Professional Documents
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Winter, Duke Project LDRP
Winter, Duke Project LDRP
Project report on
Basics of Entrepreneurship
On
Duke Plasto Technique Pvt. Ltd.
Submitted To
MBA Department,
LDRP - Institute of Technology and Research, Gandhinagar.
(Affiliated to Kadi SarvaVishwavidhyalaya, Gandhinagar)
[As A Part of the Fulfillment of the MBA Degree, Year-I/ Semester-I
For the practical subject Basics of Entrepreneurship, CODE-CC 108.1]
Under the Guidance of
Prof. Harshita Vijaywargi
Faculty-MBA Department;
LDRP - Institute of Technology and Research,
Gandhinagar.
SUBMITTED BY:
EXAM No. ENROLLMENT No. NAME SIGNATURE
1 Romit Patel
2 Virbhadra Barad
3 Ruchita Pandit
4 Harshvardhan Chauhan
1
Date: 21th January 2021
CERTIFICATE
This is to certify that Mr. Romit patel, Harshvardhan Chauhan, Virbhadra Barad, Ruchita
pandit from, LDRP Institute of Technology and Research has successfully completed Winter
Project the training in our organization from Date 19/01/2021 to 20/01/2021. From his
training period we have find that he is sincere at his work and possesses a good moral
character.
Authorized Signatory
2
STUDENT DECLARATION
I hereby, declare that the winter Project titled, "A Consumer Buying Behaviour of Duke
Plasto Techniques Pvt. Ltd. " is original to the best of our knowledge and has nor been
published elsewhere. This is for the purpose of partial fulfilment of Kadi Sarva Vishwa
Vidhyalaya University requirements for the award of the title of Master of business
Administration, only.
3
ACKNOWLEDGMENT
Sincere efforts are always needed from many people to give life to the project work, and I
gratefully acknowledge my debt to those who contributed to the same.
To make any project, essential requirement is able guidance and references without which
project is incomplete. We are very much thankful to Mr. Parth P. Patel and who has provided
us an opportunity and motivation to gain knowledge through this type of project. We will get
practical knowledge from this project and this will help us a lot in our career.
I would like to acknowledge the valuable inputs given by, Mr. S.N. Patel (marketing manager
Director), Mr. Parth P. Patel (marketing manager). I also thank all the distributor of Tooran
Trade link who co-operated very well with me during the project & have made it a successful
venture.
We are also obliged by our respondents, whose co-operation has contributed major Palanpur
in our project. These are the main sources of primary data for our project.
I would like to acknowledge the valuable inputs and guidance given by prof. Harshita
Vijaywargi madam at the faculty of MBA department at LDRP institute of technology and
research and also thanks to Dr. Vinit mistry sir, Dr. mallika babu madam, Dr. Hemali broker
madam, Dr. Sejal acharya madam, for providing knowledge, motivate and help us at all the
stages of project.
4
ABSTRACT
A pipe inspection robot is device that is inserted into pipes to check for obstruction or
damage. These robots are traditionally manufactured offshore, are extremely expensive, and
are often not adequately supported in the event ormal function. This had resulted in
associated environmental services limited. A Newzealand utilize of this equipment, facing
significant periods of down time as they wait for their robots to be the repaired. Recently,
they were informing that several robots were no longer supported.
This project was conceived to redesign the electronics control systems one of these PIR,
utilizing the existing mechanical platform. Requirements for the robot were that it must
operate reliably in confined, dark and wet environments and provides a human wears with a
digital video feed of the internal status of the pipes. There robot should as much as possible
incorporate off the shaft components, cheap, and potentially onsite repair. This project details
the redesign and constructions of such robots. It employees there electronic boards integrated
with mechanical components and provides video feedback via custom graphical interface
although at the prototypes state the electronics has been successful with cost of less than a
length of the original robot purchase prize.
5
INDEX
S.No Part Content Page no
Part
I Industry, in brief 7
1 Product Evolution 10
9 Finance 31
10 Effect of Covid Pandemic 33
Effect of Demonetization
11 Impact of GST 34
Part
II New Business Idea 38
1 Problem Identification 38
2 Solutions existing and its issues 40
3 New Product or service development 42
References / Bibliography 50
Annexures
6
Part I
Brief history:-
Indian's 2/3 population about mainly dependent an agricultural. Our agriculture is mainly
dependent on rainwater. Now rapid changing of modernization is also expe1ienced in ruler
India. Villages are now 8 days becoming modern gradually agriculture is changing its base
from rainwater to underground water.
A good portion of electricity used in agriculture in India. This level is increasing more than
60 crors are occupying 14.20 lake hectors of land. Modem agriculture is demanding highly
sophisticated equipment and technology. This history of Indian agriculture is not an overnight
thing, says as the history of DUKE PLASTO TECHNIQUE.
