Individual Venture Development Proposal Assignment Sample

Individual Venture Development Proposal Assignment

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1. Introduction

In the era of the modern generation, all businesses intend to gain the uniqueness of the market. Regarding this matter, innovation in services or products can hold the captivation of customers in the business market. In that case, the start-up business has to scrutinize the current market valuation and, based on this fact, they have to organize the execution of their start-up products (Somi, 2021). In this aspect, “LOW LOW takeaway” is tending to start a business program for its customers that would attract its stakeholders effectively. LOW LOW Takeaway not only offers delectable low-carb and slimming world-friendly meals, but also healthy meals sent to clients on a daily basis. In Nottingham city, this start project with a lean strategy would get profit to a large extent because it has been seen that consumer behaviour has shifted recently, and low-carbohydrate and reduced world diets are the most prevalent in the United Kingdom (Lakkhongkha, 2021).

From the market survey, it has been concluded that, in the local areas of Nottingham city, there are just three restaurants in the area that provide healthy, low-calorie or low-carb dishes. Nevertheless, none of them cater to members of the Slimming World programme. That is why this venture is considered unique to the customers. All food items are cooked with natural ingredients and assisted by local farmers to make sure they provide the top quality raw materials. Alongside, in the context of this small venture, they always try to satisfy the customers as per their needs.

2. Business Objectives and social objectives

In this small business the management have some objectives that they would tend to serve for their targeted customers in the targeted city. Therefore, the business venture is typically set some prospects as their business objectives are listed in below (Donner and de Vries, H 2021):

• The main business objective of this venture is to provide the innovative product that will captivate the customers in the city easily.
• Alongside, they tend to serve the low calorie foods for their targeted customers.
• This particular venture is also initiate the E-commerce system for the delivery system of the products to their consumers.
• Another uniqueness of this venture is prepare the food with hygienic and provide the fresh food and avoid the left over foods from previous days.
• Another major aim of this venture is that give importance to the clients who are associated with this work (Donner and de Vries, 2021).

Profit, sales revenue and profit margin

Regarding this socio-health friendly venture this company would get the wide profit and the company easily will not face any aperture in their business. For the upcoming the three years this small food venture would expect a good volume of revenue.

From the expected analysis on the financial desk of this venture, it would be expected that this food venture will go through the profit phase. Over the years, the estimated investment of the company has gone too high as well as the profit level.

3. Value Creation: Customer Value Proposition Canvas (Diagram) Minimum Viable Product

In the context of a business venture the value proposition is an essential aspect that can improvise the performance of the business. The value proposition is involve the different segments of a business proposal. The implementation of the value proposition is clearly linked in the aspects of the customer satisfaction (Ali and Anwar, 2021).

1. Value Proposition

1.1 Products and Services

The food products of this business are based on organic ingredients and oil free that will health-care food for the customers. Slimming World takeaways and diet-friendly meals are available to customers.

1.2 Gain creators

Through this food venture this small food venture will gain some aspects that would extend the business profitability of the business that are listed in below (Osborne, Nasi and Powell, 2021):

• Diet world friendly meals
• Low carb-added food
• Availability of proper meals plan
• Varieties of healthy foods
• Fresh food
• On time delivery system
• Adaptation of E-Commerce

This food venture will tend create such kind of services for their customers that will help this venture to fulfil the requirements of them.

1.3 Pain relievers

• Specifically designed for consumers following a Slimming World or low carbohydrate diet
• All meals provide nutritional information.
• Plans for Variable Meals
• Served across Nottingham and the rest of the region
• Ingredients of superior grade

These overall plans of the proposition are related to the expected demand of the customers (So, Wei and Martin, 2021). In order to meet the customer expectations from the business a business venture is construct the business program. Regarding the overall proposition of the business the expected and rationalistic customer profile is created that is described in the below:

2. Customer Profile

2.1 Gains

Due to this program the customers are able to get the gluten free and non-spicy foods that is healthy for them. It can balance easily their regular diet and make them healthier. Alongside, it has been seen that, this business venture tend to provide the meals in a regular way if someone want to order in that way (Kullak, Baker and Woratschek, 2021). Therefore, the customers will get the fresh and healthy foods in time. Therefore, this overall process of this venture would be complied the customers in such kind of healthy lifestyle.

