Business Plan for Taste and Try: An Innovative Food Truck in UK
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This business plan discusses the core activities of Taste and Try, an innovative food truck in the UK. It includes a SWOT and PESTEL analysis, market information, business objectives, and functions. The report also covers the organization's vision and mission, unique concept, and fusion food.
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Table of Contents INTRODUCTION..........................................................................................................................3 MAIN BODY...................................................................................................................................3 Business description....................................................................................................................3 Business Objectives....................................................................................................................4 Market information.....................................................................................................................4 PESTEL analysis.........................................................................................................................5 SWOT ANALYSIS....................................................................................................................7 Business functions......................................................................................................................8 CONCLUSION.............................................................................................................................11 REFERCES...................................................................................................................................12
INTRODUCTION Business plan means the blue print that is used in order to attain description upon core activities of business that helps in making goals achieved through an idea. Also the plan helps in developing an organization with future perspective by allowing innovative products and services attained for growth of business. Further, the plan describes about product and services with marketing strategy. In this budget is also covered which makes financial planning in relation over organization done effectively. Scope of business plan is wider as it leads upon developing business with more effectiveness. The report is based upon discussion done in relation to Taste and Try that is an UK base start-up for providing products and services in food industry. Also the report includes description about both internal and external factors. In the end various functions involved within business has been explained in relation over business idea. MAIN BODY Business description Taste and Try this is an food organization which has been formed within United Kingdom. It deal upon providing healthy meal to their guest and customers. This is an restaurant that has been providing services within truck and has its setup done within two floors. The organization has come out with unique concept of food on wheels in order to compete with its large competitors(Gay and Szostak, 2019). Also they have developed fusions food which is blend of organic and fast food. The organization has mainly developed its dishes and services keeping in mind health of itscustomers. Further, organization worked upon its taste which providedmoreinnovationwithintheproductsordishesservedbyTasteandTry.The organization has vision of providing better health and experience to its customers through their fusion making them explore more food products. They are working upon improving combination within there dishes for uplifting their taste. Mission of Taste and Try is based over expansion done in relation to marketing shares within UK through its fusion foods that makes customers attain authentic taste which no other organization has provided. Through its vision and mission organization seek towards attracting customers and people focused over health. The organization also provides excellent services to their customers with good quality of products.
Business Objectives ï‚·To increase revenue of company with 10% in next 6 month. ï‚·To increase potential customers of company with 15% in upcoming 3 months. ï‚·To maximise brand reputation among of company in minds of their customers with 5% in next 5 months. Taste and Try has been planning to increase profit within an organization of company in upcoming 6 months as it develops focus over reducing cost on organization. The organization willing to achieve goals, managers of company leading upon developing various strategies making focus created uponsocial media campaign, changing marketing campaign of company and reducing cost of company. Management of company makes development done through which potential customer are targetted. This is done by changing policies and strategies of an organization(Harris and de Bruin, 2017). The organization has focused upon social media campaign that made new customers attraction possible. This helped organization in making its business reach to large area ofcustomerswithinUK.Further,organizationthroughinnovationcreatedopportunities increasingcustomersinteractionwhichmadeproblemsolvedeffectively.Forattracting customers, managers of Taste and Try offering discount. This organization has been using technology for managing booking and also order engagement within restaurant. Taste and Try makes effort within market that makes improvement of brand image done more effectively. The food business has been making online presence which has helped in making brand more popular in nature. The organization has made their social media page making increase within engagement of customers. As it increases more and more customers within market which provided platform for success. Market information STP analysis STP analysis this is that kind of tool that has been used by an organization over proving subject matter over segmentation, targeting and positioning that holds importance in relation over business. The tool has helped business in relation over positioning its product and services which makes growth possible within market. Also through this analysis basic aspects has been STP analysis of Taste and Try business is mentioned below:
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Segmentation:Segmentationmeanstheprocessthroughwhichhelpsinmaking identification done over various characteristics and traits within people existing in market helping upon developing marketing campaign. There are various kinds of segmentation which is based over demographic, geographic, psychographic, behavioural. Taste ans try with the help of segmentation is able to segment customers on the basis of behavioural and demographic aspect. As the business done by the related to food which is based over providing services to customers with health and tasty food. Segmentation makes Taste and Try understand about the locations in more effective manner. Targeting:Targeting is the process through which various segments creating demand for business that makes market covered more effectively(Lasrado, Lasrado and Barlow, 2019). In this process all customers are targeted form every segments making new business establish themselves within market. Through using targeting taste and try makes its market performance improved on the basis of its size, profit and reachability to customers. The organization has been selecting people or targeting audiences that are young and health conscious. Also it makes brand awareness created in a country like United Kingdom. Through targeting the organization is able to reach customers at all level which makes its sales improved. Positioning:Positioning means process which creates distinct image of an organization among its customers which makes pitching of products and services done in better manner. This allows an organization for differentiating over products by making it more popular then its customers. Also there are various types of positioning like symbolic, functional, experimental positioning. This makes organization perform positioning as per its products nature. This helps in making taste and try develop its vision in better manner which is reflected within its products innovation. Under it products and services are sold to customers having age 25-40 making its service popular among youth and other people. PESTEL analysis PESTEL analysis is based over those factors which makes impact created upon business. This is important analysis through which an organizations develops its functioning within the market. Also through PESTLE analysis an organization is able deal within perspective like political, economical, environmental, legal, social and technology. Further, the analysis has been performed in relation to taste and try as follows:
Political factors:Political factors are based over those aspects which is covered about policies related to functioning of government. As per the factor various kinds of policies formed by government has been covered. Under the factor tax, revenue and priofit making policies are covered which impacts growth of new business. An organization like Taste and Try interfacer of government policies has made various challenges to be faced. Since government has created lot of restriction over movement of people due to its COVID policies(Nguyen, Hooi and Avvari, 2021). This made Taste and Try face loss which made organization face difficulty in delivering its products on time. Also increase in tax within tax policies made organizations customers loyalty decreased as its products become expensive for particular class of customers. Economic factors:Economic factors are based over those aspects which is related to economy that are unemployment, import and export rates, inflation or deflationwith various other economic aspects. In relation over Taste and Try the impact has been created over cost of organization making since its is an new business entity which makes it face more struggle when inflation arises as demand of its products reduces affecting its sales directly. A people of UK has high income but in recent times increase in unemployment rate that helped organization to become popular as its new and innovative products were sold at low price as compare to other organizations. Social factors: Social factors are based over those perspective which is related to customer's taste, preferences and culture existing within an country. Also the factors makes an organization build hold upon customers which lead upon making market developed for the organization. There is increasing rend of health awareness in UK due to covid-19 situation which provide opportunity for business as Taste and Try is offering Healthy food to their customers. This make market capturing done more effectively and faster manner. Technological factors:Technological factors has been dealing with various kinds of technological advancement takingplace within an organization. Alsothe factor helps an organization develop capacity over creating competitive advantage of an organization(Rong, Li and Xie, 2019). This is helpful for an organization like Taste and Try in a way that it makes its reach possible to its customers during the time of COVID by developing online means for ordering, delivering and payment. This made the organization become more popular within the country and helps in using technology for its positive progress.