Today company has sound financial position, powerful management skills and motivated
staff. It is having production capacity of producing per day. Company is spread over to 41000
square feet. There strong building in 2250000 square feet land area.
From the last two decades Duke engaged in manufacturing of high quality UPVC casing
pipes, column pipes pressure pipes, Electrosurgical Sealing Ring pipes SWR pipes, MPVC
plumping pipes and all type PVC fitting.
7
Industry Information:-
Originally used in Europe, submersible, foul water surface water and sewage pumps first
were seen in the United States in the mid-I950s. Submersibles pumps are the dominant
feature in the pumping station market. A submersible pump includes not only the pump-
motor unit, but sophisticated elec1ical and mechanical controls, piping and wet well with
access frame and cover, too.
The submersible solids handling sewage pump operates under water and is flood-proof. It is
designed for single or dual, wet-pit use and can be removed easily for maintenance.
The pump is efficient, quiet in operation, safe to install and performs long and reliably, the
submersible wastewater pump is used p1imarily for wet-pit sewage pump stations and for
industrial sump or process effluent applications, a common use for small pumps is to move
effluent from a GRP tank.
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Large and small units are used in a variety of ways in the home, hotel, school, marine,
commercial building, industrial plant and municipal sewage and stone water pump systems.
Submersible pumps have been proven over the last half of a century, disproving those
sceptics who originally questioned how an electric motor-powered pump could under water.
Originally developed in Europe, millions now are used daily throughout the world to pump
clear water, raw water and wastewater.
The submersible wastewater, foul water, surface water and sewage pump became popular in
the early 1960s, when a guide rail system was developed to lift the pump out of the pit for
repair. This ended the dirty and sometimes dangerous task of sending people into the sewage
or wet pit. Growth of the submersible for wastewater pumping since has been dramatic, as an
increasing number of specifies and users learned of its advantages. Two classes of
submersibles exist. The smaller units, commonly called sewage ejectors, are used in home
and light commercial applications; they nominally handle up to 55mm spherical solids and
range from .75kW to 2.2kW.
Larger submersibles handle 65mm and larger solids and have a minimum of 80mm discharge.
They are used in municipal and industrial applications for pumping sewage and all types of
industrial wastewater.
9
Product Evolution :-
Market research analysts at have predicted that the pumps market in India will grow steadily
during the predicted period and will post a CAGR of almost 10% by 2020. Owing to
increased consumption, the pump manufacturers have been concentrating only on the needs
of the domestic market, mainly to the agriculture and building services industries. The
influence of linearization, privatization, and globalization of the Indian pump market have
compelled manufacturers to export their products to foreign countries where the demand for
pumps in high in industries such as oil and gas, steel, and mining. Currently, the US and
Germany are the revenue contributors to the market. Factors such as the rising demand for oil
and the increased investments in water and wastewater treatment activities will have a huge
impact on pump exports in India, which will drive the demand for the market during the
predicted period.
The pumps market in India will witness the emergence of intelligent pump systems and micro
disc pump technology in the next few years. Intelligent pump systems can control and
regulate the flow or pressure of the fluid, can adjust to process changes, and also have a fault
tolerant design, which will induce several manufacturers to adopt these pumps as they reduce
the total cost of ownership without compromising performance parameters. Also, the micro
disc pump technology will help manufacturers develop small-size and energy-efficient disc
pumps that can be used in medical applications such as wound therapy and blood pressure
measurement.
10
India today exports pumps to 100+ countries
Besides agriculture, a significant share to the country’s water pumps market is contributed
by the industrial sector, where power plants, chemical manufacturing and water &
wastewater treatment are the prime application areas. Rapid penetration of desalination
plants in industrial sector is consequently boosting the demand for water pumps in this
segment. Around 15 desalination plants announced in 2014, would be launched in the
country over the next few years. Growing demand for desalinated water is driven by
depleting per capita water availability which is motivating India to explore alternate
sources of water.
In combination with water treatment industry, water pumps are also gaining traction in
power sector. According to the Planning Commission of India, the government targets
capacity addition of about 72,000 MW thermal power plants during the 12th FYP,
surging demand for water pumps in the country. Magnetic drive based water pumps, EPC
(Engineering, Procurement and Construction) based water pumps, and mobile phones used
as remote controllers for administering water pumps are some of the innovative products
being introduced in Indian market.
