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Haat bazar2017
- 1. MGT368.10 Spring17 Haat Bazar Spring 2017 La La Land Business Report Stall No 05 Section: 10 Group Members Name & Id Date of Submission April 6, 2017 Name Id S.M.Tanvir Kabir 1130179030 Quazi Afzalul Haque 1310419030 Rezwan Al Nabil 1310036630 Eshraq Anzum 1310946630 Faizaa Zainab 1330046030
- 2. 1. Introduction Haat Bazar is simulation and practical work of entrepreneur. Now a days world is so moving towards so fast. We have cope up with the todays worlds business and economics. Haat Bazar spring 2017 give us the opportunity to do a simulation part in the entrepreneurship. And make us ready for the coming days. In Haat bazar spring 2017 we come up with the name of the called LaLaLand. The theme of our our LaLaLand is party theme. Our target customer is the NSU students. Our theme definition is target the trend and provides our target customer our theme related product like part clothing, food, jewelry and different kind of homemade soft drinks. We use all the price strategy (market skimming, penetration and psychological). Our target is to provide our customer this product with a very reasonable price, making profit to our business and also gather entrepreneur experience. We are very successful in our mission and we achieve our goal to reach profit and gather experience in the entrepreneurship. Not on this but also we made fun on that day of Haat Bazar. Overall it was a great experience for us.
- 3. 2. BMC Model of Our stall and with Explanation Management 368 is a course that revolves around Entrepreneurship. The business model of an entrepreneur, the characteristic and skills required, the use of knowledge and the ability of entrepreneurs to understand, lead, solve, perform and succeed in business activities efficiently. Haatbazaar makes all the bookish theories a practical experience. The customer segment for our store, La La Land was the entire population confined within NSU. They were the students, faculties and staffs. Thus the value proposition provided along with the products served had to satisfy everyone. We therefore, sold products like food and beverages; food is for everyone. Makeup, earrings and key rings for girls; no one enjoys shopping as much as a girl straight out from a 1.5 hour long class. There were also T-shirts for boys. The availability and price of goods were one of our USP. Moreover, convenience to find just affordable products within a reasonable amount of time with some overly enthusiastic sales people created most of the value for our store. The key activities started long before the event took place. Achieving Economies of Scale through efficient production of our food, made us marvel at the ACI pure flours quantity. Just one packet of flour and almost 70 cupcakes are ready! But the main key activities unfolded during the main event. The market research where we observed our competitors and their prices gave us an insight on our pricing skills. Depending on that we further changed our plan. Our products did not have a price tag but all we knew was our maximum price and minimum price. Thus depending on faces of the customers and our assumptions we asked different prices for different products. During the first half the brownies were full in stock which worried us. Thus we gave an offer which said 1 for 70, but 2 for 100. And we were surprised at the way things worked out. The last hour was basically a mixture of rush hour and happy hour; we indulged ourselves in some crazy direct selling skills and were out of stock within half an hour. It did cost us sweat, our voices and some less profit. But nevertheless it kept us satisfied.Thus from this it is evident that our key resource was our human resources; us as a sales force, as entrepreneurs, as creative performers and sometimes fake gigglers.
- 4. The channel was our own store, the location was perfectly places with easy access of sunlight and audiences. The store was also decorated according to the theme and has been very helpful in performing our business.The cost and revenue structure are also given through our cash flow statement.
- 5. 3. Individual reflection of all the Group Members 3.1Faizaa Zainab Point of View Name: Faiza Zainab ID: 1330046030 Throughout the course we have been taught its, bits and some big chunks of entrepreneurship. But what actually has hammered the concept of risk taking and the love to move forward for profits is The Haatbazaar experience. There was no golden rule to crack the code of our businesses, but with every passing hour we got the gist of the stimulation. Be it fake smiling to attract customers under the scorching sun, or changing prices at some random basis, or put up offers and force people to buy the same thing twice- Haatbazaar has taught it all. For starters, uninterested expression scare people away; and thanks to my friends and teammates I learnt to smile at strangers without any hesitation. The energy of all young entrepreneurs were contagious, it taught me resistance and persistence. Regardless of the frustrations that came along with uncertainty I was astonished at my patience threshold. Haatbazar has given me insight about my ownself. It has given me five hours to reflect at my capacity to deal with changes, bring changes and accept faults and failures. It has made me believe in my convincing and persuading skills. Long story short, I have loved being an entrepreneur and learn so many things within such a short span of time.
