Innovation and Entrepreneurship: Business Plan for Bevvy Desire

This report presents a strategic business plan for "Bevvy Desire," a new food service venture in London, focusing on innovation and entrepreneurship within the food industry. It includes an analysis of the industry profile, highlighting current demands and statistics in the London market, and delves into the business model, employing the Razor-Razorblade model and Business Model Canvas to outline profitability strategies. The plan identifies key points of differentiation, such as customized food services and high-quality ingredients, and addresses potential challenges, including diverse customer needs and supply chain management. Furthermore, it defines prospective customers within the 18-45 age group and outlines a marketing plan using the 4Ps (Product, Price, Place, Promotion) to position Bevvy Desire effectively in the London market. Competitor analysis and potential funding sources are also discussed, providing a comprehensive overview of the proposed business venture. Desklib offers more solved assignments and past papers for students.

Innovation and
entrepreneurship

Executive Summary
Innovation and entrepreneurship is the key factor or elements of developing the successful
commercial venture. As the innovation play important role in the entrepreneurship by enhancing
the creative and analytical thinking of the individual. Entrepreneurship is the process of creating
new brand with innovation and value, by taking the financial risk. This is the key contributor of
growth in the UK. In this report a new business idea within the London, along with the strategic
business plan is developed, related to the food industry and it is named as Bevvy desire . Within
this report overall the Analysis of the industry profile, challenges, prospective customers, source
of funding,competitor is done, along with the development of business model and marketing
plan.

Table of Contents
INTRODUCTION ..........................................................................................................................1
Start-Up Business Idea...........................................................................................................1
Industry Profile.......................................................................................................................2
The Business Model...............................................................................................................2
Point of differentiation...........................................................................................................4
Challenges to the Business Idea:............................................................................................5
Prospective Customers...........................................................................................................5
Brief Marketing Plan..............................................................................................................6
Competitor Analysis...............................................................................................................7
Sources of Funding.................................................................................................................8
Intellectual Property...............................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES ............................................................................................................................10

