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BMP6002 Identifying Entrepreneurial Opportunities Level 7

Table of Content

  1. INTRODUCTION
Question :

This assessment will cover the following questions:

  • Discuss the different sources of entrepreneurial ideas and innovation.
  • What is the SWOT framework?
Answer :

INTRODUCTION

There is a huge pool of ideas that can make an entrepreneur successful but they need to analyze the opportunities, threats, and capacity of an idea that can sustain for a long time in the market. There is s wide range of products and services that do not stay in the market because of the changing demand and choices of the targeted customer. Because the customer always has a better option to switch, the one who is going to establish a business with an idea first should know the reasons for customers shifting to another brand. This report is about a restaurant which is going to be launched with the idea that people can never stay away from savoring food and that's why the name is also invited them, Gourmand & Globetrotter, which is an international cuisine restaurant in London. The idea behind the name is to offer special cuisines of different countries, that the customers can get only when while travel across borders but they can get it under one umbrella. The report underpins marketing segmentation, external and internal factors, funding process, and so on(Block and Wagner, 2010).

TASK 1

P1 Determine and evaluate different sources of entrepreneurial ideas and innovation

Various sources can give an entrepreneurial idea because there is always a need that needed to make some changes. In bookish language, these ideas that have already started a business require some innovation, and that innovation can be revealed by the customer's survey and interviews. Whereas in actuality the ideas of a business are generated through observation and thought that can have some economic value to the people and entrepreneur. These sources of ideas can be as described as follow -

Customers - As in every business the customer is a prime person who should be satisfied with the product cause if the end user is satisfied then they will also raise the sales. That's why they are the most fruitful source of ideas when it comes to opening Gourmand & Globetrotter the customers are the priority for this. Because there were a lot of people who were seeking different kinds of flavors that's why the cafe offered food from beyond the limits(Dimov, 2011).

Competitors - Competition is also a factor that increases sales because there are so many existing restaurants that are offering similar types of eatery but Gourmand and Globetrotter are going to launch with some extinguished items that can dramatically drive the sales.

Looking at the past and future - While one is about to open a restaurant one should observe others what they have done before because the mistakes they had made, can be avoided and put a business in pitfalls. Present requirements and future expectations aid in expanding a business(Ekpe, Mat, and Razak, 2010).

Macro environment factors

Macro environment factors are those which impact on a business externally that are as follows-

Legal factors - Legal factors are the most important criteria to be followed. Getting a license for Gourmand & Globetrotter is crucial before starting the service if a license is not approved by the UK Government then the business will be illegal and the entrepreneur is also liable to pay the penalty. So it is essential to follow the legal structure of the business.

Social factors - Social factors are those that make an impression on both society and business. Because human beings live in a society so there some religions and they have some rules that they have to be follow. So, the business should have some ethics that does not violate customer feelings. For example, in restaurants, the product's raw materials should be according to their belief and there must not be any kind of product that can harm anyone. Another aspect of the social factor is word of mouth, if a business has a good image then that will attract more customers(Foo, 2011).

Technological factors - Technology is a helping hand for business cause it makes so many things accessible with a touch. Putting a business on the internet brings numerous customers and also creates goodwill.

Economical factors - The economic factors affect innovation because a business needs funds to grow and operate smoothly but if the economy is low then the business cannot survive in the market.

Environment factors - People are aware of the environment and the business which keeps the safe environment the public supports the firm.

Sources of innovation opportunities can be defined as -

  • The Unexpected - A good entrepreneur should always look for opportunities in the market that can give a new direction to the restaurant.
  • The incongruity - It considers things as what it is and what it should be that can make things better than before.
  • Process need - process needs is about identifying the weaknesses and redesigning them in a meaningful way.
  • Industry and Market Structure Change - Some regulations change with time so the entrepreneurs should watch these regulations.
  • Demographics - The business depends on the population, income levels, education, perception, and age so it should innovate the products according to the requirements to sustain in the market.
  • Changes in Perception, Meaning, and Mood - The population changes over time and their perceptions and moods also change, and that impacts a business and there is always a scope for innovations.