- 6. 3.2 Eshraq Anzum Point of View Name:Eshraq Anzum Id: 1310946630 Haat bazar is a great experience. It gave us the idea and experience about how can we actually deal in our real entrepreneur life. Since it is a one day business and competition is really high, so it gives us the idea to apply all our theoretical knowledge and general idea in the real life scenario. Haat bazar is a great opportunity for us to build up ourselves as an entrepreneur in our near future. From Haat bazar we actually learned about how to set the pricing strategy according to the customer demand and market situation. Also helped us to take a decision on an instant situation. And the necessity of promotion and marketing to reach the customer mind. Dealing with uncertainty and handle the situation with patience and cope up with the environment is another biggest lesson from this Haat bazar. And lastly team work and group members support helps a lot to get an ultimate desirable result.
- 7. 3.3 Quazi Afzalul Haque Point of View Quazi Afzalul Haque I.D 1310419030 On the verge of ending three years and getting a lifetime opportunity to witness a blissful learning experience, Haat Bazar is truly a milestone involvement that whoever took a part would cherish in their upcoming days. Before I began writing the anecdote of the amazing experience, I would like to express my deepest gratitude to our respected course instructor, Abu Saad Shezanul Huq Sir for giving us an entrepreneurial platform. Haat Bazar is such a platform where the young minds are given a brilliant opportunity to apply classroom knowledge into real world. It had helped me to bring my creative mind out of me and apply all the theories I have learnt since my earliest days in NSU till date to imply. And, my experience from Haat Bazar tells that there is a fine line of difference between theories and real world. Its relatively easier to nail a grade in a course but when it comes to apply them in real world it takes inexplicable efforts and one can only realize that unless he/she has been on an entrepreneurs shoe. We had amazing co-ordination with our teammates, who had worked incredibly hard to make our effort a success. I really enjoyed making crepes and serving it to our customers and after all these hard work receiving tokens of appreciation from customers just adds a cherry on the top. We have given the patience test of convincing customers to buy our products. We realized how competitors set hook to imitate our strategy and how important it is to be spontaneous in
- 8. decision-making. Lastly, all these experiences had added an immense value to our entrepreneurial skills that will ignite our inner entrepreneur in the limelight and give us a competitive edge over others
- 9. 3.4 Rezwan Al Nabils Point of View Rezwan Al Nabil I.D 1310036630 This HaatBazar spring2017 was my first ever real life simulation of any course so far. I have enjoyed the event very much. It was a new experience for me. And my group and I have pulled it fine. Firstly, and most importantly this event has given me a thrill of being a real business for the first time in my life. Haat bazaar gave me the sheer astonishing experience and the joy of having a stall, having something of my very own, something that depends on my decision to thrive. And one thing for sure, once you start to do something that is your very own, you will like it. Thanks to our respected course instructor, Abu Saad Shezanul Huq Sir for giving us an entrepreneurial platform. The experience I earned in one day because of this entrepreneurial attempt called Haat Bazaar is incomparable and irreplaceable. This real time learning method has burst my bubbles of dream and made me open my eyes to reality. Even though in a small scale, the business that we had to set up and all the activities related to it were not as easy as it seems in books. Hypothetically I have created many business plans and I hope to bring them into reality. Its relatively easier to
