Advertisements And The Appeal Of Fear - 1949 Words

Dionne Delgado Ms.Westmoreland Green ENGL 1321-02 April 22, 2016 Advertisements and the Appeal to Fear Advertisements can be positive and negative in a person’s day to day life. Advertisements are all around us. Advertisements can be found on t.v., internet, magazines and on billboards. Some of these advertisements help decide what people should spend money on. Those advertisements give people so many different choices on what clothes and makeup people want to buy, what different foods are out there to satisfy the different cravings people have or what exotic vacation destination to take. The one advertisement that sticks out the most to me are the advertisements about drinking and driving. Advertisers and Advertisements use the fear appeal to get these driver’s attention to stop and face the reality of what drinking and driving will do to themselves and to others. Drinking and driving is a huge problem. 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Characteristics That Will Make a Candidate an Effective Salesman Essay - 1

Essays on Characteristics That Will Make a Candidate an Effective Salesman Essay The paper â€Å"Characteristics That Will Make a Candidate an Effective Salesman" is a  perfect example of an essay on professional. Given a choice among the two candidates, one chooses the second candidate who has been an assistant in a different territory.   There are several reasons why one thinks that he will be a better candidate than the first.   Although he has only worked as an assistant in a different territory and has no experience at handling accounts before, gauging from his credentials, one thinks that he has the potential to become a successful salesman.   Since he has the desire to move up and be responsible for his own territory, one foresees that he will be well-motivated and will do everything to prove that he can handle his own area.   The first candidate’s advantage is his familiarity with the territory and his solid experience in sales.   However, the second candidate’s inner abilities count more than his experience  (Mayer and Greenb erg 124).   What is important is he has the drive to succeed as shown by his eagerness to have his own territory.   His problem with not having any experience in handling accounts directly can be answered by an effective training program to be given by the company.   If a person has potential, the training program can bring out the potential and make him an excellent salesperson  (Mayer and Greenberg 124).  Unlike the first candidate, the second candidate is technology sufficient; thus, will be more capable to make adjustments which the company may introduce in the future.   The willingness to learn is a plus factor, unlike the first candidate who will insist on doing his own style which later on may prove to be obsolete.   It would be very difficult to train the first candidate because it can be observed that there is a resistance in his part.   Since the company is using an ever-changing technology, problems may, later on, ensue with the first candidate.   One im portant quality of a good salesperson is that he should be flexible and creative to be able to satisfy the varied needs of his clients.   The first candidate does not seem to have these qualities judging by his refusal to adapt to the changes suggested by the company.   What might have worked before for him may no longer work again in the future because of the fast pace of technology?   The second candidate will definitely be an asset to the company given his technical know-how.Another characteristic that will make the second candidate an effective salesman is his determination.   From the description given, he seems to be a person who will enjoy challenges and would set goals for himself.   He's wanting to move up will positively impact his sales performance.   He has a passion for his job as shown by his willingness to even train his other co-workers.   It is also evidence of his ability to inspire other people which is important in making a sale.   The training th at he gave his other co-workers speaks well of his ability to build and maintain relationships with others.   He is a team player which will benefit the company.Not knowing the territory must not be a hindrance to his being chosen for the job.   He wants to succeed so he will do everything to achieve that goal.   It is quite sure that he will be enthusiastic to learn about the territory and study its major and minor accounts.   He is a fast learner; thus, it would be easy for him to keep abreast of the latest trends in the industry.It is believed that among the two candidates he is best qualified for the job having the obvious passion for it.

Cupcake Shop Free Essays

string(31) " up Ucake bakery successfully\." International University Vietnam Bachelor of Commerce Program ASSIGNMENT COVER PAGE Your assessment will not be accepted unless all fields below are completed Subject Code:| BUSM4092| Subject Name: | Applied Entrepreneurship| Location where you study:| RMIT Vietnam – SGS| Title of Assignment:| Feasibility Analysis| Student name:| Kim Koan DongPham Anh HoaNguyen Phu HaiPham Phuong Nghi| Student Number:| s3324450s3298342s3255278S3269894| Learning Facilitator in charge:| Ms. Agatha Heng| Assignment due date:| 07/09/2012| Date of Submission: | 07/09/2012| Late Submission Approval| | Number of pages including this one: (Please number your pages like this: page 1 of 7, page 2 of 7, etc)| 27| Word Count:(Main Content)| 5,558| EXECUTIVE SUMMARY Having noticed the business opportunity in food, especially in dessert in the Vietnam market, Ucake’s business idea is developed. The purpose of presenting this idea is to help customers embodying their precious message into cake, the requisite item in every celebration. We will write a custom essay sample on Cupcake Shop or any similar topic only for you Order Now This can be regarded our business idea as the current market has not provide it. Investigation revealed that choosing young people 15 to 30 living in Ho Chi Minh City as potential targets in terms of increase in population, GDP and positive behavioral change towards