Based on the work you have completed, which market should you target?
Company should focus on the young people especially the ones that love spicy food. There are large numbers of Indian Youngsters living in this area and hence will be a good market to target. Since there are large numbers of youngsters living in this industry and they are highly active on the digital media platforms. Mostly it must concentrate in the urban location as delivery of the food will be feasible (Region for Waterloo, 2018).
Using this market definition AND the geographic area defined in the idea, what is the size of your market?
According to the market definition and the geographical area selected the size of the market is 8,988,865. In this male constitutes 4,412,115 and female constitute 4,576,750. All these people are in the age group of 15 to 64 years.
(Remember that you can group types of competition if there are a large number of the same kind of competitive companies)
What direct competition does your venture have?
There are large numbers of restaurants present in the Kitchener and Waterloo area. In terms of direct competition there are very few ghost restaurants in this region which will give direct competition to this new venture. But the numbers of such restaurants are very less and are operating at the minor level hence this venture will have good chance to grab this big market. Some of the direct competitors are Shawerma Plus, Levette, Redginger, Raja Fine Indian Cuisine (Tripadvisor, 2018).
What indirect competition does your venture have?
On the other side there are several restaurants that are actually present. These restaurants are giving indirect competition to this venture. They actually have a big brand name and hence are able to attract large numbers of people towards their Indian and western cuisine. Some of these restaurants have large capitals to invest and hence offering large variety of food to the customers. Currently in this region such type of competition is a bigger threat when compared with ghost restaurants. Mediterrerraneo Family Restaurants, Jhonny Fresco, East side Shawarma are their biggest indirect competitors (Tripadvisor, 2018).
What possible substitutes are there for your venture?
There are large numbers of substitutes available for this venture. Large numbers of physical restaurants providing Indian Cuisine in their menu. Second the ghost restaurants that are emerging in this region. Third are the emerging fast food outlets available in the area. Fourth are the ready to made food that is increasing. This is a threat because most of the people order from the ghost restaurants when they feel that they are hungry at late nights or when they cannot go a restaurant. Apart from this, the increasing numbers of food delivery apps is a major threat as they are helping restaurants to reach out to the customers at cheaper rates
How will your new venture make money? What is the revenue model?
(You don’t need to give actual numbers here just tell me the type of transaction that will generate money for you.)
Since the business is totally on the online basis hence the revenue model for the company will be in three steps. This includes creating customer value, marketing and selling. Customer value can be created by satisfying the existing requirements of the targeted market as well as by generating and fulfilling the new requirements. In terms of marketing there can be two things that can be done first is to create a brand and second is give the solution to the challenges that is faced by the market in availing Indian cuisine. At last selling which will entirely be done with the help of online mediums. All the purchases will be made with the help of online websites through the help of online payment options.
What is your pricing strategy and why did you choose this strategy?
(Refer to the document on eConestoga that outlines the theory and defines the different pricing strategies.)
In the pricing strategy company has chosen is economy pricing. This is done so as to make their mark in the industry. Most of the people in the industry seem to be offering the products at legitimate pricing hence the company can use both penetrations pricing along and economy pricing so as to grab the available market share. The major reason for choosing economy pricing is that it helps in attracting the target segment they have made for themselves. Since most of the youngsters or bachelors do not like high priced food hence economy pricing will be effective for this target segment. This strategy is helpful in attracting target segment that are highly price conscious.
What Makes You Unique?
What criteria would a consumer use to evaluate options in your category? List all criteria here:
Some of the criteria are:
Quality
Pricing
Variety
Original taste
Create perceptual maps using this criteria and place all competitors AND your new venture on each one. (Attach these rough maps.)
Based on your analysis of the perceptual maps, how is your venture unique?
This venture is unique as it delivers high quality Indian food having great taste and more often originality. This venture is unique as it is first of its kind that serves Indian Food in the Waterloo area.
Promotion
What is the best way for you to connect with your target market?
– Inbound (how they can find you)
Among the various strategies available with the firm, the best strategy that will help the company to connect to the target market will be through mobile based app. Since youngsters which are their major target segment are highly connected with the mobile technologies hence such type of app will be the best way in which this venture can get connected to target market
– Outbound (how you will reach out to them)
For reaching out to the customers, the best strategies that are available with the firm are the online strategies. Company can promote its venture on different types of online platforms such as social media and other types of websites. Link to download the app must be provided at different forums along with the description of the types of products and services must be given on different platforms. Geo-centric target marketing will be effective in such type of ventures.
Business Concept Statement
Develop a 2-3 line description that paints an accurate and compelling picture of the new venture concept. It should include: problem, solution, target market, revenue model and unique value proposition.
This venture has targeted mostly young people. Company will face problems as these youngsters do not have large spending power. The solution to this is that company brings their products at lower cost and provides discounts for the people who are regular customers. Its unique value preposition is its great Indian taste at lower prices. The revenue model takes the use of online mediums for generating money.
Lean Canvas – One Page Business Model Summary
Complete the template provided on eConestoga for your new venture. (attach the completed template)
References
Zamon, R. 2015. The Best Restaurants In Kitchener And Waterloo. Retrieved from: https://www.huffingtonpost.ca/2015/06/08/kitchener-restaurants_n_7521774.html
Coppolino, A. 2016. New restaurants in Waterloo Region for 2016. Retrieved from: https://www.cbc.ca/news/canada/kitchener-waterloo/new-restaurants-in-waterloo-region-for-2016-1.3516432
Region for Waterloo, 2018. Restaurants and Food Services. Retrieved from: https://www.regionofwaterloo.ca/en/doing-business/restaurants-and-food-services.aspx
Tripadvisor, 2018. Waterloo Delivery Restaurants. Retrieved from: https://www.tripadvisor.in/Restaurants-g181736-zfp19-Waterloo_Region_of_Waterloo_Ontario.html
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download