Innovation and Entrepreneurship: Bakery Business Plan Analysis

This assignment presents a comprehensive business plan for a startup bakery, outlining its vision, mission, and goals. It details the strategies the bakery intends to employ, emphasizing innovation in product design and raw materials to gain a competitive edge in the Singapore market. The plan i...Read More

Running head: INNOVATION AND ENTREPRENEURSHIP
Innovation and Entrepreneurship
Name of the student:
Name of the University:
Author Note:

1INNOVATION AND ENTREPRENEURSHIP
This assignment highlights a bakery business and its business plan along with a
SWOT analysis, pestle analysis and porters five force analysis.
Vision
The vision of the Bakery is to serve the people with the best quality of cake and biscuit and
established the business as one of the most famous Bakery chain.
Mission
The Bakery is a Start up business. It has 10 employees to start with. The Bakery business
started with the vision of establishing the business as a chain of bakeries across the country.
The targeted customers are the people who have a sweet tooth and those who love baked
products (Blank, 2013). The customers include the youth and the children as well as the
people of Singapore celebrating their wedding or birthdays or any other occasions where the
order cakes from this Bakery. The business is motivated to serve the best quality of cakes in
Singapore and bring in innovation in order to achieve competitive advantage then the
competitors.
Goals
The goals of the Bakery are to reach every citizen of Singapore with the cake and bake
products. They have a target of reaching to 1 million people with their baked products and
cake and reach a target of 1million dollar in the next 6 months.
Strategies
In order to reach the goal that is set by the Bakery, various innovation challenges needs to be
taken up. Since a bakery is very common in Singapore, the business has to have a unique
selling proposition in order to establish them as the leader in the market. The innovation
includes use of best raw materials along with innovative baking materials (Kiel, 2014). The
designs of the cake and the other baked products are proposed to be innovative and
unconventional to attract more customers. Along with the use of chocolate unconventional

2INNOVATION AND ENTREPRENEURSHIP
themes and icing on the cakes, fresh fruits and dry fruits are to be used which is
unconventional among the bakeries of Singapore.
Action plan
Day 1- choose a theme of the king and the Bakery products that will be baked along in the
week
Day 2- ensure the procurement of the raw materials that are needed for the Bakery products
Day 3- make the cakes and the products along with carrying out of Promotional activities
Day 4- give out lucrative offers on the cake and the Bakery products to attract new customers
Day 5- while the customer come for buying cake, offered them samples of the Other Bakery
products such that they end up buying the new products as well
PESTEL Analysis
Political  Political stability
Economic  Stable economy
 High affordability
Social  Increase in the demand of bakeries
Technological  Use of latest technology for
innovation (Mullins, 2013)
Environmental  Use of organic raw materials will give
competitive advantages
Legal  The legislation of the country has to
be abided by the bakery
Porter’s 5 force Analysis
Buyer’s power- the buyer’s power is high since the Bakery is a Start up and it has to attract
more customers

3INNOVATION AND ENTREPRENEURSHIP
Supplier’s power- the supplier’s power is high since the Bakery is a Start up and is dependent
on few suppliers for the supply of raw materials.
Threat of substitute- the threat of substitute is low, since innovation is the unique selling
proposition of the Bakery.
Threat of new entrants- the threat of new entrants is high since Bakery is common in any
country (Brooks, Heffner & Henderson, 2014).
Competitive rivalry- the competitive rivalry is high competition for the start-up Bakery since
they are leaders in the market and they will offer high challenge.
SWOT Analysis
Strengths
 Innovation
 Fresh raw materials
 Use of organic materials
Weakness
 High competition
 Low promotional activities
 High cost of the products
Opportunity
 Increase in the demand of the bakery
products
 Need for innovation in the bakery
industry
Threat
 High competition in the bakery
industry
 Threat of new entrants
This assignment highlights the mission vision of a Start up Bakery along with the strategies
that the Bakery needs to take in order to fulfil the mission and the vision. The action plan is
also included in this assignment. Innovation has been chosen as the unique selling
proposition for the Bakery to establish itself as one of the largest Bakery chains in Singapore.
The swot analysis highlights that the use of organic raw materials is strength, whereas the

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high cost of the products is a weakness. However, various opportunities have been identified
for the bakery to grow and fulfil its mission and vision.