Date: 08/03/2020
Assignment on
Business on IT
Course: IT in Business
Course Code: 205
Submitted to
Mr. Md. Zahedul Islam
Lecturer
Department Of Accounting
University of Chittagong
Submitted By
Group name: HR Geeks
Group No: 04
Department Of Human Resource Management
University Of Chittagong
Name of the members
ID No
Iftekhar Siam
Md. Saymon Bhuyia
Safkat Ahmed Toushik
Anny Dhar
Simran Ahmed
Jobair Hossain
18305071
18305118
17305076
17305078
17305101
17305107
BazarLagbe.com
Introduction:
BazarLagbe.com is the online home of quality necessary consumer goods. BazarLagbe.com has all
types of consumer goods including grocery items such as rice, flour, oil, salt, onions etc and fresh
fruits, fresh vegetables, meats and many other items.Our main motto is to satisfy our customer by
delivering the best commodities within a short time. In this modern competitive world most of the
people are working or keeping themselves busy in other activities so they hardly find time to go to
market to buy daily necessary items. That’s why we have started our online business named as
“bazarLagbe.com” to deliver all the daily required products within a short period. The customer will
get every detailed items on our website which is www.bazarlagbe.com and they can order from our
website by just few clicks! BazarLagbe.com also provides after sales service. Most importantly,
Customers satisfaction is our main concern so we will never compromise on quality. We promise to
deliver the best.
Capital:
As this business idea is slightly new and risky so our capital amount will not be huge. So, we have
decided to bring 50,00,000 taka and goods of taka 5,00,000 as our capital. First of all, we will try to
grab the attention of new customers by promotional activities and then we will try to earn their trust
by delivering the best. After that we will run our business in full swing. We will expand our business
if needed.
Area:
Our business is mainly Chittagong based. We have segmented our customers on the basis of their
income and we targeted the customer having comparatively higher income. So, we chose only a few
areas of Chittagong in which the people have higher income. We divided the areas into some zones so
that we can reach our customer as early as possible. Our selected zones are1. Khulsi Zone
2. Agrabad Zone
3. Nasirabad Zone
4. Lalkhan Bazar Zone and
5. Muradpur Zone.
We will hire warehouse for each zone and we will have sufficient worker to support our activities. We
decided to keep more than 20 workers for goods delivery and 10 workers for other supporting
activities such as website maintenance, customer service, packaging and promotion.
Customers Expectation:
Generally Customers buy from online to save their money and time and buying from online is also
easy because its just a matter of few clicks. So, we will keep the prices consumer friendly and deliver
the quality goods within the expected time of the customers. We will launch new features and offer to
meet customers expectation and to attract more.We will keep review system in our website so that the
new potential customer can get a better idea about our commodities and service. Day by day we will
expand our business to satisfy more customers. Now a days many customers don’t trust online
shopping because of low quality goods but we are promised to deliver fresh and quality goods to
customers door. That’s how we will meet customers expectation.
1
Future Plan:
We want to serve customers as many as possible and to make each and every customer satisfied by
our service. Our main plan is to cover most areas of whole Bangladesh in next 5-10 years. We want to
exceed the customers expectation by delivering the best possible commodities with customer friendly
pricing. We have decided to make 5%-10% profit on each good. With this customer based pricing we
want to set a benchmark for others and we desire to see ourself at a superior position in next 5 years.
We believe if we run our business with honesty and if we focus mainly on customer satisfaction we
will reach that position soon.
Security:
Security of customers data is the main concern in all kind of online business. All the data related to
general customers needed to be kept safe and protected from data breach or data theft. As we focus on
customer satisfaction , so we also need to protect their information . For this we decided to hire an IT
consultant who will keep the data safe and will review our data management system. We will take all
the necessary steps and will use all required software to ensure that there will be no misuse of
customers data.
SWOT analysis:
Now let us talk about the strengths, weaknesses, opportunities and threats of our onlne business. We
have analyzed our SWOT below :
Strengths:
 Business strategy
 Clear goal and objective
 Strategic marketing plan
 24/7 availability
 Easy payment system through bkash, Rocket or Card
 Fast delivery service
 Ease of communication
 Customer based pricing
 Discount and other lucrative offer
 Quality service and products
 Devoted and determined workers
So, these are the strengths we have identified of our business.
