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Opportunity innovation and Entrepreneurship

   

Added on  2020-10-22

13 Pages3206 Words347 Views
Nutrition and Wellness
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Opportunityinnovation andEntrepreneurship
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Table of ContentsINTRODUCTION...........................................................................................................................3Business opportunity and latest trends in the food and beverage industry. ...........................3Business opportunities derived from latest trends..................................................................5CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONInnovation means transforming the new idea into a final product so that it creates valueand satisfies the needs and wants of the customers. Innovation is also known as making somenew changes in the existing product. Opportunity means analysing the trends of the market andplanning the future course if action according to the outcome. It is the duty of the entrepreneur tomake the best use of the opportunities available in the external environment. So that thecustomers are satisfied. In this report the business opportunity in the food industry and itsimpact on the business will be discussed(Drucker, 2014). The organisation chosen for this reportis Ledbury which is restaurant food chain organisation. The company was established in 2005with the motive of providing better services to the customer's. Mega trend- The latest mega trend going on in market is people are becoming morehealth conscious and they are demanding heath and natural food products. So the food andbeverage industry has started making some major changes in their plans and strategy to attractmore and more customers. Now the organisations have started introducing food products whichare free from artificial flavours. To retain their customers Ledbury is also focusing on producingbaked food products. This is because the fried food is not good for the heath of the customers.Keeping this in mind the organisations have introduced a new technology in which the customerscan have a look at their food while it is in the process. Various organisations also have startedusing natural spices and ingredients so that the customers can taste the traditional spices.Organisations are continuously making necessary alterations in there food products by launchingvarious healthy products in a combo. For example- baked fries with energy drink which is sugarfree. The company's can also make changes in the food production process so that there is lesswastage of resources. Business opportunity and latest trends in the food and beverage industry. Business opportunities are the various options available for the entrepreneur to generateincome and to earn profit. It is the sale of the product or service to the customers. Theentrepreneur must be aware about the various opportunities available for its business. If thesebusiness opportunities are taken into consideration by the entrepreneur than the business willgrow well. Analyses of the business opportunity can be done on the basis of present and pasttrends of the market, change in the need and preferences of the customer, competitors action4
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