INTRODUCTION
Innovation and entrepreneurship is the key factor or elements of developing the
successful commercial venture. As the innovation play important role in the entrepreneurship by
enhancing the creative and out of box thinking of the individual. Entrepreneurship is the process
of creating new brand with value, by taking the financial risk. This is the key contributor of
growth in the UK (Cunningham, and et. al., 2019). In this report a new business idea within the
London, along with the strategic business plan is developed. Analysis of the industry profile,
challenges, prospective customers, source of funding,competitor is done, along with the
development of business model and marketing plan.
Start-Up Business Idea
Business idea should be develop in context to the current needs and interest of the
customers of the target market, because this can help in the attraction of higher customer and
higher sale. Food is one of the most common need of the peoples in every place and customers
are always being very exited for the new offers and new way of the food services. The new
business idea for the SME is innovative online and offline customised food services business.
Which will provide the different cultural food items, such as British, India and Italian, according
to the personal needs of the customers. Organization service place for the offline services will be
design with the peaceful interior design related to the selected culture. Which can be booked by
the customers for small events like birthday celebration and all. Customers can make the pre
informed order here with their customization needs (Huang, and et. al., 2019).
Organization selected name is Bevvy desire below is the illustration of products and
services. The current trend in food sector is vegan so the total food product will be veg product.
Products and services
 Customer services like guest and this will be in the from of bed and breakfast.
 Birthday and other occasional booking services with customised food.
 British food will be in the menu, Punchnep, Rumbledethumps, Glamorgan Sausages,
Clapshot, Fried Cabbage.
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 Indian food in menu will be Dal Tadka,Malai Kofta,Mutter Paneer, aloo tiky , Masala
Papad, Vada Pav and Khaman.
 Spaghetti Bolognese,Pizza Napoletana, Ribollita etc.
Industry Profile
Food industry current demand and statistics on London market is at the best position
with developing customers needs for the innovative food services. On the basis of Nils-Gerrit
Wunsch (2020) report food industry is involving the each and every activities from the farming,
food production to the retailing and food services. It has been analysed that food industry outputs
are not sufficient to fulfil the needs of population and only meets the 55% of food demand. 18.8
million hectares of the land are used by the food industry in the UK. Annual revenue of the food
products manufacturing in UK is 83.7bn GBP, consumer spending on food is 103.3bn GBP.
Revenue of the prepared meals and dishes manufacturing within 2008 to 2019 is 3.5bn GBP,
number of the food product manufacturing business company in London is 1685. Ethically
labelled packaged foods market value globally, is projected or expected to grow to from 793.3
billion U.S. dollars in 2015 to 872.7 billion U.S. dollars by 2020. there is the higher demand of
the restaurant-meal delivery, but peoples also depended on the plus semi-prepared meal kits. In
context to this factor organization should focus on the fast services, by taking pre-order and
managing best staff (Linnik, and et. al., 2020).
The Business Model
Business model is the key tool which help the organization to manage their core
strategies of profitability. This is generally in involving the product and services information,
along with the business plan to sell. This also involves target market information, operational
and functional costs along with the pricing strategies. In context to the Bevvy desire the
selected business model is Razor-Razorblade Model and tool is Business model canvas with the
help of which organization will make the business profit plan and implement it effectively.
Razor-Razorblade Model
This is involving the pricing and marketing strategy which developed with the objective
of generating reliable income by locking a customer onto a platform toll for a long period. For
example within the aid of this model the in the selected business plan one food product which is
connected to the other product will sell in the lower price to increase the sells of discounted
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product and other associated product. Burger sell at the lower price to make the higher sale of
the burger together with francefries (Cokins, 2017).
Business model canvas
This is the tool which help to effectively understand the business model and implement or
plan the strategies along with the task activities in to the appropriate channels or in structure.
This helps to assess and visualize the changing business model and value development. Below is
the illustration of Bevvy desire business model and key task to make profit.
Problem
Lack of the
cultural food
for the
multinational
customers.
Lack of the
customization
in food
products or
services on
the basis of
customers
personal
needs.
Lack of the
pure veg food
products .
Alternative
solution
Solution
facility of the
online and
offline cultural
customised
food.
Pre order
services and
facilities for the
customised
food.
Pure veg food
product's along
with the
maintenance of
proper hygiene.
key statistics
Effective
management of
Value
proportion
health food
which will
meet the
needs of
customers
cultural and
customization
needs, within
the right time,
right price
and at the
customers
desire place,
either this can
be their own
home place or
the
organization
food serving
place with
designed with
multicultural
The different
features of
bed and
breakfast.
Adjusting the
menu
ingredient on
the basis of
customers
demand and
chefs and
dietitian.
Channels
Instagram
organization
website
Facebook
Customers profiling
Customers how are highly
interested in the food and
require the prepared food in
Daly basis, such as the
students and office workers.
Age between 18 to 45.
Open to new solution
focus on the organic
food as per the developing
needs. With the solution of
innovative organic and
sustainable technique of
food preparation (Cheah,
and et. al., 2019).
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customers can
suggest their
own recipes
for food
preparation
and delivery.
the customers
information for
the future use
and continuous
promotion of
the product
along with the
management of
good customer
relationship.
interior
design.
Cost structure
Renting cost $ 1500 per month.
Cost of necessary equipments $ 10,000.
Employees play roll per-month $ 11,000 per
month.
Delivery cost $ 400 monthly.
Online management system cost $149 per
month.
Revenues
The key way and process generating revenue is
can be:
 Catering events
 Bookings for food and service place
 online order
 service place orders
Point of differentiation
For the successful growth and development of the organization point of the
differentiation is very important because, these are the factors which key beneficial difference of
the organization products from the other competitors and how it is much better for the customers
in comparison to the product and services of other company.
Bevvy desire purpose of the differentiation is to provide more healthy, tasty and convenience
food services in compression to the other service providers in the market. This help to create the
competitive advantages by offering the superior alternatives on market.
 Organization is different for the other competitors in terms of the quality
ingredients (Li, Lockett, and Lawson, 2020).
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 This is offering the food recipe and ingredients customization to the customers
which is not offer by the other competitors.
 Lower pricing and effective offers.
 Higher menu flexibility and effective food and space booking services.
Challenges to the Business Idea:
Anticipated challenges in venture is the diverse customers needs and strategies planing
for their satisfaction. As the business if offering the multicultural customized food so their will