Weaknesses:
 New business in the market
 Lack of experience
 Absence of direct interaction with the customers
 Fixed price
 Extra Shipping cost
 High expectations of customer
 Bad review
 Not suitable for single purchase
 Limited number of online shoppers
These are the weaknesses of our business.
2
Opportunities:
 Increasing internet users
 Expansion in tech industry
 Job creation
 Social media advertising
 Digitalization in every sector
 Lower cost of internet
 High Market growth
These are the opportunities we have in our business.
Threats:
 Rising competition
 Change of law
 Privacy concern
 Instability in market
 Complexity in website management
 Change in customers behavior
 Change in customers perception
 Unknown challenges to face
 Internal conflicts
 External conflicts
So these are the threats we may face in operating our business.
Income statement and Balance sheet:
After one year of our successful journey we prepared our income statement and balance sheet .
Income statement and balance sheet have been shown in the next page 4.
N.B. The amounts and accounts have been shown in the income statement and balance sheet are
imaginary.
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BazarLagbe.com
Income statement
For the year ending
On 31st December,2019
Particulars
Taka
Sales
Less: Sales returns and allowances
Taka
Taka
60,10,000
10,000
60,00,000
Net sales
Less: Cost of goods sold
Opening inventory
Purchase
Less: Purchase returns and allowances
5,00,000
24,55,000
5000
24,50,000
Net Purchases
Add: Direct expenses
Carriage inward
Import duty
Dock charge
30,000
50,000
20,000
1,00,000
30,50,000
(50,000)
Less: Closing inventory
(30,00,000)
30,00,000
Gross profit
Less: Operating cost
Salary
Advertisement expense
Office rent
Ware house rent
Electricity bill
Less: Depreciations
Delivery van
Delivery motorbike
Furniture
10,00,000
1,00,000
1,80,000
2,00,000
18,000
25,000
15,000
10,000
50,000
(15,48,000)
14,52,000
Total operating profit
Add: Other income
Interest On Drawings
Commission Received
20,000
28,000
15,00,000
Less: Other Expenses
Interest On Capital
Interest On loan
80,000
20,000
Net Profit
4
(1,00,000)
14,00,000
BazarLagbe.com
Balance Sheet
For the year ending
On 31st December,2019
Particulars
Taka
Taka
Taka
Assets
Current Assets:
Cash in hand
Cash in bank
Accounts Receivable
Closing Inventory
4,00,000
10,00,000
5,50,000
50,000
20,00,000
Property Plant and Equipment:
Delivery Van Less depreciation
(20,25,000-25,000)
Delivery Motorbike Less depreciation
(6,15,000-15,000)
Equipment
Furniture less depreciation(4,10,000-10,000)
20,00,000
6,00,000
5,00,000
4,00,000
35,00,000
Intangible Assets:
Goodwill
Preliminary expenses
5,00,000
1,00,000
6,00,000
61,00,000
Total assets
Liabilities and Owner’s Equity
Current Liabilities
Accounts Payable
Notes Payable
Total current liabilities
Owner’s Equity
Owner’s Capital
Interest on Capital
Net Profit
50,00,000
80,000
14,00,000
Less: Drawings
Interest on drawings
4,60,000
20,000
40,000
60,000
1,00,000
64,80,000
(4,80,000)
Total liabilities and owner’s equity
5
60,00,000
61,00,000
Conclusion:
There are many online shopping services available in Bangladesh. Even on social communication
media such as facebook people run their business. So it is not easy for us to start our journey and to
make profit from the beginning. Also running an online based business isn’t so profitable at first
because in here not every customer is rational and our tech industry hasn’t growth so far yet. But we
are expecting something great from our business as we are promised to serve the best and also we
have a clear vision . we are determined to try our best. We described our business idea from the
beginning and explained it afterwards. We believe If we follow our idea and develop it as we
analyzed it in our assignment we are sure to make an impact in the world of online business. That
concludes our assignment. Thank You!
›The End‹
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