Comprehensive Business Plan: Store Fresh Grocery - UK Market Entry

This report provides a comprehensive business plan for "Store Fresh," a new grocery store venture in the UK. It includes a feasibility study, emphasizing innovation and creativity through advanced technologies like AI-powered inventory management and touchless payment systems. The plan fea...Read More

Business Plan

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Conduct a feasibility study of your new venture concept. Using relevant conceptual
frameworks, critically discuss the view that entrepreneurs are the engines of innovation and
creativity.................................................................................................................................1
2. Conduct a competitive and STP analysis to critically explore the opportunity gap in the
market, supporting your analysis with relevant data drawn from extensive market research. 3
3. Drawing on Osterwalder’s business model canvass and Porter’s value chain, discuss your
proposed business model and explain how and why you think your new venture will work.5
4. Critically discuss the business and marketing strategies that entrepreneurs follow to find
success. Explore the common mistakes that first-time entrepreneurs make. Also, discuss the
strategies used for growth, consolidation and underperformance..........................................8
5. What are the financial techniques, planning tools and decision-making models that you
could use to assess and mitigate your risks............................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
The report is mainly discuss about the business plan it is basically related to the grocery
store and the name of the company is Store fresh which are established in UK country and the
main goal and objectives of this business is to capture the UK market with their products and
services also the main motive to earn high profits(Ayodya, 2018). Along with this the objective
of the company is to attain customer trust and high sales revenue of the organization. Also the
new innovation and creativity company perform to improvise the service and quality of their
products. In another part it also evaluate the competitive and segmented targeted positioning
which create an opportunity gap in the UK market for the Grocery business. Afterwards, in
another instance they want Osterwalder's business model canvas and porter's value chain of Store
fresh and they also want to know the working of new company how it will work and achieve
their targets and goals very effectively and efficiently. Apart from this in another part they want
to know the marketing strategies of the company which they are use to get success and the type
of common mistakes every entrepreneur first-time create in their business and the strategic plan
they use for the growth, consolidation and underperformance. At last it identify some financial
methods, planning tools and decision making models that company use to reduce the risks of the
organization.
MAIN BODY
1. Conduct a feasibility study of your new venture concept. Using relevant conceptual
frameworks, critically discuss the view that entrepreneurs are the engines of innovation
and creativity.
The report discuss about the new company with the name of store fresh grocery
company. This business is established in UK and its provide superiority of commodities and
services to their customer and it established with one of the major goal to capture the market of
UK country and want to make more consumer in their organization by giving the products and
services to them(Đuretek, 2020). They mainly deals in all types of grocery product which are
basically use by the households of UK. Also the main motive of the company is to attain the high
sales revenue and earn more profits by introducing new innovation and creativity in the business.
Because the innovations and creativity helps the business to grow and attract more and more
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consumers. It automatically increase the sales revenue of the new business venture but it only
possible when business come up with the new innovation as compare to their competitor it also
reduce the customer of the competitors and help business to achieve heights in the economy of
UK. If business wants to develop their business and want to established in long run then they
need to start with the appropriate price of the product. Because if they start with high prices then
it create difficulty for the new venture to survive in the competitive market(Ferreira and da Costa
Nascimento, 2020). Because the competitors who are already established their business they are
already in demand of the UK customers. So, they not shift their service directly to the other
grocery business. For the survival of the business new established company need to come up
with new innovations and creativity which mainly helps to grow the business and increase its
demand in the competitive market. The innovations and creativity Store fresh company use their
business can be :
 Advanced robots assists to clean the Store fresh grocery business: After the pandemic the
sanitization and proper hygiene is very important point for the UK peoples. So, they use
ultraviolet disinfecting robots to clean the floors, shelves and checkout lanes. Customers
and employees heath is the prime concern of Store fresh firm(French, Dekker and Hartig,
2018).
