Business Plan Assignment

Introduction:
Importance and General Review of a business plan in Entrepreneurship:
            A business plan is a significant structure for entrepreneurship. A better business plan
supports entrepreneurs to focus on the particular steps that make the business model successful,
and as well as support entrepreneurs to achieve their long-term and short-term business goals.
Many experts and business investors said that preparing good businesses plan not only enough
for business success, unless entrepreneur can make their business idea as brilliantly work by the
strategic plan’s execution and formulation (Cunningham, Evers, & Hoholm, 2014). 
             For entrepreneurs, business plans are considered as the map of roads, like if you will
travel according to your destination point, you will reach without any hurdle. Same as business
plan helps the entrepreneur to achieve their aim without wasting their time or showing extra
effort. Secondly, business plans included different informatics tool that can also support the
entrepreneur for a successful journey as competitive analysis, market analysis, operations and
logistics structure, investment protection, and consumer segmentation marketing, and compete
for review on long term growth (Hechavarria, Tian, & Reynolds, 2017). We have many
objectives of business plan in entrepreneurship as discussed below,
 Stay in a Profitable Scenario: 
An entrepreneur should work on those plans which have confirmed to return the high-profit ratio
as well as control the business capital and production at the same time.
 Employees Training and Productivity:
An entrepreneur should train their employees and make sure to hire those people who are already
well qualified for running his/her business idea because they can have skills to sustain business
in a safe position. 
 Brilliant Service Available for Customer:
Brilliant customer service support entrepreneurs to retain their customers, and clients and collect
revenue from them again and again. Business ideas can get achieved if entrepreneurs stay loyal
to their customers. 
 Mission and Vision of Entrepreneurs:
 
The mission and Vision of entrepreneurs must be set as clear and real to achieve in the future.
Most entrepreneurs try to take shortcuts in a business plan which is a completely wrong practice
because the business plan may take time but it will be surely ended on success. An entrepreneur
should remain calm and motivated towards the business objectives. 

Literature Review:
  When a person is trying to start a business or plan to expand the business, an individual
needs a business plan or business model because it seems like an important tool that supports the
businessman or an entrepreneur to make the right decisions. Business plans have all the
necessary tools that cover all the significant aspects of the business structure and help different
departments of business in a better way. A business model or plan has better ideas to run the
marketing department, finance department, manufacturing department, and HR department in an
accurate way. Various owners are very short-tempered they want to reach direct on startup
structure and trying to execute the business as well which is totally marked on the risk factor.
Entrepreneurs should keep themselves calm and take steps according to their business plans or
business model then they can get success with the formulation of each step. A business plan has
some steps as shown in a chart,

Business Profile
Product or Servie Profile
Location
Price
Building Structure
Machinery and Supplier detail
Manufacturing Procedure
Transportation Process
Raw Material Arrangement
Employees / Workforce
Market
Targetted Customer
Working Invesment
 

 
 On the other hand, entrepreneurs or businessmen are in a rush to get profit and success
which is observed as unprofessional behavior showing by them. It is cleared and confirmed by
many experts that there is no alternative plan to get rapid success in business because each and
everything give fruitful result when they took little bit duration. Same as the more an
entrepreneur focuses on a business plan, the more they get a secure position and high-profit share
in the market (Taboada, Guerrero, & Virginia, 2012). According to the business management
scholars, almost 90% of companies and entrepreneurs failed within the two years of business due
to lack of business planning and they also not sets any business structure to follow the right
procedure. Entrepreneurs do not work on their weaknesses and strength in a good way unless
they don’t follow the business plan or business model properly. 
Analysis and Recommendations:

Background of Corus Group Company:

The Corus group company is known as a successful firm, it was the second British
steel corporation that was survived in the phase of 1920s depression till World War II. This was
the second company that nationalized them in the state by providing huge compensation to the
state under the labor government act of 1945 to 1951. Corus group had faced many up and down
in their history and finally the Corus Group Plc. The company is considered one of the major
steel companies in Europe, it was established on October 6, 1999, with the merger of two
companies named British Steel plc, and Dutch steelmaker NV. The company headquarters
situated in London, in starting 66.000 employees were working there and their annual sales were
$14.8 US Dollar Billion and they were produced 18.2 million tones products. Because of the
merger the company had to get many benefits with a wide range of product diversification within
a firm. They build their relationship with the state’s major companies and become their fixed
suppliers like construction companies and automobile companies. 
Initially, the company produces and distributes the products of metal to the packaging
companies, mechanical engineering companies, automobile companies, and construction
companies in Europe. Usually, facilities of mass steel production were providing in the United
Kingdom (UK). But the company also showed its presence in Germany, Netherland, Belgium,
Canada, the United States, and France (Valdalbero, 2018). The Corus Group plc company has
provided these products range, like tubular products, coated steel, strip steel products, steel plates
and carbon steel sections, uncoated steel product, steel wire rods, engineering steel plates and
raw material, stainless steel product. On the other hand, the Corus Company also runs an
aluminum business but when their steel product got growth management decided to sell the
company’s aluminum unit to other companies (Maity, Sarkar, & Pal, 2009). 
In 2006, Corus listed as the 9th largest steel producer cooperation in the world and they
introduced their bid to become the 100 percent shareholder. On 20 September 2006 TATA and
Corus group companies decided to merge and make a partnership that will be beneficial for both
the companies. This deal took place because both firms desire to expand their business at the
international level and minimize their financial crisis. 

Business Plan of Corus Group Plc Company:

We are going to create a business plan on the scenario of Corus business. We started
the business plan from the Corus goal and objective. 

Corus Goal and Objectives:

Corus group Plc Company have the goal to become a top creative and innovative steel company
in the UK, Europe and also want to secure the various targeted customer and markets. They have
concentrated on product quality as well as on product quantity to cover the major marketplace.
Now Corus Group Plc Company focused to promote or launched any innovative product as final
goods. According to the business model, Corus created a policy that has the aim to target the
shareholders for reaching top-class company level and gain a competitive edge through product
advancement and technology. 

Product (Stainless Steel Refrigerator): Corus Group of Company recognizes the innovative

opportunity by antibacterial steel material in the food sector. They thought to produce the
stainless refrigerator. The reason behind that Corus examined the situation that they were buying
steel pieces and sells that raw material of steel to another company that produces different
finished goods from steel and sells on double profitable prices. Corus Company thought about it
that we buy and sell steel material with very low profit and growth value. Then they take a
decision to create their own finished good and sell in the market as the final product under their
company name and logo. 
Key Performance Indicators for the product:
Through the KPI (Key performance indicators), Corus Group of Company examines and
quantifies the product's activities like capital needed, packaging, duration, location, material
quality. All these are the factors that need to be the plan for producing a fine product. We are
briefly discussing the KPI indicators below,
 Capital/ Revenue: Corus need to set the capital for buying raw material of steel. 
 Material Quality: Before starting production, the company should examine the steel
material quality in the laboratory.
 Location: Company set a production factory far away from the residential area to save
human beings and save the environment as well. 
 Duration: Company has to analyze the complete time duration of one product
manufacturing.
 Packaging of Product: Corus decide to make their company name and logo label on the
product with steel stamps. 

Market Analysis:
Stainless steel refrigerator market day by day increases its growth overall the world like it was
expanding from 10 to 14.19%. Europe is observed as the second-largest market in the stainless
steel refrigerator. Because some refrigerators produce with bio plastic this is very harmful to the
human body that is the reason, Corus sets to produce the product with an innovative idea with
steel. Because it is medically proved that steel does not gives a negative impact on the human
body. And steel stainless refrigerator seems like an eco-friendly product in Europe. 

Targeted Market and Size of Market for Product:

Corus Group Plc Company targeted the European retail markets, restaurant, and food sectors
majorly. With the up-gradation of technology, humans are always in hurry. In Europe people
wants to eat ready to eat food they want to wait for a long time to get their order. Corus made
that stainless steel refrigerator with the high quality that food preserved as fresh and healthy for a
long time. Food sectors can take major orders now by using that steel stainless refrigerator. As
per the market size condition, Corus Company is targeted to get a profit of $145 billion
annually.  
Competitors of Corus Group Company:
The Corus Company has three major competitors that can give a tough time in the market
because they already have a high market share. Those three companies named are 
 Haier Appliance company 
 Blomberg Refrigerator company 
 Liebherr Appliance company
But here we mentioned that Corus Group Plc Company will introduce its product with the
competitive edge so they have high chances to capture a market with their new product. 

