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MN5F12AE Portfolio Assignment Level 4

1462 Downloads I Published: 30 Apr ,2020

Introduction

Identification of a good business idea is important as the possibilities of achieving desired results increase if the selection of right option is made. Proper market research should have been done so that it can be evaluated that what opportunities are available in the market and how they can be used in order to a new business with (Breuer, 2013). There are different external an internal factor which has their impact on the daily operations of business. Special meal is a new small scale food truck which will be placed near university in order to attract more and more students. As it is a fresh brand for customers it is important that proper attention is given to the quality of services and effective budget is made so that maximization of profit can be done. The following report will talk about how this business idea may get influenced by other elements and will also put light upon how launching should be done as it has long term effect on customers.

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Task 1

Part 1

With an increases in resources people are more attracted towards carrying out their own business instead of working under some other authority. It is due to the fact that there are more chances of earning higher revenues and long term benefits can be enjoyed once the idea gets successfully effective in market. These days’ demand in food and beverages has raised much and is found to be a good option to invest in. Special meal food truck will be set up near the university as there the number of potential customers is high and there are less chances of failure. Trends of having junk food is high among students and they can be easily attracted towards same (Chen, 2013). As the young generation is very sensitive with price and quality of whatever they use it is crucial that the menu card for the food truck is decided with much care. Good standard food needs to be maintained as this helps in raising total number of permanent clients. Selected idea can be referred as most favorable to start business with as number of students always rise in university and there are good number of students who lives in hostel at the same location which shows that business will not experience less demand at least due to non-availability of customers.

Use of good variety will be done so that customers can select the best option for themselves. The cooking style will be kept open and will supported with hygiene which can help in achieving trust of clients that no compromise with the quality of food is made. Apart from this moderate prices will be charged as the target consumers belong to the age group which does proper comparison before taking their buying decision. As there are other competitors which are existing in this field it is required that value of each item which will be offered to the customers is decided after doing proper market research (Ebert and et. al., 2014). Product differentiation and costumer involvement in bringing variations in regular dish will be done so that it consumer prefer it more over other brands. The key rivals for Special meal are as follows:

Key Competitors

Why

Western Express 

United Road Service

As the revenue earned by this unit is raising at a high speed it can be a tough competitor for Special Meal 

It is a motor vehicle trucking system and has gain excellence in this field over the years. 

Part 2

Whenever an initiative is taken it has some motive behind same. An individual starting a new business has a prime goal of earning revenues but besides that there are other objectives also which are associated with it. Same is the case with the starting of Special meal food truck which are as follows:

  • To provide customers with high variety of food products
  • To make food available at reduced price
  • To establish a new concept in food industry

Justification

Objective 1 – Target segment of this new idea is the young generation which is very foodie and likes variety in their food. As the location selected for the Special meal food truck is near university where students go regularly it is beneficial to provide them with range of options as this can be used as mode of attracting more customers (Evers, Andersson and Hannibal, 2012). When options are given to the customers they take better decisions and get more satisfaction on their purchase.

Objectives 2 – The idea of attracting customer is supported with affordable price which is important for students as they are they eat out on regular basis. As they are not earning on their own it becomes difficult for them to spend much amount daily. Therefore, the objective of this idea is to offer same quality food at reduced prices so that customers do not find it difficult to continue with same. Those who live in hostels can take daily services from this option and can enjoy tasty food.

Objective 3 – The idea of this food truck is to encourage customers to give their ideas that can be used to bring changes in the daily food products as it helps in developing customers interest. No one like to have taste daily and therefore by ensuring change one can achieve competitive advantage too (Hair, 2015).

Form of ownership

There are different options which are available to select the type of ownership for this new business idea among which sole proprietor or partnership are the most suitable one. As the target customer are high and it is a labor intensive industry it is better to opt for partnership. This will help in raising funds and will also aid ensuring continuous supply to the market. Partner can result into an effective recourse to take crucial decisions and to carry out the daily activates with high appropriateness. This shows that it is a good option to carry out a new business idea.

Task 2

PESTLE analysis

Every small or big commercial activity is influenced by the factors that are present around it (Hair and et.al., 2011). Conducting an external audit helps in determining how business gets effected by the elements of environment and hence PSTLE analysis for Special Food Meal truck is conducted below:

Political and Legal

  • Public Health Policies – Government is pushing more pressure on entrepreneurs dealing in food industry to ensure the health of society. It influences the menu for food truck o a great extent.
  • Taxation – There are continuous fluctuations made in the tax rates which creates a problem of stability in prices of food items.

Economic

  • Consumer spending trendsThe way customers spend their money differs with the change in their income and therefore the demand for food items remain fluctuating to a great extent.
  • Competitors – In food industry there is major competition which put pressure on maintain high quality at minimum price.