 Company use AI and estimated technology majorly decline wastage of food and
maximize grocery incomes: This type of technology analyse the stock of the company,
sales information which helps to adequately predict the demand. It helps to reduce the
over stock in shelves and it create more profits for the Store fresh company. Because of
this technology the shelves of the company are well managed and reduce the expenses
also.
 Firm use touch-less payment checkouts which indicates the uniqueness of the
organization: Store fresh grocery department use touchless payment technique they use
smart self technique such as Zippin and Trigo and computer display-powered kiosks they
give customers with a big-range of alternatives checkout and its completely different
from the the other competitors store.
This type of innovations and creativity helps the business to attract their customer towards their
product and its is the duty of venture to provide quality of service to them.
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2. Conduct a competitive and STP analysis to critically explore the opportunity gap in the
market, supporting your analysis with relevant data drawn from extensive market research.
Store fresh competitive market analyses
The Store fresh grocery department mainly analyse the competitive market of the UK
country first to identify the needs and desire of the customer(Kamal Jamal, 2018). So, it will help
the company to introduce the type of product in market which are more in demand. There are
some method use by the Store fresh to analyse the competitive market:
 Determine the competitors: The main function of Store fresh business is to get
information about the customer like; what type of technology they are use to provide
good services to their customers and the innovative ideas they use to achieve the better
growth in the market.
 Examine the competitors goods offering: This is also one another major function of Store
fresh they perform to analyse in which price competitors offer the goods to their
customer. Also, It will help the company to set the appropriate price of their product
which mainly helps in increasing the demand of their business.
 Identify the satisfaction level of competitors customers: This is one of the most important
function of to determine the customers satisfaction level of their competitors because it is
one of the major aspect to analyse what quality of service and product they are offering to
their customer and the reason for their satisfaction towards the company product. Store
fresh grocery use this method to capture the market of UK(Le Dinh, Vu and Ayayi,
2018).
 Understand the competitors marketing plan to capture the UK market: Store fresh grocery
store use this method to determine the marketing strategy of their competitors. It helps
the company to market their product and easy to attract the customer towards their goods
and services.
Segmented target positioning analysis of store fresh
Basically, the model is helpful when creating market communication strategy. It helps the
firm to examine the market segmentation, target of the business and the position of the business
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in the current competitive market. It Described Segmented target positioning of the company
briefly which are given below:
 Segmentation market:This communication method helps to determine the customer
requirement and segment the market(Maza Solórzano, 2020). Store fresh company before
introducing any product identify the customer needs and wants because it helps the
company to attract the customer towards the products and services if they are fulfilling
the needs and wants of the consumer and they divide the market and send its marketing
team for the direct interaction of the customer it helps the consumer to understand the
needs and wants and the current trends in the market. It provide an assistance to the
company for producing trending product and leads to increase the sales revenue of the
new venture.
 Target market; After the completion of segmentation process or identifying the customer
needs. Then it will target those market which they will get good response. They have
some source to target the market such as it can select through online targeting, online
revenue contribution for each segment, consumer life-cycle targeting. It will help the
consumer to attain their objectives(Minasyan and et.al., 2018). Store fresh grocery
department mainly targets the women, children's above the age of 15 these are the targets
of the business because they usually spend more on the grocery items like clothes, fruits
and vegetables, household items and shoes.
 Market positioning: After the target market, Store fresh analyse the position of its
business venture as compare to their competitors. It mainly helps the firm to analyse the
current position of the company in relation to their and its position in the UK market.
Basically company need to check the techniques and various types of decisions other
grocery store perform to grow their business and also the profitable situation of the
company(Nagl, 2020). So, with the help of this techniques and decisions company
innovate some new ideas to grow and develop their business and create the demand of
their product in competitive market.
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3. Drawing on Osterwalder’s business model canvass and Porter’s value chain, discuss your
proposed business model and explain how and why you think your new venture will work.
