Owning and maintaining a digital business Assignment Sample
In this report, it will discuss the new business idea related to online food delivery services and also understand the importance of digitalization in business expansion. This report will describe the Market Niche where it will be implementing digital business and targeting a large number of potential consumers. Moreover, it will conduct a competitive analysis to identify the competition level in the marketplace. However, it will create an effective business plan which includes customer segments, finance sources, key activities, and key partners. At last, it will finalize the product and launch in the market through marketing strategy.
Bistro Food is a kind of start-up enterprise which is mainly provided online food delivery services. Usually, The Start-up enterprise will be using an online platform such as a mobile phone application (Ariffinet.al.2021). An individual using an online food ordering app. This will provide the facility of the user to give other relevant information or data. For instance, the address where customers want the food & Beverage to be delivered.
The entire process of start-up business depends on the online platform. The digital business gives an option of availing regular delivery on select a particular day is also there. It is completely depending on the customer’s convenience. After Covid-19, Most of the people can use online platform to order their food at home (Ariffinet.al.2021). The Primary Vision of Start-up digital business is to provide the best quality of food delivery services and establish a strong position of business in marketplace. The Start-up digital business is willing to give various kinds of food & Beverage service for consumers. Usually, it offers Burger, egg, salad, blue lime and so on.
A niche market is a segment of large global enterprises that can be described by its uniqueness, taste, preference and identity. In this report, it will be targeting food & beverage service markets (Deepika and Arun, 2021). For Example- within food delivery service market, working and busy people can select the online platform for purpose of food delivery services.
Nowadays, the potential consumers might have specific trending food items which is already in mind. However, they can increase the odd success of new start-up digital business. Time- management has become a specific demand among consumers. That’s why, it will be increasing the consciousness of people towards food quality, services. If there is a food item that is frequently purchased by online food delivery business. The Bistro Food (start-up) digital enterprise is looking to appeal to the niche market. Now, most consumers care about time-saving, food quality, price, and availability. In this way, it can easily replace traditional food delivery methods by online delivery services (Ariffinet.al.2021). Another way, it can be identified the important aspect of digital business to fulfil all essential need or requirement for consumers.
As per analysis, it has been analysed that food industries consider as global chain and variety of delivery system used by start-up business. During Covid-19, it will be increasing the demand for online food delivery services. This is why because many consumers are preferred to choose online options and then protect themselves.
According to the competitive analysis, the toughest competitors such as Uber eat and food Panda. Such kind of digital business has already provided online food delivery services to potential consumers. So, it has become difficult ways to establish a strong position of a new start-up enterprise (Liet. al.2020). Generally, the main aim of start-up enterprise is to provide the best quality of food delivery services at their home. it is not only providing the food delivery services but it also takes proper feedback, guidance, free charges at the initial level. Therefore, many customers are attracted to services.
By using an effective strategic plan, the start-up business will gain a competitive advantage to promote the wide range of food options and online delivery services. Digital business will always focus on the different facilities as well as services. In this way, it will create or develop a strong position to meet the expectation level of consumers.
Keep in mind, the start-up digital enterprise will be able to come up through an effective competitive strategy. It always helps to gain more opportunities in the marketplace (Liet. al.2020). Basically, the start-up digital business will be running a high key performance parameter, SEO engine. This will help to increase the demand for food delivery services by using mobile app.
Customer segments– The Bistro Food (Start-up) digital business is targeting customers based on their preferences. Because there are many working and busy people those are preferred to the select online platform, order their food at home or office. It is convenient for client to find the best price, quality of services. Bistro Food as digital business is always targeting the working women and men.
Before starting a business, it is essential aspect to understand the specific demand of customers and trends. Bistro Food will need to invest resources and power to make a strong purchasing decision (Mustapaand et.al., 2020). The Start-up digital business is focused on their ideal client who is always purchasing food items through an online platform. For business expansion, Bistro Food (Start-up business) needs to establish a better collaboration with potential client and easily identify their taste, preferences and demand.
Sources of Finance– For Start-up digital business-Like Bistro Food, it is important aspect to select the right source of funding. Afterwards, it can easily maintain business operations as smoothly (Shaeealiet.al.2020). Nowadays, there are different options available for Start-up business to take some funds and run their business. Here are identified the different source of funding: –
- Personal Investment- It is the most commonly used funding source where owner of start-up business can do some investment in the business revenue generation. Generally, they can invest money on a personal level and increase sales, production in the marketplace.
- Government Grants & Subsidiaries- it is another important source of funding option for Start-up business. Generally, A firm can grow and contribute to their business expansion but sometimes, it is beneficial for entire economic development. The start-up business will take some advantage through government Grants & Subsidiaries because it supports the business in desirable goal achievement (Shaeealiet.al.2020). For taking funds, The Start-up enterprise needs to be eligible within specific criteria according to the government regulation. Afterwards, it will support by the government to the start-up business in context of funding.
- Bank Loan- It is the most commonly used in regards to funding. Bank loans are available for businesses to take some advantage or benefits. It helps to run the business a smooth manner.