2.2 Customers Jobs

• They will choose the proper meal plans as per their choice
• Order the food through online and make payment

2.3 Pains

There are some cases that expected for the business from the insights of the customers. For instance, time consuming process of some meal, uncertainty of food sources etc (Kullak, Baker and Woratschek, 2021).

4. Value Capture: ‘Lean’ Business Model Canvas

5. Detailed Development Plan

Marketing Plan

Customers aged 16 and older than, as well as families following a low carb or Slimming World diet, who live in Nottinghamshire, are targeted. By using the social networking sites that are already in use, you may present your concept and get comments. The survey's objective is to get 30% response (Chernev, 2020). They are now developing trademark meals that will be distributed as samples. LOW LOW anticipates receiving at least 60% of reviews and a minimum of 30% purchasing meal plans.

Operational Plan with plan to target customers SOSTAC

Figure 1: SOSTAC Model

(Source: Chernev, 2020)

Control

As part of this monitoring process, the business will use web analytics, key performance indicators, site visitor profiles, user research, customer feedback, reporting frequency, and who communicates with whom and what occurs with that input.

Situational Analysis

In that case, the company will focus on customer analysis that will help them to understand the expectations of the customers. In that case, the product analysis will help to generate the accuracy of the products (FUENTES, 2021). Competitors analysis will help understand the market competition in the food industry. Alongside, they will also involve the SWOT Analysis tools for grasping and understanding the different aspects.

Actions

In that regard, this enterprise must decide whether or not it requires the assistance and assistance of any external organisations or advisors. It is beneficial to determine if the enterprise has the necessary systems and processes in place and to work on organising them if they do not (Iarusov and Nasir, 2018).

Tactics

The company will use innovative ways to grasp the customers.

Strategy

In the context of the strategy implementation, the company will assist the STP Analysis to represent the proper ethics of the business along with terms and conditions. The term STP refers to a Systematic Transfer Plan (Browning et al., 2005). STP is a method of automating the process of shifting money from one mutual fund to another. This strategy is used when an investor wants to invest a large sum but wishes to minimise the risk associated with marketing timing. The most straightforward and popular method of STP is to move money from a fund invested in an equity fund.

Objectives

Sell-Grow the sales among the people and estimate the proper market share.

Serve- Serve the fresh and gluten-free foods to the customers, especially the younger generations in London (Fomina, 2020).

Sizzle-In that case, this food venture will provide innovative tastes for their customers to enhance productivity.

Speak – In this food service process, the food hostage will create a two-path communication process with customers (Iarusov and Nasir, 2018).

Save-Gains in efficiency are quantifiable.

Human Resources and Organisation Plan

Basic recruiting requirements are determined by the industrial sector, such as whether the company is a grocery shop or a food processing facility. In that case, this food shop may be able to recruit untrained staff and teach them on-the-job (Chopra et al., 2008). Regarding the organizational plan, the company will provide quality services and gain keen knowledge of the feedback from the customer orientation. This small business planning will have to generate the same notions among all the staff that will help to enhance the quality of the healthy food services among the consumers.

Financial Plan

Future Development

In the process of the food service system, this food venture will enhance its operating system in a more suitable way if they focus more on its cost. From the evaluation of the financial strategy, it has been seen that the cost of the products may rise in the future, which will stand as a negative factor for this fresh and fat-free food service system.

6. Critical evaluation of the plan and any possible future needs

During taking the initiative for launching a new start-up business in the market, Low Low Takeaway will provide the most eco-friendly and health-conscious products to the consumers during their future business operation. Through this, people, which persistently need healthy products to stay safe and fit, will encouragingly prefer their foods. In this way, the organization will be able to sustain its business (Chopra et al., 2008). However, during its future business operation, Low Low Takeway needs to fetch some reduction within the cost of its food products. With this, they can effectively gather a vaster range of consumer bases. On the other hand; whereas, the customers belong to a different culture; therefore, their needs can be different. In this aspect, during their doing organizational business in the market of the UK.

