Concepts and Innovations

This presentation explores the launch and setup of an innovative concept in the food truck business. It focuses on Munching It Up, a food truck business operating in London, UK. The presentation discusses the mission and vision of the business, its legal form, products and services offered, market analysis, and marketing strategies.

Concepts and Innovations

Introduction
When a new business is started, it is important to carry
out detailed market research in order to identify the
feasibility of the concept in market place.
The presentation seeks to explore the launch and setup
of an innovative concept in upcoming time. It will be a
food truck business running under the name of
“Munching It Up” within hospitality sector.
The business will be launched within the bounds of
London, United Kingdom.

Executive Summary
Munching It Up is a food truck business which will operate in
London to serve people with tacos, sandwich, roll, burger etc.
The business will make use of locally procured set of
ingredients in order to prepare a variety of dishes aimed to
capture the attention of public at large towards it.
The menu will have several options available for the customers
to choose from in accordance with their tastes and preferences.
The food truck will also have a range of gluten free items for
health conscious segment.

Mission and Vision Statement
Munching It Up is an upcoming entrepreneurial venture based on the concept of
providing food on the go. Food trucks will be used to serve this purpose of the
business. In this regard, the management of this firm has laid down the mission and
vision statements for this business as follows:-
Mission: To provide the residents with a variety of fast food alternatives to choose
from.
Vision: To become the leader in the food and beverage sector by providing food with
the feature of mobility.

Legal Form of Business
Munching It Up, the upcoming food truck business will be
running in the form of a partnership business to serve the
residents of London, UK.
There were will be a total of 3 partners who will be sharing
the profits and losses in equal proportion.
The partners of this entrepreneurial venture will be
investing the capital required to run the business in the ratio
same as their profit sharing ratio.

Products and Services
The product and service package of Munching
It Up is quite extensive.
The products provided by this food truck
business will include burgers, burritos,
sandwiches, tacos, chips, rolls, pasta etc.
The menu of this food truck business will also
have a special range of gluten free items for the
people who are conscious of their health status.

Market Analysis

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United Kingdom is a country whereby the population is fond of eating junk food,
however, it is seen that over the course of time, the increasing number of diabetes
and obese stricken patients have increased the health consciousness within the
population.
Looking upon this, Munching It Up, the upcoming food truck business has along with its
wide fast food range also introduced a special range of gluten free items to appeal to the
health conscious segment of the population of UK.
This will provide an edge to the firm over other food truck businesses and gain the
attention of larger base of audience in short span of time.

Marketing
When a new business is launched in market place, it is
crucial to spread a word about it in an effectual manner so
that the population gets to know about the venture and the
innovative concepts it seeks to present in front of the
public.
Munching It Up realizes the significance of marketing and
thus has opted for multi channel marketing.
The major source of its marketing and sales will be the
Food Truck Festival.

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Social media marketing will also be leveraged by the
respective food truck business looking on its potential to
reach out to a large base of audience in rapid course of
time.
Further, it is seen that it is a cost effective way of
promoting the venture and its unique offerings within the
public at large of UK.
A number of platforms will be used to publicize about
the food truck business and its offerings.

Conclusion
On the basis of above discussion done in the presentation, it can be stated
that an innovative idea can be converted into reality by entrepreneur only after
checking its viability in the market place.
It is important for the entrepreneur to arrange for funds for carrying out the
day to day activities of the business.
Provision of food with the feature of mobility is an innovative concept that
has huge scope within the bounds of United Kingdom looking upon the analysis of
the marketplace.

References
Bourke, J., Roper, S. and Love, J. H., 2020. Innovation in legal
services: The practices that influence ideation and codification
activities. Journal of Business Research, 109, pp.132-147.
Brym, R. J., 2019. The innovation of ideation and ideology: an
analytical framework and application to the cases of Sabbateanism
and Zionism (Doctoral dissertation).
Gama, F., 2019. Managing collaborative ideation: the role of formal
and informal appropriability mechanisms. International
Entrepreneurship and Management Journal, 15(1), pp.97-118.
Knight, J. and et. al., 2019. Design Thinking for Innovation. Stress
Testing Human Factors in Ideation Sessions. The Design
Journal, 22(sup1), pp.1929-1939.