MGT 402 SEU Week 7 Royal Fancy Food Start Up Business Plan Paper

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Business Finance

MGT 402

Saudi electronic university

MGT

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College of Administrative and Financial Sciences Assignment 1, 2 & 3 Course Name: Entrepreneurship and Small Student’s Name: Business Course Code: - MGT 402 Student’s ID Number: Semester: II CRN: Academic Year: 1440/1441 H For Instructor’s Use only Instructor’s Name: Students’ Grade: Marks Obtained/Out of Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Read carefully Grading Rubric below for specific criteria: 0-5 Marks. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page, assignment instructions, and assignment questions will NOT be accepted. You must submit the assignment the assignment instructions, cover page and assignment questions. without deleting Department of Business Administration Entrepreneurship and Small Business - MGT 402 Assignment 1, 2 & 3 Course Learning Outcomes: Marks: 15 1. Demonstrate a solid understanding of the potential of entrepreneur in today's competitive business world. (Lo 1.2) 2. Demonstrate ability to think independently and systematically on developing a viable business model (Lo 1.3 & 3.7) 3. Understand the place of small business in history and explore the strengths and weaknesses of small business. (Lo 1.1). 4. Utilize strong analytical skills and tools to formulate an effective Bootstrap Marketing Plan on which a small business can build a competitive edge in the marketplace. (Lo 1.8, 4.3 & 4.5). 5. Deliver and communicate marketing massages in coherent and professional manner. (Lo 4.4). BUSINESS PLAN Project yourself as an entrepreneur of a small-scale business in Saudi Arabia. Assignment Objectives & Requirements: 1. Owners a. Your Business Name, Address, E‐Mail 2. General Business Description (300 – 500 words) A. What business will you be in? What will you do? •Mission Statement •Company goals and objectives B. Business Philosophy a. What is important to you in your business? • To whom will you market your product? • Describe your Industry: Is it a growth industry? What long term or Short-term changes do you foresee in the industry? How will your company take advantage of it? • Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture? • Legal form of ownership: Sole proprietor, Partnership, Corporation, Limited liability corporation (LLC)? Why have you selected this form? 3. Products and Services (300 – 500 words) a. Describe in depth your products or services. (Technical specifications) b. What factors will give you competitive advantages or disadvantages? Examples include level of quality or unique or proprietary features. 4. Marketing Plan (300 – 500 words) a. Market Research- Why? b. Market Research- How? Primary or Secondary Data? c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all‐important sales projection. Facts about your industry • What is the total size of your market? • Current demand in target market. • Trends in target market—growth trends, trends in consumer preferences, and trends in product development. • Growth potential and opportunity for a business of your size. • What barriers to entry do you face in entering this market with your new company? • How will you overcome the barriers? • How could the change in technology, change in government regulations, change in the economy, change in your industry, affect your organization. Product • Describe the most important features. What is special about it? • Describe the benefits. That is, what will the product do for the customer? Customer • Identify your targeted customers, their demographics Competition • What products and companies will compete with you? • How will your products or services compare with the competition? Strategy • Outline a marketing Strategy. Promotion • How will you promote your Product? • What will be your promotional budget? Method of setting prices •Compare your prices with those of the competitors. Are they higher, lower, the same? Why? •How important is price as a competitive factor? • Do your intended customers really make their purchase decisions mostly on price? • What will be your customer service and credit policies? Distribution Channels How do you sell your products or services? Legal Environment • Licensing and bonding requirements • Health, workplace, or environmental regulations • Special regulations covering your industry or profession • Insurance coverage • Trademarks, copyrights, or patents (pending, existing, or purchased Personnel •Number of employees • Type of labor (skilled, unskilled, and professional) • Where and how will you find the right employees? • Quality of existing staff • Pay structure • Training methods and requirements • Who does which tasks? • For certain functions, will you use contract workers in addition to employees? Inventory • What kind of inventory will you keep: raw materials, supplies, finished goods? • Average value in stock (i.e., what is your inventory investment)? • Rate of turnover and how this compares to the industry averages? • Seasonal buildups? • Lead‐time for ordering? Suppliers: Identify key suppliers. • Credit and delivery policies 5. Financial Plan (300 – 500 words) The financial plan consists of a 12‐month profit and loss projection, a cash‐flow projection, a projected balance sheet, and a break‐even calculation. Together they constitute a reasonable estimate of your company's financial future. 6. Conclusion (300 – 400 words) Assignment Submission • There will be three submissions for this assignment as the following: Submission Week Due Date Point covered First Submission Week 7 1,2, &3 Second Submission Week 11 Third Submission Week 13 4 5&6 Word Count 1. 0-50 2.300-500 3.300-500 4. 300-500 5.300-500 6. 300-500 Instructor’s assessment based on the sincere effort and participation in the followings: • Class • Blackboard • Discussion Board • Wiki • Blogs TOTAL MARKS MGT402 – Assignment Rubric Marks:5 Percentage 100 Percentage: 50 Marks: 2.5 Requirements Percentage: 50 Marks: 2.5 Content Marks 5 5 5 10 25 Exceeds Expectation Meets Expectation 76-100 51-75 0-50 Includes all the required components, as specified in the assignment. Includes most of the required components, as specified in the assignment. 51-75 Includes some of the required components, as specified in the assignment. 0-50 76-100 Demonstrates substantial and extensive knowledge of the materials, with no errors or major omissions. Demonstrates adequate knowledge of the materials; may include some minor errors or omissions. Below Expectation Demonstrates fair knowledge of the materials and/or includes some major errors or omissions.
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Explanation & Answer

