A REPORT ON SETTING UP A BALLERINA BALLET SCHOOL IN BANGLADESH: A Business Plan
Executive Summary:
The following Business plan is about launching a new specialized Ballet School in Bangladesh. This specialized Ballet School will be named “Ballerina Ballet School”. With exclusive dance services Ballerina Ballet School will launch its businesses in Dhanmondi of Dhaka. Exclusive dance services will be the main characteristics of Ballerina Ballet School. The quality of service that Ballerina Ballet School will provide will be of equivalent standard of current market leaders who are in the market and gained huge customer equity. With a view to surviving and capturing the market share in the long run Ballerina Ballet School will carefully design its marketing plan and Human resource plan. The pricing, promotion and service distribution strategies will be designed keeping the long term objectives and goal in consideration. The target market for Ballerina Ballet School will be upper middle class and upper class people. Ballerina Ballet School used income as its basic segmenting variable. Ballerina Ballet School will provide exclusive services; as a consequence, it targeted the more solvent people of the society. After segmenting the market and judging its segments attractiveness Ballerina Ballet School decided to concentrate on the attraction of upper middle class and upper class people of the society. Rapid change in the life style of the upper middle and upper class people gave a rise to the increasing demand for Ballerina Ballet School. Ballerina Ballet School designed its service line to satisfy the needs of these target market and retain them in the long run to create greater customer equity. Ballerina Ballet School’s main focus is maximizing profit through customer satisfaction. This same for less strategy will attract customers and will place it in an advantageous position in competing
Company overview: Name
Ballerina Ballet School. Ballerina means female ballet dancer. Our target market is female customers both adults & children. So, the name is relevant to our service we are providing.
Tagline
Enjoy your moves. Dancing is enjoyment & we provide you enjoyment through ballet dancing.
Mission statement
Our mission is to provide the opportunities and the enjoyment to students so that continue to nurture their passion for dance, throughout their time at Ballerina Ballet School as far as they wish their training to take them.
Vision statement
Our vision is to get our students to a level where they are encouraged to continue a career in dance and to have a level of enjoyment that will continue that desire.
Values
To introduce Russian culture by ballet dancing along with our traditional dance formsinspired by the culture, ethics and morale of our country.
Company guidelines for employees
Ballerina Ballet School® is committed to offer its employees an innovative and rewarding environment that encourages and fosters excellence. The company’s Employee Conduct Guidelines help to guide employees on how to act and clarifies how the company expects employees to perform. This includes:
Ø Work Ethic
Employees are expected to perform their duties to the maximum of their ability and deliver acceptable objectives to the company.
Ø Personal Conduct
Employees are expected to act in a courteous, respectful manner at all times when dealing with fellow employees, suppliers, contractors, customers and the general public. Employees are expected to adhere to dress and presentation standards in accordance with the company guidelines.
Ø Use of Company Assets
Employees must not deliberately misuse or damage company property in their possession, care or custody and must not use company assets, intellectual property or the services of other employees (including contractors) for private use or gain.
Ø Confidentiality
Unauthorized disclosure of company information regarding both the company and its employees is prohibited.
Ø Change
The company expects employees to remain open-mined about change in the work place and to collaboratively support and embrace new ideas and programs.
Ø Environment
Employees are responsible for maintaining and protecting the environment. Employees are expected to consider the impact of their actions on the environment and local community, including in relation to the disposal of waste, use and storage of chemicals and use of natural resources. Employees are not permitted to smoke on company premises, except in designated smoking areas.
Ø Sexual Harassment
The Employees should not engage in any sexual harassment or any other behavior which may appear to be sexual harassment.
Ø Safety
Employees are expected follow health and safety guidelines and procedures and to be aware of and report any potential hazards.
Ø Gifts, Conflict of Interest and Ethical Conduct
Other than in the course of routine business, employees must not to accept cash, gifts or gratuities from a supplier, agent, customer or contractor for any reason. Employees must not put themselves in a position where their interests conflict with those of the company.
Corporate Social Responsibility
Our Core Purpose and Values define the way we do business, how we treat our customers and our people. They help to define our responsibilities to the society where our business operates and create the culture and environment in which our business strategy continues to deliver strong results. Our Corporate Social Responsibility policy objective is to earn the trust of our customers by acting responsibly in our service.
We try to contribute to our society by arranging documentary programs on education and environmental issues. It will make people concern about the importance of literacy and environmental problems which will help them to live a more standard life. As Bangladesh experience flood each and every year we will also donate to the flood affected areas.
Key services
Ballerina Ballet School® gives training on quality ballet dancing by professional ballet dancers.We also teach our traditional dance forms by professionals. We are not here just to provide service but also to maintain good relationship with our customers. We will also provide education program called “Department of Ballet Dancing” in the near future & bring experts from outside to teach our students about ballet dancing. We also decide to after our student learn the ballet dance; we hire them as instructor in near future.