- 10. nail a grade in a course but when it comes to apply them in real world it takes inexplicable efforts and one can only realize that unless he/she has been on an entrepreneurs shoe. Till now, I was confident about the future success of my future business, but by the end of Haat bazaar, reality hit me and I was left in astonishment at how the real market, the real effort at building brand awareness and real competition is. I also learnt a great lesson which is one can never succeed, if not adapting. I was in a situation where my products werent selling, I knew I had to take control or suffer loss. That is when I deviated from my initial plan and improvised. Plan B worked wonders and that is how I learnt that there should always be plan B, C and E. It has generated enough knowledge and skills that will carve our way further ahead whether in corporate sector or in business itself. INDIVIDUAL LEARNING: How important marketing is. How a team decision making is crucial Time management Cash allocation Team work, in broader sense
- 11. 3.5S.M. Tanvir Kabirs Point of View
- 12. 4. La La Land Profit/Loss statement TK TK Sales: 18,320 Yogurt Custard (7*60tk) (4*45tk) (3*50tk) 420 180 150 Brownies (10*50tk) (20*70tk) (15*55tk) 500 1400 825 Red Velvet (15*80tk) (6*95tk) 1200 570 Vanilla Mint (100tk*7) 700 Watermelon Juice (16*30tk) 480 Biriyani (18*90tk) (1*45tk) 1620 45 Kebab (6*20tk) (11*15tk) 120 165 Necklace 4pcs 1160 Mighty Chicken Sundae (17*60tk) (3*50tk) (5*55tk) 1020 150
- 13. 275 Ear rings 4pcs 460 Bracelet 2pcs 180 Ring Choker 8pcs 3pcs 580 100 Key Rings 3 set(6+6+6) 460 Wooden Key Ring (5*40tk) 200 Hijaf Pin 2sets 80 Doll 2 140 Colorpop 4*700 2800 La Girl Concealer 4*450 1800 Wet N Wild 2*270 540 Costof Goods Sold: (10,303.5) Yogurt Custard (30Tk*14) 420 Brownies (12.5tk*45) 562.5 Red Velvet (30tk*21) 630 Vanilla Mint (27.27tk*7) 190.89 Watermelon Juice (16*13.6tk) 217.6 Biriyani (19*70tk) 1330
- 14. Kebab (17*7.5tk) 127.5 Necklace 4PCS 860 Mighty Chicken Sundae (25*21tk) 525 Ear rings 4pcs 290 Bracelet 2pcs 160 Ring 8pcs 340 Choker 3pcs 90 Key Rings 3 set(6+6+6) 430 Wooden Key Ring 5pcs 0 Hijaf Pin 2sets 30 Doll 2pcs 100 Colorpop 4*600tk 2400 La Girl Concealer 4*300tk 1200 Wet N Wild 2*200tk 400 Gross Sales Expenses: (3410) Stall Fee Gloves and Hair net Transportation Fines(Mobile court) Banner (pvc) Packaging and Platesglasses 2000 150 250 200 510 300 Net Income 4606.51
- 15. 5. La La Land Statement of Cash Flow tk Cash Inflow: Investment Sales 13,915 18,320 Cash Outflow: Inventory Stall Fee Gloves and Hair net Transportation Fines(Mobile court) Banner (pvc) Packaging and Platesglasses (10,303.5) (2000) (150) (250) (200) (510) (300) Net Cash Flow 18521.51
- 16. 6. La La Land Balance Sheet Asset TK Equity and Liability Tk Cash 18,521.51 -Dividend (4606.51) 13,915 Capital 13,915 Inventory 0 Total Asset 13,915 Total Equity and Liability 13,915 ROI: 33.1%{4606.51/13915}
- 17. 7. Receipts of all the raw materials purchased
- 19. 8. Marketing Plan 8.1 PromotionPlan For promoting our stall LaLaLand in HaatBazar2017 Spring we only took two kind of initiative which is given bellow 1. Campus Influence (word of mouth) 2. Social Media Marketing. Why we use this two form of promotion only is because we have limited resource (we only decide to spend 1000BDT in marketing promotion) and the second reason is we had to do a kind of only niche marketing (only NSU student, Faculty members, staff and officer). So we just use this two form of promotional tools 8.1.1Campus Influence through Word ofMouth We do this part in three ways which is given bellow 1. First we build up network through telling our classmates, friends of NSU, our honorable faculty members, Acquaintances by telling them that in this Haat Bazar 2017 spring we are giving a stall name LaLaLand. We would brought luxurious and fashionable clothing, jewelry, branded cosmetics, and some delicious and unique food item in a very attractive price. We also tell our close friend in NSU to tell their mutual friend about our stall. By doing this word of mouth promotion we started our marketing promotional campaign. 2. Secondly we go to the faculty members personally and invite them to visit the Haat Bazar 2017 spring LaLaLand Stall. 3. Thirdly We personally invite some officer and security guard , whom we known by face and told them to promote our self to other staff. We brought candy for them so that they do the promotion. 8.1.2Social Media Marketing For social media marketing we use the facebook. Because majority of the NSUurs use facebook. We open the LaLaLand facebook fan page , through where we invite people to join facebook fan page and give like and share our fan page. Through this fan page we share our poster, banners logo to promote our product. The address of our face book fan page is given bellow