cake. Moreover, market research found that there are competitors with strong brand name and reputation. However Ucake can survive among the opponents with service differentiation focus strategy in which Ucake’s core differentiated service is ‘customer’s self decorated cake’. Ucake provides plain base cake, hygiene environment with fresh and diverse topping, and then customers simply come to shop and decorate their cakes easily and fast with meaningful memory supported by professional advice by Ucake’s chefs. Otherwise, customers can choose cake design from hundreds of models that suit their event. Among the analysis, first five years’ financial statements, showing estimated establishment cost, revenue and expense, are included to verify that Ucake is able to break-even within 3 years. TABLE OF CONTENTS EXECUTIVE SUMMARY2 I. The Business Idea4 1. Opportunity description:4 . Product / service description:4 3. Description of the entrepreneur team:5 II. The Industry and Market6 1. Current Industry Analysis6 2. Market potential Analysis7 3. Competitors Analysis (referred to Appendix 3)8 4. Target market/customers9 5. Market penetration (referred to Appendix 5)10 6. Stakeholder Analysis11 III. Business Model Analysis (referred to Appendix 6)13 1. Revenue sources13 2. Cost drivers13 3. Resource requirements / mapping13 4. Investment size14 5. Critical success factors15 6. Risk analysis and management16 IV. Future Action Plan17 1. Sources of start – up capital17 . Further information needed17 3. Support needed18 REFERENCES19 APPENDICES21 I. The Business Idea 1. Opportunity description: Currently, Vietnamese people are accustomed to Western culture, so they consider cakes not only as desserts or presents for birthday, but also indispensable items in special events such as Christmas or anniversary party. This trend leads to the rapid growth in demands of cakes, especially in holiday period like Christmas (Bao Moi Newspaper, 2009). Not stopping there, people also want to make their cake becomes more momentous to suit the purpose of parties or events. However, there are still no bakeries allowing customers to decorate cakes by themselves. As entrepreneurs, this is a good occasion for Ucake to develop a business idea to create more values and options for customers through its differentiated services. 2. Product / service description: Ucake bakery that has differentiated services will be opened to make customer feel convenient and comfortable, bring more benefit, and satisfy their needs. Two main services will be developed. Firstly, dissimilar cake designs will be updated for customer to choose, and then Ucake’s bakers will make cakes exactly based on design’s offer. Moreover, customers also can prefer their own design for Ucake to implement. Although the design of cakes is sometimes not favored some customers, they still have to buy it as they have fewer choices. This problem can be solved when customers come to Ucake’s store where they have various choices and they can even ask Ucake to make the cake based on their own suggestion. Here at Ucake bakery, it sells not only cakes designed by its’ store, but also cakes customers want to have. Another service is self – decoration, which there are spaces provided for customers, and all necessary equipments are to support them decorating cakes on their own. When using this service type, customers will pay for a plain base cake, toppings, and cream to design the cake; and what is more, they are allowed to try the taste of the cream, toppings before purchasing. To help client’s better understanding of the services, Ucake’s bakers are there and willing to give advice for cake decorates. The cakes can become so consequential for the receiver if people decorate it by themselves. For example, parents will be very surprised and happy if their children decorate a cake as a gift for their wedding anniversary. However, most of Vietnamese people do not have enough necessary equipments or places to decorate a cake. This issue has been recognized, and Ucake wants to generate services that give its buyers chances not only to garnish this kind of desserts but to enjoy the fun and relaxation as well when they come to Ucake. 3. Description of the entrepreneur team: A group four undergraduate students who are taking bachelor degrees in RMIT University are recently having their family businesses run profitably in the Vietnam industry. Having followed different majors with background s of serving business, marketing, design, and especially in the hospitality streams, the team has ambition of launching a bakery locally which is called Ucake. On that account, the team seeks for potential opportunities with creative production to help solving customers’ problem, giving them more benefits, and also generating profits remarkably for their business. In addition, each member has developed a wide spread of professional relationship that would sustain their project in positive aspect and scale through their family’s network and friends. By employing some of members’ real working experiences from their family business and other service firms, the team is expecting use their conditions and supports to start up Ucake bakery successfully. You read "Cupcake Shop" in category "Papers" II. The Industry and Market 1. Current Industry Analysis To improve Ucake’s strategies and support the awareness towards different features affecting its business, Porter’s five forces model is applied for analyzing risks that helps Ucake to control in higher progress in the Vietnam industry. According to Rice (2010), this model contains five typical aspects. 1. 1. Bargaining power of suppliers – Low Within the bakery industry, raw materials are vital factors that contribute to the success of a business leading to high value of products and prestige. Usually, prices of materials like flour, sugar, milk†¦ are depended on the level of quality customers want to aim at. In Vietnam, sources of suppliers for those ingredients are relatively diverse that can be derived from local grocery stores or larger suppliers. Hence, Ucake will have more options choosing dealer that are appropriate for its budget and demand. 1. 