Strategic goals & objectives
Ballet school is not very common in Bangladesh so, our first goal is to build public awareness among our target customers. We believe that, as our service is new and innovative and we will soon capture the attention of people.
Ø Market share: With our superior service, we would capture a significant share of the market. Around 20%.
Ø Short term Objectives: Maximize cash flows, Minimize operating cost. Our strategy for achieving our short term objectives is to increase efficiency so that costs can be minimized. To maximize cash flows we will have to attract more and more customers, which we can do by promoting and giving superior service.
Ø Long term Goal: Maximize sales revenue and customer share, maximize profit. Further efforts will also be taken to strengthen the brand image of the school. These goals would be achieved by adhering to short term objectives. After that would have to evaluate the strategic goals and objectives and make required changes if necessary.
PEST analysis
Ø Political Factors
Political environment is very important for any business, because the political philosophies in a country decide whether the business will grow or not. Any sort of political instability might result in various obstructions for the business.
? Government imposes tax in this business sector. The corporate tax rate in Bangladesh is 27.5%. The tax rate for non-publicly Traded Company is 37.5%. This tax rates can be major issue.
? As we have decided to take loan with a 13% interest rate, so this will be a matter of concern for us.
? Changing hands in the political power results in changes of policies. Different government can handle an industry in different manner which affects the business very much.
? Employment laws are also a major issue. Discrimination factors, rights of the employees, facilities of employee’s should be taken into account.
? Environmental rules and regulationsis also a major issue.
Ø Economic factors
Economic environment is the most crucial determinants of any business of a country. The private sector is now the major source of investment in the country and this is further accentuated by Bangladesh’s liberal economic approach.
? The economic growth rate in Bangladesh is 6.5% which is very beneficial to doing business.
?Inflation rte is 5.1% at the moment. As the fluctuation of inflation rate is high in our country so it could cause negative effect on our business.
Ø Social factors
Considering the social factors is very important in doing business.
? Social custom and cultural barrier is a major concern in Bangladesh.
? The population growth in Bangladesh 4.2% which is very high. And the literacy rate is low. So, targeting the audience is a major issue.
? Understanding consumer attitudes and opinions is a major concern.
? Law changes affecting social factors.
? Major events and influences re the matters of issues.
? Advertising and publicity has to done in the right way
? Ethical issues is also a matter of concern
Ø Technological factors
? Our equipments are mostly dependent on technology which is a matter of concern.
? Our online registration is dependent on internet technology.
? Competing with the technology development is a major issue.
Porter’s five forces
Porters fives forces model is an excellent model to use to analyze a particular environment of an organization. So for example, as we are entering the Ballet School Industry, we would use porter’s model to help us find out about:
1. Competitive Rivalry
2. Bargaining power of suppliers
3. Bargaining power of buyers
4. Threat of substitutes
5. Threat of new entrants
The above five main factors are key factors that influence industry performance, hence it is common sense and practical to find out about these factors before you enter the industry. Let’s look at them below.
Ø Competitive Rivalry
Low. In Bangladesh, we have some competitors such as:
Madanza Ballet Studio
Ballet Workshop Series
The Pointe
Ecole De Dance alliance francaise
These schools teach classical ballet, lyrical ballet etc form of ballet along with hip hop, gymnastic, jazz, but we’re going to teach ballet along with our traditional dance forms. But we are mainly going to focus on ballet dancing.
Ø Bargaining power of suppliers
Medium. A ballet school requires core materials like skill human people, components, and other supplies. This requirement leads to buyer-supplier relationships between the industry and the firms that provide it the core materials used to create good service.
We are not producing firm, but we require suppliers. In this industry, we have many suppliers so we have much alternative option to choose our suppliers. Therefore, we remember these think:
§ Suppliers play a vital role in our operation.
§ We have good relationship with Otobi and different sound system and light provider.
Ø Bargaining power of buyers
Medium. Buyer power is one of the two horizontal forces that influence the appropriation of the value created by an industry. The most important determinants of buyer power are the size and the concentration of customers. Other factors are the extent to which the buyers are informed and the concentration or differentiation of the competitors. It is often useful to distinguish potential buyer power from the buyer’s willingness or incentive to use that power, willingness that derives mainly from the “risk of failure” associated with a product’s use.
We consider two most important think of our customer:
§ Customers can switch to other options if it does not match with their taste
§ Buyer’s economic level
§ Price issue
Ø Threat of substitutes
High.The threat that substitute pose to an industry’s profitability depends on the relative price-to-performance ratios of the different types of services to which customers can turn to satisfy the same basic need. The threat of substitution is also affected by switching costs – that is, the costs in areas such as retraining, retooling and redesigning that are incurred when a customer switches to a different type of product or service. It also involves schools of other dancing forms classical dancing, salsa, samba etc.
