Business Plan and Approach to Business Management of Nutrients Gourmet

Business Plan & Business Management Review
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Table of Contents Part 1: Business Plan (Nutrient Gourmet) 3 1.1 Executive Summary  3 1.2 Description of the Business, Including its Products and Services  3 1.3 Mission & Vision  5 1.4 Competitive Positioning of Gourment Nutrients  5 1.5      Marketing Strategy  8 1.6 Financial Considerations  10 1.7 Business Structure and People  12 1.7.1Business S5ructure  12 1.7.2 People  12 1.8 Protecting the Knowledge (Adapted from Williams) 13 Part 2: Leadership Review   15 2.1 I am a Leader/ Manager 15 2.1.1 My Leadership Brand  15 2.2 Management Skills to Develop  16 2.2.1 Leadership Characteristics to Strengthen  16 2.2.2 Leadership Goals  17 2.3 Important Leadership Traits Over the Next 5 Years in Nutrients Gourmet 18 2.3.1 Driving Change and Adding Value to My Business  19 References  20   Part 1: Business Plan (Nutrient Gourmet)
1.1 Executive Summary
Nutrients Gourmet is a healthy food delivery company that sells high-quality and nutrient-enriched food to people working in their offices and homes. We specialize in offering food rich in vitamins, protein, carbs, dairy, healthy fats, and other necessary elements. Our products are made with only the finest ingredients and are 100% healthy. We believe that by providing our customers with high-quality, all-natural products, we can help them achieve their nutritional goals. The focus would be on offering necessary nutrients like protein, carbs, dairy, vegetables, fruits, and healthy fats for the working class. The competitive positioning of Nutrients Gourmet has focused on differentiated strategies as it offers unique healthy meals to New York working customers only.
The company offers high experience with a relatively medium price range, and no low cost is offered because it will not cover the necessary expenditures for the business. Four important aspects are considered for marketing purposes. The company will rely on social media platforms like Twitter, Facebook, Instagram, and Pinterest to promote its products and engage customers. Further, it will develop partnerships with health-related organizations and bloggers to widen the audience. Nutrients Gourmet will place ads in magazines that target affluent readers. It will use search engine marketing, social media, and banner advertising.
Informational events will be held in local stores and community centers. Webinars will be hosted regularly to provide in-depth information about different topics related to healthy eating.
1.2 Description of the Business, Including its Products and Services
Over the last decade, customers have become increasingly aware of the need to take care of their health and wellbeing. It has led to them becoming more likely to make choices that support their health and wellbeing, such as choosing healthier foods and drinks and being more active (Globe News Wire, 2021). In turn, businesses have responded to this trend by introducing healthier options to their menus and providing more opportunities for customers to be active. As a result, the healthy living market has grown significantly over the last decade and is worth around £221.2 billion in the USA. It is 28.9% of the global health industry (Business Wire, 2021). This growth is likely to continue over the next decade as more people become increasingly aware of taking care of their health and wellbeing. It will mean that businesses can continue to profit from the market by catering to customers’ needs and providing them with products and services that support their health and wellbeing.
People now have a busy schedule to cook healthy food due to tough office timings and in-door working activities. It is very challenging for them to stay healthy by cooking and eating the right nutrition on such a tough schedule. Nutrient Gourmet caters to the diverse needs of customers by delivering them healthy food options (both scheduled and customized) sitting at their workplaces or homes. Nutrients Gourmet offers different meal options depending on customers’ needs with all necessary nutrients like protein, carbs, dairy, vegetables, fruits, and healthy fats for the working class. Some of the ingredients that customers can choose from include:
Protein: chicken, beef, pork, salmon, and whitefish (non-vegetarian) and pulses and grams (for vegetarian)
Carbs: brown rice, quinoa, sweet potato
Dairy: almond milk, cashew milk
Vegetables: broccoli, Brussels sprouts, spinach -Fruits: blueberries, raspberries, strawberries
Healthy fats: avocado oil or olive oil.
