Professional Documents
Culture Documents
2.4 Training............................................................................................................................6
4 - The Market..........................................................................................................................10
4.5 Factors that help customers choose Queenbee Concierge over others..........................13
London
London
Marakech, Morocco
2.4 Training
Self-development is an aspect that I have taken quite seriously since the very
beginning. I have always made efforts to assess my abilities and have tried to
implement changes considering the situational requirements. I believe that there is
no ending to the process of learning. I have hence planned to engage in different
training purposes post completion of the course of Masters. I plan to pursue training
in project management and entrepreneurship. These courses will help me to gain
knowledge about business management and will contribute towards enhancing my
efficiency to conduct the business process. I believe these courses will help me to
improve significantly in the future.
I generally like to read, travel and sports. Reading helps me gain knowledge about
different subject. Apart from story books I enjoy reading business journals as well.
Business journals provide me with all the basic information about the start-up
businesses all around the world and hence inspire me to become a successful
business person in the future. Traveling on the other hand helps me relax and
rejuvenate. It has been a hobby from the very early years as I like to discover new
places and cultures. I am more of a lone traveller and enjoy my lone time while
travelling.
I have assessed my abilities to identify the skills acquired by me. The list of skills
and competencies that has been identified in the end of the assessment has been
listed below:
Apart from the above-mentioned information I also have acquired the ability to
engage in self-assessment. Self-assessment helps to identify the areas that require
further development and hence will help to improve the overall performance in the
long run. My zeal to engage in the process of business will help me maintain the
aspect of motivation. People often lose interest after the business fails to meet their
expectations however, for me I will never lose interest from business and will learn
from all the failures.
The business, in context, is going to sell a service of conducting the daily errands of
the client. Queenbee will perform the regular and specialised tasks of clients such as
cleaning, shopping, fixing appoints for personal and professional needs, booking
tickets, hotel reservations etc. The services offered have been detailed in the next
section.
3.2 Basic product/service by the business
Lifestyle Management: The client outsources his personal tasks like daily errands
management, pet sitting, house sitting, shopping, reservations, special events
management etc. to a commercial firm or a professional. The business will mostly
target the large and medium sized corporations which generally outsource their
daily errands. The service will also be offered to individuals who generally prefer
hiring someone else to do the jobs due to various reasons like lack of time, lack of
knowledge and such other reasons. The services by Queenbee Concierge Services
will be offered at a lower price.
Queenbee Concierge Services will serve as the middle man or broker that can
manage the processes or operations for the client efficiently. The company will act
as an intermediary between the client and the service providers of several specific
services. The processes that will be managed by the business would include services
as mentioned below:
- Book activities
- Relocation services
- Book treatment
- Nanny service
- Cleaning services
- Personal shopping
- Property management
- Home refurbishment
- Event management
- Health consultancy
- Others
The operations of the business will be managed by the recruited employees and they
will be supervising the service provider to ensure efficient and appropriate services.
Thus, Queenbee Concierge Services aims at completing the customer requirements
and tasks through the best service providers to ensure maximum satisfaction of the
clients.
As it has been mentioned, Queenbee concierge will serve as the middle man
between clients and the service providers. The team recruited at Queenbee will
consult the necessary service provider and get the activities of the client done as
soon as possible. The service provider wil perform the activity while Queen bee
team will take the responsibility to supervise the service provider and ensure that
quality services are being given.
I won’t be selling all this product at the start of the business because I would like to
focus on the basic services and then develop it. I might start selling the other
services after one year of experience. This is because it may be difficult for the
large corporates to trust a new start up. Furthermore, in the initial stage, all
mentioned services cannot be offered. Therefore, initially, the networking will be
done through establishment of healthy relationships with target market and then the
services will be offered.
The services of the business that has been mentioned include both professional and
personal services. In the initial phase of the business, the services that will be
offered include basic services like booking of fights, hotels, events management, pet
sitting, cleaning services and delivery services to specific locations.
