Incorporating New Business for Stainless Steel -myassignmenthelp

Question: Discuss about theIncorporating New Business for Stainless Steel. Answer: Introduction This report reflects the key understanding on the busienss plan which will be started up to grab the potential growth of the market. The new busienss plan would be to sale stainless steel in market. This stainless steel will be directly sold to the other busienss organization for their further business processing. The main busienss function would be to melt the stainless steel in raw shape so that other busienss organizations could use the stainless steel for the further production of their desired goods (Salman, et al. 2016). The name of the business or trade mark would be Bong Track stainless steel. The main product of Bong Track stainless steel would be to melt the stainless steel in raw shape and offer the same to business clients for their further busienss production. Bong Track stainless steel will work as private limited company due to the requirement of high capital investment. Company needs to undertake various strategic alliances with other organizations to run its business effectively. Bong Track stainless steel needs to comply with all the applicable rules and corporate governance. The business functions steps will start from digging steel from the iron mines and the n it will be further undertaken for the melting procedure. After that, melted stainless steel will be sold to other business organization for their further production. These ending steps may require proper strategic alliance in busienss to business market (Lassen, 2015). The main reason of choosing this new product is based on the available market potential and busienss growth. This market growth potential reflects that stainless steel busienss could also be forward integrated to diversified busienss. The main target market would be to focus on the big companies who directly purchase stainless steels in their manufacturing process. Bong Track stainless steel needs to use cyber computing system or strategic alliance with other organizations to make this possible (Salman, et al. 2016). It is analysed that in order to set up new busienss of Bong Track stainless steel, the first step would be arranging finance and investing more money in its research and development department. It will assist in digging up more stainless steel from the mines in effective manner. The main reason to start up this Bong Track stainless steel busienss is based on its immeasurable growth and high amount of profit. The threat of new substitutes of this business is also very low due to its high fixed investment. Therefore, it could be inferred that starting up new stainless steel busienss would requires high investment but also reveals low threat of new entrants. This will assist company to create core competency in market by offering its high quality stainless steels in market (Ahadiat, and Hefzi, 2017). Conclusion This is the newly developed busienss which offers high amount of growth and profit. Therefore, proper strategies should be implemented to run the new busienss effectively. References Ahadiat, N. and Hefzi, H., 2017. The Story of a Business Formation and its Failure. Lassen, M., 2015. DESMI lifts green ship business case.World Pumps,2015(12), pp.16-18. Salman, M., Dubois, M., Maria, A.D., Acker, K. and Balen, K., 2016. Construction materials from stainless steel slags: technical aspects, environmental benefits, and economic opportunities.Journal of Industrial Ecology,20(4), pp.854-866 Salman, M., Dubois, M., Maria, A.D., Acker, K. and Balen, K., 2016. Construction materials from stainless steel slags: technical aspects, environmental benefits, and economic opportunities.Journal of Industrial Ecology,20(4), pp.854-866