Identifying Entrepreneurial Opportunities Assignment (Doc)
18 Pages4550 Words129 Views
Added on 2020-10-05
Identifying Entrepreneurial Opportunities Assignment (Doc)
Added on 2020-10-05
ShareRelated Documents
Identifying EntrepreneurialOpportunities
IndexINTRODUCTION...........................................................................................................................3Task 1...............................................................................................................................................3P1. Different sources of entrepreneurial idea: .......................................................................3Task 2...............................................................................................................................................4P2. Tools and techniques used for gap analysis:....................................................................4Task 3...............................................................................................................................................5P3. Data collected for evaluation of the market potential:.....................................................5P4. Interpretation of the data to analyse the market potential :............................................10Task 4.............................................................................................................................................12P5.SWOT Analysis: ............................................................................................................12P6. Internal and External factors affecting the business................................................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONEntrepreneurial opportunity can be defined as the situation where products and services can besold at the greater price which is more than actual price. These opportunities consist of futureoriented action. Present study will lay emphasis on a factious company known as Munch Box. Itis a new start-up done by entrepreneurs. It is an online food delivering company. Firm has avision of providing about 300 jobs in UK. Report will lay emphasis on different source ofentrepreneurial ideas and innovation. Study will also provide rationale and the market gap forspecific entrepreneurial idea using specific tools and techniques. It further lays emphasis oncompetitive and market environment that can affect business.Task 1P1.Different sources of entrepreneurial idea: The company name is munch box and we are providing an online food delivery service .Ducker's 7 sources of innovative opportunity: Unexpected:According to the NPD delivery will grow by 17 % in the coming years. Over the past few yearsthe delivery market has boost up from sterling 2.4 billion. The foods which were recorded as thefavourite food in UK is Chinese, pizza, burgers and curry(Anderson and et.al., 2016).As with the delivery service provides people reliability, reduce their transport expense, alsoprovide additional services thus people prefer to buy food online. The possible reason for thefailure of the business can be bad past experiences of the customers.Incongruity: there is still a gap as many of the people are not aware about the use of the serviceand the advantages of the service.Process needs: In order to improve the business the company should provide rewards and cashbacks to the customers as this is the best strategy to attract the customers.Change in industry and market structure:the restaurant are now providing the online service alsothere is a rapid change in the business of restaurant. It was found that about there is huge competition in the market as it was found that in year 2017 about 14.04 millionrestaurant has started consumer delivery and it was expected to grow by 24.25 million by 2023.Demographics : as the need and the preferences of the people changes as the innovation came orchange in the market trend. The statics shows that the people of the age between 25-34 prefer the
online food (Hartsfield, Johansen 2017). In the study it was find that the women are more likelyto buy online food.Change in perception, Mood or meaning: the online food delivery has changes view of people.the people earlier used to go to the restaurant to have their meal but with an invent on onlinedelivery people now prefer to order the food so that they can save their time and money. New knowledge: the new technologies are helping the companies to know the customer buyinghabits and their preferences. The technology made it easy for the business as well as customer tointeract. It helps the consumer to plan ahead with the help of various applications it becomeseasier for customer to track their meals and for the safe payment.Looking to the statistics it can be concluded that there is wide scope in the business.Task 2P2. Tools and techniques used for gap analysis:Porters five forces model: Threat of new entrants: The threat of new entrant in the market is high because the cost involvedis low for the restaurant who are already well settled the online delivery service for them act as amedium to earn more profit. The all a company need to start a online business is to have a goodoperation team and only a initial amount is required to start an online delivery business(Boling,Pieper, and Covin, 2016). And with the advent of the technology reaching to the customers,understanding there needs and giving service accordingly has created a less risk of entering inthe industry.Bargaining power of suppliers: the bargaining power of the suppliers is low as the need of theonline delivery business is a food parcel which they can get from any of the restaurants asselected or not selected by the customer from the listed restaurants on their mobile applications.Since there is huge number of suppliers in the industry pricing plays an important role in order togain the market share.Bargaining power of buyers: Bargaining power of buyer is high as with the use of variousdevices and internet customer can easily check the prices of other companies in the same field.As the customer want the fast service at a reasonable rate so the factor of brand loyalty is nothigh. In order to gain the brand loyalty and attract the new customers the cashback and discountoffers have to be offered(Eshima, Anderson, 2017). The other tactics which can be used to getmore and more customers are cash on delivery, cheap price, cash on delivery etc.
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Identifying Entrepreneurial Opportunities: Doclg...
|17
|4605
|300
Identifying Entrepreneurial Opportunities Assignment - Novelty toyslg...
|18
|3724
|32
Identifying Entrepreneurial Opportunitieslg...
|20
|5242
|73
Identifying Entrepreneurial Opportunities – Assignmentlg...
|18
|4363
|28
Identifying Entrepreneurial Opportunitieslg...
|15
|3894
|28
Identifying Entrepreneurial Opportunities | Assignmentlg...
|19
|4889
|65