“India water pumps market is projected to grow at a CAGR of around 12% during 2015-
20. However, this growth is sluggish, given the past growth scenario, primarily due to
decline in real estate market. Although, the impact of decline on future growth of water
pumps market is only marginal, since recovery is projected in real estate construction
sector. In addition, a slight decline is observed in the production of vacuum tower bottom
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products such as furnace oil and fuel oil. Moreover, despite fair performance of domestic
market, imports of low cost Chinese pumps are increasing. Given this scenario India water
pumps market is anticipated to grow at a marginally lower rate than growth during the past
five years.” said Mr. Karan Chechi, Research Director with Research, a research based
global management consulting firm.
“India Water Pumps Market Forecast and Opportunities, 2020” has evaluated the future
growth potential of India water pumps market and provides statistics and information on
market structure, industry behavior, trends and trade dynamics. The report includes water
pumps market projections and demand forecasting. The report is intended to provide
cutting-edge market intelligence and help decision makers to take sound investment
evaluation. Besides, the report also identifies and analyses the emerging trends along with
essential drivers, challenges and opportunities existing in water pumps market in India.
Market research analysts at have predicted that the pumps market in India will grow steadily
during the predicted period and will post a CAGR of almost 10% by 2020. Owing to
increased consumption, the pump manufacturers have been concentrating only on the needs
of the domestic market, mainly to the agriculture and building services industries. The
influence of linearization, privatization, and globalization of the Indian pump market have
compelled manufacturers to export their products to foreign countries where the demand for
pumps in high in industries such as oil and gas, steel, and mining. Currently, the US and
Germany are the revenue contributors to the market. Factors such as the rising demand for oil
and the increased investments in water and wastewater treatment activities will have a huge
impact on pump exports in India, which will drive the demand for the market during the
predicted period.
12
Why the particular business:-
The duke company is establishment in 1962, is name “Kisan Pump” after 1982 was rename
as Arahant Pump”.
Mr. Ramesh Patel Mr. Prabhudas Patel has the build duke groups company. In Palanpur of
Banashkantha District.
They started the firm as a repairing shop and turned it in to large group of companies.
Manufacturing item like Submersible Motors, Submersible Pump set, Domestic Pump set,
and Winding wires, PVAs Pipes, etc.
The area of Duke Company is spread over to 41,000 Sq. Ft. there strong building in 22,
50,000 Sq. Ft. area, Pumping trust around the world – Duke Plasto Technique Pvt. Ltd.
Duke Plasto Technique Pvt. Ltd. Is synonymous for manufacturing quality consistent and
reliable Products, and National Quality Award” in 2007 from government of India has proved
it.
Duke’s diligent and visionary workforce is committed for the highest quality production
under a roof with an ambition to make an empire at world level.
By getting customer satisfaction and simultaneously providing them unique product which is
highly inspected with latest technology. Pouring out Solutions for a lifetime.
Motivation
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It is important for marketers to realize that motivation is only one of the essential elements
that contributes to buying behaviour as given in No amount of love or money or other
incentives could motivate the person who is not able to walk
Similarly, if a shopkeeper is offering sale on all the items but he/she opens on weekdays only
upto6.00 p.m. In this case even if people are motivated but the shopkeeper is giving very little
opportunity to act on their motivation.
Similarly, suppose a company is offering a new product line and spending much on heavy
advertisement, company is not ensuring whether the products are available in all the outlets.
Selection of location
Before you start looking for a business location, you should have a clear picture of what you
have and what you want to have in future. Coming up with that picture is a time-consuming
process, which is both tedious and exciting – but you need to give it the attention that it
deserves.
Although many business mistakes can be corrected later, a bad location is sometimes
impossible to repair.
Here are some other factors that you should consider when choosing the best business
location:
1. Style of Operation
Is your business going to be formal or elegant? Your location needs to be consistent with a
particular image or style. If you own a retail business, do you want a traditional store or an
online store?
2. Demographics
When considering demographics, you should think about two important angles. First, you
should think about who your customers are and how close they are to your location. This is
critical for some service providers and retailers but not so for other businesses. The
demographic profile that you have for your target audience will allow you to make this
decision.
14
3. Foot Traffic
For many businesses, foot traffic is very important. Nobody wants to be tucked away in a
corner where potential customers will pass him/her by. On the other hand, if your business
needs confidentiality, you should opt for a low-traffic area.
If you are considering an office building, ask yourself whether you need the keys for periods
when the main doors are locked. If the building closes on weekends and you would like to
work then, you should look elsewhere. Make sure that there is sufficient parking for
employees and customers.
Just as with foot traffic, you should monitor the facility and see how the parking demand
fluctuates. Moreover, you should make sure that the parking lot is adequately lit and well
maintained.
15
Founding the business, Founders and struggle:-
Board of Directors :-
Duke Plasto Technique Private Limited’s Annual General Meeting (AGM) was last held on
22 July 2019 and as per records from Ministry of Corporate Affairs (MCA), its balance sheet
was last filed on 31 March 2019.
