Enterpreneurship Assesment 2 level 5

ENTREPRENEURSHIP
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Contents
Executive summary/ business description...................................................................................3
Industry analysis- Porters five force Analysis.............................................................................4
MARKETING PLAN......................................................................................................................7
FINANCIAL PLAN........................................................................................................................9
Money required by organization..................................................................................................9
Source of funds..........................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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Executive summary/ business description
“Keto Chopped” is based on the start-up business in which provide the online keto meal
services to their potential consumers. Many consumers are already on the keto diet but due to
current pandemic situation of Covid-19, they have concerned about the safety and security. An
entrepreneur will decide to establish “Keto Chopped” start-up enterprise in which provide the
online services to their potential consumers.
This assignment will describe about the effectiveness of business plan regarding the new
venture named “Keto Chopped” who wants to enter into hospitality industry and wants to
provide the better Keto diets for every age group of individual people according to the
requirements. “Online Keto Meal delivery service” will create an effective plan in which
influence more consumers to attract towards quality of Keto meal services. This assignment will
focus upon identifying industry attractiveness and current competition though industry analysis,
operations and management team plan, marketing plan and financial plan.
Mission-
Keto meal delivery business is to develop a home and office food delivery services that
will meet the specific need or requirement for potential consumers who are on keto Diet.
Objectives-
 To enhance the keto meal delivery service business in global marketplace.
 To resolve issue regarding lack of online keto meal delivery services.
 To increase sales rate 5% on annual basis.
 To implement the digitalization in business to meet consumer expectation level.
Resolve Issues-
When established the “Keto Chopped business” in markets which provide the better keto
meal delivery service and solve is that there is not really too many keto business and delivery. At
the time of COVID-19, it become easier for individual people who are on keto diet where they
can easily place online order for keto meal from “Keto Chopped”.
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Industry analysis- Porters five force Analysis
It is a framework that can help in understanding and analyzing Online food delivery
service so that “Keto Chopped” can understand dynamics needs for potential consumers,
understand whether they can enter in competitive business environment.
Competition in the Keto meal delivery service-
Competition in “keto meal delivery service business is comparatively low than other
online food delivery business. Nowadays, it has been lowered the demand of keto meals but
some client want to do service through online (Keller and Kostromitina, 2020). In marketplace, it
has been identified that there are lack of Keto food restaurant . In this way, it become easier for
“keto Chopped” enterprise to enter in market and maintain the stable position. Due to low
competition level, it becomes important for organizations to focus upon increasing their business
growth rate because in “Online Food keto delivery services” business. Afterwards, it will achieve
the desirable growth rate as much higher.
Potential of new entrant into the Online Keto Food business-
It is a well- known fact that capital cost required for new entrants for establishing
business in “Keto meal delivery service” is quite high. So, it can be said that in order to become
a commercially operatable business, new entrants require high cost of investment.
New entrant need to be conscious about their target market and also need to maintain
high quality of their “online keto food items” and their delivery services because of the Covid-19
situation.
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Power of suppliers
Power of suppliers in online keto food delivery service is quite low. There are large
number of suppliers who can easily supply required materials to new entrant for establishing
business. There are large number of suppliers in this industry who can readily supply required
material to new venture at lower cost.
Power of buyers
Power of buyers in keto meal delivery service, which is becoming lower because
switching cost for buyers in this industry is quite higher. There are a lack of keto meal delivery
services provided to the consumers. That’s why, it has been considered as opportunities for “keto
Chopped” enterprise to target potential consumers.
Due to current Covid-19 situation most of the buyers prefer to place online order
regarding keto meal only in “Keto Chopped” who can provide high quality and service and take
required safety measures. As per analysis, power of buyers upon online keto meal delivery
service is quite lower.
Threat of substitute products
Threat of substitute product in this industry is moderate. This threat changes with time and
situation. At the time of recession, “Keto chopped” will provide the online service to their
potential consumer, who are on keto diet. But today in current Pandemic situation people are not
only looking for lower cost based keto meal delivery service. At that time, it become consider as
great opportunity for “keto Chopped” enterprise to maintain high quality of services and
contribute as fulfill all requirement or need of keto diet people (Intiful, F.D and Asante, 2021).