Attached. Please let me know if you have any questions or need revisions.

ROYAL FANCY FOOD

1

Royal Fancy Food
Student's Name
Instructor Name
Date of Submission
Institution Affiliation

ROYAL FANCY FOOD

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1. Owner
Royal Fancy Food
King Fahad Street
11413
+ (966) 17 659 7102

(2a) General Business Description
The Royal Fancy Food restaurant (RFF) will be a locally owned food restaurant offering
family-style food and services. However, the principal concept of RFF start-up is to provide
specifics in beverages retailers and fast foods. RFF aims to offer its customers first-class food,
services, and a comfortable environment. The business targets middle-class employees in the
capital city. The restaurant will begin distributing its products in the local street of King Fahat
and later establish outlets in the surrounding areas. The franchise believes in providing an
excellent combination of quality food, friendly prices, and fun packaging.
Mission
Values are an integral part of the success of any business. RFF believes values such as
honesty and excellent customer care are the foundation of the business. RFF is committed to
offering our customers the best service and quality food that meets their desire and exceeds their
expectations. The restaurant will utilize its team of experts, including the manager, chefs, and
marketing team, to offer its clients a persistent customer experience. We aim to become the first
choice of distribution restaurant in the location.

ROYAL FANCY FOOD

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Objectives and Goals

Our business objective is to be the first home-styled restaurant in King Fahad Street and its
surrounding that offers and distributes exemplary meals at a value pricing.
Become a well-known brand that uses customer-relationship management to attract and keep
customers.
At a mature stage, the restaurant using expansion strategy will build branch restaurants
regionally
Keep improving original restaurants, increasing the sales and net margin with at least 10% net
profit sales.
(2b). Business Philosophy
While there are several restaurants in the same street, our ability to provide customized
products to our customers, excellent customer service, and ease of distribution to offices will
give us a competitive edge. As previously stated, the RFF will be established on creating an
honest, friendly, and customer-centered business that meets and exceeds their expectation. The
restaurant is strategically placed in a high-populated area, with the majority of the citizens being
middle-class workers. The restaurant will ease the workers' access to food during their working
hours and might lack ample time. Additionally, our food quality and value pricing will meet the
demand of the majority of workers.
The food and tourism industry is drastically changing from public and private efforts to
diversification from religious tourism in Saudi Arabia. The increase in entertainment and tourism
investment will positively impact the foodstuff sector (Varshnney, 2020). Such expansion
increases RFF success rates for future growth on Fahad Street. While the nation is a high-

ROYAL FANCY FOOD

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income nation, it is yet to be considered a developed country. There ...


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