Nutrient Gourmet also offers delicious food for people with specific diseases and allergies. For example, it has a different meal plan and recipes for wheat allergic people. The purpose is to serve customers right so they can enjoy delicious food even if some foods are not allowed to them. Nutrients Gourmet has hired a well-knowledged nutritionist and highly experienced chefs to add tastes to food. The nutritionist guides customers along with their medical prescription that which food will meet their health demands more efficiently.
Nutrients Gourmet will serve people residing in New York three main meals options. Customers choose to select only one meal or take a 30-day subscription and renew it after every month. It would be time-saving and cost-saving for them as they do not have to decide what they need to order daily. The food would be readily available three times depending on their requirements, budget, and health conditions. No close competitor offers such facilities nearby, which means that the services would be of a premium nature. The prices are relatively high, but it compensates for quality beyond customers’ expectations.
1.3 Mission & Vision
Nutrients Gourmet is a company that creates and distributes premium quality, nutrient-dense foods. The mission statement is:
“We are dedicated to providing our customers with the healthiest and most delicious options available. We believe that optimal health comes from eating a variety of nutrient-dense foods, and our goal is to provide our customers with the best of the best.
The vision statement is:
“We are committed to providing the highest quality products and services possible to continue to be a leading provider of premium nutrients for people across the USA.”
1.4 Competitive Positioning of Gourment Nutrients
The competitive positioning of Nutrients Gourmet is based on focused differentiated strategies as it offers unique healthy meals to New York working customers only. The company focuses on fresh, healthy, and locally sourced ingredients. It also has a unique business model, serving only New York City working customers. It allows the company to better understand and cater to the needs of its target market. Nutrient Gourmet can keep its costs low by not having a physical store and instead relying on a delivery model. It allows it to price its meals relatively low compared to other healthy meal delivery services. However, the company would not keep prices too low to compromise quality (Ansoff et al., 2018). The prices would be relatively higher to manage expenses and retain a loyal customer base. Figure 1 shows the source of advantage and target scope of the business.
Figure 1: Competitive Positioning of Nutrients Gourmet
(Source: Ansoff et al., 2018)
Porter’s five forces analysis conducts another analysis to understand how competitive the industry is:
The Threat of New Entrants
The threat of new entrants is high because new businesses can enter the market conveniently. The raw materials needed for the business are easily available, and people can enter the market without a huge investment (Wood et al., 2021). Nutrients Gourmet has an edge to offer customized meal plans under the supervision of well-qualified nutrition, giving it a competitive edge.
The Threat of Competitors
The industry is competitive because over 100 businesses offer healthy food like Eat Clean, Meal Collective, Green Top Farms, Olivia Cooks for You, and CookUnity (Yelp, 2022).
The Threat of Substitutes
The threat of substitutes is high because people opt for unhealthy and fast food. They keep changing their tastes and can choose healthy and unhealthy food depending on their awareness level and food love.
Bargaining Power of Buyers
The bargaining power of buyers is very high because they can select any business depending on their budget, likeliness, and income. The switching cost is zero, which creates a huge challenge for the business.
Bargaining Power of Suppliers
The bargaining power of suppliers is too low because several thousand suppliers are available in the market. Gourment Nutrients can select any option depending on its requirements (Wood et al., 2021).
Table 1: Porter’s Five Forces Analysis
Factors
Level
The threat of new Entrants
High
Threat of Competition
High
Threat of Substitutes
Medium
Bargaining Power of Buyers
High
Bargaining Power of Suppliers
Low
The analysis shows that the industry is very competitive; however, very few organizations offer customized meal portions three times a day. Nutrients Gourmet has recruited a nutritionist who guides people on healthy meals depending on their concerns and health conditions. Another analysis presented in figure 2 is based on the perception map of cost and experience. The analysis shows that Nutrients Gourmet offers mid-priced cost products with great experience compared to its rivals. The services are luxury, and the cost is not set too low or too high to retain a huge market share.