2. Bargaining power of buyers – High Nowadays, the Vietnamese people are influenced by Western cultures and tend to go to cake shops as their hobbies, especially on holidays and other events. With many bakeries throughout the country, customers are advantageous to experience excellence and different prices of various bakery shops. Besides, many youths are also interested in making cakes by themselves; as a result, clients have more knowledge of selecting the right cakes which are suitable for their commandment. 1. 3. Threat of new entrants – High Since the regulations and procedures of starting up a bakery in Vietnam are not so complex (Vatgia. om, 2011), which even people with small capitals can also invest on this kind of business, barriers to enter the industry here are not high. Therefore, as a new comer, Ucake faces the threat of self – decoration service imitation from other components, including existing and approaching cake shops. 1. 4. Threat of substitutes – High The level of threat of sub stitutes that Ucake faces is pretty high as there are many different types of food and dessert services developing in Vietnam (VietnamBriefing, 2008), such as ice – cream, yogurt, fast food, Vietnamese sweet soup, etc. Thus, clients have various options of switching to other food once their demand of consuming cakes decreases. 1. 5. Rivalry among existing firms – High At the moment, only in Ho Chi Minh City, there are over 100 bakery stores located widely, and the competition of bakeries are getting more and more intense as many large and small local bakery stores exist in the market (Phan Le, 2012). Furthermore, the local bakeries also have to compete under pressures of investments from some famous foreign bakeries, which might affect customers’ perceptions and operations of local bakeries as well as Ucake. . Market potential Analysis Regarding this area, PEST model is used to examine the environmental part for executive strategies. 2. 6. Political Due to To Loan (2008), food hygiene and safety are some of the biggest issues in Vietnam, and this issue is much cared by the government. Research Center of Business Administration claims that HACCP is the highest international license req uired by the Vietnamese for a firm which wants to operate in food industry. So, Ucake must have HACCP  (Hazard Analysis and Critical Control Points) to meet the Food Safety Law. 2. 7. Economic Ucake will have to take moderate rental costs, so the store’s location does not have to be positioned in the center of Ho Chi Minh City. Due to Diaoconline. com (2012), the cost for a two – floored shop in district 5 is approximately 1,000USD. Cost of facility and equipment for a new venture are paid highly in the first year in terms of the good quality facilities and equipment in order to make customer feel comfortable. However, since they are fixed costs, the venture does not need to pay anymore in next few years, and maintenance costs will be paid less instead. According to VietnamBranding (2008), Vietnamese people refer Western fast food than Vietnamese. 2. 8. Social Dan Tri Newspaper (2012) states that Vietnamese people care and obverse more Western tradition and events (Christmas, mother’s day, Halloween†¦) and considers that cakes are commonly used in many parties and special events. This leads to high demand of cake, and especially during Christmas. Besides, in this century, people do not only want a delicious cake but increasingly care more about nutrition and health issue (Viet Bao Newspaper, 2005). So, if Ucake has HACCP for ensuring the safety of the cakes and researching some of new healthy ingredients, more and more customers will be more attracted. 2. 9. Technology As a small business, high technology is not really fundamental for Ucake. However, Ucake need to have fresh, safe and high quality ingredients. Hence, safe and clean process of making and decorating cakes are highly presented, also the bakery can cooperate with its supplier to do research and development to adjust the amount of sugar and please customers, especially that are fastidious. . Competitors Analysis (referred to Appendix 3) 3. 10. Direct competitors Regarding the direct competitive environment, generally, most of Ucake’s components are other bakeries in Vietnam, which are large local bakeries, small ‘cakes and cafe’ shops, and foreign bakeries. Some of Ucake’s particular competitors consist of Vietnamese ones like Brodard, Givral and Jous Les Jours bakery from overseas. Firstl y, Brodard and Givral bakeries are two of most long time businesses in the Vietnam bakery industry that selling cakes and other breads. Overall, both of them supply cake orders from clients like Ucake; conversely, as their service regards to only takeaway cakes, they do not have self – decorated cake services for buyers. For Tous Les Jours which is a popular chained bakery from Korea that mainly offers clients fresh breads, cakes and other desserts, the chain presently has more than 8 stores allocated in Ho Chi Minh City. Similar to Ucake, Tous Les Jours accommodates consumers with cafe spaces, and also makes cakes through customers’ idea suggestion. Nonetheless, the Korean chain does not have self – decoration cakes and hardly to change to this kind of service while their concept is consistent, and because of their large number of branches. 3. 11. Indirect competitors In this field, as Vietnam’s integration has been widely opened, different investors of foodservice gradually find opportunities in the Vietnam market. As a consequence, Ucake’s indirect competitors are both domestic and foreign foodservice businesses surrounded by the nation. Among those components, Baskin Robbins (ice –cream chains), Yogen Fruz (Yogurt chains) and Lotteria (fast – food chains) are selected to weight against Ucake’s potential. In general, all of those 3 businesses are serving consumption services apart from Ucake, and their statuses are reasonably strong compared to Ucake as a new comer. In addition, none of them contains mutually two kinds of services that Ucake has. For this reason, even though Ucake is totally new and less popular, its operation is not affected much by indirect challengers in terms of this new differentiated variety of service. . Target market/customers (referred to Appendix 4) 4. 