The detailed evaluation of the prospects of a particular product or service among the target market is known as opportunity analysis (Kotler et al. 2015). It is important for forecasting the trends of the particular market demands and launches the service accordingly in the market (Kotler et al. 2015).It is important to understand the competition across the industry verticals, which would be possible only through the help of an opportunity analysis (Kotler et al. 2015). The business would also be able to know how they can deliver value to the customers and the speed of the response they would gain from the target market. The market opportunity analysis revolves around the creation of value chain and the value system in the organization.
This report would discuss the opportunity analysis of an innovative business- Organic Food Shop. The shop would be based at Thailand and organic material would be used to prepare food in the shop. The organic foods are unique food products of the farming system in which there is no use of the man-made fertilizers, growth regulators, pesticides and livestock feed additives. These kinds of food ingredients do not use genetically modified organisms (GMO) and hence they are healthy foods. The shop would exclusively use organic food ingredients which would be environmentally as well as economically sustainable. The shop would makes sure that the suppliers would use crop rotation, plant/animal manures, pest control and hand weeding processes in their agriculture systems.
The organic food materials are produced by the standards of organic farming procedures. The organic foods are free from artificial food additives that are given to traditional food. The organic foods are produced by applying least artificial procedures such as food irradiation, chemical ripening and synthetic pesticides. There are several benefits of consuming organic food such as improved antioxidant capacity of organic foods, improved health of heart, strong immunity, reduced sexual dysfunctions and reduced instances of cancers (Forman and Silverstein 2012). They are good for the overall health of the people and they have greater life expectancy.
There has been increased global demand for organic foods. More and more people are opting for organic foods as the sales of organic foods have dramatically increased in the last few decades. There has been around 20% increase in the sale of organic foods in the global market (Monteiro et al. 2013). The demand of organic foods is increasing so fast that it is often outstripping the domestic supplies of the organic food. There has been an increasing number of health-conscious clients who are shifting their focus on organic foods. The vegetables and fruits are some of the most sought-after items in the organic food category. There is increased demand for organic apples and pears.
Thailand was one of the first countries to have organic farming, which can be dated back in the year 1991. In spite of this fact, there has been a manifold increase in the organic foods, which is often difficult to fulfill by the limited supplies. It is a recent trend that an increasing number of organic food shops have opened in the country for satisfying the increased demand of the consumers. Hence, this report on the Organic food shop is ideal for high demand areas in Thailand and for an increased probability of profitability.
The main USP of the business is that the business would fulfill the growing demands of organic food products in Thailand and thus fulfill the needs of the health-conscious customers. The entire food offerings of the food shop would be based on the organic foods.
The organic food market is segmented by beverages, fruits and vegetables, packaged food products and dairy products in Thailand. The workability of the business idea concerns with the fact that it can be implemented with little extra effort. It is comparatively convenient to set up an organic food shop (Kotler et al. 2015). Most of the organic food products are organic ones, which are unprocessed commodities such as fresh fruits, vegetables and rice. There should be sufficient contact with the suppliers and farmers so that there is a continued generation of the raw materials for the store.
The marketability of the entrepreneurial activity shows lucrative prospects. There is an increased demand of the organic food products since there are a large number of customers who have become more concerned about their environmental as well as health issues. They demand medicinal and functional foods apart from the healthy foods. There should be tie up with high end supermarkets and they would act as main sales channels (Popp Pet? and Nagy 2013). There should be extensive promotional activities in shopping malls and vegetables market. The food store should also use different types of digital advertising for creating more awareness about their food store. The main USP of the store should be highlighted in the store advertisements (Dimitri and Dettmann 2012). It is also important to develop attractive as well as functional packaging of the food products that would make them popular among the masses. The prices of the organic foods should be competitive and the store should start by making decent profit, especially at the starting phase. A wide variety of marketing tools should be used to target the customer segments. They can create a dedicated page for the new organization which would have several videos and informative articles that would help in the better communication with the prospective clients. The target market of the new venture would be families, students and health freaks.
The produceability of the organic food store would be the focus on the organic foods which are free from preservatives, artificial colors, flavors, free from chemical additives, organically grown and unadulterated version. The food store would be located in the central shopping area of Bangkok. There would be great community support in this area.