Figure 2: Perception Map
1 Marketing Strategy
Nutrients Gourmet would Establish the company as a premier provider of high-quality, all-natural supplements. The main focus would be Nutrients Gourmet’s benefits rather than the ingredients themselves. Here are some marketing aspects that Nutrients Gourmet would focus on penetrating the New York market.
Relying on Social Media Platforms
The company will rely on social media platforms like Twitter, Facebook, Instagram, and Pinterest to convey messages to end customers. Twitter is a microblogging platform that allows users to post short, 280-character messages. Nutrients Gourmet will use Twitter to announce new products, promotions, and events (Saura, 2021). The company will also use Twitter to interact with customers and answer questions. Facebook is a social networking platform that allows users to connect with friends and family. Instagram is a social networking platform that allows users to post photos and videos. Pinterest is a social networking platform that allows users to pin images and ideas from other websites onto their boards. Nutrients Gourmet will use these platforms to promote its products and engage customers.
Developing Partnerships with Health-related Organizations and Bloggers
Nutrients Gourmet will develop partnerships with health-related organizations and bloggers to widen the audience. Nutrients Gourmet will develop partnerships with health-related organizations and bloggers to widen the audience. Some potential partnerships could be with the American Heart Association, Partnership for a Healthier America, or the American Diabetes Association (Bala & Verma, 2018). These organizations could help promote Nutrients Gourmet products and educate the public on the benefits of incorporating nutrient-rich foods into their diets. Nutrients Gourmet could also partner with popular health and wellness bloggers to reach a wider audience. These bloggers could write about the products and provide recipes incorporating Nutrients Gourmet ingredients. It would help create awareness for the brand and encourage people to try out the products. Overall, partnerships with health-related organizations and bloggers would help broaden the audience for Nutrients Gourmet’s nutrients, increase product uptake, and create a more beneficial dialogue around nutrition. Overall, Nutrients Gourmet plans to partner with various health-related organizations and bloggers to widen the audience for its nutrient-rich foods and promote healthy living.
Print and Online Advertisement to Reach Consumers
Nutrients Gourmet will place ads in magazines that target affluent readers. The company will also place ads in newspapers and websites with high traffic. Nutrients Gourmet will use online advertising to target consumers who are likely interested in its products (Pandey et al., 2020). The company will use search engine marketing, social media, and banner advertising. Nutrients Gourmet will use direct mail to reach consumers who are likely interested in its products. The company will use targeted mailing lists to send out advertisements and coupons. It will use social media to reach consumers who are likely interested in its products. The company will use Facebook, Twitter, and YouTube as platforms for advertising. Further, it will use search engine marketing to reach consumers who are likely interested in its products. The company will pay for high-quality advertisements.
Host Informational Events and Webinars
Informational events will be held in local stores and community centers. Webinars will be hosted regularly to provide in-depth information about different topics related to healthy eating and Nutrients Gourmet products (Herhausen et al., 2020). Customers can also sign up for Nutrients Gourmet email newsletters to be notified when new content is released. The company will also donate a portion of its profits to charity each year.
1.6 Financial Considerations
The final consideration is based on different factors. Table 2 shows the initial cost of operations for the first year of the business:
Table 2: Initial Cost
Fixed Costs
$
Variable Costs
$
Copyrights and Patents
8,000
Rent
35,000
Furniture
9,000
Marketing and Advertisement
1,000
Computer and Software
5,000
Salaries
15,000
License
3,500
Brochures
200
Fire Insurance
1,200
Kitchen Supplies
3,000.00
Internet Connection Deposit
5,000
Traveling Expenses
3,000.00
Others
2,000
Miscellaneous
300.00
Recurring Costs
57,500
Total Fixed Costs
33,700
Total Cost (Fixed + Recurring)
91,200
Table 3 shows the sources of finance to fund the op...