12. Geographic According to World Bank (2012), the GDP per capita has been increased significantly since the year of 2000. Among the provinces, Ho Chi Minh City’s population claimed the highest with almost 6,000 people in 2010. Moreover, people’s average income in the northern area is also high, which especi ally in Ho Chi Minh City’s was estimated the greatest with approximately 3,000 USD per year (Hoa Le, 2012) determining higher consumption compared to other regions. Hence, Ho Chi Minh is an ideal location for Ucake to plan for starting up the investment and seek to achieve good profits. 4. 13. Demographic Ucake’s targeted customers are aimed at the ages from 15 to 29 who are mainly teenagers and youths going to work as there are numerous young ages of under 30 that reach more than 50% of the Vietnam population (Nielsen, 2010). 4. 14. Behavioral Those groups of audience above are targeted not only because of their excess in the country population. Typically, a majority of them tends to adapt new updates of trend due to the international integration prospect and influence from other countries’ cultures. Thus, that is one of the reasons why many young Vietnamese people have interests in Western fast food and desserts by the appearance of investments regarding these kinds of food in the Vietnam market. Viet Bao Newspaper (2005) states the progressive encouragement of the Vietnamese of considering hygienic products as their vital priority for consumption in recent decades. For those points, Ucake finds it quite potential with great opportunities to set goals for achieving success through this targeted market. 4. Market penetration (referred to Appendix 5) Since the cake market is already at the maturity stage of the product life cycle, in order to enter the industry; Differentiation Focus Strategy is applied to Ucake. QuickMBA (n. d) says that Differentiation Focus Strategy can help the firm to narrow down to a specific group of customers, and give consumers the best and different services compared to its competitors resulting in retaining customer loyalty. However, there are some limitations with this tactic that Ucake’s service can be imitated or its targeted segment changes consumer needs. Guerilla marketing: Ucake has to do marketing activities strongly in the first year as it is a new and small firm in the market, and guerilla marketing is an ideal tool for new business which has limited marketing budget like Ucake. Some experts (Levinson, Levinson, amp; Levinson 2007) indicate that guerilla marketing is an easy and inexpensive marketing method for small business. Guerilla marketing strategy focuses on low cost, unconventional marketing tactics, and puts more time and effort to achieve maximum result. One week before the opening of the shop, some of refrigerated cabinets made by glass can be placed on public places such as parks or supermarkets. Then Ucake’s big designed cakes are displayed inside to catch people’s attention and trigger their curiosity. The slogan â€Å"Your Cake† will be put on cabinets to introduce Ucake’s business idea to clients. * Additionally, few days before the launching day, the banner of announcing the decoration contest will be also situated near refrigerated cabinets to invite people to participate. The contest will be held during the opening day. Customers can join and buy their cakes with half prices Advertising: advertisements of Ucake’s establishment day will be posted on magazines for youths and teenagers such as Tiep Thi va Gia Dinh and Hoa Hoc Tro. A Facebook page of Ucake will be created as well in order to expand the brand community. Facebook is an ideal place for us to reach large number of potential customers. Ucake’s products and other activities will be informed which are easy for consumers to view wherever they are. This social media tool can draw customers’ interests and Ucake can receive advantages from this marketing effect. 5. Stakeholder Analysis Beside the owners, people that influence the performance and success of Ucake’s business can consist of the customers, supplier and employees. Those important stakeholders are categorized and emphasized in 4 particular aspects in the table below. Stakeholder| Role| Level of effect| Expectation| Supposed risks| Investors| Devoting for the establishment of the business| Moderate| Making decisions in right investing and capitalizing for beneficial profits of the company| Lack of financial sources or bankruptcy would threaten the operation of the business| Customers| Consuming goods and service of the bakery| High| More usage of roducts and services from customers helping the business to gain status and revenue to compete with others| Bad comments from customers affecting the reputation of the business whether quality of goods or services do not satisfy them| Supplier| Supplying raw materials to the client bakery (i. e. flour, sugar, butter, milk, etc. | Moderate| Providing requir ed quality and quantity of materials not only to enhance relationship with customers but also help generating profitable products for customers | Bad quality of raw materials supplied or late delivery time will cause unqualified products or delay in the plan of the business| Employees| Supporting and controlling the operation of the bakery| High| Adding efficient value to the business by applying their trained skills to the service and attending to customers in order to improve the bakery’s performance| Low capability, misbehavior to customers leading to decrease in turnover of the business| III. Business Model Analysis (referred to Appendix 6) 1. Revenue sources The revenue is mainly generated from two items which are customer’s ordered cake and self decorated cakes. Customer’s ordered cake is produced based on the design that customers choose from Ucake’s menu. Therefore, the price of each cake is the revenue varying due to the size and design from 300,000VND to 400,000VND. Customer’s self decorated cake is made through this process, in which Ucake provides a plain base cake and customers decorate the cake by adding toppings and creams according to their preference. The fixed revenue will be sale price of the base cake (150,000VND), and additional revenue is earned by the amount of toppings they supplement which costs 15,000VND per package of one kind of topping. Minimum of 100,000VND of toppings is expected to be just enough for decorating a whole cake nicely. Furthermore, revenue from self – decorated cakes is anticipated to be greater than from ordered cakes. Research result shows that there are no competitors providing this service at the present time. Other revenue is earned by the sale of soft drinks sold for customers in the shop, and one can of the drink costs 15,000VND. As the price is relatively cheaper, it will not be considered as crucial revenue to ensure maintenance of business. 