MN7002 Summative Assessment 2 Individual Report

Introduction

Business management deals with the understanding market and its customers well. A business runs its operations in some targeted market area so that the authority can execute their business offerings. The main idea behind the business utilisation is to adopt strategies to gain profit. Business management includes a wide range of activities that are mandatory to be taken into account. All business activities should be aligned positively to conduct a business. Entrepreneurs need to be aware of the market expectations and latest trends before thinking of their product. Before launching any product, entrepreneurs must go through the competitive outline of the market. The study has picked Hassle.com to understand the role of business management activities in making a venture successful. The study will go through the internal and external market status of the UK-based market to study the business management requirement of this London-based firm.

Background to the selected company

The selected company offers an online booking and payment platform that connects customers with the pre-vetted local cleaners. The company runs their online marketplace that matches buyers and sellers of home-based services in their targeted market. The company aims to enable their users to shop a better provider of clothing services and to review their offerings. The award-winning brand deals with their market weaknesses and threats positively by strengthening existing product range. Their stakeholders include investors, funding operators, employees and the senior authority (Roetzel, 2019). The company is comparatively a newcomer of this industry. However, they have gained a good grip in the market.

This company enables their clients to book a local and vetted cleaner online. The company has collaborated with helping to reportedly earn ￡32 million. This partnership has combined Hassle.com to experience the expertise with Helping's global footprint. This has access to the capital. This creates an exciting global proposition. The partnership makes the company combined and strongest in their service area. The statistics say that the company's scale of raising money is exceptional. Their ability to build depth in the market and user loyalty stands for forced reckoning. The company will continue to operate its established brand with additional responsibilities within the group. The company has started walking into the industry in 2014 (Helpling.co.uk, 2022).

Internal and external Analysis

The market has transformed hugely during this period. An instant change in the market is focused after the pandemic. Technological advancements have included a huge turnaround within the market. Corporate executives and managers must adapt to technology advancements in order to promote creativity and diversity. Utilising cutting-edge technology continuously grabs the attention of customers. For instance, internet platforms today see a lot more traffic than physical storefronts. The internal and external market analysis is helpful for the company to understand their market well. External market analysis includes several macro environmental factors and the internal market analysis involves micro environmental factors (Ferreira Gregorio et al. 2018). The UK government has offered their businesses decent opportunities to expand their operation.

The company has chosen this market as the market has enough options to bring innovation. Innovation and creativity are the two important factors that make a business successful. Following are the microenvironmental factors that are required to be analysed to understand the internal and external market.

Political

The government's cooperation, policies, and prosperous global e-commerce endeavours are all very beneficial to the organisation. When trying to advance in recruitment, the company has no such political obstacles. The management of multiple international markets is respectful of the company's activities and its distinctive marketing strategy.

Economic

Economic development is one of the most important factors to make a stable business. The UK's economy is seen to go down after the pandemic. The epidemic has hampered the government's ability to reform owing to a general resource shortage. However, it is found that the firm's robust virtual platform currently aids in revenue growth (Islam et al. 2020).

Socio-cultural

The audience accepts all kinds of products positively in the market. The company may bring creativity within their product and service base sufficiently. The targeted audience loves to experiment with new products. This market will offer the company many options to bring innovation. They can get ideas from their competitors to design product bases.

Technological

Technological implications are important for the company to improve their existing service base. The company wants to offer a wide range of local cleaners. The organisation is now stronger and more unified in its service area thanks to the cooperation. According to the statistics, the company's volume of fundraising is outstanding. Forced reckoning will be brought about by their capacity to develop market depth and customer loyalty. With new responsibilities within the group, the company will continue to run its current brand. The company uses different technologies such as Sendgrid, Gmail, Google Apps, Cloudflare DNS, MailChimp SPF, GoogleFlare Hosting and much within their business operation to conduct a success business.

Environmental

When creating its legislative framework, the organisation must consider prospective changes to the rules and laws governing personnel (Haldorai et al. 2018). Changed climate and weather push business owners to bring changes in their operation. They may need to postpone some areas of their business operation as well.

