Essays on Assessment Principles Of Management Assignment

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Contacts: 2646 LUTONEmail: info@wonderpricess. comBusiness descriptionWonder Price Sports Store will be a small to medium retail business dealing with sport wares such as jerseys, sport shoes, shorts, cycling outfits, gym equipments, and sports accessories. Sporting activities in Luton have been on the rise recently with a support from various stakeholders, such as Luton Learning and Community Partnership Ltd and Luton Borough Council and Wates. Luton is not only developing as a city but also as a sporting village in which Active Luton have been mandated to mobilise and strengthening the community and schools in the need to live well in health and in fitness. As a result, demand for sports ware has increased tremendously as more people indulge in sporting activities.

The nature of this business will be capable of supplying residents of Luton city from a store in one the popular malls. Our products will cover all the demographic groups given that sport is a noble activity for all ages. It will also match with the changing trends in the social and economic trends, as more people are demanding for fashionable outfits to look good when sporting.

Fluctuation of prices will be dismal as these sports wares will be required throughout the year as some sports are scheduled in summer whereas others are done in winters. Planning process for Wonder Price Sports StoreBusiness planning becomes a crucial and integral part when venturing into a business. Good decision-making and plans execution can therefore determine the success and the future of the business being ventured. Therefore, it is advisable to use only the strong tools and methods viable as well as good management of the resources available in coming up with a strategic plan for the business (Nunn & McGuire 2010).

As commonly known, the major aim of many businesses is to maximise profits whereas minimising the operating and production costs. Therefore, proper planning becomes the platform for the new business venture. A logic model in this case could be the main tool to save the agony of business failure in future through facilitating a logical thinking in the initial stages of a business development. In addition, it simplifies the planning process by analysing the whole business requirements in terms of the inputs and the business outcome.

Key issues either likely to contribute to business success are strengthened as early as possible whereas risks may be averted in time to avoid the downfall of the business. Therefore, a logic model would depict the possible outcomes, render any limitation affecting the outcomes, and projecting the desired result that could favour profit maximisation. In addition, logic model will facilitate inputs management at any given business stage especially the planning, implementation, and evaluation. The business owner will focus on enhancing the differences led by business activities to maintain the business viability. An in-depth research on the availability of similar businesses operating from the same mall will also help in minimising the clustering of similar businesses in same geographical region.

As a result, a good survey was conducted in Luton to determine the feasibility of this business in the region. Surprisingly, there were many sports wares store in the region and more stores were in the processes of being established. Some of the related businesses were Argos, Nash Range, at Aylesbury, and in Watford among other places.

However, the presence of many businesses dealing with sporting goods could not deter establishment of a new sporting business because there is high demand of these good as more people develop interest of healthy sporting and body fitness.

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