2. Cost drivers Number of consumers or sales of cakes will increase the raw material expense. Ucake only sells cakes, and the expense to satisfy customers’ demand will have the greatest impact on cost structures. Ingredients to bake plain base cake, such as eggs, sugar, butter, milk, salt, flour and cream, must be kept fresh so JIT (Just In Time) strategy will be utilized to decrease inventory costs. Being located nearby Ucake, the supplier (referred to ‘Resources requirements’ part) will conduct prompt delivery at lower costs in daily basis. 3. Resource requirements / mapping In order to offer satisfactory services to customers, raw materials and human resources are decisive in our business. The raw materials mentioned in ‘Cost drivers’ part above will be purchased from Tan Nhat Huong, the only local firm supplying cream, operating in Tan Binh district, Ho Chi Minh City. The quality is as high as other foreign companies’ products. As Ucake and the supplier’s locations are geographically close to each other, Ucake can decrease significant logistic costs. Ucake needs four people to run this business. One professional chef will bake the plain base cake and ordered cake. Two more amateur chefs will work as supportive assistants to help the main chef and to advise customers decorating cake. One person will be hired as receptionist. For this job, as there is no complex calculation involved, a person with no background of accounting can also be recruited. People will be hired from the online labor market (timviecnhanh. com), and Ucake will upload specific requirements of employees and interview the favorite candidates. 4. Investment size The first financial investment must be at least 100,000USD in order to start and operate Ucake for first year. Below is the cost analysis for the first five years after opening Ucake. * Fixed cost Ucake will be opened on Nguyen Trai Street, District 5 by renting a two – floored shop . The rental fee will be 1,000USD per month which will be totally cost 12,000USD for the first year of contract. Also, other costs to operate the business like electricity, water are calculated to be 167USD per month (2,000USD / first year). * Variable cost As the cakes are baked after receiving orders from customers, ingredients are considered as variable costs. All costs related to baking process such as electricity, labor, ingredients are regarded as 100,000VND per cake. Assuming that Ucake produces 3,720 cakes per year, including two types of products based on the revenue analysis, the variable cost will be 20,000USD per year. * Semi variable cost Semi variable costs comprise two expenses: wage and marketing. The wage is for the four employees. The wage amounts for main chef, supportive chefs and receptionist are 200USD, 150USD and 100USD, respectively. In the initial year, monthly wage will be 600USD which adds up to 7,200USD of wage expense for the first year. Ucake will conduct marketing vigorously in the first year to present the differentiated services and gain customers’ awareness. The annual cost is estimated to be 5,000USD. * Non recurring cost Equipments like baking ovens, furniture, and shop renovation costs will be spent before launching Ucake shop. All the equipment costs are calculated approximately 50,000USD. Sum of the first year’s costs are 96,000USD. However, in case of not covering expenses by the revenue, 4,000USD is needed as a back-up fund when Ucake meets unexpected costs. Hence, the first investment cost should be 100,000USD to cover the whole first year and half of second year’s expense. The first investment fund of 100,000USD will be recovered at the end of third quarter in year 2. Even though the price of cake is cheaper than other consumer products like electronic devices or automobiles, huge profit margin of cake will allow the business to step up from survival to growth level. 5. Critical success factors During the investment process, there are two main critical success factors of sustaining Ucake’s operations. First of all, one of the most vital elements for a bakery to accomplish is the role of the head baker. A head baker needs to have long time experience in baking and decorating cakes. Yet, this is still not enough. Cakes are quite attractive to many people, but customers have begun fussier about this kind of desserts over time due to changes of their perceptions about nutrition and safety of goods (Viet Bao Newspaper, 2005); thus, the head baker has to update consumer’s behaviors and apply ethods that are adequate with their demands. For instance, he can use fresh cream instead of butter cream to reduce the fat of the cake’s topping cream for making buyers more secure as regards their health. In addition, he is in charge of planning and estimating the number of sellable cakes per day to verify profits for the bakery also encourages products sold within 24 h ours upon baking and avoids surplus of stock. Another critical success factor of Ucake is the quality of customer services. As a bakery providing self – decorated cakes, in order to serve the customer’s needs, it is significant to hire a group of staffs that meet the working standard for this new type of service. Basically, the staffs need to have limited knowledge about cake’s basis and skills of decorating cakes for instruction whether their buyers cannot garnish themselves or need assistants. Besides, they are to support customers in providing them options of cake toppings shapes for their self – decorated cakes, directing them to park vehicles, and make the shop atmosphere hygienic and convenient for them. With those points, Ucake can expect to match the criterions of services and keep its customers satisfied. 