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Running head: INNOVATION AND ENTREPRENEURSHIPInnovation and EntrepreneurshipName of the student:Name of the University:Author Note:
1INNOVATION AND ENTREPRENEURSHIPThis assignment highlights a bakery business and its business plan along with aSWOT analysis,pestle analysis and porters five force analysis. VisionThe vision of the Bakery is to serve the people with the best quality of cake and biscuit andestablished the business as one of the most famous Bakery chain.MissionThe Bakery is a Start up business. It has 10 employees to start with. The Bakery businessstarted with the vision of establishing the business as a chain of bakeries across the country.The targeted customers are the people who have a sweet tooth and those who love bakedproducts (Blank, 2013). The customers include the youth and the children as well as thepeople of Singapore celebrating their wedding or birthdays or any other occasions where theorder cakes from this Bakery. The business is motivated to serve the best quality of cakes inSingapore and bring in innovation in order to achieve competitive advantage then thecompetitors. GoalsThe goals of the Bakery are to reach every citizen of Singapore with the cake and bakeproducts. They have a target of reaching to 1 million people with their baked products andcake and reach a target of 1million dollar in the next 6 months. StrategiesIn order to reach the goal that is set by the Bakery, various innovation challenges needs to betaken up. Since a bakery is very common in Singapore, the business has to have a uniqueselling proposition in order to establish them as the leader in the market. The innovationincludes use of best raw materials along with innovative baking materials (Kiel, 2014). Thedesigns of the cake and the other baked products are proposed to be innovative andunconventional to attract more customers. Along with the use of chocolate unconventional
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