Directors of Duke Plasto Technique Private Limited are Parth Prabhudas Patel, Rameshbhai
Parshottambhai Patel, Prabhudas Parshottambhai Patel,
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Growth, milestones and CSR activities:-
CSR activities
Duke Plasto Technique has received ISI Certification for IS 4985 in the year 1999
Received ISI Cet1ification of IS 12818 for UPVC Casing Pipes, and ISO 9001 : 2000
from ABS in the year 2000
17
Supplied to UNISEF & WHO, South Africa in the year 2004
ISO 9001: 2008Certification from TUY: SUD South Asia for Quality Management
System in 2008
CE Certification from TUY : SUD for Outsource / Export to European Countries Five
Star Rating from Bureau of Energy Efficiency, Govt. of India, for Energy Efficient
Pumps
➢ Our product 1 Quality 1 itself is our milestone to introduce ourselves throughout India
as well as abroad.
➢ National Award for Quality Product 2006 for 11 uPVC - Pip- Handed by Hon. Prime
Minister of India Shri Manmohan Singh
.
➢ National Award – 2009 for "Outstanding Entrepreneurship"
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➢ Empower Award - 2009 for "Highest Power Saving in Submersible Pump"
19
Products and services:-
Products detail
People satisfy their needs and wants through product. Anything that can be offered to
satisfy a need or want is called product. The product is a bundle of desire. It can include
three kinds of equipment physical goods, service, & idea. A product is also something that
is made in a factory. In short, product is the sum total of physical, social & psychological
benefits.
A product can be classified by its various characteristics like durability, tangibility and
use. A product according to non-durable and durable on basis of use it can be classified in
to consumer goods and industrial goods.
Domestic pump.
Submersible Motors:-
Electrical submersible motor is used for during water from underground. The company
product this product is wide range with highest horse power in its kind manufacture under
brand name of "DUKE".
Features
2. Stainless operation.
3. Noiseless operation.
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4. Easily rewind able due to HR PVC Wire.
Applications:
The E.S.M. is joined with submersible puma-set and applied in va1ious uses. The first and
main uses of submersible pump-set in Open, Drip, Sprinkler, Gardening, Seeds farm and
Nurseries. The other applications are industrial plants, Drinking water supply, high- pressure
washing fire fitting, landscaping & fountain.
SubmersiblePump-set:-
Submersible pump-set is used for lifting underground water. DUKE produces this product in
various models. They are turbo 4, 6111, 6r, Sm. When the ground water goes deeper and
deeper, requirement for a more powerful sanction head arise. The vertical turbine pumps, a
part from their tedious shaft extension system comes in to .the picture and served the
purposes but then comes the revolutionary submersible pumps to defect vertical turbine
pumps. DUKE is able to replace even laborious hand-pumps.
Features
Unique pump design for 4•·, 6··, 8'' & 1O" bore Wells with wide range gives right
solution against the consumers' requirements.
Radial Flow pumps without threaded joints and with shall mould castings.
Mixed flow pumps without threaded joints and with stainless steel fasteners.
21
Domestic pumps
Domestic pumps are generally used in houses for transportation of water, car washing and
gardening. DUKE is first company to launch stainless steel Domestic sense pumps are
manufactured in ·Legend' series.
The product offered by the company can be classified on the base of durability. DUKE
produces Durable products. As the products are durable ones they survive many uses, require
more personal selling and services, command a higher margin and more seller guarantee. If
we see on basis of uses, then products can be classified as consumer durable goods, capital
goods and industrial goods.
Features
Silent running
Easy to use
Application
Easy gardening.
Car washing.
Lifting of water.
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Total water solution. Type equation here.
People satisfy their needs and wants through product. Anything that can be offered to satisfy
a need or want is called product. The product is a bundle of desire. It can include three kinds
of equipment physical goods, service, & idea. A product is also something that is made in a
factory in short, product is the sum total of physical, social & psychological benefits.
A product can be classified by its various characteristics like durability, tangibility and use. A
product according to non-durable and durable on basis of use it can be classified in to
consumer goods and industrial goods.
Pumps:-
Pipes:-
Pumps
Submersible Pumps
Domestic Pump
23
Pipes
Plumbing Pipes
24
Capacity
Being able to analyze plant and equipment (capacity and automation) is essential to
understanding how you and your competitors are supplying the market demand. There is
often unmet demand in segments because companies do not or cannot produce enough units.
If you successfully analyze industry capacity, your team could benefit from these shortfalls.
Each product has its own production line where you can set capacity and automation.
