At the end of this module, you will be able to: LO1:Demonstrate how the principles of creativity, innovation and entrepreneurship convert into new processes, products or services. LO2:Demonstrate...

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At the end of this module, you will be able to:


LO1:Demonstrate how the principles of creativity, innovation and entrepreneurship convert into new processes, products or services.


LO2:Demonstrate awareness of the requirement to understand the needs, wants and behaviour of the various types of potential customers in the marketplace and identify and delivers value proposition to target customer segments.


LO3:Develop the financial forecasts for a new venture- income statement, breakeven, cash flow statement, balance sheet and evaluate these forecasts of financial performance.


LO4:Assess the degree of competition in a market/industry and the likely effect on profitability.


LO5:Apply the concepts involved in developing a planning framework for a new venture and evaluate the key activities involved in the process of starting up a new venture.


Canvas & JIRA Deadline: Tuesday 16thFebruary 2021 by


14.00pm


Assessment Method


Successful completion of the module’s learning outcomes will be evidenced by a3500 wordsindividual business plan.


You are asked to producean Individual business plan, not exceeding 3,500 words and excluding appendices and references. The assessment for this module draws on your reading and learning from the lecture and workshop sessions. The business plan which will test all learning outcomes.


See below for detailsGuidanceonBusiness Plan, AssessmentCriteria andMarkingScheme


Guidance Note


The business idea can be real or imaginary. The assessment should be undertaken individually. The workshop sessions allow students to build their business plan step by step.


You are required just to submit a business plan. You are advised to write up to 3,500 words. This word limit does not include the title page, the executive summary, the contents page, tables, diagrams, appendices or references. You must include an accurate word count on your title page. Suggested assessment criteria include:




  •  Clarity, consistency and originality of value proposition(s)




  •  Clear identification of target market segment(s)




  •  Comprehensiveness of market and competitor analysis




  •  Consistency/originality of core marketing & entry and/or growth strategies


    Comprehensiveness and accuracy of financial projections




  •  Comprehensive identification of resources required and financing




  •  Identification of material risks and their mitigation




  •  Overall presentation, including


    This is an academic piece of work therefore you are expected to link theory and practice. You should take care to ensure that the work you submit has a high standard of presentation. You must provide supporting evidence for your arguments and use a wide range of resources including academic literature from journals, textbooks and so on.


    This is an individual assignment. Youmustacknowledge your sources of information and evidence using the Harvard referencing system. All assignments are subject tothe University’s regulations on collusion and plagiarism and must be submitted inelectronic form for checking on Canvas for Turnitin and theTurnitin reportmust be submitted toJIRAalong with your assignment.


    The essay should be submitted on...th 2021 at 14:00.
    For advice on writing skills, you are encouraged to consult the resources on the


    module and the following site for use of the Harvard referencing system:


    https://londonlibrary.sunderland.ac.uk/studyskills/


    Your attention is drawn to the university’s policy on plagiarism. Information abouthow to avoid plagiarism can be found by visiting the following link:


    https://londonlibrary.sunderland.ac.uk/studyskills/avoidingplagiarism/




Business Plan Structure and Marking Criteria/Scheme


The assessment for this module draws on your reading and learning from the lecture and workshop sessions. You are asked to write an individual Business Plan, not exceeding 3,500 words.This word limit does not include the title page, the executive summary, the contents page, tables, diagrams, appendices or references. You must include an accurate word count on your title page.


Marking Criteria (ALL aspects detailed in each section MUST be included)




  •  Introduction-- Business description, Business name, opportunity or need being addressed, description of the product(s)/service(s), unique benefits, intellectual property details.(20 marks)




  •  Marketing Plan-- Explanation and justification of the market chosen, market research conducted, industry analysis, marketing plan; i.e. chosen target market, how you will reach your consumers, consumer profile and behaviour, evaluation of the competition, sales process, pricing strategy.(30 marks)




  •  Financial Plan-- Sources of funding identified, include Cash Flow Forecast, Profit and Loss Statement and Balance Sheet for a one-year period, explain contingency plan and growth aims and Break Even.(30 marks)




  •  Management Team and Company Structure-- Details of ownership and management of the Business, roles of team members, skills, qualifications, training needs and interests that can be used to best effect for the business venture.(15 marks)




  •  Submission Format/ Layout-- Structured, logical, well presented.(5 marks)(See marking scheme below for more detailed guidance)




LUBM302: New Venture Creation- Marking Scheme and Generic Assessment Criteria

Answered 5 days AfterFeb 05, 2021

Answer To: At the end of this module, you will be able to: LO1:Demonstrate how the principles of creativity,...

