Tifrea’s Bakery: Business Concept Development and Peer Analysis

This report outlines the development of Tifrea's Bakery, an online bakery service targeting the UK market. It details the original business concept, which focuses on customized baked goods and advanced technological integration like Augmented and Virtual Reality for an enhanced customer experience. The report includes a thorough analysis of key partners, activities, value proposition, customer relationships, channels, customer segments, resources, cost structure, and revenue structure. Furthermore, it incorporates peer group reflection, providing insights and recommendations from a pre-selected working party and a self-selected discussion group. The feedback addresses areas such as key partnerships, communication channels, customer segmentation, cost structure, and value proposition, ultimately aiming to refine the business model for optimal success in the UK market. Desklib provides this document and many other resources to help students in their academic journey.

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Table of Contents
Introduction................................................................................................................................3
Original Business Concept.........................................................................................................4
Peer Group reflection.................................................................................................................8
Concept Improvement Reiteration...........................................................................................11
Conclusion................................................................................................................................13
Reference List..........................................................................................................................14
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Introduction
Developing or creating a new business concerns various activities that involve new product,
new service designing, new opportunities and new business model. A business is stated to be
developed when an individual develops the business aspects in understanding the business
idea and develop it further to succeed. A new business idea means to conceptualise the
financial gain from the centred services and products that will be offered in behalf of money.
An innovative and unique business idea is important to fulfil the business desires and
establish its roots effectively in the global market. The report introduces a unique business
concept to provide online bakery services to the UK Market.
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Original Business Concept
The business concept reflects a novel approach to deliver or provide an existing product in a
better or innovative way. The concept is to enhance the customer experiences in selecting and
customising the baked products as per their choices or preferences (DaSilva and Trkman,
2014). “Tifrea’s Bakery” is the concerned business concept that provide various bakery
options that includes cakes, candy and jelly, pastries, muffins, cupcakes to its customers
while giving them the option to customise the product from their Smartphone or online
delivery portals. The concept includes new technological advancements that states unique
company website and application providing different customer experiences. The
technological implementation includes both Augmented Realty and Virtual Reality options
that enables the customer to watch the selected item from its complete making to its
packaging procedure and can track the product delivery successfully to the place with the
GPS technology (Miller, 2015).
Key partners
The company will wisely select its key partners in order to establish its networks with the
partners and suppliers in order to ensure the right business-model working and reduce the
business risk. Moreover, it will help the organisation to acquire the business resources and
activities. “Tifrea’s Bakery” will tie up with different food delivery organisations, cookeries,
Small bakery enterprises and will develop buyer to seller relationship (Zolnowski et al.,
2014).
Key Activities
“Tifrea’s Bakery” will identify different tasks and important activities in order to fulfil the
business purpose successfully. The actions concern the dictation of business model towards
the other ventures and partnerships. The activities concern the home deliveries and advanced
technological support to the target customer present in the UK marketplace. The company
will include the activities in building the necessary network to maintain and develop the
promotional platform in the marketplace (Dudin et al., 2015).
Value Preposition
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The term is to reflect the right values of the product and attract the consumers or customers to
show loyalty towards the company. The technological support will provide assurance and
zero labour to a customer in obtaining the product to their place. The company will provide
different offers to the loyal customers on their birthdays and anniversaries. The company will
also provide free deliver charges after every five orders from a single customer (Joyce and
Paquin, 2016).
Customer Relationship
Customer relationship is one of the important aspects that create the bond in between a
customer and an organisation. “Tifrea’s Bakery” will effectively provide online comment
sections on every ordering panels, telephonic supports or automated technological support
will be provided by the company in creating the trust towards the customers. Customer
feedbacks and assistance both are necessary to develop the business (Caetano et al., 2017).
Channels
The channels play a vital role to represent the enterprise of “Tifrea’s Bakery” is to reach its
customers in delivering the values effectively in UK market. The main aim is to raise the
awareness of the product and allowing the product to be purchased. The channels will be
selected precisely in realising the use of internet and social media in present generation.
Therefore, the enterprise will advertise its product through YouTube advertisements,
Instagram and Facebook in order to attract the potential customers (Mishra, 2017).
Customer Segments
In order to decide and build the business model efficiently, Tifrea’s Bakery will select or
target the potential customers from 18 to 45 years segment. The organisation will majorly
concentrate on the selected customer segmented group to stimulate the sell. The customer
segmentation will be diversified in utilising the cloud computing technology and multi-sided
services that will help the customers in purchasing their products while providing credit card
payment options (Dijkman et al., 2015).