4 - The Market
4.1 Customers for the business
The customers can be segregated into two groups namely individuals and different
corporate entities.
The corporate entities consist of different companies who want to provide concierge
services to their employees. Concierge benefits are regarded as timesaving services
which the employers offer to their employees in an effort to support employees' life-
work balance. Employers mainly offer services like child care arrangements, dry
cleaning, treatment bookings, healthcare services, housing services, event bookings,
automobile services, etc. Often employees fail to find out enough time to take care
of these activities all the while fulfilling company duties (Li et al., 2020). By
providing concierge services employers or companies are able to enhance the
productivity level of the staff. This is because such provision assists in reducing the
time taken by the employees in running non-work errands. Concierge services
benefit employers in case of recruitment and retention strategies also (Bellini and
Convert, 2017).
The market segmentation for the business has been based upon the income group of
people as it is a luxury service. The target market of the company would be large
corporates and their professionals like top level managers, high end hotels, event
management companies and individuals like celebrities, Board of directors for
corporates and VIP customers. The target market of individuals will also be based
upon age wherein the age group of 35-50 and 50 above will be targeted.
The business or companies who are looking forward to consider our services can
contact us. Suitable contracts will be formed between the businesses and our
company for facilitating the service provision. The particular business or
corporation presumably will develop a policy for its members containing guidelines
for the availing of the concierge facilities. The employees requiring our services
will contact the company directly and billing will be made in the name of the
corporation. Queenbee Services will be soliciting contracts with large as well as
medium-sized corporations. Some of the companies which will be targeted by us
are - BT Consumer, Marriot International, Arcadis, Deloitte, Capgemini, etc. The
companies will not be further segregated into subgroups because the requirements
of all employees will be similar. The employees are serving different tasks for their
employers. However, the underlying requirements for the completion of the errands
during working hours and hours spend by the staff in completing their
responsibilities are same. The business would definitely prefer to have their
employees at work instead of having them running non-work errands.
The second category of customers is the individuals. This customer group is also
going to directly contact the company for availing different concierge services and
bills will be made in the name of the individuals only. The primary difference
between businesses and individuals is that when any customer makes contact in the
name of a company then the bill will be made in the name of that company and if
any customer avails the services in his or her name then that person is liable to pay
the bill. This specific group has been further divided into three subgroups - 1)
customers who have to spend significant amount of time at work and are unable to
look after the accomplishment of required personal tasks 2) customers who have
carried out cost analysis and are of the opinion that it is timesaving and worthwhile
to take concierge services; these customers can have multiple reasons for not
choosing to take care of personal tasks all by themselves 3) customers who do not
stay in London but want to have tasks done in London.
On an overall basis it can be said that Queenbee Concierge Services are intended to
target and approach those customers who require services during daytime and do
not have enough time to take care of personal and necessary tasks by them.
The customers targeted for this business are primarily based in London. Services
are also accessible for customers staying out of London but the tasks required to be
fulfilled have to be based in London.
The first factor which customers focus upon when they decide to buy any service or
product from a business is the quality. Quality is a crucial aspect which directly
influences the purchasing behaviour and decision-making process of the customers.
The better the quality more is the tendency of the customers to make purchase of
the products or services. The second factor is price (Wang, 2016). Customers have
the tendency of tallying prices of the services against quality provided by different
companies in the market. When they find out that the prices as per the quality of the
products or services are affordable then they will go for the purchase. The third
factor considered by the customers is convenience. More convenient the business
processes and transactions more is the dependency of the customers on the business.
The business will act as a third party to corporates, hotels and other high-end
business as well as individuals like celebrities, VIP customers etc. For
recommendations of purchase, online reviews, word of mouth promotion is
considered. These forms of marketing tend to the best and trustworthy.
Currently, I do not have any customers waiting to buy any of our services.
Competitor Analysis
In London several companies are providing concierge services to the customers.