Capacity represents the company's ability to produce units of its product. Think of capacity as
your manufacturing plant. For each unit of capacity, there are two shifts of workers that can
use your manufacturing plant to produce your products, which represents a first and second
shift. So if your product has a capacity of 1000, this means you can produce up to 2000 units
of your product.
Automation represents the robot-to-worker ratio in your manufacturing plant. A higher ratio
of robots will provide your company with a lower labour cost. However, this will increase the
amount of time it takes your products to be updated.
25
Competition and competitors:-
Are competing companies close by? In some instances, this can be advantageous if
comparison shopping is popular. You might end up catching the excess from nearby
businesses if you are situated near an entertainment area or restaurant. However, if you are
selling CJ aviation fuel pumps and there is a competitor nearby that sells the same thing, start
looking elsewhere. When consumers are looking for very specific products, they understand
that their choices may be limited, so they will probably only visit one location.
SABAR Pumps
26
WATERMAN PVT. LTD
LUBI Pumps
Imported material having variety of task can create big challenges for unit attractive packing
and size can fight against such threat.
Client List
27
Employees and policies:-
At Duke Plasto Technique, We strongly believe that winning is never a one-man show. It
Within Duke Plasto Technique, a professionally qualified & dedicated team of experts, at
each level of hierarchy, performs in tandem to deliver results that amaze. From time to
time, we also send our employees & technical staff to seminars, workshop & training
Innovative strategies
Our Technical & other staff and infrastructure strength. We are having the technical staff
strength along with down line personnel in our entire organization like, Science
graduates, Engineers in top management, middle management and first line supervisory
level. We are having two divisions for production of different varieties in one premise,
Submersible Pump Sets' Manufacturing division and Pvc-Pipes' manufacturing division.
Both the divisions are well established by infrastructure in manufacturing process with
CNC machines and well established 'Quality Control Laboratory ' along with latest
Testing Equipments which are calibrated also as per ISI of Indian Government.
28
Marketing and sales:-
Marketing may be defined as the process of exchange between sellers and buyers. It involves
a number of inter-related activities designed to plan promote distribute and price product or
service in order to uses the wants and needs of both the parties in exchange of translation. In
its broader sense marketing is the '' creation and delivery of standard of living to the society''
and a total system of interaction the business activities design to plan prize promotion and
distribute want satisfying products and services to present and potential consumers.
Marketing Director
Sales executives
29
In India marketers in the near future will have knowledge play the widened role of marketing
i.e. the creator deliver of better stander of living of our population.
Each divisions the report directly to managing director, marketing division is headed by
marketing mangers MR.S.N.PATEL who manages all the activities of marketing sale
executives gives to marketing manager, sale executives also related to product manager.
Marketing has been viewed as an ongoing of dynamic process involving a set of interacting
activity dealing with a marketing offering by producer to consumers on the basic of reliable
marketing process includes marketing function selling, distribution, salesmanship advertising,
sales, promotion market intelligence, pricing, decision are major marketing functions. These
marketing functions are performed by through marketing department.
BRAND AWARENESS
The act of creating public awareness of a specific brand in order to maximize its recognition,
successful brand awareness strategies should define a company's uniqueness and set it apart
from competitors. Quite simply, if potential consumers do not know about a company, they
will not purchase from it. Therefore, one of the preeminent goals of any business should be to
build brand awareness. albeit in as cost-elective manner as possible.
Consumers tend to make purchasing decisions based on peer recommendations and direct
experience, as well as traditional advertising methods. This is why it is necessary to build
brand awareness strategies out by instilling trust among consumers. This trust must be
achieved
Transportation
Competitive plastic pipes are used for transferring wastewater, potable water, cooling and
Heating fluids, chemicals, gases, vacuum and compressed air system applications. Fiberglass
Pipe manufacturers explain why the use of plastic and competitive pipe provides a wide range
Of benefits to the users, such as:
• Moderate cost
• Ease of handling
• Corrosion resistance
• Installation
• Long service life
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Finance:-
Investment
Professional investment management aims to meet particular investment goals for the benefit
of clients whose money they have the responsibility of overseeing. These clients may be
individual investors or institutional investors such as pension funds, retirement plans,
governments, educational institutions, and insurance companies.
Investment management services include asset allocation, financial statement analysis, Stock
selection, monitoring of existing investments, and portfolio strategy and implementation.
Investment management may also include financial planning and advising services, not only
overseeing a client's portfolio but coordinating it with other assets and life goals. Professional
managers deal with a variety of different securities and financial assets, including bonds,
equities, commodities, and real estate. The manager may also manage real assets such as
precious metals, commodities, and artwork. Managers can help align investment to match
retirement and estate planning as well as asset distribution.