Key resources
It is important to select the right resources in offering and to deliver value prepositions of
Tifrea’s Bakery. The business model designs will include website and application supports,
financial resources will majorly adopted in order to hold the financial position and help the
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company to survive effectively in the UK market. The company also tends to adopt Human
resources in order to achieve crucial knowledge about the bakery and to create a creative
industry the workplace.
Cost Structure
The structure represents the building blocks of Tifrea’s Bakery that incurs in the business
environment or business model. It is important to maintain the data or information effectively
monitoring the business costing in order to create the service and products therefore to meet
the value proposed towards the customer. The strategy adopted by the company is to align
and optimise comprehend value chain. Structural cost management will help the organisation
to employ the different tools in designing the organisation and the process design coherently
with the business strategy (Fillat et al., 2015).
Revenue Structure
The structure represents the conceptual model stating to be the earning strategy of Tifrea’s
Bakery business. The structure is important to ensure the product value in generating the
revenue through different business techniques. Mark up revenue model will be considered in
setting the values of the product and selling it effectively in the UK market. The revenue
structure also includes the advertising sales that have been acquired to earn expected revenue
from the market (Jordan et al., 2017).
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Customer
Segments
• Tifrea’s Bakery
shall mainly
concentrate upon
the age group
that stands out
from 18 – 45
years old.
Value
Proposition
The company
will introduce
different
attractive
discounts on the
purchases
In order to
provide values to
the loyal
customer
Tifrea’s bakery
will provide free
deliveries for
respective
customer with 10
orders.
Key
Activities
It will plan to
deliver the
product in
respective
customer
places.
new
technological
advancements
Business
networking
Key
Resources
To introduce
company
websites
Smart phone
application
Human
resources
Financial
resources
Customer
Relationship
• Online
comment
sections on
every ordering
panels
telephonic
supports
automated
technological
support
Channels
Social media
platforms like
Facebook,
Instagram and
YouTube.
Cost Structure
Align and optimise comprehend value chain
Structural cost management
Revenue Structure
Mark up revenue model
Advertising sales
Key Partners
food delivery
organisation
Local cookeries
Small bakery
enterprises
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Peer Group reflection
The selection of the business idea and the plan has been a tough area to think about.
Therefore, to understand the authenticity of the plan, Peer group reflection has been a vital
area to get right feedbacks about the business idea. Peer group represents the group of people
that approximately belongs to same age, interest and status. The group will help me to
understand the flaws and positive corners of the business plan or idea that I have selected to
carry forward in the UK marketplace. The reflection will help me to develop the business
plan effectively changing the weak areas. Therefore, I have selected two major and important
groups that I believe will help to understand the business idea properly adopting the
necessary steps. The first selected group is the pre-selected working party that will review the
idea and will give me genuine feedbacks. The next group represents my own selected
discussion group that will give me better ideas on my business idea.
Pre-selected working party reviews and feedbacks
The pre-selected working party represents the business committee of the business that I am
tend to move along with in the UK market place. The group has helped me to understand the
different aspects of business operations and approaches that will support me to achieve my
business. The committee has given me a broader view to create professional perception about
the consumers and their requirements while enhancing my outlook towards the UK market.
While discussing the business idea with the respective committee, the personnel has validated
the business idea resembling the organisational scopes in the workplace. The business idea
introduced to the committee has shown high scope to success in creating customer
adaptability and acceptance in the potential UK market.
The committee has also commented on different aspects of Business canvas model. While
reviewing the different areas of the model the committee has mutually agreed the business
strategies or structure that I have tend to move with, but with some cases the committee has
suggested me to add some different elements in the business model so that to achieve better
outcomes from the selected business ideas. The reviews on the model have been given below.
In terms to select the key partners, the committee has agreed with the concept to create joint
ventures with delivery organisation and other local baking businesses in reducing the risk for
the business. The committee has also suggested the strategic alliance with different event
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management team and organisation in order cater the baked products effectively in different
events
The committee reviewed the key activities of the business model and stated suggested to
focus on the main aim to enhance the customer experiences while implementing the
augmented a virtual reality in the company application. Moreover, the committee has also
suggested implementing basic level of technological support such as to provide the same
experiences with live video support. The committee suggested that the people with no
augmented technology should also experience the innovative service intended by the
company.