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Operations and Management team plan
The operational and management plan describe that how “Keto Chopped” as new venture
operates online on continuing basis. Critically, it is highlighting the management team that will
perform different operational tasks. In order to contribute towards success of new business.
Usually, “Keto Chopped” business will try to select the suitable ingredients in preparation of
Keto meals and delivered to their potential client in their location or areas. The owner of “Keto
chopped” business is to analyse the Payroll on regular basis, preventive maintenance program
were established. Each and every staff members are examined the particular schedule of
individual people regarding Keto diet plan, suggesting an options.
Operations
In this part, it will be indicating the operating hours of keto meal delivery services but
keto Chopped provide 24x7 online services. A potential consumer can place an online order and
then purchase any kind of keto meals From Keto Chopped business. It provide the better
facilities and services to track the location of client and then delivered item on time.
There are various type of operations performed by “Keto Chopped” such as inventory &
production, delivery collection etc. This will help for potential consumer to check availability of
Keto meals by using online platform like website or application.
 Inventory and Production- It is one of the well-known operation of Keto Chopped in
UK, with exception of some other kind of large chain. At some point, there is a lack of
real time information regarding the stock levels, production level. It make it very difficult
to adjust the unpredictable nature of keto meal delivery service (Gonzalez, 2017). in this
way, owner of keto chopped business to use an appropriate system track in which manage
or control the separate workflows for eat-in, collect orders, prioritizing the collect way to
handle the queries of consumers.
 Keto food holding- this type of operation will perform by Keto Chopped, because they
are fully aware of health & safety, legal requirements when launching changes in their
production, holding process. Usually, it has made to eat keto meals bound for online
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delivery. In keto Chopped, an essential operation of keto business to identify the efficient
and ergonomically designed hot holding cabinets. In this way, each and every staff
members are managing the food delivery process.
 Keto meal delivery collection- without access to the relevant information or data on the
nature of keto items which being delivered. At that time, both food consumers and
producers are confronted with identified the unacceptable level of risk, threat. In this
way, owner of online Keto Chopped business to perform the significant operations. it will
check the liability for nature of keto item, continues to rest with food producer.
Sometimes, it will be changed the breach in packaging, a change of delivery time as well
as temperature as quickly as possible. This will be helping to maintain or safe the keto
meals.
MARKETING PLAN
Marketing strategy is a kind of process that can use by “Keto Chopped” in order to maintain
the position of enterprise in global marketplace. It should include the effective accommodation
services to attract more potential consumers.
An effective marketing strategy will support for creating as strong coordination or relationship
with potential consumers to fulfill all essential need or requirement (Aksoy, 2017). In this way, it
can easily maintain loyalty and trust. Initiatives towards customer relationship management that
will help to identify need or expectation level of client.
Target Market
“Keto Chopped” business is mainly targeting the age group of 25- 40 years old men and
women, who are trying to maintain their health diets. That’s why, they were used to keto diet on
the daily basis. in this way, targeting audience are influenced on the “keto Chopped” business to
order keto meals by using online platform. Basically keto meal delivery service business will be
consists of different clients as per their demand or interest towards keto meals. In this way, it is
primarily reflects on the “keto meal delivery service”, offers the best quality of keto meals as per
the preference of client and their taste.
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Marketing Mix
Product
“Keto Chopped” offers the “online Keto meal delivery services which are meant to
satisfy individual need or requirement of each client. This type of business will give unrivalled
keto food service, who are on keto diet. “Keto Chopped” provide guarantees each consumer on
the basis of their unique positive experience during COVID-19. In additional, it will be offered
consumer service which help for client to interact or communicate with Keto Chopped business
staff members. In order to resolve any kind of queries regarding keto meals.
