Feasibility Analysis of a Vending Machine Business Plan

Business Plan

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Perform a feasibility analysis of the business plan. By using concepts of innovation and
creativity, conduct their importance in the working of entrepreneurs and their businesses...3
Conduct an STP and competitive analysis with opportunity gaps in the business through
detailed research.....................................................................................................................4
Illustrate Osterwalder’s business model canvas and Porter’s value chain, discuss the business
plan and explain how the plan will work in the market?........................................................6
Discuss business and the marketing tactics that the entrepreneurs attempt to gain success.
Investigate the errors committed by first-time entrepreneurs. Comment on the strategies they
apply for development, consolidation and underperformance...............................................8
Explain the financial techniques, planning tools and decision-making models that could be
used to estimate and diminish risks?......................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
A blueprint which shows marketing, financial and operational goals (Ahmed, 2019). In
this report, a vending machine of sanitary pads and other medicinal needs for travellers has been
set up at places where these needs are not easily fulfilled so that people travelling to different
places don't have to suffer and fear while deciding the dates and mode of travel. Osterwalder's
business canvas has been discussed to describe, design and analyse the business model. STP
analysis which shows the target audience of the service and how to make the service efficient is
also done. Porter's value chain, a tool that breaks the company into different segments to help
evaluate the activities in length and make necessary changes has also been explained. Moreover,
the various strategies on how to get funding and fulfil the everyday needs with different
marketing & planning tools for the company growth and to pacify the risks involved with the
idea are also discussed and provided.
MAIN BODY
Perform a feasibility analysis of the business plan. By using concepts of innovation and
creativity, conduct their importance in the working of entrepreneurs and their businesses.
There exists a very significant relationship between entrepreneurs and innovation and
creativity. It combines these two paths to align and apply them in a specific way to generate
business profits and sales revenue. Creativity is an important tool that helps the business to
prosper and is vital for the success of the business. The business plan is about a vending machine
invention that caters to the medicinal needs of travellers across different travel regions. It helps
the travellers by supplying them with the necessities of sanitary pads, medicines and other
medical items that are not easily available while travelling through different regions. The
feasibility of this business plan is determined by the way it has targeted the emergency medical
needs of the travellers across the country and has aimed to solve the issue of unavailability of
certain medical requirements at places that are easily accessible to the persons travelling
(Altobella, 2018). According to the market research done, it has been noticed that there are no
companies that cater to the medicinal needs of the people travelling as there occur many
situations in which there exists a need of emergence sanitary pads or any medicinal requirement
which then takes a lot of time for them to purchase and acquire from any medical shop or nearby

store, as to locate such stores become a task for travellers as they are at a place not known to
them or they are not familiar with. Concerning such situations, the respective business plan
decided plays a pivotal role as it represents and provides a new problem-solving idea to a certain
class of customers. The location decided for this business and its marketing includes all the
exigency places such as petrol pumps, parking lots, metro stations, airports and highway stations.
All these places are such that somehow occur in the travel journey and hence are an easy reach
for all those who travel across regions as they will surely not have any problem in finding and
locating any places that include these vending machines. The competitor base for this product is
negligible as there exists no company which provides these facilities at present. Although there
are companies which have their vending machine established at different locations mentioned
above including airports, and highways they provide food and snack items and hence there
remains no such competition for the company at this point (Despotovich and Traub, 2020). The
USP of the business plan is established by the creativity and the innovation of the entrepreneurial
mind that has brought in this idea to create and manufacture such vending machines that cater to
the medicinal demands of the travellers in different cities and regions where they are new to the
area, city or regions. The creative opportunity is exhausted by the entrepreneurs in the best way
possible as they take into consideration all the factors responsible for establishing a business and
innovating a product or service that proves to be successful in today's business environment. As
entrepreneurs with their innovative nature create the combinations of different products and
services according to the needs and requirements of people in the market and finalise a product
creatively with the help of the one that reduces the cost and provides maximum benefit to the
business. Entrepreneurship with innovation and creativity are very closely knitted to each other
as they provide entrepreneurs with the base on which they can place their business idea which
then flourishes in the markets due to their creative approach and USPs.
Conduct an STP and competitive analysis with opportunity gaps in the business through detailed
research.
Segmentation, targeting and positioning analysis enable the company to better understand
the market, help in customer satisfaction and use the data available so that auxiliary income is
generated. For the setup of vending machines, it is necessary to understand so that the business
flourishes in the dynamic environment. STP analysis identifies the niche market and accordingly
sets the strategy for the targeted audience (El-Hiary, 2021).