The profitability of the new business is important factor entrepreneurial activity. There are a number of factors that affect the functioning of the organic food services. The main key to the customer satisfaction would be to ensure that it is a community friendly store which is easy to navigate and help customers to find them their products quickly. It is also the duty of the stores to increase the customer spending on the store such as lingering inside the stores, reading of the notices on the “community bulletin boards” and others.
They need to take care of the net income, costs and the billing process (Granbom et al. 2014). The service needs to do breakeven and it is important to do profit since there is the need to satisfy the expectation of the shareholders (for their investments made). The service should aim at increasing their income by decreasing their fixed costs as well as increasing the efficiency of the service process (Granbom et al. 2014).
The food store should also take into account the fixed costs of the company, marketing efforts, variable costs and others (Kim and e Mauborgne 2014). However, it is true that the unpredictability, variable profitability and unpaid billings. The food facility can increase their income by increasing the number of customers opting for the organic food products (Granbom et al. 2014). There is more profit in the direct sales of the food products, which would increase the profitability of the firm (Granbom et al. 2014).
The food industry is dependent on three factors namely corporation, competition and customers. The aim of the business is to provide healthy food alternatives to the customers and help them to enjoy a good health. The customers have changing preferences, which needs to be taken care by the company. The organic food industry has average number of competitors, which implies that the company would be able to build his reputation within limited period of time. The new business venture should make sure that there is healthy competition and there us sustainable functioning of the business. The third factor is concerned with the corporation, which is the organic food shop. It should have clear aim as well as vision of providing quality food to the customers.
There would be sufficient resource capacity of the food store which would make it possible to run the day to day service. There would be adequate manpower to cater to the individual needs of the customers (Granbom et al. 2014). There would be the recruitment of trained food specialist manpower, which can assist the customers in times of their needs (Leung and Chow 2012). There would also be administrative staffs as well as financial staffs would look after the overall facility management including management of finances. However, there would not be any private delivery van for home delivery of the food items.
Product
There should be emphasis on the different varieties of organic food products such as quality, design, product variety, features, packaging, brand name, services, sizes, returns and others.
Price
The food shop should be careful about the list price, discounts, payment period, allowances and credit terms so that they can attract more number of customers.
Promotion
The organic food shop should implement sales promotion, advertising, sales force, direct marketing and public relations so that the customers are attracted to the new business venture.
Place
The organization should be able to able to select proper distribution channels, coverage, assortments, locations, transport and inventory. This would ensure that customers get access to the products.
People
The company should recruit efficient employees in the shop so that they can carry on the job responsibilities well.
Processes
The service delivery would comprise of good quality products, which would be produced by efficient manufacturing process.
Physical Evidence
The physical evidence would comprise of heathy food products and there should be healthy food certificate displayed on the food store.
In the market, there is adequate number of food services that provide organic food products. However, this new venture would provide fresh food products and the main focus would be on the quality of food products. Care should also be taken so that the quality of the food products is maintained. This would give the company adequate competitive edge and the company would be able to gain new customers.
There is a need of gaining adequate market research data before venturing into the new project. It should try to make strategies for increasing the market share. It is also important to implement new technology, which can also be used as a marketing tool. It should also focus on maximizing the customer flows (Leung and Chow 2012).. There should be more number of technological advancements so that there is enhanced customer satisfaction. It is important to gather suitable number of investor’s who would gather considerable funds for the new business venture. There should be rigorous marketing sessions, so that there is increased visibility of the service (Leung and Chow 2012). It is important to capture the social media, which is increasingly becoming the modern marketing tool. The marketing of the new venture should be adequate so that there is increased brand awareness. There should be amicable relationships that need to be maintained with the different stakeholders such as suppliers, customers and the different vendors.
The majority of the customers aged between 25 to 34 years shows an inclination to the organic food and they prefer to consume it more than once a week. They prefer to eat at least one organic food item in their day to day life. A majority of the interviewed people are female who like to buy some forms of organic food, since they believe that consuming these kinds of foods would help them to become a fitter person. They usually prefer to spend between $50 and 70$ for the organic foods that they consume. A majority of the people like to purchase organic foods from an organic health store, where they would be able to find genuine authentic products. There are only 10% of the customers who said that they prefer to purchase organic foods from supermarket, which is more accessible as compared to visiting an organic store.