Legal

The economic climate, expectations, and competitive business climate have all affected the recruitment strategy. The company needs to maintain all ethical guidelines to conduct a legal and healthy business structure. The main concept of this factor is to guide the companies in gaining better lawsuits to run the business operation.

Internal business barriers may arise in different segments. Conflicts between employees can create issues. Disturbance in internal workforce development is another challenge that takes place within the business. Because of the employees' inadequate skill sets, the company is unable to control the problem. Excessive creativity, however, carries the risk of upending the foundational elements of a successful company's operations. In order to satisfy client demand, the organisation must reevaluate its current business plans and develop new ones. The company must determine how to strike a balance between the goals of its planned projects and its desire for innovation (Hernández-Sánchez et al. 2020). To promote creativity at work, existing staff members must be encouraged to develop their skills. It may be difficult for current employees to adjust to the changes. Conflicts between new and veteran recruits are evident in this way. Because unhappy employees can never positively contribute to the company's expansion, more attention is required.

Both external and internal market factors are important to study as these factors make the business authority understand the situation better. The nature of market expectations can be easily revealed with the help of this analysis. The company will be able to make things appropriate with the help of market analysis. Internal factors are the basic internal mattes affect a company from spreading the business operation in their targeted market. The company needs to perform these studies to under the strengths of their competitors as well. Finding an organization's strengths and flaws is made easier with the use of internal environment analysis (Jena, 2018). Long-term plans can be more effective when they include information from the external environment because business is becoming more competitive and the external environment is changing quickly. By looking at the market study, the Hassle.com will be able to design their forthcoming business offerings effectively.

A detailed porter’s five-force analysis can be performed to understand the internal market of the UK that guides in market expansion.

Rivalry

The company will receive decent rivals in this market. Existence of rivals may have affected negatively on the business. As mentioned, the UK market is an ideal area of expanding business. Several start-ups have planned to introduce their product in this market. Hassle.com needs to bring creativity in their cleaner products to avoid this rivalry in the market. They cannot gain profit by offering a similar set of products.

Buyers’ power

The company needs to analyse the strengths of their buyers before introducing the product in this market. If the market analysis represents no such need of cleaners, the company must rethink their market analysis strategy (Garcia-Garcia et al. 2020). The concept needs to understand their customers' demands to come up with the best market entry strategy.

Suppliers’ power

Establishing a relationship with the suppliers is a mandatory requirement for the business to establish their successful business in the UK. The main motive of the authority is to understand the exact need of their targeted market to do business in this market. Identification of exact suppliers is required as well (Sharma et al. 2020).

New entrants

The influence of this factor is high. Any new entrants can spoil the business values, as customers may have preferred their products to Hassle.com. The relationship-specific expenditures made by suppliers to support a specific transaction, the reliance of buyers on suppliers, and the potential for suppliers' forward integration. Similar to the case with the prior forces, the more power suppliers possess, the lower the industry's appeal and, as a result, its profitability.

Presence of substitutes

The company needs to be well aware of this factor, as the existence of substitutes may have reduced their market value. Similar products in the same market may have created these issues. Substitutes can be seen as competitors as well. However, as an industry develops, a growing number of substitute goods and services come into existence, endangering both the profitability and market share of the incumbents. Despite the fact that substitutability might be a highly subjective aspect, there are a few general criteria to determine the real strength of this force in the market under study.

Table 1: Internal market analysis

Significant exit barriers increase competition, however it should be noted that their presence might present profitable market potential for successful enterprises to increase competitiveness and decrease rivalry. The bottom line is that a fierce rivalry hinders profitable operations for all incumbent enterprises. While fierce pricing competition and aggressive advertising efforts are commonplace in marketplaces with intense competition, they ultimately benefit consumers. These choices include trademarks, patents, and other types of constitutional recourse that may restrict access to the production factors for new entrants (Goncharenko, 2020). Vertical integration is a less prevalent but still very effective way to increase strategic entry barriers by controlling a sizable portion of supply chains and preventing competitors from gaining access to essential resources. The UK market is one of the best for introducing businesses; therefore, there are many opportunities for experimentation for the population there. The company needs to bring innovation as much as they can. They cannot afford to lose their suppliers and customers to offer better results in the future. There must focus on business expansion by targeting new markets.