Osterwalder’s business model canvass of Store fresh
Key Partners
 Company manufactures
and distributors
 Big Brands
 Contract productions
 logistics firms
 suppliers and
organizations at a
geographical and global
level
 Banking and petrol
industries
 Other partners (Virgin
Atlantic airlines, Astra-
Zeneca and Telco)
Key activities
 Pricing
 Highly effective
distribution
approach
 Marketing
 Examine customer
demand
 warehousing
 purchasing and
selling of
customer products
 Diversification
Value Propositions
 Better prices
 Broad
availability
 Broad chosen
 security
 online
purchasing
 Store fresh
covers all
segments of the
market
 diversification
of Company
( Gas, banking
and telecom
industries)how
and why you
think your new
venture will
work.
Customer
relationships
 Build trust
among
customers: It is
very necessary
to achieve the
trust of the
customer by
providing good
quality
service(Narvaez,
Bonilla and
Montenegro,
2020).
 Online retailing
 loyalty
 Online
purchasing
 self-service
 society
 Customer
service
 Understandabilit
y of brand
 long -term
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relation
 pay in Store
fresh with the
phone.
Customer segments
 Housewife
 Student
 Old age people
 Segmentation according
to the low- middle
income(Prinsich, 2021).
 Simple going traditional
lifestyle.
 It covers huge market.
Key resources
 Store fresh is new
business
established in UK
market and
provide the
grocery related
items.
 Stores and
logistics funds
 Associated
network
 warehousing and
logistics
 IT infrastructure
 They have its self
owned supply
chain and
distribution
channels
 Store fresh
developed a
mobile payment
wallet
Channels
 Superstore
 Supermarket
 petrol industries
 Store fresh
websites
 Online stores
 Mobile
applications
 social media
 Gift cards
 Events
 Hypermarketho
w and why you
think your new
venture will
work.
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Porter's value chain of Store fresh
 Bargaining power of buyer: This porter's five forces model helps the company to
analyse the bargaining power of the customer. If the product price of any business is high
then buyer switch the company and shift to the another company for purchasing the
product. With the help of this model company analyse the bargaining power of the
buyer(RODRÍGUEZ MORENO, 2020).
 Distributor bargaining power: The bargaining power of the supplier is less because
they depends upon the items of grocery and food retailers and fear to destroying its
company relations with supporting supermarkets. Also the Store fresh and another big
food retailers have a good opportunity of bargaining of food items prices and other
products.
 Rivalry strength: This porter model helps to check the strength of the other competitor
firm. It mainly helps to identify what techniques and new innovations they used to
develop their grocery business. It includes some rivalry Firms; TESCO, SAINSBUY, etc.
 Threat of alternative products and services: Food items in grocery business is
replaceable but it includes some other goods which are not replaceable and threat to
substitute. In that case the product of the company is not unique and it reduces the sales
of the company.
 New entry threats: Every firm who try to capturing the market they always have a threat
of new entry because of this it have a possibility to reduce the sales of the existing
business. If the new entry is come with new idea or innovation.
How and why you think your new venture will work.
The Store fresh company who mainly deals in grocery store it will definitely work because
company come with new idea and innovation in the market. They have a main motive to earn
profit but they also provide the good quality product and follow all the safety measures which are
beneficial for the company employees and customer. They also work very efficiently to achieve
their targets and objectives in a very effective manner. If they continuously work like this then
they will definitely accomplish their goals and capture the UK economy rapidly.
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4. Critically discuss the business and marketing strategies that entrepreneurs follow to find
success. Explore the common mistakes that first-time entrepreneurs make. Also, discuss
the strategies used for growth, consolidation and underperformance.
Marketing strategies which used to fuel the growth of the company Store fresh are as
follows:
 Social media marketing: Store fresh can use social media platform to develop
community around the brand. This is a very cheap and effective method of marketing.
Store fresh can create their presence on various social media platforms and run
advertisements on them.
 Search engine optimization: this is a most effective way to introduce business in the
market. Many people searching online for data and SEO take forward the brand site from
the website traffic(Steinbacher, 2020). Through strategic SEO, Store fresh can introduce
itself to leads with a high need state or purchase intent, which can make this kind of
business easier to close.