When embarking on cost cutting, it's important to implement a strategy before arbitrarily
cutting costs. Some costs are necessary, so it's important to classify costs into good costs, bad
costs, and best costs.
Good costs focus on the company's growth and are aligned with the company's customers and
how to meet the needs of those customers. Bad costs are those that do not match up with the
company's growth strategy, and waste resources. When bad costs are cut, they can free up
resources that can be used in a more productive capacity. Best costs are the costs associated
with what makes a company unique, how it differentiates itself from the competition, and
how it provides true value to its customers.
Once a company is able to allocate its cost into one of the above classifications, it will
make it easier to focus on cutting bad costs and maximizing on best costs.
It's also important to note that cost cutting doesn't necessarily mean completely cutting a cost.
It can also refer to optimization and efficiency. Optimizing productivity actually reduces
costs, so it's important to measure productivity. Today there are apps that allow companies to
31
monitor the productivity of employees as well as time spent on different work and projects.
Profit Management
Business firms are generally organised for the purpose of making profits and, in the long run,
profits provide the chief measure of success.
If knowledge about the future were perfect, profit analysis would have been very easy task.
Profit planning and measurement constitute the difficult area are: Nature and measurement of
profit, Profit Policies and Techniques of profit planning like Break-Even Analysis
32
The Effects of Corona virus on Manufacturing Plastic Pipe :-
With the growing uncertainty stemming from the corona virus pandemic global markets are
in turmoil. Government actions have halted non-essential manufacturing in many countries.
China, where the virus first originated, had to scale back it’s manufacturing and work across
the country. While this has begun to abate, supply chains around the world have been rattled
causing many vendors and manufacturers to reconsider the amount in which they rely on
China for goods and services.
Additionally, a number of industrialized countries like Italy and Spain have taken harsh hits
to their economies and workforce causing a ripple effect around the world. Many countries
are taking precautions by shutting down manufacturing, seaports and even air travel. With the
world economy coming to a halt it is important for manufacturers to find a way to maintain
their business even in times of trouble. Which brings us to how drip irrigation and plastic
pipe manufacturers can still operate in today’s unstable climate.
33
Effect of Demonetization :-
According to NITI AAYOG it had only a limited adverse effect on the farmers.
Rabi output in 2016-17 could be 4.96% higher than 2015-16 while kharif production
may be 3.5% more than last year.
Impact on GST :-
What GST essentially does is it merge a no. of existing indirect taxes into a single tax.
Revenues of state govt. and local bodies would substantially reduce as they would not
able to levy VAT, luxury tax etc. instead they will get SGST which will be lower than
previous revenue.
So, after GST implementation the govt. is expected to face a shortage of revenue
(short term effect) & would want a larger tax base.
So, demonetization is likely to result in a larger tax base by bringing the money
stashed back into circulation & through the push towards digital transaction. It is in
the economy's interest to keep most of its money in banking system.
34
Effect of changing Government policies :-
• Payroll Taxation
• Corporate Taxation
• Excise Taxes
Product Cost
• Labour (Payroll costs)
• Overhead/Material (Excise & Duties)
• Corporate taxes reduce net income that can be either distributed to shareholders
(dividends) or retained for business investment
Selling Price
• Consumption taxes bump up the selling price Consumer spending accounts for about
2/3 of GDP for acountry
35
SWOT ANALYSIS :-
A scan of the internal and external environment is an important part of the strategic planning
process. Environmental factors internal to the firm’s usually can be classified as strengths {S)
or weaknesses (W), and those external to the firm can be classified as opportunities (0) or
threats (T). Such an analysis of the strategic environment is referred to as a SWOT analysis.
The SWOT analysis provides information that is helpful in matching the firm’s resources and
capabilities to the competitive environment in which it operates. As such, it is instrumental in
strategy formulation and selection.
SWOT ANALYSIS
STRENGTHS
WEAKNESS
OPPORTUNITES
Duke Pumps Ltd gets more consumers if it was used very promotional tools.
As the product of the company is widely accepted, company has an opportunity to
cover the entire market of the submersible pump industry.
36
THREATS
Imported material having variety of task can create big challenges for unit attractive packing
and size can fight against such threat.
37
Part II
Problem Identification :-
1. Capital
You want to grow or start your new business endeavour, but you’re facing difficulties
for financing for new business owners.
2. Right Business
Two of the most crucial reasons behind failing of new entrepreneurs are the inability
of selecting the right business and doing it in the proper manner e.g. ethically.
3. Cash Flow
Small businesses can’t survive if they don’t follow cash flow guidelines and this is
probably one of the biggest problems that new entrepreneurs face. For example, you
perform a job timely, raise the invoice and get paid after a month. In the meantime,
you’ve to bear all your business related expenses like your infrastructural cost, your
employee’s salary and additionally, your personal expenses. And in case you don’t get
paid at all, only some miracle can help you out.