Ø Threat of new entrant
High. The cost of setting up Ballet School is not very high. If anyone has enough knowledge on ballet dancing or can hire professional ballet dancers then it is not very difficult to enter the market.
Ø SWOT analysis
| Strengths
ü Location ü Experts ü Strong promotion |
Weaknesses
ü Lack of brand awareness |
| Opportunities
ü Not many competitors ü Lack of ballet schools |
Threat
ü Future competitor ü Economic downfall |
Strengths:
Ø Location: Another important factor is our location, Uttara, which itself will draw a large amount of customer. This location is also neighbor to Gulshan, Banani, and Bashundhara Residential Area. So people from these locations can easily come to our ballet school.
Ø Experts: We will hire well trained professional ballet dancers sometimes even from outside the country. So, this factor emphasizes & ensures the better quality than ever.
Ø Strong promotion: We have involved media very strongly to promote our Ballerina Ballet School.
Weakness :
Ø Lack of brand awareness: As we are new in the business and dancing form is relatively new in Bangladesh people are unaware of our service.
Opportunity:
Ø Not many competitors: Another factor of opportunity is that there are not many competitors. Ballerina Ballet School can capture the larger market if the plans re properly executed.
Ø Lack of ballet schools: there is no ballet school that can provide quality service & training.
Threats:
Ø Future competitor: Asthe business prospect is very good and a significant amount of market is yet to be captured, so the competition will definitely rise in the near future.
Ø Economic downfall: There is a risk of economic downfall. During economic recession, we may have fewer customers.
Industry & product life cycle
A product life cycle refers to the time period between the launch of a product into the market till it is finally withdrawn. In a nut shell, product life cycle or PLC is an odyssey from new and innovative to old and outdated! This cycle is split into four different stages which encompass the product’s journey from its entry to exit from the market.
Ø Introduction Stage
Ballet school will use price skimming strategy as our pricing strategy. Our marketing objective will be to create service awareness. Thus, our advertising messages in this stage will try to build service awareness among the early adopters. It is from this stage that sales begin and rise.
Ø Growth Stage
Once the introductory stage goes as per expected, the initial spark has been set, however, the fire has to be kindled by proper care. In this stage, we will try to lower our prices to capture more market. As our marketing objective at this stage will be to maximize market share, we will try to expand it by building awareness and interest in the mass market. Ballerina Ballet School® will also see other competitors entering the market in this stage and growing to take advantage of the high growth market.
Ø Maturity Stage
When our service reaches the Maturity stage, Ballerina Ballet School® will have the peak of its sales and profits. Here we will diversify our brand and pricing strategies will be aimed to beat the competitors. During maturity our cost per customer will decrease and this will enable us to reduce our prices. Our advertisements will stress brand differences and benefits. Our marketing objective will be to maximize profit while defending market share. This stage views the most competition as our companies struggle to maintain their respective market shares.
Ø Declining stage
When we reach the Declining stage, we will experience declining sales and profit. Our marketing objective will be to reduce expenditure. In this stage, many other schools will exit. We will cut down our prices and phase out the weak performing items.
Core competencies
The service we have chosen to offer which is ballet is our core competency. This service is not very common in Bangladesh that’s why we can grab the market share in this industry. On the other hand, we also offer different services under the one roof such as our local dance. We have another core competency which is, we hire the professional ballet trainer from abroad to train our student. We will provide our best service to teach the dancing which will help our student to compete in the global competition.
Competitive Advantage
We will be different from all others because of our creativity, presentation, marketing, and advertising. We will stand out with sustainable value, something that we can maintain and develop over time. The competitive edge that puts us ahead of most competitors is the opportunity to live interact with our audience and customers through different source of entertainment.
Our positioning on this point is very hard to match, as long as we maintain this focus in our strategy, marketing, business development, and fulfillment. We are aware that the tendency to dilute this expertise with premature expansion will dull the importance of our competitive edge.
We will have huge classroom facility in the country which will have 50 people. We will have a high quality lighting and sound system in our classroom. We will have a total central AC system. We will have a self power generation facility. We will have underground parking facility with a capacity of 70 cars. The architecture of our Dance school building will be modern and attractive. We will have all kind of safety equipments so that we can avoid any risks.
Potential customer
Geographic:
For our service, initially we have targeted the people living in Dhaka city with plans to expand all over the country. The size of the city is very small but it has a large population. Approximately more than 15 million people live in this city. So we will be able to cover 1/8 of total population in Bangladesh. To fine out the potential customer we have done a survey so that we can be able to find out which area’s people are more interest about ballet school. We do survey in Dhanmondi, Gulshan, Banani, Mirpur, Uttara, Bashundhara, Baridhara etc. Among these regions we have seen a lot of potential customers in Dhanmondi. . The suburb is well-served by a large number of shopping complexes, shops, and schools & colleges.
