Written Assignment
For this week's assignment you are tasked with completing a sales forecast for your chosen business.(the choosen business will be attached)
All numbers you provide and all assumption you make must be explained in detail. Write your explanation into the second tab titled “Explanations”.(the excel sheet will be attached also)
Make sure you explain what you are basing your numbers on.
Choose two different areas from your sales forecast and use descriptive statistics (graph or table) to display both areas. Make sure that anyone looking at your graph/table understands what you are displaying. If necessary, write a short explanation next to it.
Use the Excel Spreadsheet provided to you (file in week 9) and save the template under firstname_lastname and submit in the designated area. Do not change the formulas! Just enter your units/selling price for each month and each year. The spreadsheet is set up to do the calculations for you. You must do research to come up with realistic numbers! Do not just enter any numbers you think are reasonable. Under the explanation tab, you must provide the rationale (sources) behind your numbers!
36 Month Sales Forecast 36 Month Sales Forecast 36 Month Sales Forecast Fiscal Year 12020 2020 JanFebMarAprMayJunJulAugSepOctNovDecTotals Product NameEnter Product/Service Name Here Units0000000000000 Selling Price Total Sales$0$0$0$0$0$0$0$0$0$0$0$0$0 % of Total0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00% 2021 JanFebMarAprMayJunJulAugSepOctNovDecTotals Units Selling Price Total Sales$0$0$0$0$0$0$0$0$0$0$0$0$0 % of Total0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00% 2022 JanFebMarAprMayJunJulAugSepOctNovDecTotals Units Selling Price Total Sales$0$0$0$0$0$0$0$0$0$0$0$0$0 % of Total0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00% JanFebMarAprMayJunJulAugSepOctNovDec 01234567891011 &C© Copyright, 2010, JaxWorks, All Rights Reserved. This worksheet forecasts 3 years of product sales. The first two key data entries that you need to make are the first fiscal year and the first month of the forecast. With the first year and month entered, the spreadsheet will automatically enter the remaining years and months. Your next step is to enter the number of units and selling price for each month. This worksheet will print Centered and in Black & White. Enter Start Month Here. Explanations Running Head: Business Strategies for Sweet cakes 1 4 Business Strategies for Sweet cakes Business Strategies for Sweet Cakes Introduction Sweat Cakes is a start-up that is specialized in providing cupcakes of different flavours across the cities of Canada. The business has been propounded with the determination of operating in completely environment friendly manner and is based on a positive social impact. This assessment focuses on the ways to expand the business by incorporating shareholders in the business. The company focuses to strive in the market without neglecting the environment. Hence, a strategic business plan is required to formulate the business into a successful one. Strategic business plan for 5 years The bakery is classified as the food processing industry. In this industry the growth depends on the consumer’s demand, the disposable income of the consumer and consumer confidence (Yuliansyah, Gurd & Mohamed, 2017). In the initial year of the business this industry also depends on the factors of quality and affordable price. Apart from that the business faces a very competitive market, low profit margins and fluctuating prices of the inputs. Hence, I feel that a business strategy that differentiates my product from the rest would be an effective one. A differentiation strategy would focus on gaining customers by means of value adding services rather than lowering price. In my bakery I shall focus on the quality ingredients that I am using and the entire cake making in an organic process. Adding to this a quick service from the company will be our priority. In the following year the business will come up with the cost- leadership strategy that will involve a focus on the narrow niche market. I will cater to a niche consumer by using vegan and organic methods. I will design the process to avail the cakes at a competitive price within the niche. Within a year I should come up with more research on the changes in the consumers taste and preferences. I will work on creating own signature recipes and direct the use of combining unusual product as the ingredients. Further the distribution channels are to be expanded in a year or two. In first instance I would like to approach to certain angel investors who is passionate about baking and has keen love for cupcakes. Food industry needs a high investment in the initial years. I will focus on the differentiation strategy in the later years too, that would certainly help me to attract the investors. To sustain in the long run, it is obvious to expand the base of the business. I will focus on broadening the spectrum of the business. Once the shareholders are into the business, I will convince them about the discretion that the business can create by pertaining to the values of the company. And research on the cost-effective methods to sustain the same. Conclusion Business strategies are important in any kind of business. While, the business concerning the food industry are highly competitive with large number of firms in the market. Hence, there is a need for an efficient business plan to standout in the crowd. It is necessary to have distinctive features to attract the investors and sustain successfully in the long run. References Yuliansyah, Y., Gurd, B., & Mohamed, N. (2017). The significant of business strategy in improving organizational performance. Humanomics. .