The customers said that they prefer to purchase organic foods due to the great quality of the foods. The also prefer to maintain healthy lifestyle by consuming healthy foods. A majority of the interviewed persons prefer to buy fruits, milk, vegetables, cereals and snacks from the organic food store. 50% of the participants feel that these kinds of foods can be given 9 out of 10. A small percentage of people feel that the organic foods can be given 6 points as they have a high price.
Conclusion
The development of an entrepreneurial activity requires proper opportunity analysis. This would help the owners to decide the correct market and the area for launching the new service. This report analyzed the opportunity analysis of organic food store, aimed for providing varieties of products to the customers. The critical analysis of the options is being done by focusing mainly on the four parameters. They were analyzed with the help of four abilities such as workability, marketability, produceability and profitability. The critical analysis of the options has been done along with opportunity management.
References
Berthon, P.R., Pitt, L.F., Plangger, K. and Shapiro, D., 2012. Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy. Business horizons, 55(3), pp.261-271.
Dimitri, C. and Dettmann, R.L., 2012. Organic food consumers: what do we really know about them?. British Food Journal, 114(8), pp.1157-1183.
Forman, J. and Silverstein, J., 2012. Organic foods: health and environmental advantages and disadvantages. Pediatrics, 130(5), pp.e1406-e1415.
Karpf, D., 2012. Social science research methods in Internet time. Information, Communication & Society, 15(5), pp.639-661.
Kim, W.C. and e Mauborgne, R., 2014. Blue ocean strategy, expanded edition: How to create uncontested market space and make the competition irrelevant. Harvard business review Press.
Kotler, P., Keller, K.L., Manceau, D. and Hémonnet-Goujot, A., 2015. Marketing management (Vol. 14). Englewood Cliffs, NJ: Prentice Hall.
Monteiro, C.A., Moubarac, J.C., Cannon, G., Ng, S.W. and Popkin, B., 2013. Ultra?processed products are becoming dominant in the global food system. Obesity reviews, 14(S2), pp.21-28.
Popp, J., Pet?, K. and Nagy, J., 2013. Pesticide productivity and food security. A review. Agronomy for sustainable development, 33(1), pp.243-255.
Strydom, C. and Tlhojane, M.E., 2014. Poverty in a rural area: the role of the social worker. Social Work/Maatskaplike Werk, 44(1).
The detailed evaluation of the prospects of a particular product or service among the target market is known as opportunity analysis (Kotler et al. 2015). It is important for forecasting the trends of the particular market demands and launches the service accordingly in the market (Kotler et al. 2015).It is important to understand the competition across the industry verticals, which would be possible only through the help of an opportunity analysis (Kotler et al. 2015). The business would also be able to know how they can deliver value to the customers and the speed of the response they would gain from the target market. The market opportunity analysis revolves around the creation of value chain and the value system in the organization.
This report would discuss the opportunity analysis of an innovative business- Organic Food Shop. The shop would be based at Thailand and organic material would be used to prepare food in the shop. The organic foods are unique food products of the farming system in which there is no use of the man-made fertilizers, growth regulators, pesticides and livestock feed additives. These kinds of food ingredients do not use genetically modified organisms (GMO) and hence they are healthy foods. The shop would exclusively use organic food ingredients which would be environmentally as well as economically sustainable. The shop would makes sure that the suppliers would use crop rotation, plant/animal manures, pest control and hand weeding processes in their agriculture systems.
The organic food materials are produced by the standards of organic farming procedures. The organic foods are free from artificial food additives that are given to traditional food. The organic foods are produced by applying least artificial procedures such as food irradiation, chemical ripening and synthetic pesticides. There are several benefits of consuming organic food such as improved antioxidant capacity of organic foods, improved health of heart, strong immunity, reduced sexual dysfunctions and reduced instances of cancers (Forman and Silverstein 2012). They are good for the overall health of the people and they have greater life expectancy.
There has been increased global demand for organic foods. More and more people are opting for organic foods as the sales of organic foods have dramatically increased in the last few decades. There has been around 20% increase in the sale of organic foods in the global market (Monteiro et al. 2013). The demand of organic foods is increasing so fast that it is often outstripping the domestic supplies of the organic food. There has been an increasing number of health-conscious clients who are shifting their focus on organic foods. The vegetables and fruits are some of the most sought-after items in the organic food category. There is increased demand for organic apples and pears.