Types of Innovation

  1. Process innovation - Process innovation refers to a new or important improvement in production to deliver the final product.
  2. Product innovation - Product innovation is to introduce an item or service that is new or has some innovative features to use.
  3. Incremental innovation - Incremental innovation is a sequence of small improvements or updated techniques applied in a company for an existing product, service, process, or method.

Difference in innovation and inventions

invention defines the creation of a product or service for the first time whereas innovations an amendments to the existing goods and services according to requirements.

TASK 2

P2 Rationale and the market gap for a specific entrepreneurial idea

When a new business is going to enter the market with Gourmand & Globetrotter which is a restaurant that provides special cuisines in London. at that time there is a need to fix a market gap to increase customer's buying nature. Some specific tools are required to conduct market research that can introduce a business effectively. There is a need to identify the gap from which an entrepreneur can take advantage with skills and resources. To take advantage of this gap one should explore new and interesting people with experiences and ideas. One question that arises while finding out the gaps is, where to look for gaps, so there are some pinpoints where a person can get the gaps, that can be noticed in terms of -

  • Trends and new technology - There are lots of trends and technology because new opportunities are popping up in the market, one should keep an eye on the changes and analyze what kind of impact the business would face(Heinonen, Hytti, and Stenholm, 2011).
  • Make the world topical - If one can observe the surroundings then one will notice that there is a load of creativity, everyone is enhancing the opportunities with their fanciful work. Because imagination opens a doorway of fascinating trends. Gourmand & Globetrotter is a restaurant where everything happens before anywhere else because it will be going to be a trendsetter, not a follower. It is going to furnish the availability of foods and beverages with innovative recipes that no one has(Quan, 2012).

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Marketing segmentation

Before launching a new food product one should analyze the market requirement which refers to identifying the customer's needs. There are different demands of customers and regarding food, they have some versatility to know their taste it conducted marketing research on a segmentation basis that are as follows -

Demographic segmentation - Demographic segmentation divides the market based on demographic variables like age, gender, marital status, income religion, race, occupation, nationality, etc. because there are various people whose food habits depend upon their religions. Similarly, people always spend according to their income and occupation so the Gourmand & Globetrotter must have an affordable and planned menu according to the target customers.

Geographic segmentation - Geographic segmentation studies the population that is living in a particular geographic] area because the people who are living in that area have specific requirements according to the climate. In restaurants international food is served to the people, and there may be different kinds of people staying in that region(Renko, Shrader, and Simon, 2012).

Behavioral segmentation - In behavioral segmentation the research is dependent on the purchasing nature of the population, lifestyles, attitudes, thoughts, preferences, choices, and decision-making. If people have a lavish lifestyle then they would not worried about the money the only thing that matters to them is the brand and quality. The people who come from the middle class have some preferences so they may be can't afford luxury things but they can spend a small amount of their income on food. Those who are food lovers matter a lot for the restaurant business because they want to eat the unique kind of flavors that indulge them.

Industry life cycle: It is the normal stage that an industry goes through during its life cycle in the market. An industry life cycle is divided into five categories such as:

Early stage phase: In this phase, the product may be an alternate option which makes a place for it in the company.

Innovation phase: In this, an organization can expand its product with an innovative style to increase the profitability of the company.

Cost phase: It mainly refers to the consolidation of an industry. Few businesses are naturally eliminated this is because they are not able to grow along with the industry or negatively develop cash flows.

Maturity phase: At this stage, the company's revenue from the various products becomes the main focus of an organization.

Decline phase: This is marked by minimizing revenue as the demand changes to other products in the industry.

According to the above concept it has been analyzed that Gourmand & Globetrotter multinational cuisine restaurant needs to follow the industry life cycle to increase its market demand in London. Therefore, there is a need to improve their phases in different ways.