The reasons, why we have chosen Dhanmondi as our business place are as follows:
Ø The location of Dhanmondi is a very deliberate one. Dhaka is hugely expanding to northern-west and Dhanmondi is at the center point of this expanding area. This location is also neighbor to Gulshan, Banani, Mirpur Residential Area which also house a lot of schools, universities, corporate offices and wealthy people.
Ø The land cost of Dhanmondi is expensive than any other aristocratic areas of Dhaka city. That’s why we have selected this one because general people don’t go for ballet school. As far as we get information, upper class people or upper-middle class people go for this.
Ø Communication system from any part of Dhaka to Dhanmondi is relatively good. So people can easily come to Dhanmondi to learn belle dance.
Demographic:
Our main potential customer will include from 18 years old and above. The main target customer for our ballet school is girls’ especially young adult girls, adult girls, and young mother. Since our service is fairly expensive, we will take into account the upper-middle-class and the upper class as part of our target market. That means socio-economic A. In upper middleclass, we assume family with an income of more than Taka 70thousand in a year. If we look at Dhaka city, we can see it has a population of 15 million people. 20% of the people in Dhaka city belong to upper middle class and 5% belong to upper class.
Long-term
Our long term goal is make the Ballet school in a bigger one. As Ballet school is new in Bangladesh so at first it will be quite difficult for us to establish it. Because most people are not aware about it. We will work hard to make our project successfully so that one day it become the number 1 dance school in Bangladesh. We will provide a great service so that it can catch the eye attraction of aristocratic people. In Bangladesh there no competitor of Ballet School so if we be able to serve well then we will be able get national even International reputation from our ballet school. We have made a goal that is For the first 2 year we will serve other dances will ballet dance. Then when people will get well known about this then they will just come here to learn ballet dance. So, we will extend our ballet dance room because in this year’s customers will be more as we are hoping so. Then we will try to get national focus for our ballet school. Maximize sales revenue and customer share, maximize profit. Further efforts will also be taken to strengthen the brand image of the school. These goals would be achieved by adhering to short term objectives. After that would have to evaluate the strategic goals and objectives and make required changes if necessary.
Short-term
We will encourage students to set specific, measureable, age-appropriate, realistic, and time targeted goals. Identifying specific objectives encourages students to express their personal goals for individual progress in conjunction with the goals and tasks established for the group. This process of establishing and expressing personal goals can be self-empowering as well as motivating. Clarifying the process and goals of the class. Discussing various influences that affect the dancer’s progress, and clearly defining the class structure and content. The teacher can expand and enhance the class content through a better understanding of related fields such as dance science, including anatomy, kinesiology, biomechanics, motor learning, and dance psychology. Maximize cash flows, Minimize operating cost. Our strategy for achieving our short term objectives is to increase efficiency so that costs can be minimized. To maximize cash flows we will have to attract more and more customers, which we can do by promoting and giving superior service.
Existing Core Competencies
The existing core competency of our dance school is that we teach our students traditional dance style which is basically eastern and modern or western dance style. But our main focus is to teach our country’s people to learn Ballet and produce world class ballet dancer. This would give us a competitive advantage over our competitors.
Future Competencies
Just like any other organization in the world, our dance school build on its existing competencies and continue to adapt with the pace of changing time and teach different types of dance to country’s people to achieve competency in future.
Service Overview
Our organization is dance school. We basically emphasize to teach our student Ballet because there are not many proficient ballet dancers from our country. We also decide to after our student learn the ballet dance, we hire them as instructor.
Our Facilities
· Parking cars: We will have an underground garage so that people can park their car.
· AC service: We will have central AC Service in our Ballet School.
· Waiting room: We will arrange a waiting room for students who came a little bit earlier.
· Smoking zone: There will be a special smoking zone in our Ballet school for the people who smoke.
· Washroom: We will have separate washroom for gents and ladies.
· Locker: We will provide lockers for students to keep their things which they are not allowed to take in the classrooms.
Equipment
The equipment we are going to use-
Ø Special Dress: We are deciding to import the special ballet dance dress because there is not many organizations in our country can provide those dresses. We also plan to make that kind of dress when we have the real expert with us. We hire the special trainer from abroad who help us to train our student and also that trainer can gave us the instruction about those dress.
Ø Mat: Mat is plays an important role in every ballet dance. We use the portable dance mat so we can use the mat in the training session. Mat provides the dancer smooth surface. So they can dance smoothly.
Ø Mirrors: We use the special glassless mirror, so the dancers can watch the pure reflection of their dancing. It helps the students to practice and improving themselves.
Ø Ballet Barres: The Ballet Barres provides support to the dancer to perform the dance perfectly. It plays a huge role in Ballet.