Shalini answered on Feb 10 2021
142 Votes
A SAMPLE BUSINESS PLAN FOR
BUSINESS PLAN FOR MILANO COLD FASCINATION
10
Executive Summary
The Milano Coffee Housewas founded by Ben Joseph and Jerry Joseph, who have been profoundly indulged in the food blogging for several years have visited several places in the world and tasted delicious food. They closely observed how the millions of Americans everyday stop for an espresso-based coffee drink. The people, who earlier did not spend a single cent on the coffee outside are now spending dollars for their cappuccino, mocha or cold coffee. It strikes the Joseph brothers and they opened their first coffee house named Milano Coffee housed in Chicago in 2011 and the second one in New York in 2015. Considering the success of the Milano Coffee house in both Chicago and New York, the Joseph brothers are getting request from se
veral parts of the United States to open their branches in more cities. Focusing on the demand, the founder’s decided to start a new venture in Los Angeles with a new brand name Milano Cold Fascination focusing on the newly added cold coffee range along with more varieties for the customers. The founders are profoundly looking it as a successful venture.
Table of Contents
Introduction    5
Opportunity Being Addressed    5
Description of Products    5
Unique Benefits    6
Intellectual Property Details    7
Marketing Plan    7
Market Chosen    7
Market Research    7
Industry Analysis    8
Marketing Strategy    8
Reaching to Potential Customers    9
Consumer Profile and Behaviour    10
Competition    10
Sales Process    10
Financial Plan    11
Pro Forma Income Statement    11
January 2020 - December 2020    11
Milano Cold Fascination Balance Sheet    14
Financial Ratios December 31, 2020    15
Contingency Plan    16
Management Team and Company Structure    17
Ownership and Management of the Business    17
Role of Team Members    17
Skills of Team Members    17
Training Needs    18
Conclusion    19
References    20
Introduction
The founders of the company worked as a food blogger in the past outlining and observing the preferred food habits of the people living in different parts of the world. Considering the craze of the Americans towards several varieties of coffee, the Joseph brothers have started the coffee house named Milano Coffee House in Chicago then the next branch in New York. The coffee house turned out to be a successful venture and is loved by the customers. Soon the popularity of the Milano reached out to several parts of the US and the founders are getting request to open more branches of Milano in US.
The cold coffee range of the Milano is extensively liked by the customers. Considering the huge demand in the market the founders decided to extend their branch in Los Angeleswith the name Milano Cold Fascination focusing on adding more varieties to their much-demanded cold coffee range. The business plan formulated by the company consists all the necessary aids that will ensure the success of the Milano Cold Fascination in Los Angeles. Furthermore, this plan will help to analyse the opportunity, selecting the target market, extending the product range, marketing plan as well as financial plan.
Opportunity Being Addressed
A major opportunity for the company relies in the craze for varieties of coffee among the people. The sale of coffee has grown considerably over the years. A beverage, which was considered as a drink turned out to be addiction for the people specially the Americans. Millions of people stop daily to have their sip of coffee. Considering the trends in the past several years there were few cases of failure of coffee house businesses in US. Therefore, it is evident that opportunities lie in this area. The success of Milano in Chicago and New York and request of the people from several other cities are the most influential points the company is looking up to. The American’s love for good coffee continues for deepening both in good times as well as the bad times. Extending their branch will be a remarkable step in increasing the customer base and capturing the market.
Description of Products
Milano coffee house, which deals in espresso-based coffee and several other varieties of coffee expanded their genre of products and started their new venture in Los Angeles as Milano Cold Fascination including cold coffee range as their newest addition. Along with the cold coffee, the company has added some extra products to reach out to the wider segment of the society.
Hot Coffee Drinks    
Coffee drink, which is the main specialty of the Milano will continue to be their prime product in Los Angeles also. The overwhelming craze among the people of Chicago and New York for all the varieties of coffee drink has extensively led the founders to assure it as the prime drink so that the people in Los Angeles (LA) can also enjoy the taste. The coffee drinks of Milano in Chicago and New York have proven to be a successful venture of the company considering the revenue generated by the company in both of the places. The Milano coffee house tend to lure its customers by making them aware of the quality of ingredients that are used in making their specialty coffees which make it a hot cake for the customers. The company makes clear on several fronts that the company does not uses artificial flavor in their coffee drinks and they stick to the naturally extracted ingredients, which is the reason behind the explicit taste of the coffee.
Cold Coffee
Cold coffee range is the newest addition in the menu list of the company and the company would be focusing on making it as hit as its espresso based hot coffee drinks.The company has regarded it as its prime product.
Flavored Tea and Smoothies
Flavored tea and smoothies would be the secondary and additional product that should be added in the Milano Los Angeles branch. Considering the response of the customers towards the Coffee drinks of Milano the company has decided to provide more variety drinks for those who did not prefer coffees. The company focuses on the product addition in their venture considering the tea lovers group as well as the health-conscious customers who tend to go on with the smoothies. The addition of the smoothies also reflects the company strategy towards attracting the children’s and their parents.
Unique Benefits
The new venture of the Milano in Los Angeles will hold on some new variety products for the non-coffee drinkers, which will include flavored tea and several varieties of smoothies. The company is also introducing the cold coffee range for its customers in different flavors at Los Angeles, which will be a completely new venture of the company. This will benefit the company by coming up with a loyal customer base and therefore, better competitive advantage.
Intellectual Property Details
Considering the intellectual property details of the Milano coffee house, the company has the copyright over the software they use to carry on and maintain the information about their regular customers and their tie ups with the companies. The company also holds on the right that none of their staffs can share the ingredients used by the Milano or the making process of the coffee whether they are working in Milano or even in the case if they have left.
Marketing Plan
Market Chosen
The market chosen by the Milano is the highly engaged streets and malls of the Los Angeles City. The Milano coffee house is currently serving in the Chicago and New York and considering the overall demand the company is expanding its branch in Los Angeles. The company is looking to establish its chain in the Los Angelesin highly engaged places with affluent local population. The company aims at establishing itself at tourist spots, near the student hub and at several prime site location. Milano is trying to establish its Coffee houses at the prime locations of Los Angeles, where the customers could easily reach. They are also looking up for several tourist spot locations so that the company could get its word of mouth promotions by the tourist customers in the several parts of world (Auschra et al., 2019).
Market Research
The market research for Milano coffee house indicates the increasing demands of the customer for the specialty products of Milano in some more regions. With current service in Chicago and New York and planning its extension in Los Angeles,...
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