Environmental factors:Environmental factors are those factors which are based upon weather, pollution, climate condition and corporate social responsibility of business. Through this factor taste and try is business that makes hygienic food provided to its customers and also manages its waste in proper manner which improves quality of its services. Legal factors:Legal factors means those factors which has been used in order to develop legal structure based over laws and legislation as per legal aspect existing in UK. These are those factors which helps in protecting an organization form legal issues. Also it helps in creating legal stability within an organization like taste and try. This improves organizations stability within market by making services provided as per legal standards. This factor helps taste and try attain intellectual right which protected the originality of its services legally. SWOT ANALYSIS SWOTanalysisidentifytheinternalandexternalfactorsthataffectthebusiness environment of the organisation. SWOT analysis is a technique in which companies analysis present best things in order to make successful strategy for future use. SWOT analysis help companies to identify their strengths, weaknesses, opportunities, and threats in order to improve and maintain their position in the market. Taste and Tryuses SWOT analysis to identify its strengths , weaknesses, opportunities, and threats in order to improve its position in the market. Strengths ï‚·The main strength of taste and try is its fusionoffoodwhichhelpedin developing its market within country likeUnitedKingdom.Throughthis aspecttheorganizationisableto deliverserviceswhichmadebetter consumer base created. ï‚·It helped in enhancing market position oftheorganizationwhichmade organization attain sustainability within market. ï‚·Another strength possessed by taste and Weaknesses ï‚·Weaknesses of taste and try is its price that keeps on fluctuating which made customers shift to other brand having stable price segments. ï‚·Another weakness is its position within the market since its new business and many people does not have knowledge about it which makes brand awareness less and impacts sales of taste and try. ï‚·WeaknessesofTasteandtryisits leadershipandengagementwhichis weakthatmakesorganizationface
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tryisdeliveryprocesswhichhas strengthen the reach towards customers. difficulty in covering market at large. Opportunities ï‚·Opportunities is its unique dishes which is based over organic food and fast food fusionthatattractsmoreandmore youngcustomersastheyrelishfast food. ï‚·SomeoftheOpportunitiesisbased over online services which is produced through online portals in order to attract moreandmorecustomersmaking organization develop global perspective for future. Threats ï‚·Threatspersistingtotasteandtry related over maintaining position within themarket.Thismadeorganization facedifficultiesinestablishingitself within the market. ï‚·Also it competitors has impacted sales oforganizationwhichmadeits customers base face fluctuations during the time of COVID 19 pandemic. Business functions These are those functions which are used by an organization inn order to develop various aspects which makes business develop itself in right direction. These functions also helps in making business improve its structure making growth to be done effectively. Also business structure makes in generating of sales and revenue for an business. The functions develops various aspects which is required by an business in order to improve its growing capacity. Through business functions business achieved its goals and objective with better format. It makes business core working done for an new organization like taste and try. It has been discussed as follows: Production function These are those position which helps in positioning of business activity and continuous process. The production cycle is basically dependent over various aspects that is related to production which has been making organization develop more capacity to produce its products.
In this function heavy investment is involved over fixed assets and working capital. An organization like taste and try through production is able to fulfil demands of its customers making objectives of organization achieved more effectively. Also through thistaste and try is able to fulfil consumers demand with better quality(Syaifudin, 2017). Research and Development This is another important functions making development possible over creating new products, innovation or process which makes products process in better manner. Also the functions helps organization like taste and try for using innovation within its dishes which makes organizations attract more and more customers. It is also helpful in understanding about competitors with better approach. Purchasing function Thisfunctionisbasedoveracquiringgoodsandserviceswhichisusedbyan organization and includesraw materials and components for manufacturing and production equipment within it. Also through this buying of goods and services is done for an organization. This function mainly works over quality, quantity, price and delivery in relation upon product provided by an organization liketaste and try. It increases purchasing power by improving quality of services and maintaining price with quantity. Sales