6. Risk analysis and management Among the risks, some distinguishing points strongly affect Ucake’s enlargement that need to be aware and administrated in terms of its business conception. The first threat that Ucake might face is that the idea of customer self – decoration services can be imitated by others which is estimated with high chance. As being appeared at the maturity stage, products of Ucake are common in the industry, except that its services are developed to a different standard and have never been applied by other competitors. Nevertheless, although self – decoration is new and unique compared to others, this concept does not require so many sophisticated progressions to implement the services; in consequence, other bakeries, including existing and potential ones, can easily reproduce Ucake or create similar serving styles even if Ucake tries to protect its company via Intellectual Property Rights registration. Copying service is an unavoidable problem to Ucake; still, Ucake would be the pioneer in applying self – decorated cakes for clients in the market, so it is an extremely cautious period for Ucake to deliberate its growth as well as gaining customer loyalty by performing satisfactory products and services once it is first publicized. Additionally, the moderate possibility of employees’ misbehaviors to customers throughout their serving mission might occur. During the business, employees have high responsibilities in making clients feel worthy with what they pay for the services and want to return to Ucake again. On the other hand, employees are sometimes negative effects of discouraging customers of using services due to their slow serving or bad attitudes, and this would be very dangerous for the bakery because customers have diverse options of bakeries to prefer. As a consequence, Ucake needs to spend a period of time training the employees carefully with some particular rules of the bakery before the store’s launch to look forward to attaining effective services satisfying its consumers. What is more, employees should be praised with rewards or other incentives whether they do their job well in order to increase their productivity in addition to Ucake’s efficient services. IV. Future Action Plan 1. Sources of start – up capital Ucake is a relatively small size in aspects of budget, establishment cost and labor wage. The business model analysis shows that Ucake requires at least 100,000USD as set up cost. There are three possible financial sources to raise the fund. * Angel investment: Ucake will open a business plan presentation to potential angel investors to persuade them that it is a feasible business. Angel investors will receive corresponding amount of return related to their investment size. * Loan from bank: Banks allow the Vietnamese to receive loan if credibility is guaranteed. Ucake will summit five years of financial budget and business plan to convince that Ucake is a trustable business. 50,000USD is the amount Ucake plans to receive from the bank as a loan. * Financial supports from acquaintance: four owners of the business are running their own family business and being successful. Ucake can be financially supported by their families. . Further information needed Ucake lacks legal knowledge about food market. As a result, the future operation of the bakery must be checked and advised by a law firm called TopicLaw. TopicLaw will support by providing standard of food and necessary licenses for Ucake to run the bakery such as sanitation of bakery, safety of equipments. Also, as Ucake’s business idea is very easy to be copied, it should contact with consulting firm to protect the Intellectual Property Rights. The consultation will be about patent registration. The Target market analysis shows that the targeted market is quite potential. However, Ucake must implement further surveys before opening to identify what kind of toppings and decoration style that the target market prefers. It is vital to run regular survey on customers’ feedback and preference after setting up Ucake in order to maintain competitive advantages in such dynamic food market. 3. Support needed Due to the fact that parents of the four Ucake’s owners are successfully running family business overcoming economic crisis, they can be consultants of Ucake. External environments cannot be consistent as Ucake assume. Therefore, their parents may recommend direction of future operation and performance of Ucake. Excluding law firm and consulting firm which was mentioned in ‘further information needed’ section above, Ucake is looking forward to surviving and growing in the target market without further outside supports. REFERENCES Bao Moi 2009, ‘Nhon nhip thi truong banh chao don Giang sinh’, Baomoi, viewed 28 July 2012, ;lt;http://www. baomoi. com/Nhon-nhip-thi-truong-banh-chao-don-Giang-sinh/54/3636052. pi;gt; Dan Tri 2012, ‘Ngay cua me: Net dep van hoa phuong Tay di sau vao nep song Viet’, Dantri, 11 May, viewed 28 July 2012, ;lt;http://dantri. com. vn/c130/s130-594592/ngay-cua-me-net-dep-van-hoa-phuong-tay-di-sau-vao-nep-song-viet. htm;gt; Dia Oc Online 2012, homepage, DiaOcOnline, Ho Chi Minh City, viewed 29 August 2012, ;lt;http://www. diaoconline. vn/sieu-thi/loc/-tp_tphcm-quan_131-diaoc_15/;gt; Hoa Le 2012, ‘Thu hep khoang cach thu nhap giua cac tang lop dan cu’, TapChiTaiChinh, 24th April, viewed 12th August 2012, ;lt;http://www. tapchitaichinh. n/Qu%E1%BA%A3ntr%E1%BB%8Bn%E1%BB%99idung/ViewArticleDetail/tabid/56/Key/ViewArticleContent/ArticleId/7989/Default. aspx Levinson, JC, Levinson, J ;amp; Levinson, A 2007, ‘Guerilla marketing: easy and inexpensive strategies for making big profits from your small business’, 4th edn, Houghton Mifflin Company, New York. Nielsen 2010, ‘Khao sat tai chinh ca nhan 2010’, The Nielsen Company, viewed 10th August 