6. Hiring Employees
The hiring process can become a nightmare for most of the new entrepreneurs. After
completing all the steps of recruitment like reviewing resumes, taking interviews etc,
at times, they end up hiring an incompetent person.
7. Finding Customers
Finding prospective customers.
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8. Time Management
Time management is probably the biggest problem, especially for the new
entrepreneurs. In your own business, you’ve to take care of everything unlike a
regular job where you only have to take care of certain tasks.
13. Self-Doubt
Every new entrepreneur goes through a phase where he/she starts lacking self-
confidence and feels like quitting. It mainly happens due to initial failures and
watching the growths that are lower than expected.
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Solutions existing and its issues :-
Though various ways are there for arranging small business funding, starting from
friends and family to conventional bank loans, many experienced entrepreneurs
believe that self-fuelled growth model is the best and less-risky one. Instead of trying
to establish a big business house overnight, aim at your primary customers. If you can
provide value added services to them, by the virtue of word-of-mouth publicity, your
business will develop automatically. However, if you need to take outside funding
anyway, don’t forget to consult an attorney to avoid future complications.
Money is something inevitable for living. So, quit your present job when you’ve at
least the required amount for living a standard life as a financial cushion and have a
robust business plan, or when you’re earning a standard amount from your new
business endeavour.
Bring in something trendy and new in the market. Customers flock to a business that
offers extensive product knowledge and a wide collection of the products they’re
looking for.
If your product/service adds value to people’s life, you don’t need to spend a huge
amount of money on advertising in the initial stages. If you’ve a great product/service,
people will automatically come to you. Just remember to keep your patience and
approach only those people who show interest in your product/service.
You’ve to enhance your time management skills. Following are some useful tips:
Create goal lists: Make a lifetime goals list and break it down to annual, monthly,
weekly and daily goals. That way, your daily goal will be in front you and you just
have to be on track. Delegate the jobs that don’t require your personal involvement.
Simply eliminate the unnecessary tasks. Assess yourself on a regular basis.
If you’ve a team of good employees, this job becomes much easier. Taking the help of
good outsourced agencies is another way of performing this task easily. The latter
might be a little costly but it’ll help to get the tasks performed efficiently and in a time
saving manner. More importantly, remember to be absolutely specific about your
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requirement so that tasks are delegated with clear guidelines, which in turn would
help to get them completed on time, in an efficient manner.
It’s difficult to judge your partner at the first sight, but if he/she has the wrong
intentions, it’s bound to be revealed gradually. The only way out is to immediately
dissolve the relationship with your partner.
It’s very common that being a newcomer in the entrepreneurial world, you may not
have the adequate expertise to select a profitable niche. In that case, hire a freelance
market researcher who will survey the related market e.g. the field you want to do
business in, and prepare a report of profitable niches. You can then analyze the report
and decide on your preferred niches.
Again, it’s a useful idea to outsource the marketing part to another third party who has
adequate expertise. Prepare a marketing budget and hand it over to them and they’ll
chalk out an efficient marketing plan. Remember not to take the chance of
experimentation at this stage. You can perform that later when you’ve a productive
baseline.
Admit that every entrepreneur faces the phases of having a strapped budget. You can
lower the number of the situations by effective marketing efforts. Spend the money
where it maximizes your ROI and stock the rest for other infrastructural and
experimental expenses.
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Product and services development
Overview
Once you begin trading, new products and services will be very important, and investing in
their development is crucial to business growth and profitability. But the development
process can be risky and it needs considerable planning and organisation.
This guide will help you assess whether your idea can form the foundation for a successful
business and put a process in place to monitor and measure its progress.
Try to identify the key stages or checkpoints in the development of your idea. Each
checkpoint gives you a chance to evaluate the progress of your product or service and decide
whether you need to make any changes. It will also allow you to consider at the end of each
stage whether to progress with the idea. Any idea that has no realistic chance of success
should be dropped before too much time or money is invested.
Securing adequate funding is one of the biggest obstacles many entrepreneurs face. Your
funding needs may also change during the course of product development, as it may take
longer or cost more than you first expected.
Bank loans and overdrafts are the most common ways to raise money for a new business. But
there are plenty of alternative options too, including:
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Test the Product
Product testing is important throughout the design process. While you are developing your
product or service it’s a good idea to keep testing the market to make sure you are still on the
right track. You can do this by using
You will need to consider your pricing policy. You should consider pricing the moment you
decide to take an idea forward as it will determine how much you can afford to invest in the
project.
Establishing a pricing strategy for a new product or service is an important part of the
development process. The price needs to be attractive to customers as well as make you a
profit.