be inventory management challenges which have to be address with the innovative management
technology. Organization will face the supply chain management issues at the beginning but this
can be manage within the IT supply management tools. There is the higher chances of the new
competitors in context to which the leading challenges for the organization is keeping their
services and product interactive. One of the most impacting factor or challenge is the competitors
which have to be managed with the innovative and unique services. For the fast services
organization have to manage their processing and inventory management effectively this is
challenging due to the big menu list. But that is important to be manage in smooth flow, for this
organization can work on the Implementation of the new management technology (Zulfiqar, and
Ahmad, 2020).
Prospective Customers
In the food processing and serving business one of the most important activity in business
plan is identification and targeting of the prospective customers. Prospective customers are the
individual who posses the interest towards the products and services along with the alienability
of making purchase. The customer group with the financial stability and power or interest to
make purchasing.
Bevvy desire prospective customers is can be from the group of 18 to 45 year old peoples
as they work, study and stay out of the some most of the time. Teenagers are in the main point of
focus because they some with the higher needs of personalized food services and spaces. This
age group is selected they are working and posses the financial power to make purchase.
Customers of the different nation who stay at the London are at the main target area because they
possess the higher interest on cultural food and make higher effort to get that (Kukurba, and
Waszkiewicz, 2018).
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Brief Marketing Plan
Positioning in the London market and the 4-Ps
Bevvy desire, food products and services is can be effectively promote and advertise
within the London through the help of 4 Ps of the marketing mix. As it support in the selection of
appropriate strategies and activities of the marketing by focusing on the key factors of market.
Marketing mix- This is the most important tool of the business which helps in the
effective marketing strategies and activities development in context to the launching new
products into the market. This helps to chose or selected the effective marketing option in terms
of price, product, promotion and place. Below is the brief explanation of the marketing mix in
context to the positioning of Bevvy desire product services into the London market (Ngang, and
Ageh, 2019).
4Ps Marketing strategies
Product
This is the key factor of the business for which
mainly the marketing plan is develop. But in
order to be effective in marketing that is
important to first consider the product features
according to the marketing needs.
Bevvy desire will make sure the appropriate
quality of the products and use of the quality
ingredient.
Products should be process according to the
customers specific needs.
Products should be healthy and satisfactory for
the target customers of London.
Price
Another key factor which impact the marketing
plan influence is the pricing of product. So that
is important to use the effective pricing
strategy and its illustration in the promotional
activities to grab customers attention.
Bevvy desire is using the cost effective pricing
strategies along with the effective discount
offers.
Price of the online and offline food services
will be relevant and satisfactory for the target
customers of the London.
Place
This is another important factor of the
marketing, because for the marketing activity
Online channels such as the social or digital
media will be the first place to interact with
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and customers satisfaction that is impotent to
reach them with the appropriate information in
the right place. Such as place of the customers
interaction and servicing.
customers.
The offline services will be provided to the
customers, in peaceful serving place, with
comfortable settings.
Promotion
This is one of the most essential factor if the
marketing which use to interact the customers
towards organization information and make
them aware about the new products and
services.
Bevvy desire will use the attractive
promotional formates along with the customers
influencing information. Like offers and lower
price will clearly illustrated in the promotional
content. Such as infographics, marketing
campaigns, social media streaming will be the
key activities of brand promotion.
Competitor Analysis
In order to manage the continuous growth and prevent the risk of loss that is important
for the organization to analyse the competitors and their strategies.
Strategic Group Analysis is the tool which helps to identify the organization with smilier
strategies.
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This model involves the analysis and compression of some key characteristics to identify
the competitors, such as product diversity, marketing efforts, distribution channels etc.
GYMKHANA- this is the competitor due to their high quality Indian food with effective
flavours of cultural foods.
Tamarind- This is the contemporary restaurant offer Traditional North Indian cuisine and
innovative seasonal dishes in elegant way.
LEGGERO- This is another competitor which offers the gluten free Italian vegan food.
Sources of Funding
Funding is the process of collecting financial resources for the business start-up or
development. There are the different sources of funding within the market by the aid of which
Bevvy desire can get the adequate amount is fund for the start-up. Two of the most appropriate
source of funding is can be angel investors and government bank loan.
Angel investors- These are the type of the individual who offers the promising funding
support in exchange of the selected piece of the business. This is the type of equity funding
source. This can be good for the Bevvy desire to get the appropriate amount of the funding.
Benefits- There is the less risk and higher support of the investor, it can take less time.
Disadvantages- This can distribute the control of organization between investors and
owner, chances of conflict.
Government bank loan- Within the UK government loan is the bets funding source for
the SME as it offers the selected amount of the loan at low interest rate. This is can be one of the
best funding source for the selected organization.
Benefits- One of the most influencing advantage of this funding source is lower interest
rate and less chances of the conflict.
Disadvantages- This take higher time to approve the loan and need huge documentations
procedure.
Intellectual Property
IPR (Intellectual property right) is the one of the most effective system with the help of
which various intellectual assets or function of the organization is can be secure for the selected
period of time. In context to the Bevvy desire food business some of the essential protection
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tools are Copyright Protection and trademark, as there is the need of organization logo and menu
protection.
Copyright- This is the type of legal protective tool for the intellectual content of the
authors, Bevvy desire can protect their innovative food recipes for the selected period of time. It
last for within the life of the author plus 70 years.
Trademark-This is the intellectual property protecting legal method by the help of
which organization can protect their logo, sign graphics. Once the Bevvy desire registered their
logo in trademark then no one can copy this (Viriyasitavat, and et. al., 2019).
CONCLUSION
From the above work and analysis it has been concluded that small business organization
play very important role in the growth of national and internation economy. This is depending on
the development of entrepreneurial ventures with the new small business idea. There are the
various step of the innovative business idea development and business planing such as analysis
of the industry, development of the business plan, differentiation of the organization products
and services from other, competitor analysis and effective marketing planing.
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