Thailand was one of the first countries to have organic farming, which can be dated back in the year 1991. In spite of this fact, there has been a manifold increase in the organic foods, which is often difficult to fulfill by the limited supplies. It is a recent trend that an increasing number of organic food shops have opened in the country for satisfying the increased demand of the consumers. Hence, this report on the Organic food shop is ideal for high demand areas in Thailand and for an increased probability of profitability.
The main USP of the business is that the business would fulfill the growing demands of organic food products in Thailand and thus fulfill the needs of the health-conscious customers. The entire food offerings of the food shop would be based on the organic foods.
The organic food market is segmented by beverages, fruits and vegetables, packaged food products and dairy products in Thailand. The workability of the business idea concerns with the fact that it can be implemented with little extra effort. It is comparatively convenient to set up an organic food shop (Kotler et al. 2015). Most of the organic food products are organic ones, which are unprocessed commodities such as fresh fruits, vegetables and rice. There should be sufficient contact with the suppliers and farmers so that there is a continued generation of the raw materials for the store.
The marketability of the entrepreneurial activity shows lucrative prospects. There is an increased demand of the organic food products since there are a large number of customers who have become more concerned about their environmental as well as health issues. They demand medicinal and functional foods apart from the healthy foods. There should be tie up with high end supermarkets and they would act as main sales channels (Popp Pet? and Nagy 2013). There should be extensive promotional activities in shopping malls and vegetables market. The food store should also use different types of digital advertising for creating more awareness about their food store. The main USP of the store should be highlighted in the store advertisements (Dimitri and Dettmann 2012). It is also important to develop attractive as well as functional packaging of the food products that would make them popular among the masses. The prices of the organic foods should be competitive and the store should start by making decent profit, especially at the starting phase. A wide variety of marketing tools should be used to target the customer segments. They can create a dedicated page for the new organization which would have several videos and informative articles that would help in the better communication with the prospective clients. The target market of the new venture would be families, students and health freaks.
The produceability of the organic food store would be the focus on the organic foods which are free from preservatives, artificial colors, flavors, free from chemical additives, organically grown and unadulterated version. The food store would be located in the central shopping area of Bangkok. There would be great community support in this area.
The profitability of the new business is important factor entrepreneurial activity. There are a number of factors that affect the functioning of the organic food services. The main key to the customer satisfaction would be to ensure that it is a community friendly store which is easy to navigate and help customers to find them their products quickly. It is also the duty of the stores to increase the customer spending on the store such as lingering inside the stores, reading of the notices on the “community bulletin boards” and others.
They need to take care of the net income, costs and the billing process (Granbom et al. 2014). The service needs to do breakeven and it is important to do profit since there is the need to satisfy the expectation of the shareholders (for their investments made). The service should aim at increasing their income by decreasing their fixed costs as well as increasing the efficiency of the service process (Granbom et al. 2014).
The food store should also take into account the fixed costs of the company, marketing efforts, variable costs and others (Kim and e Mauborgne 2014). However, it is true that the unpredictability, variable profitability and unpaid billings. The food facility can increase their income by increasing the number of customers opting for the organic food products (Granbom et al. 2014). There is more profit in the direct sales of the food products, which would increase the profitability of the firm (Granbom et al. 2014).
The food industry is dependent on three factors namely corporation, competition and customers. The aim of the business is to provide healthy food alternatives to the customers and help them to enjoy a good health. The customers have changing preferences, which needs to be taken care by the company. The organic food industry has average number of competitors, which implies that the company would be able to build his reputation within limited period of time. The new business venture should make sure that there is healthy competition and there us sustainable functioning of the business. The third factor is concerned with the corporation, which is the organic food shop. It should have clear aim as well as vision of providing quality food to the customers.
There would be sufficient resource capacity of the food store which would make it possible to run the day to day service. There would be adequate manpower to cater to the individual needs of the customers (Granbom et al. 2014). There would be the recruitment of trained food specialist manpower, which can assist the customers in times of their needs (Leung and Chow 2012). There would also be administrative staffs as well as financial staffs would look after the overall facility management including management of finances. However, there would not be any private delivery van for home delivery of the food items.
Product
There should be emphasis on the different varieties of organic food products such as quality, design, product variety, features, packaging, brand name, services, sizes, returns and others.
Price
The food shop should be careful about the list price, discounts, payment period, allowances and credit terms so that they can attract more number of customers.
Promotion
The organic food shop should implement sales promotion, advertising, sales force, direct marketing and public relations so that the customers are attracted to the new business venture.