Material, Operations, and Location:  Corus Group Plc Company sets its manufacturing factory
at 30 Milbank, London, and 4WY United Kingdom (UK). The Corus Company follows the
business plan for the manufacturing operations of stainless steel refrigerators. Corus Company
sets safety precautions and wages with a bonus for employees. Corus used the steel sheet
stainless material that has the ability to preserved food fresh and long-lasting. This stainless steel
refrigerator can store 80-100 people’s food and protect food from dangerous heat degree. 

Uses and Benefits of Product:

Before people choose plastic made refrigerator because they don’t have an idea about plastic
cons. Now people prefer to buy steel stainless refrigerators because they can store food for a
long-term basis and it is less expensive as compared to plastic. There are six benefits as
following,
 Durable, less wasteful, safe from dangerous heat
 Reasonable pricing and non-toxic product
 Can recycle in a different product
 More hygienic standard
 Fresh Preservation steel quality
 Mass food storage space available for major food sectors

Law Implementation:
Corus Group Plc Company has to follow the law act of refrigerator safety August 2, Law 84-930,
1956 section 58, which have written that Companies should use those materials while making a
refrigerator which is considered the safe and secure for consumption. Especially use those gases
which are not considered harmful for a human being. 

Board of Directors and Key Management of Corus 

         The company discusses their ideas with the board of directors to call a formal meeting.
Corus Group Company management shares their idea and complete business model of innovative
product with the shareholders and partners. The key management named as Andrew Robb and
Jim Leng, both are the non-executive directors of Corus Group Plc Company from 2013. They
are taking all the major decisions of the company. 

Financial Budgeting:
            For launching an innovative product “Stainless Steel Refrigerator”, the Corus Group Plc
Company needs initial finance capital as AED 2 million which will be used in product material,
product customization, approval of product, wages of employees and so on, but if once the
product get the opportunity of success so Corus Company can chance to generate AED 75
million as total revenue and profit. 

Eliminating the Product Strategy:

If the Product by chance will experience failure in the market, so Corus Group Plc Company has
a chance to eliminate the whole business plan of the product. Like they can sell their complete
finished good production and raw material to other company or in other market and then they can
able to safe their half revenue. 

Timeline of Project Timeline:

 
Duration of Project Steps of Projects Description
1. Take idea of 2. Create Business
Week 1 Steps 1 & 2 product from Plan as per
management requirement
Week 2 Steps 3 Create a Business model in a physical structure
3. Call board of 4. Design a product
Week 3 Steps 4 & 5
directors meeting structure on
 software
6. Sets the factory for
5. Buy the raw
Week 4 Steps 6 & 7 starting an
material for product
operations
Find out the major competitive edge of the
Week 5 Step 8
product
Target the market and launched the product with
Week 6 Step 9
standard marketing strategies

Recommendation:
We recommend that Corus Group Plc Company have to follow the business
plan and expand their product line in different range because they have chance to grow their
business fast and can able to sets their outlet in the market. There are very less companies who
created the steel and product at the same time, if Corus Group Plc Company will get success in
the stainless refrigerator so they should continue their production and growth. 

References:
Cunningham, J. A., Evers, N., & Hoholm, T. (2014). The Business Model and Business Plan (In book
Technology Entrepreneurship) (Vol. 6).

Hechavarria, D. M., Tian, R. L., & Reynolds, P. D. (2017). To Plan or Not To Plan: The Effects of Business
Planning on Start-up Speed and Outcomes. Journal Of Business management, 2(1), 1-46.

Maity, N., Sarkar, P. S., & Pal, S. D. (2009). A study to evaluate – the Impact of merger and acquisition on
financial performance of Indian companies. Paper presented at National Conference on
Management– The Changing ScenarioAt: Hitkarini College of Engineering and Technology,
Jabalpu, (pp. 2-50). Jabalpur.

Taboada, L. R., Guerrero, R. F., & Virginia, S. M. (2012). The business plan as a project: An evaluation of
its predictive capability for business success. Service Industries Journal, 35(15), 23-45.

Valdalbero, D. R. (2018). The Future of European Steel. Sustainable Development, 2(4), 2-35.