Key activities – Main Key activity is to deliver the food from the restaurant to the potential consumers. The Bistro Food (Start-up) business provide logistics service and online food selection through mobile app. In this way, the owner of a digital business will track the location, areas or place (Tanand Yeo, 2021). Key activities of Bistro Food business are to maintain a fast and smooth process. Moreover, it also considers the online platform partnering with restaurant sales people.
Key partners– Basically, the key partners will be Bistro Food (Start-up) digital business for delivering an excellent food service. All essential information will be searched by mobile App and through that restaurant will get more orders at same time. On the other hand, the partners are car rentals, who have delivered food item at customer’s location.
Key Resources– Main resource of start-up business is online platform like mobile application, partnering and salespeople. The digital platform consists of different webpages so that it become easier for users to find relevant information like menu.
Customer Relationship– It is another important element that is always supported in customer loyalty, trust development (Xueet.al.2021). Generally, the potential client can use mobile application and place order food on daily basis. To get more people to use online platform, have consistently reminded or alert. By providing the better suggestion of business and if possible, to give options according to the consumer interests.
Channel– One of the main channels will be webpage, email and another kind of social medias. It is helping to spread valid awareness and let the client know about food delivery services. Nowadays, many people will try to create wrong perceptions and awareness for particular restaurant (Liet. al.2020). In long term development, an effective channel will be used and retain the client, and also take care of good relationships.
Revenue Stream– The start-up digital business will be maintained the price or cost of services. it also provided a reliable option where user can pay money for a quick and easy way to order food through online platform. Afterwards, it will be completing online payment transactions as quickly.
Cost Structure– Bistro Food will try to fix the price structure of fuel, leasing according to the original restaurant. It will help to balance collaboration.
As per conducting a business plan, it will be completing the process for business launching in marketplace. At that time, marketing plan plays an important role like a strategic approach (Shahand et.al.2021). Bistro Food (Start-up) digital business will use an efficient marketing strategy to establish a good coordination or interaction with potential consumers through online channels such as website, television, social media networks.
Bistro Food business will concern about the market values which means that establish a strong interaction with other competitors and identify the level of competition. The Start-up business will ready to compete with toughest competitors through effective marketing plan. Usually, Bistro Food will offer a discount, coupon and possible way to gain trust among consumers.
Product– Bistro Food is focused on the delivery services and provide unique experience of eating with any obstacle in travelling, planning. It provides mobile app service as excellent items which is always inspiring or motivating consumers (Shahet.al.2021). Through Application, User can easily enter their location and personal information. After that, all kind of information will be stored in company’s database. In future, Bistro Food delivery service can be accessible and deliver food & beverage item at quickly manner.
Place– Bistro Food (Start-up) business will establish in London but it allows placing online food order through mobile application. In this way, it will be spreading a wide network range and dealing with potential customers. This will help to increase product sales and production in marketplace.
Price– Bistro Food should maintain an online mobile application and if possible, to change their policies while implementing price related strategies. This kind of approach is only inspired or motivate people but it will increase demand of food services platform in marketplace. The Start-up digital business is trying to adopt a value-added policy which means that gain more opportunities and provide better offers to client at reasonable price (Shahet.al.2021). Nowadays, Pricing strategy plays an important role in business success because many consumers prefer to select tasty food items, services within minimise price range. For establishing a business, it is an essential aspect to maintain a product price and delivery charges accordingly.
Promotion– The Start-up digital business such as Bistro Food will use a strong digital marketing channel such as social media networks. To establish a better collaboration with potential client and develop more awareness regarding online food delivery among users.
From above analysis, it has been described about the new business idea related online food delivery services and identify the importance of digitalization in business expansion. It has been analysed that conduct a competitive analysis to identify the competition level in marketplace. Moreover, it has been creating an effective business plan which including customer segments, finance sources, key activities and key partners. After that, it has been executed the marketing strategy to promote food delivery services of new digital business in marketplace.
Books and Journals
Ariffin, S. and et.al. (2021). Continuous intention to use technology of online food delivery services among young adults. Advances in Business Research International Journa. 7(1). pp.56-64.
Deepika, R. and Arun, C.J. (2021). THE IMPACT OF FEAR OF COVID ON ONLINE FOOD DELIVERY. Academy of Marketing Studies Journal. 25(5). pp.1-12.
Li, C. and et.al. (2020). Review of online food delivery platforms and their impacts on sustainability. Sustainability. 12(14). p.5528.
Mustapa, S.N.S. and et.al. (202). Food delivery business: a new trend in 2020. FBM INSIGHTS UniversitiTeknologi MARA Cawangan Kedah. 3.pp.13-15.
Shaeeali, N.S. and et.al. (2020). Customer reviews analytics on food delivery services in social media: a review. IAES International Journal of Artificial Intelligence. 9(4). p.691.
Shah, N. and et.al. (2021). Local Food Delivery System. Available at SSRN 3867478.
Tan, S.Y. and Yeo, S.F. (2021). Online food delivery services: cross-sectional study of consumers’ attitude in Malaysia during and after the COVID-19 pandemic. F1000Research. 10(972).p.972.
Xue, G. and et.al. (2021). Optimization of Rider Scheduling for a Food Delivery Service in O2O Business. Journal of Advanced Transportation. 2021.