Ø Lighting: The following is a list of commonly used equipment in our school which we use for teaching and staging the dance. There is a description of each piece of equipment following the list.
| ü Ellipsoidal
ü Fresnel ü Scoops ü Par Cans ü Followspots ü Control Devices |
Ø <href=”#730″>Ellipsoidal: Ellipsoidal are considered to be the prominent device used in stage lighting. These lights belong to a group of lights called focusing instruments. Ellipsoids allow the designer and the lighting technician to make the edges of the beam softer or to cut off part of the beam to leave an area unlit by the use of shutters.
These lights are normally designated by their lens type. If the lens measures 6 x 12 then that mean that the first number listed is the diameter of the lens in inches. The second measure is the focal length of the lens. The focal length is the distance from the lens where the light rays converge. The focal length is usually measured in inches. When moving ellipsoids it is always a good practice to make sure all shutters are completely closed. This way there is no way for the shutters to get bent.
Ø <href=”#720″>Fresnel: Fresnels are used generally for color washes. When these lights are used the beam can be changed by moving the light back and forwards on a track built into the light. The edge of the beam on the fresnel is always soft ware as the edges on ellipsoidal can be changed from harsh to soft.
Ø <href=”#684″>Scoop: The basic description of a scoop is a flood light. These lights are a very good way to provide a full light setting for the stage with a small number of lights.
Ø <href=”#705″>Par Cans: A par can gives a broad, general beam of light and covers a wide area. Par cans are possibly the easiest lights to use and to work with. They are very light weight and easy to handle. They are also easy to focus. These lights are seen with many traveling shows and bands because of their durability.
Ø Followspots: Followspots are designed to follow an individual dancer. These lights are used simply to give the actors mobility on stage. Followspots have many differences in the way that they are designed. The basic setup though is internal gels, and also shutters controls. There are followspots out on the market that have many more features than this but these are the basics.
Ø <href=”#1606″>Control Devices: When utilizing the above lights there is one aspect that must be confronted. That is control of them. Control devices are different and there are many of them on the market, but in the end they all perform the same basic functions. The first of these is the control of power. These devices allow you to control which lighting fixtures receive power and which ones do not. Another function that these devices control is the level of brightness. Many operate just like a household dimmer switch. These devices allow you to decide how brightly you want the lights to operate.
Ø Sound system:
§ Allen & Heath PA12-CP 12-2 Powered Mixer Built in effects processor (500w
§ + 500w) C/W Ipod dock
§ 4x RCF Art 300 Speakers (300w) Suspended, 1 in each corner of the studio
§ 2x RCF Art 300 Speakers (300w) Portable
§ Tascam MD-350 Mini Disc Player/Recorder
§ Tascam CD-160 CD Player
§ 4x Audio Technica Radio Microphones:
§ 2x Lapel Mics operating on 863.840MHz & 864.420MHz
§ 2x Hand Held Mics operating on 855.275MHz & 864.780MHz
§ 1x Sure SM58 Microphone
§ 2x Dual DI Boxes
§ 2x Single DI Boxes
Miscellaneous Information/Equipment:
§ Mirrored wall (behind sliding doors, along one side of space)
§ Semi sprung hardwood floor, not suitable for screw fixing
§ 10x Manfrotto winch stands (3.7m)
§ Various Trilite 200 Ladder truss in 2m, 1m 0.4m lengths. Also T-sect, L-sect
§ Various limited selection of filters, gobos, TRS, DMX grelco’s etc
§ 2x 32A 3 phase Cee-form supplies in opposite corners, single phase
§ converters available
§ 2x 32A Radial circuits supplying 7x Double 13A sockets
§ Main Rigg: 5x IWB’s with 10 circuits each across the space, 3 bars running
§ the length of the room
§ 10x Floor circuits in pairs around the space
§ 8x 3P XLR Tie lines from end to end of room (M&F at each end)
§ DMX and speaker inputs at both ends of the space
§ All of our equipment runs on 5P DMX, we do have 3-5 and 5-3 pin converters
§ Clearance under Grid: 3.73m
§ Height to Lighting Bars: 3.78m
§ Dimensions of Floor Space: 9.53m x 11.88m
§ Clearance under Heating Ducts: 2.78m
Dressing rooms:
The two small dressing carols located back stage will accommodate 5 people each. Two single restrooms may also be used as dressing facilities. A large make-up counter will handle up to 10 students is located along the backstage hallway. No showers or star dressing rooms available.
Production Process:
Production process of our Ballet school is we basically teach our country about ballet dance but we do not have many ballet instructors in our country. So, we decide to hire the ballet instructor from abroad. We also decide teach students, our traditional dance form along with ballet.
Sales and marketing
Dhaka is an overpopulated country. And here upper and upper middle class people are more than 30%. And the most important thing is we are here to helping people for ballet dance but with ballet dance we will also learn people other dances. But we will give emphasize on ballet dance. So, when people will come here to learn other dances then by seeing ballet dances they will be encouraged as in Bangladesh people don’t learn ballet dance. And we have decided that for the first three months we will follow a sales strategy named “buy one, get one”. That means if anyone get admitted for ballet dance then we will teach her another dance freely for the 1st months. And our class schedule is two days in a week, which is Friday and Saturday. Timing: double shift, 10-12am and 3-5pm. So that people become relax on those day and can come to our class.