Some of the prominent concierge services providers across London are -
Quintessentially, Stratfield Fairlane, Velocity Black, Knightsbridge Circle, Nota
Bene Global and Innerplace. Evaluation of these companies and their services
reflect that companies are providing high-end concierge services to the customers
(Jeffares, 2019). The charges are significantly high for such services and mostly
customised services are provided by the companies. London Concierge Services
and Luxury Concierge Services are the other two entities which are meeting the
requirements of individuals as well as businesses in London. Therefore, there is
demand for such services in the area and also the competition will be quite high for
establishing the new business. Suitable pricing strategies and promotion strategies
will help in effectively running the business within the London market.
Marketing Mix London Concierge Price & Price Bespoke
Services London Concierge
Services
Product The services of the The services include
company include travel, lifestyle &
management of daily personal, property &
activities, leisure and home
lifestyle, travel, education,
property etc.
Price This company uses Uses competitive pricing
competitive pricing (£35 / Hour) and
strategy and offers decreases according to
services as per industry block of hours.
standards.
Place The company offers its This company offers
services in UK, US and services within UK.
other countries
Promotion The company promotes its The company promotes its
services through social services through its blog
media platforms and and traditional channels of
traditional advertising advertising.
channels.
Physical evidence The logo of the company The physical evidence of
serves as its basic physical the company is its
evidence. premises or office and the
logo.
Process The business processes The business processes of
that are involved in the this company are similar
company include getting as they offer similar
to understand the client services. The business
requirements and then also offers remote
performing the activities. services which involves
coordinating the team
additionally.
People The company employs a The company has a skilled
highly efficient team that team to coordinate the
can perform the various activities.
activities.
For gaining better understanding of the feasibility of the business idea in addition to
the desk research study of the customers has been carried out. Questionnaires for
conduction of offline survey had been prepared and handed to customers. After the
survey graphical analysis of the responses has been done and provided below. In
order to carry out this survey, the researcher has selected in total 50 respondents
who are in real-time scenario, high-end employees with holding coveted
designation and/or positions in the society and the corporate sector. The 11 survey
questions have been formulated for gathering response from these respondents and
the sample group had been kept consistent for each and every question. This means
that each and every respondent was introduced with the set questions without any
bias.
After the recruited respondents had been asked this question, almost 84% of the
responses ascertained positive response reciprocating the fact that many of them
know about concierge services and its existence. On the contrary, very few exist
who are unaware of this serviceability. Hence, this can be depicted from this
response that most of the respondents know about concierge services and to some
extent have opted or thought of opting such services. Since almost all of these
respondents are high-end customers and enjoy coveted positions/designations, they
have a hectic schedule. Henceforth, concierge services and its implementation are
advantageous for them.
From the aforementioned graph, it can be stated that most of the respondents think
concierge services make life easier. In other words, this can be suggested that
concierge services are indeed rationally developed in order to reduce the work load
of the people opting this. Since the recruited respondents acting as participants of
this market research holds coveted positions and they are unable to impart a balance
in between their personal and professional life due to their hectic schedule,
concierge services comes handy at times. Although some of the respondents have
also disagreed with this fact that such services make life easier, majority have
reflected their positive attitude towards such services.
Less than 50% of the recruited respondents have actually thought of hiring
concierge services for their activities. Whereas, almost 84% of the respondents have
heard of the prevalence such services in reality, almost 50% of these respondents
have actually thought of implementing the same in their day-to-day activities. This
means that either most of the people are unaware of the benefits provided by
concierge services or they are unaware of the protocols to be followed to hire such
services. Since, the respondents are high-end customers, affording concierge
services should not be an issue hence this issues has been altogether omitted from
the scenario.
This question should have been asked to only those 46% of the respondents who
had actually thought of hiring concierge services to ease off their daily schedule and
activities. But in order to reduce research biasness and other miscellaneous
compilations owing to such segregation, response to this question has been taken
from all the recruited respondents. Almost 50% of the respondents think that
concierge services are beneficial because they help to reduce the overall workload,
help to maintain work-life balance and also provide assistance to make the work
easier. The remaining respondents think that concierge services allow them
relaxation from performing daily errands. Hence, in a nut-shell it can be stated from
this graphical representation that people thinking of hiring concierge services are in
search of relaxation and intends to reduce their workload.
