1) Discuss and describe the nature of your chosen business 2

Answer:

1. Discuss and describe the nature of your chosen business-The business I have chosen is  Pest Management. The nature of this business is to help customers treat pest related issues at their homes and offices with help of pest control measures using chemical sprays and products.

2. Analyze what is required to start and run your chosen business-To start a business I would need the below things to be in place

a- Funds to invest in an office, office supplies, chemicals and applicators and to pay salary to the staff.

b-Research and strategy planning to launch, operate and sustain in the business.

c-Shop and establishment Licenses, local municipal corporation approvals and license to use and store various type of chemicals and applicators.

d-Human resource manager to start the recruitment process and engage further, A process and product trainer, a sales manager, operations manager and technicians.Accountant, Customer service manager and cashier.

3-Evaluate the forms of your business ownership, explaining your choice to start your chosen Business

My Business type is sole proprietorship currently as I would be managing the small set of the business alone initially and later if it goes well would plan to expand and partner with someone. The reason for choosing this type is that it would use fewer funds to start up and all the profits would remain with me post utilizing the revenue in operational expenses.

4.Discuss and Assess Describe the role of supply, demand, and competition for your Business

I would begin with identifying the target consumers by segregating the market based on demography to understand the income level, age range, buying potential and profession of the target market so I can offer my services accordingly. Pest management, in general, is a high demand service as every person is it a homemaker or officer faces pest related issues. My initial focus would be on the residential segment due to the high demand from this segment. I would analyse competitor pricing and would opt for competitive pricing to gain an edge over existing completion and attract customers. Would supply services efficiently based on the demand as there is a shortage of economical quality service providers in this industry in general.

5. Assess, define, and classify your stakeholders, and highlight environmental forces that might influence your marketing business decisions. 

The stakeholders in my business would be classified as employees, suppliers, local government authority, investor and customers as they all are connected with my business and have the potential to affect the working conditions and business objectives.

The external environmental forces would be competitive, changes in technology, economic conditions would influence my service offering as I would have to plan my strategies accordingly and would have to change the pricing based on economic and competitive conditions.

Internal environmental forces would be Operational issues, business culture and objectives as these would impact my day to day working and operations and also linked with my business's future.

6. Opportunities & Challenges- The biggest opportunity is the post-pandemic situation where people are more particular about their environmental hygiene conditions and would prefer to invest in a good pest control service provider to keep pests away from their premises. Also, due to the awareness and spread of various mosquito-related diseases in the surrounding, we have a good ready market where we can make our presence felt.

The challenges in specific would be a highly competitive market and to create brand visibility for us.

7-Discuss your organization responsibility (as an organization) to owners, employees, customers, investors 

Responsibilities as an organization-To offer quality service and value for money to customers and help protect the environment by reducing the use of chemical-based solutions

To owners-Earn profit and satisfaction in being an Entrepreneur of choice.

To Employees-Help them grow and learn along with earning a good remuneration.

To Customers-Offer value for money services and help resolve their problems related to pest infestation.

To Investors- Help them get good value for their investment

8. Elaborate any additional points that might be essential and relevant for your type of Business

Always need to be updated about the latest technological advancements to upgrade our solutions and offer customers better value than competitors. So would be a member of pest management association and other related groups.

Step-by-step explanation

As explained in detail above, a business is like a game where we start by analysing the competitor and market and implement our best game to remain sustainable and win customers trust. At the same time, all stakeholders must benefit from our business. Also, special attention should be given to the environment to minimise the degradation and improve the level of contribution to keep it healthy.