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Live Food Making is a new venture and I have undertaken it throughout my course. This idea hasn’t been in the market and the implementation will be a mere introduction of this in the current market scenario. Everything seems well-planned and organized on the basis of the work done in the previous modules. This includes market research, segmentation of areas, survey, identification of customers and lastly income statement performa. On the basis of the income statement, there were a certain assumptions made such as setting of costs on a little higher scale in the beginning of this venture.
The other assumptions included high investment and slow pace in the initial stages. This helped in planning the venture further.
The revenue sources for this venture includes the money one can get through online food ordering platforms such as zomato, swiggy, foodpanda etc. The collaboration of these applications with the food centres that offer live food making can be a great source of revenue.
The terms and conditions as the restaurants and cafes abide by; the collaboration with which can be used as an extra aided revenue source. The next big thing that comes into the picture is the cost driver. This venture does not need any additional labour and energy utilisations, it might however need certain help in setting up separate portals on food ordering apps that can take in the instructions from the user and later implement it in the food making.
As mentioned in the assumptions, the initial investments needs to be set little bit on the higher side since it might need pre-production and bulk planning.
It might need some time in settling and reaching to the customers. This has been reflected in the performa statement as well. The factors that will decide the success of this venture includes it’s newness in the market and customer satisfaction as the ultimate aim (on which it is solely based on).
The components of the business models can be tested on various parameters. The primary and secondary research conducted can be of great help in this area because it helps in identifying who the targeted customers are. Once the targeted customers are identified, the venture can be customised based on their feedback. This will also keep a check on the activities and functioning of the venture. The newness accounts for greater interest of the customer towards this area and since the primary research seemed successful, the customers seem to be attracted towards this area.
With each iteration towards progression, it is necessary to identify the shortcomings with an equal probability. The newness and lack of knowledge among the people will prove to be a boon as well as bane at the same time. Lack of idea among the people will lead to low sales of this in the initial stage, if this pertains, it might lead to a business failure. This can be considered as a weakness. Secondly, if the service providers fail even for once during the start; it may be reflected negatively among the customers and this too might lead to a business failure. These are some of the limitations under this venture.
Live Food Making has been in practice in some parts of Bengal and Maharashtra. This venture has been in practice for hardly a year. This implies that the timeline for implementation of this venture will be a challenge. The settling up of this idea of product service will be time consuming. It might take upto 6 months in the initial stage to settle and become popular among the customers around. This in no way should stop the people from working towards this venture since the ultimate aim has always been customer satisfaction. Later in this venture, with a little higher investments, the internet facilities can be advanced such that it may allow video conferencing and one can actually see his food being made in front of his eyes by means of video calling.
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