Honey Muffins is the new business that is going to take place in Princes Dock, Liverpool, England, the business already exists in the U.S and now based on the private entrepreneurship; the business will be taken to England because people like to eat muffins and coffee in breakfast because of the busy schedule. Honey Muffins will be based on private entrepreneurship and it supports the amazing coffee culture independently in England. There will be also the promotional strategies, for example, newspaper ads, word of mouth, and social media example, Facebook, Twitter, Snapchat, LinkedIn, etc. Honey Muffins aims to a 50% increase in sales in the second year and $500, 00 will be its startup cost. The just-in-time inventory will be focused on increasing efficiency by reducing the cost of inventory. Under the UK Bribery Act 2010 Honey Muffins would be a safe business and as a sole trader business's there is the need to pay a basic income tax rate of 20%.

Market Entry Market Entry of Honey Muffins

I. INTRODUCTION OF YOUR BUSINESS of Market Entry of Honey Muffins
a) Introduce business of Market Entry of Honey Muffins

Honey Muffins is already successful in New Jersey, America so it can retain and make new customers through opening a new branch in Princes Dock, Liverpool London. Honey Muffins will be a dessert bakery and coffee business that provides muffins, coffee, exceptional dessert to the customers. The spot can be a favorite for the residence of the Princes Dock because it will be the place where people can come and enjoy. However, quality products will be provided to the customers and focus on the fair and friendly business environment to all the Honey Muffins stakeholders (Ahammad, 2017). Honey Muffins aims to a 50% increase in sales in the second year and $500, 00 will be its startup cost.

b) Business type (service, production, etc)

Honey Muffins will be based on private entrepreneurship and it supports the amazing coffee culture independently in England. There will be an espresso bar; quality products will be given to the customers, for example, pizza, sweets, cookies, cakes, muffins, and exceptional dessert. It will be a medium-size business (Venkatesh Shankar, 2012).

b) Who are they marketing to and why?

For the marketing department, the specific strategies and targets will be made to promote the Honey Muffins sales target as the business will be taken to England because people like to eat muffins in breakfast because of the busy schedule. For the people of Princes Dock, Liverpool the marketing would be done to promote the products.

II. HISTORY OF YOUR COMPANY
a) Established of Market Entry of Honey Muffins

Honey Muffins was established in New Jersey, America in 2012.

b) Locations of Market Entry of Honey Muffins

Honey Muffins is already successful in New Jersey, America so it can retain and make new customers through opening a new branch in Princes Dock, Liverpool.

c) Number of employees of Market Entry of Honey Muffins

Honey Muffins in New Jersey has 50 numbers of employees and in Princes Dock, Liverpool England, in start there will be hiring of 20 numbers of employees (Snedeker, 2018).

d) Current revenue and profitability of Market Entry of Honey Muffins

Honey Muffins aims to a 50% increase in sales in the second year and $500, 00 will be its startup cost. However, the current revenue of the company in America is 'net-profit margin 2.39%' the total income of a business is 50% when compared to the investment cost. However; profitability can be increased in future years in both U.S and U.K (Murray, 2016).

e) Existing clientele of Market Entry of Honey Muffins

Existing clientele of the Honey Muffins are

· Hipsters

· Students

· The Regular

· Freelancer

· Coffee Instagrammer

III. VISION AND MISSION
a) Vision of Market Entry of Honey Muffins

Honey Muffin's vision is “to make the desired place for the customers so that they could get the great coffee beverages and delicious muffins. However, for the future, the company wants to make the best bakery products where customers can come and enjoy with friends and family”.

b) Mission of Honey Muffins

Honey Muffin's mission statement is “to be the leader in the provider of the delicious coffee, muffins as well as the baked product. However, Honey Muffins wants to make its customers relaxed, convenient and want to provide a friendly environment so that at the best value for money they can get the best products or services.”

IV. FOREIGN MARKET DECISIONS of Honey Muffins
a) What determinations decided to penetrate a foreign market?

To move to the foreign market Honey Muffins will focus on the following strategies:

Exporting of Honey Muffins

Honey Muffins will focus on the exports of the goods or services; as the dough or basic ingredients that are produced in the U.S will be then sent to the U.K (Thompson, 2001).

Just-in-time inventory of Honey Muffins

Honey Muffins also concerned about the just-in-time inventory as the efficiency increased by reducing the cost of inventory, as basic ingredients for the bakery can get from the host country example U.K. The requirements will then forecast accurately.

b) How was/were the market(s) that you are researching selected?