Advertising and product promotion
Promotion strategies are concerned with the planning, implementation, and control of persuasive communication with customers. As people of Bangladesh don’t know much about ballet school so we will be needed to do mass advertizing through one-on-one interpersonal contact, including meetings, phone calls, individual e-mails and networking. On the other hand, our marketing tactics will be to touch large groups of prospects, which will be via print media. We will also design a website so that people can get information about us through internet.
Advertising is a crucial component of marketing. It is an effective way of communicating with the customers. To promote the new service Ballet school we will use non-personal commutation channel such as –
Ø Television
Ø Newspaper
Ø FM radio
Ø Website (ex. company website & facebook)
Ø SMS
Ø Billboards
Ø Newspaper Advertisement
The is the least expensive but most effective way to promote any kind of service, especially in Bangladesh is to advertise on daily Newspaper because Bangladeshi people just love to read newspaper and it covers a wide area. . So we have kept a significant amount of money in budget bearing these things in our mind. And, it is also highlighted information that the young girl’s of our country read only the fashion pages of newspaper so it will be benefitted for us if we do so.
News paper is selected in 2 basic categories.
ü Bengali Newspaper
ü English newspaper
Ø TV advertisement:
TV channel is also an important essential source of advertising. Because maximum people watch TV especially the women’s don’t want to miss any TV serials. If we make TV advertisement then easily we will be able to spread ourselves among people. We will contract with 4 most popular TV channel to broadcast the advertisement to customer. They are:
ü Channel I
ü ATN Bangla
ü NTV
ü Ekushe TV
Ø Radio advertisement:
Now-a-days radio is a good source of entertainment. And young generation listen it in a great way. They don’t want to miss any episode. It is a very good medium of communication. We are thinking to give our ballet school’s advertisement after playing two or three songs. So, we can use the four fm radio centers for our promotional advertisement. They are:
ü Radio today
ü radio furti
ü Radio amar
ü Abc Radio
Ø Website advertisement:
In these days social networking websites are getting very popular. We’ll advertise our service through creating fan page group and etc. Today’s young generations are depended on computer technology. They use facebook, twitter, Yahoo messenger etc for passing time. If we can publish advertisement in these sites then randomly people will see it and will be able to get know about our business.
Ø Billboards:
We’ll use leaflets and we’ll also go for 4 to 6 billboards only in selective place like Dhanmondi , Gulshan, Banani, Uttara,. It’ll also depend on the cost of carrying a billboard.
We will also do Word-of-mouth advertisements and buzz marketing. We’ll invite celebrities and well-known personality from the society and it will create a word of mouth advertisement in the society about our branches. We will create a motivating workforce who’ll also create some word-of moth advertisements. We will also provide free T-shirts, caps, shopping bags etc. where we will use our company logo and slogan to promote our service. We are also thinking about free service campaign. We will plan to run a two days promotional campaign every four months. During this campaign it will provide some free services to the potential customers to position ballet school in their mind.
Customer Service
Information desk: We will have well equipped information desk so that customers can collect any kind of information from the information desk.
Volunteers: We will provide volunteer groups for helping the students while dancing.
Good dancer: We will provide good dancer so that students can learn dance well.
Washroom: We will have extra employees for keeping the washroom neat and clean.
Security guards: For avoiding any unpleasant circumstances we will provide well trained security guards and strict checking system.
Distributing
As Ballet school is in service providing business there is little distribution work. However, Ballet school unquestionably is very much concerned about customer convenience. As a result, its services are distributed in such a way that customer can easily get the services at a very easy effort. We are distributing our service in Dhanmondi area because upper class and upper-middle class people live here and young generations are mostly interested about this program. As In Dhanmondi there are many schools, Colleges and universities so, students will be able to know greatly about this.
Key Issues
One of the most important resources in any organization is its human resource. Appropriate human resource assures an organization of the issue that the right number and right kind of people are available at the right time and appropriate place so that organizational needs can be met in an efficient manner. Employees are an organization’s greatest assets. Human resource of an organization is the most important part of it, and peoples of the organization run the organization. Recruitment is also an essential part of an organization which involves attracting candidates with proper qualifications, because there is not much dancing school in Bangladesh which taught Ballet. Though in our country we have lack of expert in Ballet dance, so we plan recruit from abroad to teach our countries people Ballet. Our key HR issues are:
1. Recruitment
2. Selection
3. Training and development
4. Succession planning
5. Relationships
6. Salary & remuneration
Human Resources Division
Human Resources Division consists of six core teams. They are:
· Succession planning;
· Relationships;
· Training & Development;
· Recruitment;
· Payroll &
· Administration.