A new idea is often the basis for starting up a business. Many entrepreneurs spot a gap in the
market and start businesses that provide a product or service that fills it. Others come up with
ways to improve an existing product.
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Feasibility study- marketing, technology (survey and other research
articles - primary and secondary)
Marketing
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TCHNOLOGY
6) Analytics Service
You could also create an online platform that allows businesses or website owners to
gather analytical data about website performance, customer interactions or other
online functions.
8) Robotics Manufacturing
If you want to get even more in-depth with your manufactured offerings, you could
create parts that go together to create robotics products.
9) Shopping App
Or you could create a mobile shopping platform that lets customers browse products
and shop right from their smart phones.
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Primary market research method
Primary research is information that comes directly from source i.e. your potential
customers and is new data that has never been collated before. The ultimate goal of
any primary market research for entrepreneurs is to gain relevant insight into their
target market that could not otherwise be gleaned from existing data.
When conducting primary market research, you’re looking for one of two types of
information – either specific or exploratory. Specific research is, unsurprisingly, very
precise in its scope and involves precise questioning to help solve a problem that has
often been identified during exploratory research. Exploratory research is much more
open-ended and unstructured, encouraging lengthier responses from your chosen
respondents.
There are three common ways of targeting a group of people for primary research purposes:
1. Direct mail
A direct mail questionnaire tends to feature questions that are short and to the point
and of interest to the respondent. Any direct mail questionnaire should also feature a
covering letter to adequately explain the reasons for the questionnaire.
2. Phone surveys
Telephone surveys tend to be more cost-effective than direct mail questionnaires.
another advantage of phone interviews is speed and efficiency. it’s possible to carry
out half a dozen interviews within the space of an hour; which is certainly far quicker
than awaiting questionnaire responses by post. Telephone interviews also allow you to
cast your net further, getting responses across a wide geographic range cheaper and
quicker than direct mail.
3. Face-to-face interviews
The personal interview is one of the most effective forms of primary market research.
Whether it’s a one-to-one interview or a focus group survey, it’s a great opportunity
to build rapport with respondents and get their thoughts on product ideas, buying
preferences and purchasing decisions.
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industry competitors, secondary market data is quantitative information that can often
be procured for free or for a very low cost.
The drawbacks to secondary market research are that the data may not be customised
to fit your research requirements. So although it might be cheaper and quicker to
obtain, it might not be as useful as primary market research in terms of preparing your
business to explore new markets and regions.
Secondary market research methods can be categorised under three different sources:
1) Public sources
This category offers a host of valuable information that’s often free; from government
departments to public libraries. At the British Library, our Business & IP Centre is
home to £5m worth of current market reports from leading publishers, as well as up-
to-date information for researching key industries.
2) Commercial sources
This category is equally valuable, but most commercial data involves cost factors
such as subscription and association fees. Whether it’s a financial institution, a
research and trade association or a publicly traded corporation, it’s potentially
valuable data that, even in a general sense, can give you a good overview of a
marketplace.
3) Educational institutions
Another source of data that’s sometimes left untapped is research conducted by
colleges, universities and technical institutes. Combining both primary and secondary
market research is almost certainly the best way to get a top-level view of the market
as well as a viewpoint of the local and regional competition. He freedom to address
topics of their choosing without extensive questioning.
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Revenue model
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Business Plan
1. BUSINESS DESCRIPTION
A sales training consulting firm built on the teachings and frameworks created by Dan
Tyre. Trainings will be led by certified "Tyre Trainers" and last from a single lunch-
and-learn to a week-long training to help sales teams meet quota, use the inbound
sales methodology, and go "from sales cub to lion."
2. COMPANY DESCRIPTION
Dan Tyre will serve as executive and consultant for the training curriculum. The day-
to-day trainings will be run by certified Tyre Trainers (trained by Tyre, himself). Tyre
trainers will be responsible for booking their own training sessions and will be held to
a monthly quota of trainings scheduled. The business will also need an office manager
and front desk associate. Mission Statement: We believe that preparation is key to
better sales. When reps are prepared, prospecting is fun and fruitful. Tyre Training
shows you how.
3. TARGET MARKET
SMB sales teams in Arizona looking to grow their reps' abilities and become more
efficient sales organizations. These sales teams have three to five reps who have been
selling for approximately five years. They have trouble meeting quota and are looking
for strategies to source better leads and connect with those leads in a meaningful way.
4. SERVICE LINE
• Lunch-and-Learn: Hour-long prospecting training session.
• Full Day Training: Seven-hour prospecting and outreach session.
• Week-Long Training: Five, seven-hour immersive training.
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References / Bibliography:-
1. www.google.com
2. www.dukepipe.com
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