Place
The organization should be able to able to select proper distribution channels, coverage, assortments, locations, transport and inventory. This would ensure that customers get access to the products.
People
The company should recruit efficient employees in the shop so that they can carry on the job responsibilities well.
Processes
The service delivery would comprise of good quality products, which would be produced by efficient manufacturing process.
Physical Evidence
The physical evidence would comprise of heathy food products and there should be healthy food certificate displayed on the food store.
In the market, there is adequate number of food services that provide organic food products. However, this new venture would provide fresh food products and the main focus would be on the quality of food products. Care should also be taken so that the quality of the food products is maintained. This would give the company adequate competitive edge and the company would be able to gain new customers.
There is a need of gaining adequate market research data before venturing into the new project. It should try to make strategies for increasing the market share. It is also important to implement new technology, which can also be used as a marketing tool. It should also focus on maximizing the customer flows (Leung and Chow 2012).. There should be more number of technological advancements so that there is enhanced customer satisfaction. It is important to gather suitable number of investor’s who would gather considerable funds for the new business venture. There should be rigorous marketing sessions, so that there is increased visibility of the service (Leung and Chow 2012). It is important to capture the social media, which is increasingly becoming the modern marketing tool. The marketing of the new venture should be adequate so that there is increased brand awareness. There should be amicable relationships that need to be maintained with the different stakeholders such as suppliers, customers and the different vendors.
The majority of the customers aged between 25 to 34 years shows an inclination to the organic food and they prefer to consume it more than once a week. They prefer to eat at least one organic food item in their day to day life. A majority of the interviewed people are female who like to buy some forms of organic food, since they believe that consuming these kinds of foods would help them to become a fitter person. They usually prefer to spend between $50 and 70$ for the organic foods that they consume. A majority of the people like to purchase organic foods from an organic health store, where they would be able to find genuine authentic products. There are only 10% of the customers who said that they prefer to purchase organic foods from supermarket, which is more accessible as compared to visiting an organic store.
The customers said that they prefer to purchase organic foods due to the great quality of the foods. The also prefer to maintain healthy lifestyle by consuming healthy foods. A majority of the interviewed persons prefer to buy fruits, milk, vegetables, cereals and snacks from the organic food store. 50% of the participants feel that these kinds of foods can be given 9 out of 10. A small percentage of people feel that the organic foods can be given 6 points as they have a high price.
Conclusion
The development of an entrepreneurial activity requires proper opportunity analysis. This would help the owners to decide the correct market and the area for launching the new service. This report analyzed the opportunity analysis of organic food store, aimed for providing varieties of products to the customers. The critical analysis of the options is being done by focusing mainly on the four parameters. They were analyzed with the help of four abilities such as workability, marketability, produceability and profitability. The critical analysis of the options has been done along with opportunity management.
References
Berthon, P.R., Pitt, L.F., Plangger, K. and Shapiro, D., 2012. Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy. Business horizons, 55(3), pp.261-271.
Dimitri, C. and Dettmann, R.L., 2012. Organic food consumers: what do we really know about them?. British Food Journal, 114(8), pp.1157-1183.
Forman, J. and Silverstein, J., 2012. Organic foods: health and environmental advantages and disadvantages. Pediatrics, 130(5), pp.e1406-e1415.
Karpf, D., 2012. Social science research methods in Internet time. Information, Communication & Society, 15(5), pp.639-661.
Kim, W.C. and e Mauborgne, R., 2014. Blue ocean strategy, expanded edition: How to create uncontested market space and make the competition irrelevant. Harvard business review Press.
Kotler, P., Keller, K.L., Manceau, D. and Hémonnet-Goujot, A., 2015. Marketing management (Vol. 14). Englewood Cliffs, NJ: Prentice Hall.
Monteiro, C.A., Moubarac, J.C., Cannon, G., Ng, S.W. and Popkin, B., 2013. Ultra?processed products are becoming dominant in the global food system. Obesity reviews, 14(S2), pp.21-28.
Popp, J., Pet?, K. and Nagy, J., 2013. Pesticide productivity and food security. A review. Agronomy for sustainable development, 33(1), pp.243-255.
Strydom, C. and Tlhojane, M.E., 2014. Poverty in a rural area: the role of the social worker. Social Work/Maatskaplike Werk, 44(1).
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