Place
Keto Chopped is based on the start-up enterprise that allows placing Keto meal delivery
service from local areas through website and other mobile applications. Owner of keto Chopped
will try to establish wide network which spread all over the world. This type of online keto meal
delivery service business will inspire or motivate the potential client during Covid-19, because it
is kind of online business to easily monitor or track the demand of potential client.
Consumer will be accessed the Keto Chopped through online mode and place the order of
keto meals within few minutes. Each and every customer have become convenience of making
their online booking through website in different locations.
Price
Keto Chopped has become consider as huge online portals and this can possible because
of setting a specific pricing policies, which are undertaken by brand. Usually, the owner of keto
chopped business to adopt as value added pricing policies as it offers best quality of keto meal
delivery service with reasonable price or cost of its clients. “Keto Chopped” business will be
differentiating the price categories on the basis of quality of product as well as services (Anh,
2019). At certain level, keto meal delivery service business will be adopted the price strategy on
the basis of client’s tastes, who are mainly drawn from upper income segments within society. It
will offer the unique advantage, benefit to client.
Promotional Strategy
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The owner of “Keto Chopped” business will be use the digital marketing concept which
played a huge role in creating brand awareness for business. This type of start-up will believed in
offering something new or inventive periodically in context of occasion, festivals and incentive
to maintain loyalty of its consumers through email marketing. Additionally, Keto Chopped
business can be used the promotional ads in place of different applications. This will help for
maintain the brand recognition. Basically, “Keto Chopped” will consider public relation as
promotional strategy through online channels. This will help for establishing a strong
relationship with client, encourage them to refer their families, friends to use keto Chopped meal
delivery services by using online channel.
FINANCIAL PLAN
Money required by organization
Financial plan is one of the most important part of business plan which is required to be
focus upon by new venture. They need to identify overall funds or money required by them to
operate. Below cash inflow and outflow statement will help in identifying funds required for
funds required to enhance overall business of “Keto meal delivery service”.
Advertising Schedule-
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Cost Analysis-
Source of funds
There are various sources from where “Keto Chopped” new venture can focus upon
collecting funds. One of the most common sources from where they can collect funds for
operability of new venture are as follows: Personal investment is one of the main sources of
investment that can be focused upon by entrepreneur for the new venture.
Bank loan is another source of funds (Wood and Skinner, 2018). In current situation of
Covid-19 many banks are cutting down their interest rate and are providing various kinds of
benefits to mall and medium sized organizations. It is another best source of fund collection that
can be used by Venture capital for starting new hotel.
Other than this, Angel investors can be another source of fund collection where wealthy
individuals or retired company executives can directly invest in small ventures like Hotel.
CONCLUSION
From above discussion, it has concluded that Business plan is consider as strategic approach
that help for identifying all essential need or requirement of new business venture in global
marketplace. In this report, it has summarized about the development of business plan for a new
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venture named “Keto Chopped”, which providing the best quality of “online keto meal delivery”
service to customers. It can be identified the industry attractiveness and their alternative
competition level, identifying through industry analysis, operations and management team plan,
marketing plan and financial plan.
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REFERENCES
Books and Journals
Aksoy, H., 2017. How do innovation culture, marketing innovation and product innovation affect
the market performance of small and medium-sized enterprises (SMEs). Technology in
Society. 51(4). pp.133-141.
Gonzalez, P., 2017. Sprouts: A Business Plan that supports a generation's quest for wholesome
ingredients and nurturing food experiences.
Intiful, F.D. and Asante, M., 2021. The Impact of Interpersonal Relationships on Dietary
Habits. Interpersonal Relationships.
Keller, D. and Kostromitina, M., 2020. Characterizing non-chain restaurants’ Yelp star-ratings:
Generalizable findings from a representative sample of Yelp reviews. International
Journal of Hospitality Management. 86. p.102440.
Wood, A. and Skinner, N., 2018. Determinants of non-performing loans: evidence from
commercial banks in Barbados. The Business & Management Review. 9(3). pp.44-64.
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