Report On Star Food- Decision Making For Setting Up A New Venture

Added on -2020-02-05

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Managing Communication,Knowledge and Information
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1................................................................................................................................................11.2................................................................................................................................................21.3................................................................................................................................................21.4................................................................................................................................................32.1................................................................................................................................................32.2................................................................................................................................................42.3................................................................................................................................................42.4................................................................................................................................................5TASK 2............................................................................................................................................63.1................................................................................................................................................63.2................................................................................................................................................63.3................................................................................................................................................73.4................................................................................................................................................74.1................................................................................................................................................84.2................................................................................................................................................84.3................................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTION Timely and informed communication, across all disciplines and involving keystakeholders is the key to successful business enterprise. Therefore, it is essential to make aproper communication of information to all the stakeholders of the company. This reportprovides a description of the decisions involved in setting up a new food venture. Along withthat various information and knowledge required in formulating the strategies have also beenhighlighted. This section will also present an overview of existing communication process in theStar Food enterprise. Along with that, identification of different stakeholders needed to setup thebusiness unit has also been described. Last but not the least; the readers will get an insight of thelatest technologies and methods used by the company for safely and timely transfer ofinformation.TASK 11.1Starting up a business is not an easy task as it requires a lot of efforts, energy anddecisions to be made to open a successful unit. This section deals with starting up a food outletthat is aiming to sell high quality foods in the European Union. Key decisions required to start upa new business are arrangement of funds, location of business and money needed to survive theearly stages of a business concern. These judgements can also be termed as strategic, tactical andoperational decisions.Strategic: These are the most important decisions as it determines success oforganisation’s strategy. Owner of Star food has to make decisions regarding the cost ofimplementation, use of resources to be undertaken and overall benefits of business (Jana andet.al., 2015). Some other decisions include implementation of time scale, cost analysis, etc. Tostart-up a food outlet, various assets in the form of chairs, refrigerators and tables are required.Tactical: These include decisions regarding the human and monetary resources needed.Moreover, an overlook on the activities of competitors is essential to be carried out. Decisionmaking matrix, T-chart and Pareto analysis are some of the tools that will assist in makingtactical decisions (Broom and et.al., 2014).1
Operational: Last step is deciding upon the way in which business can be effectively run.Decisions include place to setup the business unit and various methods of conducting theoperations of business (Jensen, 2013). 1.2In order to setup a new venture, owner must possess the knowledge and informationabout environment in which it is going to operate its business. Along with that, nature and typesof competitors as well as variety of products and services he has to deliver must also be there inhis knowledge. In addition to this, pricing strategy of company and the target segment it is goingto serve must be taken in account by the entrepreneur. In context with the Star food enterprise,various knowledge and information required have been highlighted underneath:It is essential to know about the nature and types of competitors in market dealing insame segment. As Star food is a small shop outlet serving people with the quality ofproducts, it is trying to operate its business in the European Sector. Therefore, it muststudy the behaviour and various strategies of them (Cassar, Ittner and Cavalluzzo, 2015).This will enable company to gain competitive advantage.In order to start-up a new business unit, one must acknowledge about the type of productthat it is going to deal in. Star food aims to provide the quality of food products to itscustomers; thus, it can select that whether it wants to deal in continental, Italian or someother kind of food products.Thereafter comes the pricing strategies of business in which it is decided that whethercompany wants to setup up a multi cuisine restaurant or an average food outlet. Someother knowledge regarding the types of customers and their buying behaviour will aid thefirm in capturing the attention of large number of customers.Lastly, it should have a deep knowledge and information about the political and legalenvironment of country (Beck and et.al., 2012). It must analyse the current marketconditions and regulations that it is bound to follow.1.3As discussed above, an organisation requires plenty of information before the final setupof business. There are two sources through which an enterprise can gain knowledge about theenvironment, its competitors and current market trends. These compasses of internal and externalsources. Accumulating information from the former source is quite an easy task and less costly2

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