TASK 4

P3 Apply a SWOT framework to collate evidence to support an objective

SWOT analysis is a useful tool for brainstorming and strategic planning. It is used to analyze the strengths, weaknesses, opportunities, and threats within the external environment of business. It takes advantage of new business opportunities, trends, technology, and competition advantage to attain its objectives. For illustration, Gourmand & Globetrotter restaurant is a new entrant in the market and therefore, it has so many large eras where it stands through identifying the existing weaknesses of the hospitality industry(Ekpe, Mat and Razak, 2010).  If you need cheap cth assignment help from experts that can help you score good grades and impress your professor easily, then we are your one-stop solution. Our experts can deliver the best work before the deadline right to your mail.

Strength

  • Gourmand & Globetrotter restaurant is a new entry in the food and beverages so people are easily attracted to it.
  • It has multiple choices in the food so people can get whatever they want from across the boundary.
  • This restaurant will be situated at a place where people can easily reach because the location should be accessible by everyone and that is the most prominent aspect to increase sales(Foo, 2011).
  • The plan to get more customers is that there would be different criteria for every customer so that every consumer can enjoy the feast according to their income.
  • The Relish meal plan is affordable for its customers with some coupons and vouchers.

Weaknesses

  • Gourmand & Globetrotter is offering a new kind of cuisine in the market including specialized food plans from diverse country cultures but there are only French or Spanish people in the country.
  • It is going to be open soon but weak marketing or lack of influencing strategies can drop its opening expectations.

Opportunities

  • The entrepreneur wanted to enter the market with a bang because it has when created a major impact on customer's minds.
  • A huge range of international food.
  • It makes a place among every kind of consumer segment.

Threats

  • Gourmand & Globetrotter is a new entry and there is already a huge pool of restaurants.
  • Fear of losing investment and time.
  • Creating a brand image in a new market is very difficult in the presence of giants.

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P4 Evaluate the competitive and market environments

When one is conducting an in-depth investigation about the competition and market environment regarding a business in that situation it is allowed to peep into the competitor's strengths and weaknesses which can help a business person to analyze and evaluate the strategies that are going to be implemented t(Heinonen, Hytti and Stenholm, 2011). Because it will improve the competitive advantage. When Gourmand & Globetrotter is looking for the competition in the market then it analyzes the expectations of what its rivals are serving to their clients and what it expects to be. This will provide data from where it can book a place in the market. After that one should research to know about the rivals and their service methods and the satisfaction level of customers. As a businessman knows the information then they should prepare marketing strategies through advertisements, sales brochures, newspapers, etc., for a grand opening so the people can know about the restaurant.

When the business has been opened one should analyze its annual report to evaluate its potential sales and actual sales based on the previous year to get information about the business's progress. If you want to receive an original document according to your university guidelines, then take our Kaplan assignment help right away!

Regarding the market environment,t some variables are used to evaluate the viability of the business idea like market size, targeted customer, and trending trajectory. It is hard to gauge the market size and demand but having a sense of potential market size and demand for investing time and money in a venture is good. It is easy to observe the people who are talking about Gourmand & Globetrotterrestaurantst by tracking the SEO and social media websites (Quan, 2012).

It is always a good practice to know about competitors because every business is starving to increase sales. One should know about competitors before getting started because that will give less surprise to see an up and down graph of the firm. It is also essential to find information regarding their potential customers and whether are they able to purchase the products.

Competitive market - A competitive market can be defined as -

Substitute goods - The customer can purchase things that are less than in price but similar to the kind of product that is sold by one firm.

Demand - The things that fulfill the needs of people are called demand because they are bound to purchase the things when needed.

Target audience - Target audience refers to the people for whom the product or services are entered into the market.

Market environment

Macro environment - The macro environment can be referred to as the external environment that can influence the business which can be referred to as PESTEL factors.

Micro environment - Micro environment can be defined as the internal environment of the firm that impacts a firm it can refer to strengths, weaknesses, opportunities, and threats.

CONCLUSION

The above report is about the identification of entrepreneurial opportunities that include what types of opportunities exist in the market while launching a new idea of business. The idea of business is about to launch a new restaurant in London that is named Gourmand & Globetrotter which is offering international food and beverages. It includes macro environment sources and opportunities, marketing segmentation, market research, gap analysis, evaluation methods SWOT analysis.

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