Ø Recruitment
Organizational recruitment and selection is a challenging process. Our organization strategic goal achievement is heavily dependent on successful recruitment and selection process. Our organization recruits from several sources, which are described below.
§ Internal recruitment: Using internal sources for recruitment is common practice. Promotion can be used as an effective tool for recruitment as it can serve the internal purpose for recruitment within the organization. Our organization usually prefers those employees for promotion who are highly committed to the job with relevant experience. But at the beginning of the organization we decide to recruit for post. We also offer our valuable student who completed their training to teach dance in our organization because it quite expensive to get trainer from abroad.
§ External recruitment: Our Organization tries to attract those employees who are now working for another company but already proved their skills. Our organization attracts these employees with attractive remuneration packages.
§ Recruitment advertising: Our organization also advertises through newspapers and campus flyers.
§ Online recruitment: Our organization also performs online recruitment through its company website and job portals such as www.bdjobs.com
§ Referral: Directors are able to refer family and friends for vacant junior level positions.
Ø Selection:
The selection process follows competency based profiling. Hiring for new officer(s) and trainer(s) for the organization requires the aspiring applicant to have a person-organization fit. The following are the steps involved in selection:
1. Initial Interview – quick check on qualification, language and skills
2. Written Exam- Mathematical/ Cognitive ability test.
3. Presentation – Present a random topic, with ten minutes preparation time.
4. Final Interview – Structured/Unstructured/Situational based interview.
After selection and placement, officer(s) are placed in probation. During the probationary period, they gain work experience in various divisions. Job rotation helps in developing officer(s) knowledge and expertise. It also gives them the experience needed to multi-task. When the probationary period is over, management decides where a person can really fulfill his/her potential.
Ø Training & Development:
There are three main objectives of HR training and development. First, is to enhance KSA of employees. Second, is to provide opportunities through the right combination of training so that employees can realize their potential. Third, is to upgrade the skills of employees with the changing environments. Each full time employee is entitled to 40 hours of training annually. HR training and development keeps a strong average of close to 35 hours. Our organization has its own portfolio of In-House Trainers as well Senior Executives who provide training on their respective divisions. HR conducts training on a need basis.
In house
§ Class Room Based – Job/Skill based training programs.
External
Ø Local – Training Programs arranged by Local Training Providers where participants are nominated in accordance to their TNA and (or) Job/Skill Needs.
Ø Foreign – Training Programs arranged by Foreign Training Providers where participants are nominated in accordance to their TNA, Job Needs, and (or) Skill Development. Departmental Heads usually nominate employees for external training, which are then approved by Division Heads.
On completion of the training program, an outcome evaluation is conducted. Most of the employees are reported to react positively to the survey. Beginning with orientation of new employees, job-skill training and retraining are functions important to sustain competitive advantage over other organizations. Hence, HR–training and development enhances the capability of employees so that customers and industry colleagues see them as the “best”.
Succession Planning:
Succession Planning is an integral part of Human Resources Division. Through succession planning, employee career paths can be tailored to individual needs that are consistent with organizational requirements. Our organization believes in providing talented staff with opportunities for career development and growth. Succession planning is a detailed process.
· First, it selects raw talents from within the workforce who show potential for higher management.
· Second, our organization slowly nurtures these talents with the right management development programs.
· Third, when the time arrives they are promoted to key organizational positions. Hence, this process ensures that the right person is available at the right time.
Through a rigorous selection process, twenty prospects are shortlisted to three for the management development program. Management development is seen as a way of imparting the knowledge and judgment needed by managers to meet the strategic objectives of the organization. During this entire period, their progress in the program is closely assessed. It is also taken note how well they compete against each other. If a head manager resigns, then one of the managers from the program is promoted to the vacant position, with change in designation. These managers are still part of the backup plan for filling up key organizational positions in the future whenever the need arises. In this way, our organization plans for the future.
Relationship:
Our organization has close to 30 employees. Employee issues are imminent given the size of the organization. These issues would have to be dealt with at a mass level. HR-Relationships create an exclusive internal bridge between ‘HR Back End Support’ and ‘Front Line Managers/Employees’. HR-Relations channels out information from employees to core team members of HR. HR-core team responds accordingly through HR- Relations. In order to attain operational efficiency, two major divisions are brought under HR-relations. Since there are three major divisions, HR-relations have three relationship managers (RM) for each division. Each RM has three assistants who deal with HR-related topics on training, administration, and recruitment. In this way HR-relationships maintains a symbiotic relationship with both HR-core team and with the employees.
Salary and Remuneration:
Our Organization is committed to follow a fair, competitive, and flexible remuneration policy. The Board is the final authority for approval of this policy and will amend and review the policy on recommendation of the Managing Director / Management Committee periodically. The Salary structure of our organization will be based on Job Grades. Job grades will be decided based on an analytic assessment of the position based on the size, responsibilities, decision-making authorities and the nature of the job.