2012, ;lt;http://www. google. com. vn/url? sa=t;amp;rct=j;amp;q=h%C6%A1n+50%25+ng%C6%B0%E1%BB%9Di+vi%E1%BB%87t+d%C6%B0%E1%BB%9Bi+30+tu%E1%BB%95i;amp;source=web;amp;cd=1;amp;ved=0CEUQFjAA;amp;url=http%3A%2F%2Fwww. ielsen. com%2Fcontent%2Fdam%2Fcorporate%2Ft3%2Fvietnam%2Freports%2FNielsen_PFM%2520Presentation_VNese. pdf;amp;ei=YuYzUKGcIYWPiAfFx4CIAQ;amp;usg=AFQjCNHwF2lBNKGO2JYJGbVpA1pxBxo0tg;am p;cad=rja;gt; Phan Le 2012, ‘Bakery: Cuoc chien da len men’, DoanhNhanSaiGon, 11th May, viewed 5th August, ;lt;http://doanhnhansaigon. vn/online/kinh-doanh/chuyen-lam-an/2012/05/1064208/bakery-cuoc-chien-da-len-men/;gt; Quick MBA n. d, ‘Porter’s Generic Strategies’, Quick MBA, viewed 29 August 2012, ;lt;http://www. quickmba. com/strategy/generic. html;gt; Rice, JF 2010, ‘Adaption of Porter’s Five Forces Model to Risk Management’, A Publication of the Defense Acquisition University, July, viewed 10th August 2012, Proquest database. Tan Nhat Huong 2012, homepage, TanNhatHuong, Ho Chi Minh City, viewed 28 July 2012 ;lt;http://tannhathuong. com/Product/1/1/Kem-Trang-Tri-Banh;gt; To Loan 2008, ‘Ve sinh an toan thuc pham: Can hanh dong quyet liet voi che tai manh (Bai cuoi) Kinh nghiem cua the gioi’, KinhTeNongThon, 19 May, viewed 29 August 2012, ;lt;http://www. inhtenongthon. com. vn/Story/VandeSukien/2008/5/10853. html;gt ; Topic Law 2012, homepage, Topic Law, Ho Chi Minh City, viewed 29 August 2012, ;lt;http://topiclaw. com/giay-phep-ve-sinh-an-toan-thuc-pham/;gt; Vatgia. com, 2009, homepage, Vatgia. com, Vietnam, viewed 12th August 2012, ;lt;http://www. vatgia. com/hoidap/4484/87326/thu-tuc-mo-1-tiem-banh. html;gt; Viet Bao 2005, ‘Kinh doanh banh tuoi: Thi truong lon, phat trien nhanh’, VietBao, 28th March, viewed 6th August 2012, ;lt;http://vietbao. n/Kinh-te/Kinh-doanh-banh-tuoi-Thi-truong-lon-phat-trien-nhanh/40072174/88/;gt; Vietnam Briefing 2008, ‘Vietnam’s Fast-Food Industry Continues to Attract Foreign Investment’, Vietnam Briefing, 12 November, viewed 5 April 2012, ;lt; http://www. vietnam-briefing. com/news/vietnams-fast-food-industry-continues-at tract-foreign-investment. html/;gt;. VietnamBranding 2008, ‘Fast food Viet – bao gio? ’, VietnamBranding, 25 June, viewed 20 April 2012, ;lt;http://www. vietnambranding. com/thong-tin/phong-su- thuong-hieu/4610/Fast-food-Viet—bao-giogt; World Bank 2012, ‘Vietnam GPD per capita’, TradingEconomics, viewed 12th August 2012, http://www. radingeconomics. com/vietnam/gdp-per-capita APPENDICES Appendix 1: Service Prototypes 1. Cakes baked and cream frosted by Ucake’s chefs. 2. Ucake provides options of toppings for customers. 3. Customers choose favorite toppings and pay at the counter. 4. Cakes and toppings are brought at customers’ tables. 5. Customers decorate cakes on their own or with the assistance of Ucake’s staffs. Appendix 2: Ucake staffs’ job description Staff| Function| Head chef| The person who has long time knowledge and experience of working in the bakery industry. Typically, he holds good recipes of cakes and manages every baking step to ensure the cakes look stunning and tasty. | Supportive chefs| These chefs can be amateur and to assist the head chef in doing the baking process and help instructing customers towards self – decoration services. They also direct customers in decorating cakes whether customers suggest. | Receptionist| Has a responsibility of managing the quantity of toppings, charging bills of customers and reporting the revenue daily to owners. | Appendix 3: Direct and Indirect competitors analysis 3. 1. Direct competitors How to cite Cupcake Shop, Papers

Business Taxation Theory and Practice for Corporate System

Question: Discuss about theBusiness Taxation Theory and Practice for Corporate System. Answer: Introduction: Extensive and widespread transformation has happened in the system of corporate system of taxation that has been made in the recent years. The reformation has expressed the interest of creating a system of taxation which is easy to understand, modest to engage and difficult to evade (Leigh and Blakely 2016). The changes in the tax have supported the investment in business along with those that work hard and save. The reformation has been with the objection of maintaining competitive position. Discussion: The major areas of reformation have been made in the reduction in the rate of the corporate taxation. The development and changes includes the redefining of the corporate tax base comprising the elements of OECS base erosion and shifting of BEPS project profit. The developments that have been made includes the practices and policies concerning the evasion of tax and unacceptable avoidance of tax (Burman et al. 2016). The UK legislative process lag behind the announcement of proposal with certain changes are already law and other developments are very likely or practically about to become law. A large number of tax reformation was announced during the months of November and December. Major reformation in the tax include reduction in the rate of corporation to 19% with effect from 2017. Other major developments include revision of loss utilisation rules to enable more flexible usage of loss to be carried forward however with the restriction of carrying forward the loss to 50 per cent of the relevant profits (Vanhove 2017). The restrictions are applicable only to the profits that is beyond five-million-pound sterling. Additionally, another major development include the new rules relating to the deductibility of the interest that also includes the fixed expenditure ratio of 30 per cent of earnings before the interest and tax, depreciation and amortization. US on the other hand states that the income that is earned by the non-us person is dependent on the factor whether the income has any nexus with the US and the degree of non-us person existence in US (Vernimmen et al. 2014). Before the major development in tax legislation a non-us companies engaged in the US trade or business was imposed a tax of 35% corporate tax on the income generated from the US sources that are effectively associated with the business. The federal government significantly revised the federal system of taxation forever by reducing the corporate income tax rate to 21% flat rate. In spite of the major developments tax is in the headlines in a manner where few may have imagined