Respondents are highly interested in taking advantage of the concierge services
provided by their employers. This piece of information is also refereeing to the
scenario that Queenbee Concierge Services has a good opportunity of obtaining not
only individual customers but also has a high chance of attracting the interests of
corporate customers. Among the survey participants there were employees who had
been surveyed and 66 percent of the employees agreed that they would avail
concierge services if provided by their organisation. However, 16% of the
participants have also refused taking concierge services and 18% have opted for the
option of may be. As most of the respondents have greed taking concierge services
if their employers provide, it has opened up an avenue for Queenbee Concierge
Services to reach out to the employers. The employers, hence, can be one of the
potential customer segments of the company.
This question gives an idea of the pricing strategy that can be used by the
organisation. As the responses can be seen 36% of the respondents have agreed that
concierge services should be available at lower prices and 32% have strongly
agreed to the statement made. On the other hand, 18% of the respondents have
opted for neutral, 10% have disagreed and 4% have strongly disagreed. Considering
the highest percentages of responses, most of the consumers are of the opinion that
concierge services should be available at affordable prices. Hence, Queenbee
Concierge Services can develop a penetration pricing strategy. This will help the
business to penetrate the market in a strategic way.
To this question, most of the respondents have responded that concierge services
are mostly used for professional activities like booking of trips, conducting
meetings, conferences etc. Further, 60%of the respondents have opted for the
personal activities like physical exercise appointments, spa treatments etc and 48%
responded that concierge services are mostly used for the daily errands. However,
the percentages for each option is not very low and hence it indicates that people
prefer availing concierge services for all three categories, professional activities
being the highest. Hence, Queenbee concierge can use these details in order to
advertise and promote the business strategically, attracting their specific target
markets.
In context of the marketing strategy, there are various methods and approaches that
can be used for the marketing of the organisation. The audience or consumers will
have to be made aware of the new business which will attract consumers to the
company. For Queenbee Concierge Services, few marketing methods will be used
that will create brand awareness among the consumers.
There are several steps that has been planned in context of marketing the concierge
services of Queenbee.
- Further, the outlets or channels of advertising will be selected and then the
marketing activities will be carried out (Reeves, 2017).
The advertising channels and related details have been explained below:
What are you going to do? Why have you chosen this How much will it cost?
marketing method?
Queenbee Concierge Public relations often play a The cost incurred in this
Services will be advertised key role in marketing, marketing method of public
with the help of a public especially, in the services relations vary in context of
relations. Through public industry. It helps in building different PR (public
relations the organisation mutually beneficial relations) agencies.
will be able to establish relationships between the However, the average cost
healthy relationships with business and its clients incurred in using this
the clients that will be which increases the revenue marketing strategy is £2300
mutually beneficial for both generated by the business as (How much does a PR
parties (Reeves, 2017). well as ensures that there are campaign really cost? -
Public relations will ensure good relationships JournoLink, 2020).
that the brand image is maintained in the industry
established well among the which helps in making the
target markets of the business more sustainable. In
company. order to ensure the
sustainability of the business
in the concierge services
industry, the public relations
method of marketing has
been selected (Andrews and
Shimp, 2017).
Another advertising channel As it has been mentioned Being the most cost-
that will be used for the that social media platforms effective advertising
marketing of the company is serve as the cheapest and channels, the maximum
social media platforms. This most cost-effective average cost incurred in
advertising channel is cost advertising channel for social media promotions and
effective and will help the businesses and also it advertising is £500 (2020
organisation to reach enables the business to reach Average Social Media
millions of consumers at a a million customers at a Marketer Prices in the UK,
time. Social media channels time. Social media is the 2020).
will be beneficial for the most feasible advertising
organisations as a part of its channel in today’s business
marketing and promotional environment as most of the
strategy (Andrews and population are active on
Shimp, 2017) social media platforms.