Competitors' Analysis

Some of the renowned competitors of the selected business are Shein, IndiaMART and Quikr. The company ranks second among their eighty-two competitors. The firm has risen a total funding of 6.4 million Euros over the three rounds. Their latest funding round was a series A for 6 million. The company offers their customers a fine experience of vetted cleaners. They can book and pay for a service immediately by visiting their website. Communication and scheduled payment options have been easier with their portals. The company utilises different technologies to include differentiative application within the business (Khodjayev, 2021). Their secret of gaining competitive advantage is the smart application of different payment platforms. Each of them connects customers with local cleaners.

Strategic Options

The company can be counted in one of the best start-up firms in the UK. The business operates an online marketplace that connects consumers of home-based services with providers in their target market.?The brand responds constructively to market challenges and weaknesses by expanding its current product line. Investors, funding operators, employees, and the top authority are some of their stakeholders. The business is a relative newcomer to this field. Nevertheless, they maintain a firm hold on the market (Barber, 2021). The authority plays an essential role to align their operation with technological reformation. The UK market offers different areas of strategic options to their business entrepreneurs based on which the firm executes their operation.

In this time, the market has seen significant change. Following the pandemic, the market is focused on an immediate shift. Technological developments have caused the market to drastically change. To encourage creativity and diversity, corporate executives and supervisors must adjust to technological changes. Employing latest technologies consistently attracts customers' attention. The business seeks to provide a variety of regional cleaners. Thanks to the collaboration, the organisation is now more powerful and unified in its service area. According to the statistics, the company's frequency of financing is amazing. They will be forced to face reality by their ability to grow a devoted customer base and a deep market penetration. The business will maintain its current brand while taking on new duties within the organisation.

The firm effectively utilises their operation in the UK-based market that has empowered their customers with technology, pace and satisfaction (Liu et al. 2020). In order to run a successful business, the organisation uses a variety of technologies, including "Sendgrid", "Gmail", "Google Apps", "Cloudflare DNS", "MailChimp SPF", "GoogleFlare Hosting", and others. The firm knows the process of balancing technology and proposed business offerings together. Their strategic business functions are built upon the platform of good supplier relationship and business partnership with “Helping”. The company wants to design their revolutionary service range with the help of this partnership in the coming days.

Over the course of three rounds, the company has raised a total of 6.4 million Euros in capital. Their most recent funding round was a 6 million series A. The business gives its clients a fantastic experience with vetted cleaners. By going to their website, they can immediately reserve and pay for a service. Communication and planned payment choices have become easier with their interfaces. The business uses a variety of technologies to incorporate differentiating applications (Su?a Vugec et al. 2018). The clever use of several payment platforms is their key to achieving a competitive advantage. Each of these links clients with nearby cleaners.

Strategic recommendations

One of the greatest ways of improving business is to bring innovation. Innovative perspective may provide competitive advantage to the business. Some of the recommendations in this regard as follows,

1.????Introduction of new products

2.????Involvement of diversity within the product line

3.????Targeting an expanded customer base

4.????Inclusion of more technological factors within the operation

Conclusion

The report has included different data on understanding the business strategy and strategic option of the UK-based start-up, Hassle.com. The successful implementation of the business has been discussed by going through their proposed business offerings. The study proves that the company is focused of introducing the process of selecting, reserving, and purchasing for a cleaner online, challenging the billion-dollar cleaners sector for homes. The goal of Hassle.com is to assist time-pressed people in reclaiming their free time and in keeping their homes quiet, tidy, and joyful. With the launch of Hassle.com, individuals looking for a dependable cleaner are no longer required to pester acquaintances for referrals or cope with localised cleaning businesses where clients are allocated an unknown cleaning following a lengthy and administratively demanding approach.

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References

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Website

Helpling.co.uk, (2022), Helping, viewed on 15th December, 2022, <https://www.helpling.co.uk/>