Fundamentally, within the market of the UK, there are numerous corporations that operate their business by considering the health and fitness of the people. In this aspect, in order to sufficiently compete and sustain the organizational business operation of Low Low Takeway, the organization needs to implement some effective and successive product development and pricing strategy to get an extensive amount of competitive advantage. Moreover, by utilizing and implementing these strategies, the organization moreover will be able to prominently meet the distinctive needs of the consumers in the market of the UK.

7. Summery

Throughout the discussion and evaluation of the business plan of Low Low Takeway, it becomes evident that the future business operation of this organization will be profitable and sustainable. Generally, the selling and provision of healthiest food products to the consumers also by maintaining the reasonable price potentially attract an extensive amount of consumer base with their organizational business operation. The provision of low-calories or low-carb dishes significantly helps the organization in order to get an extensive amount of competitive advantage. Moreover, the consistency of a low amount of profit helps Low Low Takeway dominatingly beat the competitors of this organization. In addition to this, the utilization of the lean model within the business start-up, the organizational executive team will be able to sufficiently reduce the cost of its product.

In this way, by seeing and predicting a bright future for the organization, the investors have become confident to invest a lot of financial support in the organization. Furthermore, the banks and the other financial institutions also become agreed to provide loans to this organization for its start-up business. However, it is generally fact that the market of the UK is little threatful for the new start-up businesses. Therefore, Low Low Takeway has prepared an effective and successful business plan to efficiently operate its business in the market.

References

Ali, B.J. and Anwar, G., 2021. Intellectual capital: A modern model to measure the value creation in a business. Ali, BJ, and Anwar, G. 2021. Intellectual capital: A modern model to measure the value creation in a business. International journal of Engineering, Business and Management, 5(2), pp.31-43.

Browning, B., Bruce, J., Bowling, M. and Veloso, M., 2005. STP: Skills, tactics, and plays for multi-robot control in adversarial environments. Proceedings of the Institution of Mechanical Engineers, Part I: Journal of Systems and Control Engineering, 219(1), pp.33-52.

Chernev, A., 2020. The marketing plan handbook. Cerebellum Press.

Chopra, M., Munro, S., Lavis, J.N., Vist, G. and Bennett, S., 2008. Effects of policy options for human resources for health: an analysis of systematic reviews. The Lancet, 371(9613), pp.668-674.

Donner, M. and de Vries, H., 2021. How to innovate business models for a circular bio?economy?. Business Strategy and the Environment, 30(4), pp.1932-1947.

Fomina, N., 2020. Digital Marketing Plan. Case Company.

FUENTES, M., 2021. Internet Marketing (Doctoral dissertation, Masarykova univerzita, Ekonomicko-správní fakulta).

Iarusov, I. and Nasir, S., 2018. Marketing Plan: Case company: Standard.

Kullak, F.S., Baker, J.J. and Woratschek, H., 2021. Enhancing value creation in social purpose organizations: Business models that leverage networks. Journal of Business Research, 125, pp.630-642.

Kurznack, L., Schoenmaker, D. and Schramade, W., 2021. A model of long-term value creation. Journal of Sustainable Finance & Investment, pp.1-19.

Lakkhongkha, K., 2021. A New Business Model for an Innovative Business Development. Journal of ASEAN PLUS Studies, 2(1), pp.36-44.

Osborne, S.P., Nasi, G. and Powell, M., 2021. Beyond co?production: value creation and public services. Public Administration.

Peres, C. and Antão, M.A., 2021. Performance Indicators–Assessment models and Increment of Value Creation: The Case of Hotel Operations. In International Workshop Tourism and Hospitality Management (p. 25).

So, K.K.F., Wei, W. and Martin, D., 2021. Understanding customer engagement and social media activities in tourism: A latent profile analysis and cross-validation. Journal of Business Research, 129, pp.474-483.

Somi, T., 2021. Scaling social business models: a lean startup perspective (Master's thesis, University of Twente).

Appendix 1

SOSTAC MODEL