There are Common mistakes that first-time entrepreneurs make are discussed below:
 Avoiding market risks: ignoring market risks is the one major reason behind companies
failure. Many founder mainly focus on perfecting their technology platforms.
 Avoiding constructive feedback: Founders should give importance to the feedbacks of
potential customers and take action accordingly.
 Hiring wrong team: Founder has to hire employee on the bases of their capability and
talent or skills. Many founder hire staff according to the salary requirement in order to
decrease the cost.
Company using many strategies to create base in the marketplace(Terrisse and Jougleux, 2018).
Company has to give more importance to the customer needs and wants and prepare product
according to their needs.
5. What are the financial techniques, planning tools and decision-making models that you could
use to assess and mitigate your risks
Risk mitigates refers to the procedure of planning and developing methods that help to
decrease the risk to project goals and objectives. There is high risks in the new start-ups so Store
8

fresh has to analyse this risk and increase the capability to meet these risks. There are various
type of financial techniques, planning tools and models of decision making that help to identify
the upcoming risks.
Mainly there are five strategies that help a firm to identify the project risks:
1. Accept and predict risk: This acceptance strategy is used for assessing and understanding the
risk that might affect output and the main motive to this strategy is to convey risk to the business
so they can meet these risk in more efficient manner.
 Risk impacting cost: This strategy mainly focus on the risk with affect the cost of
production. Store fresh use this strategy to control the wastage of costs which increase the
profitability of the firm.
 Risk impacting performance: there are various risks which impact the overall
performance of the organisation it influence the productivity, product performance and it
accepted as a part of planning(Trabucco, 2018).
2. Avoidance of risk: This strategy analyse the risk or consequence of this business and present
opportunities for avoiding these risk. This strategy is also known as avoidance strategy. Store
fresh make a plan to understand the risk and also take actions to avoid them.
 Performance risk: there are various risks such as lack of resources, improper design, can
allow management to understand possible measures to avoid this risks. For example: if a
product is designed in new way and the sale of product is decreased so company take
steps to avoid new design and carry old one.
3. Controlling Risk: this strategy taken into consideration when risk is not avoidable. This
strategy suggest actions to reduce and implement these actions to eliminate the risk effect. It
control the risk factor to achieve success in near future.
 Handling risk to schedule: Control methods includes tracking the time taken by the
project team to complete each task and allotting specific task among team members.
Time management strategy help Store fresh to control risk related to project timeline or
scheduling.
4. Transference of risk: the main motive of this strategy is to transferring the stress of the risk to
the another parties. This risk occurs when work of one department affect the working as well as
outcomes of another department. This strategy present its own disadvantage.
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 Transference for performance: when production department make a new product and
there is defect in the product. The defects are not directly caused by issues in
manufacturing department but it is caused by issue with the purchased material form
outsider. Performance of department can transfer the risk of miscommunication.
5. Watch and monitor operations: Production teams might use this strategy as part of a standard
project review plan. Cost, scheduling and performance or productivity are all aspects of a project
that can be monitored for risks that may come up during the completion of a project.
 Monitoring cost: This strategy help business on order to track the overall risks on the
business and prepare report to highlight each expenses or the operations. This allow
teams to continuously determine the budget and make changes in budgets accordingly.
CONCLUSION
As it is concluded from the above report that the Store fresh grocery business is UK
based company which mainly deals in all the household and various other products. They have
objective to earn high profit and capture the market of UK by providing the better products and
services to their customer. Company use various innovative techniques to attract the customer
towards their product. It also use various competitive analyses and segmented targeted
positioning for the business. Also it is use the business canvas model and porter five forces
model to analyse the consequences in grocery business. Apart from all this it also express some
marketing strategy company use to achieve success in their business and at last it financial
methods, planning tools and decision-making theory to reduce the risk of the company.
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