- 20. https://www.facebook.com/La-la-land-689861281139044/ We also use different nsu fan pages like NSU BBA courses and faculty assessment review, NSU courses and faculty review to promote our poster, banner , link of our fan page, so that people know about our fan page and come to visit our stall in the Haat Bazar 2017 spring. 8.2Banner Poster and Leaflets To promote our LaLaLand we use three posters and Stall Banners which picture has given bellow one by one 8.2.1FoodItem Poster
- 21. 8.2.2Cosmattics Items Poster 8.2.3Jwellary Item Poster
- 23. 9. Business Strategy To cope up with the situation and use the market condition towards our favor in Haat Bazar we take some course of action which is given bellow 1. From the very beginning our target was sell our product at market skimming price. So when we start our sell at 8.30, we follow the market skimming price rules. 2. Because we got a very limited time to sell our product we made a smart time table, where the hot hours are 9.20-10am, 11.00-11.20am, 12.30-3.30pm. Because this is the class break hour time and majority of the student come at this time in the stall. So we try to push our sell at this time. We are not only selling in our stall at this time but also went to boys lounge, girls lounge, study hall, to sell our product directly. 3. That product which is not going in good sell at the end time (after 3.30pm) we sell them at their buying price to get back our investment. 4. We mainly focus the female customer because in haat bazaar 2017 we found that the purchasing more so we send our two female group mate with female customer to sell more to them. 5. As we see that if paste our poster in the notice board it lost. So we reduce the budget of printing poster at very minimum. And we gave our effort in facebook marketing because its dont cost any more and we get height number of promotion. From the picture given bellow you can see that in a very short we manage 106 followers and likes and only in this week we reach 746 people to send our Haat bazaar promotion. 6. We come up very early in the morning to catch the 9.20 am class break and sell our product on that time. We sell snacks on that time because we dont want to lose any class break for limitation of our time.
- 24. 7. After doing profit at the very end time after 4.00pm we sell our product at market penetration price so that we can sell our entire product. And we dont have to take anything back to our home. 10. Conclusion Haat Bazaar has fully diverted the way we thought undertaking a business would be. It has generated enough knowledge and skills that will carve our way further ahead whether in corporate sector or in business itself. The way how to implement strategies, and the meaning of adaptability was the core learning outcome. Its gave us the way to think constructively and modify our plans and goals along with the knowledge we gathered in classroom or through books. Haat bazaar created the impression about how or what so ever ones business plan may be, if its not flexible it will not thrive. The sheer joy of having something, some brand name La La Land, on ones name and working for it and knowing its performance is directly related to our competence, is the feeling that is inexplicable. Our deepest gratitude to respected course instructor, Abu Saad Shezanul Huq Sir, North South University and all other related personnel, clubs and faculties for giving us the platform to have this life time experience. We are really grateful to respected course instructor, Abu Saad Shezanul Huq Sir, for enduring the trouble for us and helping us in every corner, we are really happy to have you as our faculty. And alongside what you taught, your repartees, the way you speak we have used it in our converse with customers, thank you Sir.
- 25. Appendix