and Marketing These are two business functions often making business to be carried out by same department. Also through the function various department functions in order to make promotion done over various prospects, potential and existing partner. In the end goal is based over increasing of sales and increase brand awareness. Sales and marketing specialists makes manager of organization like taste and try target audience and makes monitoring of organizations image done more effectively(Tung and Jordann, 2017). Through using brochures and other promotional materials, write website content made organization manage its sales and marketing within UK market. Accounting and Finance This function is based over various kinds of factors which has been explained as follows, the financial record keeping makes transaction involved monetary inflows and outflows. It makes financial statement prepared which contains income statement, balance sheet and cash flow statement making reporting to external parties and shareholders in order to make txes
calculated over any tax over business profit.Payroll administration helps in maintaining appropriateincometaxwhichmakesinsurancerecord.Ithelpsorganizationinmaking organization like taste and try develop its financial capability helping in maintaining accounts on yearly and monthly basis . Distribution In this goods produced are meant for sales with distribution function which is important part of business activity. This makes inflow of cash developed in order to meet outflow of cash. This is based over various kinds of distribution channels like media of advertisements, and sales promotion devices proper guidance should be taking(Waddock and McIntosh, 2017). It holds importance in relation over taste and try makes its product reach customers without any problem during the time of COVID also. These function are used by an new organization liketaste and try for improving itself that makes it capture market without any problem. Also this makes organizations structure itself from basic making production capacity increase with developing understanding about finances or budget ofan organization. Through business functions production capacity of organization increases which makes demand of customers fulfilled. Then purchasing power of organization increases making sales increase which leads over profit and revenue generation. Through these functions marketing is improved which makes promotion done more effectively. In the end distribution is improved over services of taste and try. CONCLUSION From the above discussion it ca be concluded that business plan are those plans making organizationdevelopproperstructurehelpingincoveringvariousaspectswithmore effectiveness. Also in this file various aspects related over business organization has been developed in relation to business plan. In this objective related to new business is explained and PESTLE analysis has been done in relation to it. SWOT has been done over new business and business functions has been explained in the end. These functions helps business in uplifting itself within market through making innovation developed within it.
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REFERCES Books and Journals Andrzejewski, S.A., 2019. Entrepreneurship, Innovation, and Creativity: Gendered Constructs or EqualDomains?.InGo-to-MarketStrategiesforWomenEntrepreneurs.Emerald Publishing Limited. Cheah, S.L.Y. and Ho, Y.P., 2021. Effect of space creativity and social climate on business model innovation in Do-it-Yourself laboratories: the mediating role of opportunity discoveryinthecaseofSingapore.TechnologyAnalysis&Strategic Management,33(10), pp.1171-1185. Gay, C. and Szostak, B.L., 2019.Innovation and Creativity in SMEs: Challenges, Evolutions and Prospects. John Wiley & Sons. Harris, A. and de Bruin, L., 2017. STEAM Education: Fostering creativity in and beyond secondary schools.Australian art education,38(1), pp.54-75. Lasrado,F.,LasradoandBarlow,2019.FosteringCreativityandInnovation.Springer International Publishing. Nguyen, N.T., Hooi, L.W. and Avvari, M.V., 2021. Leadership styles and organisational innovation in Vietnam: does employee creativity matter?.International Journal of Productivity and Performance Management. Rong, P., Li, C. and Xie, J., 2019. Learning, trust, and creativity in top management teams: Team reflexivityasamoderator.SocialBehaviorandPersonality:aninternational journal,47(5), pp.1-14. Rowley, C. and Oh, I. eds., 2020.Leadership in East Asia: Globalization, Innovation and Creativity in Japan, South Korea and China. Routledge. Saxena,A.K.,2021.Innovation,Creativity,EntrepreneurshipManagement:AnAnalytical Approach.InHandbookofResearchonFutureOpportunitiesforTechnology Management Education(pp. 313-330). IGI Global. Syaifudin, A., 2017. The Impact of Creativity and Innovation on Increasing Micro Enterprise Income PKL Gading Fajar Sidoarjo.IJEBD International Journal Of Entrepreneurship And Business Development eISSN 2597-4785 pISSN 2597-4750,1(1), pp.88-98. Tung, W.F. and Jordann, G., 2017. Crowdsourcing social network service for social enterprise innovation. Information Systems Frontiers, 19(6), pp.1311-1327.
Waddock, S. and McIntosh, M., 2017.SEE change: Making the transition to a sustainable enterprise economy. Routledge.
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