Queenbee Concierge
Services will use the
platforms of Facebook,
LinkedIn and Twitter mostly
to promote its services as
most corporate houses are
present in these social media
platforms. This is why social
media will be used in the
marketing of the business.
Furthermore, the print media Print media and electronic The maximum average cost
channels will also be used in media helps in mass of using print media in
order create brand advertising. These channels marketing and advertising is
awareness. Through print ensure that the organisation £4000 and the maximum
media, billboards, pamphlets is promoted amongst a mass average cost of using radio
will be distributed among the audience. There is a for advertisement and
customers. On the other possibility that the corporate promotion of the brand is
hand, electronic media will professionals listen o radio £1600 for a day. This rate
also be used like televisions while they are travelling for can vary according to the
and radios through which the work. Considering this, the time slot chosen. Generally,
advertising for Queenbee medium of radio will be the average cost of £800 -
Concierge services can be used to communicate to the £1600 and if the peak time
carried out. mass audience. Furthermore, slots are chosen then it
print media will be used and increases to £2500 - £4500
pamphlets will be distributed (How much does it cost to
among people to create advertise on UK TV? Here's
brand awareness to a greater what Channel 4, ITV and
extent. This advertising more charge for slots, 2020).
channel will be used to
create an awareness amongst
the population, not the
specific target market. This
method has been included to
extend the awareness beyond
the target market and reach
as many people as possible
(Hackley and Hackley,
2017).
Section 9
Cost and pricing strategy
H Mark up % 200 %
Section 10
Notes
Operating Expenses Before
depreciation 1
12,0 13,2 14,5
Office Rent 00 00 20
12,0 13,2 14,5
Salaries 00 00 20
2,4 2,6 2,9
Bills 00 40 04
6,0 6,6 7,2
Janitorial expenses 00 00 60
5,0 5,5 6,0
Entertainment 00 00 50
2,0 2,2 2,4
Hire Charges 00 00 20
14,0 15,4 16,9
Telephone 00 00 40
10,0 11,0 12,1
Council Tax 00 00 00
11,0
Startup Cost (Only at year 1) 00 -
Operating Expenses Before 74,4 69,7 76,7
depreciation 00 40 14
Depreciation 2
4,0 4,0 4,0
Depriciation Expenses 00 00 00
Finance Expense 3
10,0 10,0 10,0
Loan Repayment 00 00 00
Liabilities
Current Liabilities
1,0 1,1 1,2
Salary Payable 00 00 10
1,0 1,1 1,2
00 00 10
8
Non Current liabilities
40,0 30,0 20,0
Borrowings 00 00 00
40,0 30,0 20,0
00 00 00
41,0 31,1 21,2
Total Liabilities 00 00 10
Equity
10,0 94,7 208,2
Owner Equity 00 00 58
R.E 83,7 103,5 116,4
00 58 90
93,7 198,2 324,7
00 58 48
All In Pound
Sterling
Pre-
Month Start 1 2 3 4 5 6 7 8 9 10 11 12 Total
Januar Feburar Augus Septembe Octobe Novembe Decembe
A Month Name y y March April May June July t r r r r
11,00
Money in (£) 0
Funding from
other sources 50,00
B (£) 0
Own funds -
Other 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 21,600
14,86 200,74
F Balance (£) 20,062 40,062 10,062 15,062 10,062 13,462 17,862 2 11,262 14,062 16,062 17,862 0
Water rates 20
Clothing 50
1
Food and housekeeping 00
Telephone 35
Cost Item What is included and how you worked it out Total Cost
Annually (£)
Material 20,000
Labour 50,000
Overhead 30,000
Mortgage/Rent 3,000
Council tax (if applicable
and in the UK) 600
Clothing 600
Telephone 420
Hire charges (TV, DVD
etc.) -
Subscriptions (clubs,
magazines etc.) -
Entertainment (meals and
drinks) 1,200
Car tax, insurance, service
and maintenance 2,400
Credit card, loan and
other personal debt
repayments -