for a year or two ago. The major developments have led to certain issues for business that is required to be considered from the OECD base erosion and Profit shifting project that calls for wider level of information regarding taxation. Issues such as allocation of risk, different method of pricing transactions that may unlikely take place among the unrelated parties. Issues such as transparency of tax authorities that covers the introductions of template representing the profits and taxes that are paid by the multinationals in each nation where the corporate firms conduct the business (Vatn 2015). Changes in this area may create an impact on the strategies of business. The issue relating to transparency represents the degree of public agenda by the firms of their tax affairs continues to be an element of agenda for political and media exchange. According to Yan and Luo (2016) it is evidently clear that most of the British business does not consider that transparency in reporting would be sensible for business. The strong response was that a large number of companies were dedicated to raise the level of transparency regarding their tax affairs however country to country reporting would not be delivering supportive info and will be expensive to prepare. In the modern age of tax transparency, the taxation council policy has forced the functions of corporate tax to change from the endeavour that was entirely profit seeking to one that extremely considered risk management. In the modern age of tax transparency, efficient tax reduction and cash savings tax has resulted in exclusive position and association of the businesses (Bell and Rowe 2017). Therefore, the involvement of the companys auditor in the functions of corporate tax can be considered as the vital determinant of tax results. The implications are however not directly clear whether the effective reduction the rate of taxation, savings of tax and risk of tax management are mutually exclusive or can be attained simultaneously. Furthermore, it is not clear that whether the outcomes of tax would be associated to the auditor offering tax planning services or tax compliance service. According to Schaufeli, Maslach and Marek (2017) threats to the relation of auditor is considered to be greater when they offer substantial amount of tax compliance and associated services. This helps in suggesting that audit forms offer higher level of transparency compliance services that would be less inclined to support higher effective tax reduction and cash tax services. The threat to reputation are the most likely implications to the corporate firms that are associated with auditors providing greater degree of tax planning. Though the corporate firms face the reputational threats shoots from the auditors increased sensitivity of having tax positions overturned, it is probable that the auditors offering tax planning service may seek to lower both the level of tax and risk associated to tax. The stakeholder and the non-governmental organizations on the other hand have also been impacted by the change that are made in the level of corporate taxation (Noked 2014). The infrequent internal critics and the challengers of the financial sector could be considered harshly. A group of non-government organisation stated in their report by criticising the status of Luxembourgs in the form of secrecy of jurisdictions that pointed out the conflict of interest with the overseas policies with response being ferocious. The conflict among the financial governance sector and the increased political governance is considered to be consistent with the patter of offshore centres. The present legal framework does not adequately provide guarantee to the entire operational independence to the stakeholders and non-government organizations (Kolk and Muller 2015.). An important aspect of the stakeholders and non-government organization is the complete immoral discrepancy among the texts of law and other application in the judicial life. The international pressure has enabled adapting stricter legal constraints to the financial activities that judicial application. An important consideration of BEPS is that it aims to align with the rights of tax that are more closely associated to economic substance. Though it may sound inoffensive however in some cases it results in reinforcing what the current system of taxation of trying to attain and therefore it is desirable. However, in another instances it represents adding up of new principles in such a manner that it could conflicts with the pre-existing values. Conclusion: Conclusively the desire of aligning the tax of profits with the actual activities created by them might appear direct and sensible which the current system of taxation is trying to attain. Corporate firms may at times organise themselves in the egregious manner which comprises of overall separation of taxable income from the actual activities that are entirely motivated by the avoidance of taxation. Therefore it is desirable to prevent this. Reference List: Bell, C.D. and Rowe, W.L., 2017. Recent Tax Developments in Virginia Taxation. InAnn. Tax Conf.(Vol. 63, p. 241). Burman, L.E., Gale, W.G., Gault, S., Kim, B., Nunns, J. and Rosenthal, S., 2016. Financial transaction taxes in theory and practice.National Tax Journal,69(1), p.171. Kolk, A. and Muller, A., 2015. Responsible Tax as Corporate Social Responsibility. Leigh, N.G. and Blakely, E.J., 2016.Planning local economic development: Theory and practice. Sage Publications. Noked, N., 2014. Integrated Tax Policy Approach to Designing Research Development Tax Benefits.Va. Tax Rev.,34, p.109. Schaufeli, W.B., Maslach, C. and Marek, T. eds., 2017.Professional burnout: Recent developments in theory and research. Taylor Francis. Vanhove, N., 2017.The Economics of Tourism Destinations: Theory and Practice. Routledge. Vatn, A., 2015. Markets in environmental governance. From theory to practice.Ecological Economics,117, pp.225-233. Vernimmen, P., Quiry, P., Dallocchio, M., Le Fur, Y. and Salvi, A., 2014.Corporate finance: theory and practice. John Wiley Sons. Yan, A. and Luo, Y., 2016.International joint ventures: Theory and practice. Routledge.