The Princes Dock, Liverpool England market is selected for the Honey Muffins as the market or country provides the opportunities to conduct business ethically. However, after noticed the market segmentation that people like to eat muffins in breakfast because of the busy schedule and like coffee places unlike in New Jersey, America so that place is decided after efficient and effective marketing tactics.

V. ECONOMIC CONDITIONS of Honey Muffins
a) Currency value of Honey Muffins

Regarding the currency value, the 1 Dollar of United States equals to the 0.76 Pound sterling. Therefore, $500, 00 will be its startup cost for the Honey Muffins that is equal to 38051.75 Pound sterling.

b) Interest rates of Honey Muffins

According to Trading Economics the United Kingdom, interest rate by the end of the current quarter could be expected to be 0.75 percent (Tradingeconomics.com, 2019).

Source: (Tradingeconomics.com, 2019)

c) GDP of Honey Muffins

The United Kingdom GDP in the year 2017 was 2.622 trillion USD (Publicdata, 2019).

d) Inflation of Honey Muffins

United Kingdom's annual inflation rate in August 2019 fell to 1.7 percent (Tradingeconomics.com, 2019).

Source: (Tradingeconomics.com, 2019)

VI. BUSINESS ENVIRONMENT
a) Cultural of Honey Muffins

People in UK love to drink coffee and eat muffins. The business can grow. Considering the trends for the bakery and coffee business in the UK, it is noticed that there is £4bn in sales annually in the coffee shop market. However, in UK there are branded coffee shops more than 7,470 (Worldcoffeeportal.com, 2018).

b) Legal & Political of Honey Muffins

Honey Muffins can get the success in the United Kingdome as the political and legal factors are favorable, there is the political stability in the country and business can make decisions based on the efficient strategic ethical trading policy. It is known that coffee houses are stable in the UK however, Honey Muffins can face issues related to environmental factors example, earthquakes, hurricanes, tsunamis, etc.

c) Corruption & Ethics of Honey Muffins

Honey Muffins can be protected under the UK Bribery Act 2010. However, UK companies and businesses are safe in the country because of socio-economic development (Ganintegrity.com, 2019).

VII. BUSINESS MANAGEMENT
a) Human Resource Management of Honey Muffins

Honey Muffins will focus on the efficient planning of human resource because it can help the business to grow. HRM principles will be followed there will be CEO, director of the company who focuses on efficient practices. Management of daily operation will be done by managers, a chef will be appointed and under him, there will be more chefs and workers, etc. better or professional chef will be recruited and so there can be creativity in sweet taste buds. Honey Muffins will recruit great professionals or best candidates that also include the young talent from the UK market.

b) Marketing of Honey Muffins

Honey Muffin's marketing plan will be based on the advertising efforts for the first year. The coffee and muffin shop or Honey Muffins will reach the potential customers through social media ads, newspapers, fliers, as well as the weekend promotions. There will be also the promotional strategies for example, newspaper ads, word of mouth, and social media example, Facebook, Twitter, Snapchat, LinkedIn, etc.

c) Operations & Supply Chain Management of Honey Muffins

Honey Muffins operations and supply chain management plans include the bargaining with the multiple suppliers for products, there will be regular communication, there will be focus to make the mutual trust between suppliers; there can be multiple suppliers of the company as the products are simple for Honey Muffins so there can negotiate to price. The dough or basic ingredients that are produced in U.S will be then sent to the U.K.

d) Financial of Honey Muffins

Honey Muffins aims to a 50% increase in sales in the second year and $500, 00 will be its startup cost.

e) Accounting & Taxation

For the Honey Muffins as a sole trader business’s there is the need to pay a basic income tax rate of 20% (Informi.co.uk, 2019).

VIII. CONCLUSION & RECOMMENDATIONS of Honey Muffins

It is concluded that in Princes Dock, Liverpool, England UK, the Honey Muffins can get success as in the U.S its already getting the benefits and good revenue. Moreover, the business based on private entrepreneurship and there is a support to the amazing coffee culture independently in England so there will be a success. It is important to make some recommendations for the company as well because it will help them to derive their future strategy. It is recommended to Honey Muffins that they should increase their efficiency by reducing the cost of inventory. They can do it in a variety of ways, like integrating more technology, which is more efficient but cost-effective. Moreover, it is also recommended that they should treat the England market bit differently than the U.S market, as consumers have different perceptions in both locations. They should also come up with detail and well-planned marketing strategy so that they can capture the attention of customers, to get a more positive response from the market. This will help them to reach more target customers, and extensive marketing will help them to reach potential customers as well. They should consider these recommendations with great focus and attention.

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