Ø Basic salary
Basic Salary Ranges (BSRs) is commensurate with the job grades and is determined by the Board on the recommendation of the Managing Director. The Board reviews the BSR at once in every one year.
Ø Benefits
Benefit may be monetary or non-monetary rewards, which employees are legally, entitled to receive. Our Organization offers several types of benefits those are:
§ Festival bonus: our organization provides two festival bonuses in a year. One bonus is given during EID-UL-FITR. This is common for all employees and it is one month’s full basic salary. The second bonus is given according to the person’s religious festival.
§ Sick Leave: Casual leave up to 14 days can be granted per year to an employee who may be unable to attend duty due to sudden illness or urgent private affairs. Not more than 2 days casual leave can be taken at a time in a month. Casual Leave more than 3 days will be considered as sick leave and has to be supported by medical reports. In case of prolonged illness, the Managing Director may grant medical leave in excess of sick/casual leave with full pay and allowances for a period up to one month.
§ Maternity Leave: Female employees will enjoy 4 months maternity leave. One employee will be entitled to avail this leave for two times in her entire service period.
§ Study leave: An employee can enjoy 2 years study leave without pay.
§ Annual leave: After completion of one-calendar, year officers will become entitled for annual leave of 24 working days. Of this 24 working days leave, 15 days must be taken at a time. Any leave that is pending may be carried forward to the next year.
Incentives :
Incentives are given to employees to encourage them for dedicated work. This organization gives employees mainly three types of incentives.
§ Perquisite: Our organization provides non-monetary rewards based on employee exceptional performance. These are called SPOT awards. It recognizes an employee for doing something beyond the call of duty.
§ Salary incentives: Based on the degree of performance appraisal report our organization provides annual increments in salary. Each Job designations have a ceiling on total number of increments.
HR Administration:
HR administration is the nerve center of all HR related operations in our organization. It oversees activities of other core teams. Likewise, it has its own set of departmental activities. These are leave process, probation and confirmation, promotion, resignation, performance management, and reward.
§ Leave process: It comprises of annual leave, casual/sick leave, maternity leave, study leave, leave without pay, and leave during probation period and encashment facilities of annual leave.
§ Probation and confirmation: An employee with previous 3 years job experience stays in probation period for only 6 months. Likewise, an employee without 3 years job experience stays in probationary period for 1 year. After the probationary period, the employee is confirmed as a permanent employee of the organization.
§ Resignation: Policies and procedures for resignation are applied for four different situations. They are when a regular employee wishes to resign, a probationary or temporary employee wishes to resign, a regular employee is terminated, and a probationary or temporary employee is terminated.
§ Performance Management: Line Managers appraise the performance of employees independently. Employees are provided feedback on their PAR. Similarly TNA based training programs are arranged based on PAR. Employees are promoted based on PAR.
§ Reward: Rewards are of four different levels: Individual contribution Award, Departmental Committee Award, Organizational Competence Award and Chairman’s Excellence Award.
HR Structure of Our Organization
Our management team is basically formed based on three departments of the company – Marketing, Finance & Human Resource Management.
Chief Executive Officer: The CEO of our organization will make final decision regarding marketing, human resource and finance related critical issue. His/her decision would be carried by the respective department.
Marketing Department: Head of marketing is responsible for all kind marketing activities. One manager directly work under the head of marketing and four junior officers work under the manager, four junior officers are responsible for sales, customer service, public relation and advertising.
Finance Department: Chief Finance Officer is the head of the finance department. Under the head of finance One manager and one accounts officer and one cashier work on respectively. Head of finance officer will be in charge of operating all the finance operations that include preparing financial statements, making financial forecasting, approving funds etc.
Human Resource Department: The manager of Human Resource and Operations is the head of HR department. 2 Assistant managers will work under him/her who will be incharge of running and coordinating the day to day operations.
Expectation:
Our expectation is to become one of the leading dance school of our country. We introduce many things in our country through our school whichwill help us to gain a competitive advatage over our comprtitors. We hope by the help of Almighty, and by help of our hardworking staffs, our organization will soon achieve the top position in our country.
Foreseeable & unforeseeable barriers:
There is a risk of economic downfall. During economic recession, we may have fewer customers. Because if their income fall then they will not come to learn dance. With the help of risk analysis, Ballerina Ballet School will identify the foreseeable barriers and unforeseeable barriers. For instance, our business will be heavily dependent on creativity. Threats or risks will include power failure or fluctuation, failure of performer etc. To cope with this, Ballerina Ballet School will secure its supply. To cope with performance failure, we have trained our performer. If major complications arise, we will have to ship our equipment back to our supplier. On the other hand, new competitors may come up as there are no patents involved. In that case, Ballerina Ballet School might lose some share of customers.
FINANCIAL PLAN:
In the given assumption in below it is clear that, we are contributing solely to