Customer Demand Analysis of Business Idea
Added on 2020-07-23
11 Pages2872 Words379 Views
Entrepreneurship
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Entrepreneur Opportunity
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Entrepreneurial Themes..........................................................................................................2Business idea development ...................................................................................................4CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONBusiness idea is a concept that is used for financial gain that is usually a product that isoffered in take of money by business. It is required that business should be able to make effectivebusiness idea so that it may gain profits by satisfying customers. In business idea customerdemand is analysed carefully so that which product to be made by entrepreneur may be exploitedin effectual manner (Madhok and Keyhani, 2012). By this act, wastage of resources is not madeand as such, profits are not deteriorated. It is the milestone for entrepreneur to incept businessidea in accordance with potential customers. The uniqueness of idea of manufacturing in foodsector is to provide same product to consumers but by innovating some features in it. Theuniqueness is centrally focused to customer's satisfaction. By implementing some new featurelike adding some new flavours in product, making some more additions to product like morenutritions, a product may be get unique from that of rivals in the same industry. This is requiredso that customers may be attracted and lure to buy innovative goods. Thus, this provides speedysales to firm in effectual manner.The target market of food firm is adults and so that food provided to them in effectivemanner. The target group of customers may be identified by entrepreneur so that he may focuson that homogeneous group and may provide goods according to their needs and demands. Thus,there will no wastage of funds and products may be made according to their wants. Thus,customers will get satisfied and firm will be able to accomplish its set goals. Value proposition ismarketing of products in that manner by convincing customers that why they should buyproducts of company. It means creating value of goods in the mind of consumers. By showingvalue proposition, firm can make speedy sales of products. The value proposition in my businessis that hygiene factor is purely focussed in it so that customers may be provided with betterquality of food which enhances their satisfaction (Barringer, 2012). By conducting marketingresearch, homogeneous group of customers may be discovered and by identifying their needs,product may be manufactured with much ease. This is required so that customers may besatisfied and firm may earn profits. Marketing research helps entrepreneur to make effectiveproducts as needs and wants are met by conducting research. This makes more profits to firm byanalysing demands of customers.1
Entrepreneurial ThemesThe entrepreneurial themes are as follows:1. Opportunity creation-Entrepreneur is a person who aim to start a venture because of his skills and talent in thebusiness. He incepts a business idea and then creates opportunities in business field so that hemay satisfy needs and demands of customers and as such, he earns good reputation and profitfrom the customers evolving brand image. But how he establishes a business is great challengefor him. For this, he creates opportunity (Venkataraman and et.al, 2012). This is a difficult aswell as complex task to accomplish. Opportunity creation is a key theme in entrepreneurshipresearch. The research of opportunities consists of at least four elements. They are innovations ornew ideas, with some objective to build business, strong determination to achieve thoseobjectives and lastly, implementations of all above stated activities so that opportunity may becreated in the best possible manner. These elements are required to be stated by entrepreneur sothat he may start his new venture in positive and better way.The proposed business idea was initiated by me in the field of food sector. As such, foodsector is evolving as a better sector for profits which may be earned by firm. It is complex alsobecause several nutritional factors are also to be considered while manufacturing food in theproduction process. It was a great challenge for me as I had to go through themes ofentrepreneur. I had found that business idea is an easy task but to implement it in reality is acomplex task. I had to formulate my opportunities such as to assess new ideas and form businessobjectives and then to implement it effectively so that business may be started in the effectualmanner. The gap was to be filled in the packaging of food as it was wrongly packed and as such,product looses its nutrition in totality. This makes food products durable and making it hygienicto be made available to customers (Santos, 2012). But as I found that food products were notpacked in better way and which lead to low nutritional factor. This gap was much irritating forme. I intended to fill this gap because if food is not properly packed then all its nutrition elementis wiped away and food becomes no more hygienic as well as edible by customers. This had ledto achieve my objectives to satisfy public with good nutrition and hygienic food.2
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