While reviewing the communicational channels the committee has criticised the selection of
communication channels in promoting or advertising the company to the UK market. The
selected channels are mainly dependable on the social media platforms but as per the
suggested review, the committee has asked to utilise the traditional media such as television
advertisements and print media such as to use hoarders to promote and attract the potential
customers in the market place.
The other aspect of the business canvas that has been strongly criticised by the committee
that I have selected limited customer segmentation in reaching the UK market. The
committee suggested broadening up the customer segments selecting Niche to specialise the
customers present in the targeted market. The committee has also suggested selecting
segmented customer segments, in taking the precision timepieces in the concerned business
process. The committee has suggested applying the age segment to be 16 – 65 year old.
Therefore the pre selected working party has reviewed specifically to the above aspects in
suggesting different add ups on the different business model canvas in order to enhance the
business outcomes effectively in the UK market place.
Self selected discussion group reviews and recommendations
The self-selected discussion group include my close friends, known ones, my selective
mentors, business consultants, public, management students and similar business managers.
The group has also helped me to enhance my business canvas model in other different aspects
that includes the cost structure, key resources, customer relationship and value prepositions.
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The group has reviewed the cost structure and recommended that the cost structural
management will definitely help the organisation in introducing new business tools but has
also recommended adopting Cost driven management in the business canvas model as it will
help the company to create a lean structure in offering the products in economical prices
relates to the value prepositions. It will create a high degree of outsourcing and automation
towards the cost structure. In order to propose high value preposition with customised
consumer preferences, the group has also suggested accepting value driven approach in the
business process.
The group has also suggested Customer relationship management to expand the relationship
strategies in accepting communities that reflects think on- line approaches and to introduce
self-service relationship management in the business canvas model.
While reviewing the key resources the group has strongly suggested implementing the
intellectual key resources in order to create patents and gain proprietary knowledge about the
creative industry. The group has also asked to add physical key resources in building right
vehicles and point of sales in the business.
Value preposition identified in the business canvas has been considered positively by the
team. The group has suggested introducing different coupons and disruptive offers that is to
be given to the customers referring the company to the others.
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Concept Improvement Reiteration
While acknowledging the different aspects and reviews by both the respective peer group
reflection, Tifrea’s bakery adopts certain improvements in the business canvas model. The
following changes have been given below:
 The first change is to add strategic alliance with different event management
organisations in order cater the products effectively in different events.
 The technological support will also include basic technological support such as live
video streaming.
 The business canvas model of Tifrea’s Bakery will also utilise the traditional media
(Dewan and Ramaprasad, 2014) such as television and print media in the concerned
communication channels in order to promote and attract the potential customers.
 The customer segments will also utilise Niche and Selected segmented customer
segments taking the precision timepieces (Simkin, 2016).
 The cost structure will also include Cost driven management and value driven
approach in the business canvas model selected by Tifrea’s Bakery.
 The customer relationship management of Tifrea’s Bakery will add communities that
will effectively show to think on- line approaches and self-service relationship
management.
 In improving the key resources the company will include both intellectual key
resources (Gibson, 2016) in order to create patents and physical key resources in
building right vehicles and point of sales
 To enhance the value prepositions the company tends to offer different coupons and
disruptive discounts that is to be given to the customers on referring the company to
others.
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Customer
Segments
Tifrea’s Bakery
shall concentrate
the age group
that stands out
from 16 - 65
years old.
Niche
Selected
segmented
customer
segments
Value
Proposition
The company
introduce
attractive
discounts on
purchases
Tifrea’s bakery
will provide free
deliveries for
respective
customer with 5
orders.
disruptive offers
on company
referrals
Key
Activities
It will plan to
deliver the
product in
respective
customer places.
new
technological
advancements
Business
networking
basic
technological
support
Key
Resources
To introduce
company
websites
Smart phone
application
Human
resources
Financial
resources
Intellectual
resources
physical
resources
Customer
Relationship
Online comment
sections on every
ordering panels
telephonic
supports
automated
technological
support
communities
self service
Channels
Social media
platforms like
Facebook,
Instagram and
YouTube
Television
media
Print media
Cost Structure
Align and optimise comprehend value chain
Structural cost management
Cost driven management
value driven approach
Revenue Structure
Mark up revenue model
Advertising sales
Key Partners
food delivery
organisation
Local cookeries
Small bakery
enterprise
strategic alliances
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