Social

  • Lifestyle – It is another factor which has its major impact on total sales. These days people are more particular with brands and having food from roadside trucks may go against their status symbol. This way Special meal may find difficulty in carrying out business (Machek and Machek, 2013).
  • Health Priorities – Education has raised present state of awareness in market. People are now more cautious for their health and avoided having outside food considering it to be unhealthy. Students now days are gym freak and follow strict diets which has given a negative impact on this industry.

Technological

  • Advancement in technology – In order to prepare food use of recently developed equipment’s can help the start up in utilizing its full capacity (Young and Dhanda, 2012).
  • Marketing – As this business idea is at its initial stages it is important that the recent mode of influencing people is used so that the sales can be maximized.

Environment

  • Variation in seasons – People demand different food products in distinct climate. This brings pressure on the food joints to maintain the capabilities to bring flexible food items so that customer satisfaction level can be raised.
  • Disposal of leftover – Food industry is the one where wastage in a high amount take place. It is important that all the remaining unwanted material is disposed of properly that it does not affect the surroundings in any manner. As the special meal truck will be operating road side it has to make sure that it does not affect the surroundings in any manner (Scarborough, 2011).

Task 3

Part A

Event for launching

In order to make customer familiar with the brand name it is important that proper platform is used to market the product. As there are many other names dealing in same field it is required that proper launching is done so that customer may get to know what is new in market. As it is a small scale business idea introduction of same to its customers will be don using a simple low budgeted event. The location for this program will be the site itself as it is a best way to introduce a product to market. Students of university will be the major guest for the same who will be made aware about the event taking place through brochures (Shaikh and Fegade, 2012). A heavy discount will be given to them and investment on decorations music and games will be done so that a better impact is made on the first visit of customers. Offers will be given like free food on winning a particular contest etc. will be organized that will help in developing connections with public.

Part B

Budget

Budget - Fixed

 
     
 

Launch Event

Sales

25000

     
     

Costs

 

Venue maintenance

1000

Catering

10000

Advertising

2000

Music

1500

Decoration

5000

Total costs

5500

     
     

Net position

0

     
     

Budget available

25000

Actual spend

19500

Variance

5500

Task 4

Business decision and information system

In order to carry out business operations with efficiency it is important to take range of decisions on regular and periodic basis. Theses judgments helps in achieving competitive advantage. Some of the decisions taken by while carrying out the new business idea are as follows:

Tactical decisions – This includes attention towards transport and the production areas. It is important that food is cooked in right quantity so that it does not get wasted and hence can help in increasing the profit margins. Process of producing food should be kept such that quick delivery is done and no compromise with quality is made.

Operational decisions – These are day to related decisions which helps in maintaining efficiency in level of routine job so that customers are provided with maximum comforts on their service use. It has to be decided that what type of serving service will be chosen like will customer help themselves or will table services be given. It is a crucial decision as it will affect the supply and delivery of orders (Sherry and Canon, 2014).

Strategic decisions – These are those decisions which are part of the long term planning for a business. It helps in ensuring the profitability of business so that it can achieve the competitive advantage. In order to achieve the desired goals special meal needs to work on making effective marketing strategies so that whenever any change is brought by the brand same is communicated to its target customer on time (Wilson, 2014).

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Conclusion

After completing above assignment report this has been summarized that to opt for a food business is a good option as it has much demand in market. It is required to proper planning before starting up on the idea as there are various factors which influences the business activities. The launching event should be very much effective and should be planned properly as it is the first time when costumers interact with the brand. Lastly, the report concluded with the variety of decisions which are part of business and helps in carrying out daily operations.

References

  • Breuer, H., 2013. Lean venturing: Learning to create new business through exploration, elaboration, evaluation, experimentation, and evolution. International Journal of Innovation Management, 17(03), p.1340013.
  • Chen, L.F., 2013. Denis Collins: Essentials of Business Ethics—Creating an Organization of High Integrity and Superior Performance. Journal of Business Ethics, 113(3), pp.557-559.
  • Ebert, R.J. and et. al., 2014. Business essentials. Pearson Education Canada.
  • Evers, N., Andersson, S. and Hannibal, M., 2012. Stakeholders and marketing capabilities in international new ventures: evidence from Ireland, Sweden and Denmark. Journal of International Marketing, 20(4), pp.46-71.
  • Hair, J.F., 2015. Essentials of business research methods. ME Sharpe.
  • Hair, J.F., Money, A.H., Samouel, P. and Page, J.M., 2011. Essentials of business research methods. New York: ME Sharpe. Inc. New York.
  • Machek, O. and Machek, M., 2013. Essentials of business economics: exercises. Oeconomica.
  • Scarborough, N.M., 2011. Essentials of entrepreneurship and small business management. Upper Saddle River.
  • Shaikh, V.F.M.S. and Fegade, V., 2012. Modeling essentials of content management system (cms) for web-based mis application. International Journal of Engineering and Technology, 2(3), pp.379-383.
  • Sherry, C.S. and Canon, C.L., 2014. An Introduction to “Business Essentials”. Journal of the American College of Radiology, 11(2), pp.110-111.
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