Innovation and Entrepreneurship

Innovation and
Entrepreneurship
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Start up business idea...................................................................................................................3
Industry profit..............................................................................................................................3
Business model............................................................................................................................4
Point of differentiation.................................................................................................................4
Challenge of business idea...........................................................................................................5
Prospective customers.................................................................................................................5
Brief marketing plan....................................................................................................................6
Competitors analysis....................................................................................................................7
Sources of funding.......................................................................................................................7
Intellectual property.....................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
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INTRODUCTION
Entrepreneur is an individual’s that wants to start a new business by undertaking
associated risk with an objective to earn maximum return. It plans new and innovative ideas that
could be used by organisation to attract more and more customers so that it can enjoy higher
profit margin. Innovation can be termed as innovative and creative ideas that are used by
business to induce customers so that company can retain its competitive advantages. This report
has explained about the new business idea that is selling of organic food range through e-
marketing to earn maximum revenue and market share. It has contained all detailed related to
marketing strategies, potential customers and sources of funding that will be used by company to
grow and expand its operation.
Start up business idea
The “Farm fresh” is one of the new businesses that have decided to sell organic food
products range to customers so that they can life healthy and better lifestyles. The company has
planned to provide organic fruit bar, candies, pickle, puffed snacks and many other organic food
product to customers. At the same time, the Farm fresh will also sells fruits; organic pulses and
other products to gain and retained competitive advantages in food industry (Lynde, 2020). It has
also decided to provide all these organic products through online medium by quickly delivering
them at the door steps of customers. Through digital media company has planned to delivered
24*7 hour customers services so that they can be happy and satisfied. The company has planned
to follow all legal laws and regulation while deciding to start and operate the new business idea
so that no barrier can be created in its effective achievement of end goals.
Industry profit
The organic food industry of United Kingdom is boosting increasing awareness among
people to have healthy and tasty food products to satisfy their respective requirements. With
digital growth, consumer demand for organic food products has been doubled that has provided
an opportunity to start a business of organic food to meet customer’s expectancy and earn huge
profit margin. As per 2019 organic food and drink sales in United Kingdom was around 2.3
billion pounds and it is estimated that marketing is 2.79 billion. As the sales have increase by
12.6 percentage in 2020 that provide opportunity for Farm fresh to grow its business operation.
Furthermore it has been identified through secondary research that organic food products make
up of 5.7% of US food sales. The people spend around 200 million of money each month on
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organic food in UK thereby Farm fresh through offering organic food products range can attract
all these customers and enjoy huge market share in longer run (Han and Park, 2017). So, on an
average there are 64% of people that make purchase of organic food and vegetable products to
stay healthy and fit. The consumers are become more and more concerned about their health and
wellness with increase number of diseases so it has provide opportunity to company to offer
healthy food. Through
Business model
Business model can be stated as outline of the way company plan to make money through
selling its products as well as services to potential customers in specific market for gaining
maximum return. The four core areas that are covered by the business model are the way
company will sell products, its intend market, type of expense it need to made and what is the
expected profit. The Farm fresh company out of various business models make use of Crowd
sourcing model as it will contribute in gaining popularity through online platform. Company can
easily get information about customers taste and preferences, their opinion and many more
thereby plan effective strategies that could be used to influence them within organisation
(Howard, Zwicky and Phillips, 2018). Furthermore, this model will contribute the new business
to effective tap into vast network of talented and experienced that can delivered best services to
customers in limited time frame and cost. Through this business model it will extract information
pertaining to market trends thereby plan actual strategies that could be used to make customers
happy and satisfied beyond their needs.
Point of differentiation
The Farm fresh has tried to differentiate itself from other competitors that are operating
their business in food industry of United Kingdom through making use of social media, content
and email marketing. It will continuous post new image, videos and content on different social
media platform to contact and engaged with range of customers. Likewise through email the
company will make aware customers about existing offer, prices so that they can take right
decision. The website of the company is also simple and easy to use so that any individuals that
want to have fresh, organic and hygiene food products can order and get home delivery. At the
same time setting reasonable price for fresh and organic products so that customers are provide
products that ensure their health as well as well being (Leal-Millan, Peris-Ortiz and Leal-
Rodríguez, 2018). It has ensure that people get products that are valuable so that they are
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