of the much reasonable returns that the said fees are expected to return to the entire company’s business system.

Handling such responsibilities in a much more positive outlook shall indeed help the administration of the organization realize of their importance as major player within the worldwide economy. The operations that they are expected to handle through online communications shall not only increase their capabilities of handling challenges but could also help them grow as a business entity that is able to face the challenges of the globalization era.

PART 3: FACING THE CHALLENGE OF E-BUSINESS SYSTEMS

The Company Website Features and Structures

As noted from the above discussions, the proposed plan is in need of a high-edged-innovative website that would provide the prospective clients with all the necessary informations that they need from the business. These then would require the website to be more interactive and is some way be more customer friendly making the entire e-service systems of the business much customer focused providing the clients with every single details that they need for the wedding plans that they are signing up for. Most likely, to be able to come up with such procedural approach in business operation, it is most important to know how and what informations are necessarily needed for posting in the website.

The website links would include the following:

WEBSITE FOR THE CLIENTS

WEBSITE FOR THE ADMINISTRATION OF THE BUSINESS
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The System:

It could be observed that in the diagram for administrational control, there are different tabs that show the choice matches of the clients with the available services and resources offered by the company. From this, it could be noted that there would be an existing system of picking the right people, right service as well as right resources to fit the wedding party asked by the client along with the budget limit that they would provide. Once everything is fixed, a notification of the acceptance of the business deal shall be sent to the clients.

To be able to understand better, the “right people” would likely refer to those individuals available to assist during the target date for the wedding party. Most likely, these personnel would include people who are working overseas and are currently located in Singapore. Most often than not, Filipinos are likely to respond to part time work invitations whereas they are asked to report to work when needed during their off-days. To accomplish the right number of people needed for the crew, the photography and video coverage, the company would post a separate invitation ad for all those who are interested to accomplish the said positional jobs in part time status. Gowns, flowers and other give away items shall be shipped from Indonesia and Malaysia and be received by the appointed personnel in Singapore for the target date of the wedding receptions.

A Margin of Profit and Loss for the Business

Expected Source of Revenue:

Singaporean Couples

Operations
Costs
Online Client Assistance Approach
Monthly payment for website maintenance and payment for the programmer and employees who are appointed to keep track of the business progress and operations.
Collecting of the people needed for the business
Salary and Compensation for the effort and time of people involved.
Shipping of materials and accessories for the wedding
Cost of travel or shipping
Gathering prospect venues for weddings as well as caterers for the occasion.
Parting percentage of sales and cost of service given to the owners of the venue and the caterers as well.

·         Profit is to be taken from the sales level made by the company in a quarterly basis minus the operational expenses of the organization during its appointed occasions handled. Such assessment shall ensure if the company is indeed gaining back the values that it has prepared further for its clients to enjoy during wedding ceremonies.

Expected Income Statement

Capital For the Business
SGD 1000.00
Business Operation Expenses

Initial Web Publishing and Development
SGD 96.67
Web Domain Hosting and Maintenance
SGD 161.29
Materials, Catering and Services for Wedding Ceremonies

(Amounts Inclusive of Shipping fees)

Amounts are to be paid by clients before the target date;

20% of the payments shall be taken by the company as

sales, the rest shall be sent to other suppliers
SGD 322.16

(Estimated amount)
Staff Training Expenses

(maximum of 20 Crews)
SGD 322.15
Employee Compensation

(maximum of 20 Crews)
SGD 322.14
TOTAL Profit/Loss Margin

·         from the major estimations of cost presented above, it could be observed that the profit of the business could be depicted and expected from the 20% share that the company would receive from the clients’ payments to the suppliers, along with the fact that the company also generates profit from closing the transactions between them and the clients as well as between the clients and the suppliers as well as other contributors to the ceremonial arrangements for the weddings.

·         Other factors of the diagram: Staff Training Expenses refer to the financing process needed for  training the staff for the ceremonial presentations as well as for those working within the website systems.

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Through this process of operations, it is also important to ensure that the clients are receiving the right kind of service that they deserve as per promised by the company itself during the process of closing the deal for the transaction. Delivering service to the clients of major business entities in the society is the present trend within the business field. It could not be denied that the impact that servicing activities place on the progress of different business organizations is indeed massive. This is primarily the reason why servicing companies are widely spreading all over the world, employing a larger number of people and serving a larger scope of market. Servicing industries could be considered to be one of the most sought after industries in the society today.

From communications towards the food industries, from the office service centers to legal assistance services, the business industries today are providing more and more options for the society to choose from as to what kind of service well fits their needs. This is the particular reason why business organizations today are putting a certain focus on the process by which they are able to manage their people in assisting them in giving their valuable clients the kind of rightful service that they particularly deserve. Clients usually receive the services that they intend to enjoy through the chain connection that the different industries have on each other. As noted earlier, manufacturing industries are able to complete their aims of servicing to the market through the help of the sales industries. Without the existence of the sales business entities, it would be less likely that the manufacturing industries are to make profit as high as they are making right now. It is consistent then that the personnel involved in the servicing industries are aware of their duties in giving the best possible performance that they could give for the sake of their clients’ overall satisfaction making it easier for them to gain the interest and trust of their clients that they would like to render service to. Servicing industries follow a certain set of rules for them to standardize the quality of service that they are giving their clients. This includes their responsibility of recognizing the rights of their clients as individuals and as major assets of the organization; it also adds the integrity that they are trying to imply on their organization as they continue servicing to their clients. These responsibilities are the foundations of the standards that employees are holding onto for them to be directly effective in the performance that they are posting for their clients’ satisfaction as well as their own organization’s reputation within the market.

Every client has the right to receive the rightful service that they particularly paid for. It is then very important for the employees to create possible ways in which they are able to prioritize the values of their clients. Keeping in mind that they are expected to put their best foot forward in assisting their clients with what they need certainly outlines the importance that the employees should put on the recognition that they are giving towards the rights that their clients have as they demand for the quality service that they certainly paid for. Through the ability of the employees to adhere to the standardized performance that has been implied on them for application in servicing to their clients, employees are expected to provide the customers with the best service that they deserve and expect from the companies that they particularly ask assistance from.

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PART 4: Conclusion

Entering the arena of international business venture is indeed not an easy task for business entrepreneurs. However, because of the main focus of globalization in empowering dreamers of the said industry helps much in assisting entrepreneurs in seeing the possibilities of enlarging the scope of their territories of profitable areas through stretching their business activities towards the other countries around the globe.

It could not be denied though that the procedure of international business looks much inviting, it should not be forgotten that the risks are highly challenging, hence encouraging the entrepreneurs to apply clear control of the situation through applying the needed skills to face the challenges of the international business transactions. Expanding the business in this procedure is indeed promising; however, careful consideration on the elements of risk should be given clear attention by the hopeful business entrepreneurs.

The e-wedding planning service provision on the part of the organization being pursued in this plan proposal is indeed one particular strong approach to the industry that could increase high levels of competition with others. Likely though, with the strategic approach that the business administrators themselves would use upon the impending challenges that the business is actually to face in its actual operations, the success of continuing the operations of the business as well as expanding its branches later on is not an impossible expectation on the part of the planners of the said business.

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