Entrepreneurial Idea Evaluation: A Gap Analysis of Taste and Try

This report presents a comprehensive gap analysis for evaluating the entrepreneurial idea of 'Taste and Try,' a venture focused on vegan food products. The analysis incorporates primary data collected through questionnaires to understand customer preferences, alongside secondary data for comparative analysis with existing businesses. The report utilizes the SWOT framework to assess the strengths, weaknesses, opportunities, and threats associated with the venture, and Porter's Five Forces model to analyze the competitive landscape. Key findings from the questionnaire indicate customer interest in vegan food, while the SWOT analysis identifies strengths such as healthy products and a strong social media presence, weaknesses like high transportation costs and limited global reach, opportunities for global expansion through digital marketing, and threats from changing regulations and competition. Porter's Five Forces analysis examines the threat of new entrants, bargaining power of buyers and suppliers, the threat of substitutes, and rivalry among existing competitors, providing a holistic evaluation of the venture's potential for success in the market.

Gap analysis for the
evaluation of a
entrepreneurial idea

TABLE OF CONTENT
• Gap analysis
• Comparative analysis
• Questionnaire
• SWOT framework
• Porter's five force model
• References

GAP ANALYSIS
This is the procedure this is used to perceive the customer's wishes and locate the manner
to enhance the procedure in commercial enterprise organization. This is the technique of
defining the variations in overall performance among a commercial enterprise statistics
structures or software program software that decide whether or not commercial enterprise
necessities are being met and if not, then what step ought to be taken so as to met
successfully

PRIMARY DATA
The number one information manner information that's amassed
from first time via way of means of gaining knowledge of the
marketplace. This is amassed via way of means of the
researcher via way of means of doing studies in marketplace.

SECONDARY DATA
This approach a records that is amassed from current sources inside business enterprise.
There isn't always want to do any studies and spent greater time and money.
Organization can manufacture the product with the aid of using following the person. It is
used to examine with different business enterprise that is defined as:

COMPARATIVE ANALYSIS
Basis Taste and Try Holy carrot
Size of
organisation
The management of company wants to
established private owned company
which provides number of vegan dishes
to their customers.
It delivers mixture of vegan food that
attract the customers.
Price The management of company adopt
market penetration pricing to target the
larger number of customers.
It reflects competitive pricing policy
because of targeting the customers in
effective manner
Location London, UK Reached at global level
Focuses It will focus on customer taste as light
sugar, weight and no meat.
It focuses on number of customers by
manufacturing vegan dishes.

Questionnaire
Name:
Age:
Email Id:
Q1. Do you like vegetables? Frequency
a. Yes 14
b. No 6
Q2. What type of vegan food do you prefer? Frequency
a Fully vegetables 3
b. Semi vegan along with other grains 5
c. Milk Based 5
d. Innovative 7
QUESTIONNAIRE

QUESTIONNAIRE
Q3. Have you heard about Taste and try?
Frequency
a. Yes
14
b. No
16
Q4. How regularly you spend on chocolates?
Frequency
a. Everyday
3
b. Occasionally
5
c. Once in a week
5

QUESTIONNAIRE
Q5. Do you think that Taste and try will attain success at Wembley?
Frequency
a. Yes
12
b. No
8

Interpretation: it is analysed from the above analyses
that 14 out of 20 respondents like vegan and 6 of them
are saying that they do not like vegan food. Mean, mode
and median for their responds are 10, 2, 10 respectively.
Q1. Do you like vegetables?
Frequency
a. Yes
14
b. No
6
Mean
10
Mode
2
Median
1014
6
a. Yes
b. No
14
6
a. Yes
b. No

Interpretation: from the above chart it has been observed that 6 respondents spends on vegan
food everyday, 6 spends on weekly, 3 spends in a month and another 5 respondents spends
occasionally.
Q4. How regularly you spend on chocolates?
Frequency
a. Everyday
6
b. Occasionally
5
c. Once in a week
6
d. Once in a month
3
Mean
5
Mode
0
Median
6
5
6
3
a. Everyday
b. Occasionally
c. Once in a week
d. Once in a month
6
5
6
3
a. Everyday
b. Occasionally
c. Once in a week
d. Once in a month

SWOT Framework
SWOT analysis is a technique which is used to analyse the
objectives, progress and problems of and organization. SWOT
is basically the abbreviation for Strength, Weakness,
Opportunity and Threat . Organizations use this tool for a
better understanding of internal and external factors that may
affect the organization's objectives and goals.