Innovation and Entrepreneurship: A Business Plan for an Online Food Delivery Service

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Business description.....................................................................................................................1
Background of the company........................................................................................................1
Market Analysis...........................................................................................................................2
Industry Analysis.........................................................................................................................3
Operations Detail.........................................................................................................................4
SWOT Analysis...........................................................................................................................5
Financial Requirements...............................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation and entrepreneurship play significant role in business world. The term innovation
is defined to creation, development along with execution of a new service, practice, process and
product for improvisation of effectiveness and competitive benefit (Bhagavatula, Mudambi and
Murmann, 2017). Likewise, entrepreneurship is an activity to use innovation with the hope of
bringing ideas to real life. Hungry is an innovative business idea in the field of online food
delivery services. It is a proposed enterprise that aims to offer services to people at home and
offices with quality of food at comparatively low prices.
The report includes a business plan that highlight market analysis of the proposed venture. It
also includes industrial analysis, details of business operations, SWOT Analysis and financial
requirements of the entrepreneurial idea.
MAIN BODY
Business description
Hungry is the proposed enterprise whose entrepreneur is planning to tap fast food industry
of UK. Location of the business are at Canary Wharf, London, England. It is about online food
delivery service that have mission of providing its customers best delivery services of food in
London at short time duration. It collaborates with 5000 restaurants which means it provide a
huge diversity of healthy food.
Background of the company
The delivery food service is becoming very popular day by day. In UK, one of industry is
food industry that have seen huge growth in last few years. The business has been also increasing
around the world and people love to have their desired dishes at their door within the short
period of time. Hungry is particular idea generated along with inspired by the team to propose a
delivery food service to the customers. The business connects with restaurants along with
customers and is very competitive in the market as there are some other players already exist in
the market. It provides choice locations to customers so that they are able to obtain desired
flavours of adverse dishes. It is managed with growth of easy ways to access applications and
existing online food ordering processes of the company have attained trust across the globe.
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Market Analysis
It is all about quantitative and qualitative assessment of particular market. In other words,
entrepreneur conducts market analysis in order to study attractiveness as well as dynamics of a
particular market in specific industry (Gupta, Mithani and Guha, 2019). In context to Hungry,
market analysis is essential as to analyse needs of target market and connecting with customers
through offering them the products that satisfy their wants. Key customers of Hungry are office
going people that have needs for food services in limited time and of great quality. Along with
this, college and university students are also its customers that have needs for different taste of
items of foods at lower prices. Through its online food delivery service, Hungry will address the
needs of its customers. To conduct market analysis, entrepreneur of Hungry apply STP Model
that is a framework to analyse offering of entity and how to communicate values to specific
market groups. STP Analysis of Hungry is as follows:
Segmentation: It is a process to divide wider consumer group or business market that have
similar needs into subgroups on the basis of shared characteristics (de Paula, Alvares and de
Castro Rezende, 2018). Entrepreneur of Hungry have segmented the market of fast-food industry
on the basis of following:
Demographic segmentation: It is statistical data related to a group of people. In this,
market of Hungry is segmented as per as family situation, income, age, education, location,
ethnicity and hence forth. as information of the segmentation type is factual, it is easy for the
company to uncover through market research sites.
Psychographic segmentation: In this segmentation type, audiences and customers are
categorised by factors which concerns to their personalities (Carter, McCullagh and Kreider,
2016). For Hungry, market is segmented as per values, psychological influences, personality
traits, conscious and subconscious beliefs, priorities, motivation, attitude and interest.
Targeting: It is the element which breaks a large market in smaller segments for more
concentration towards particular group of customers in the audience. At targeting, managers
define a customer segment that is based on unique features and emphasis solely to serve them.
For Hungry, characteristics of target market are as follows:
Management of “Hungry” worked with effective planning for target wider market place. Key
characteristics of target market on the basis of certain attributes are as follows:
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