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Business Plan for Food Supplement

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Business Plan for Food Supplement

Word count 3237

Description

1. Elevator pitch
2. Business objective
3. Identified Customers’ needs and problems
3.1 Target markets
3.2 Market size and growth
4. The product/ service
4.1 Outline of the product and how it meets the identified needs
4.2 How does this work
4.3 Key features of the product
5. Alternatives and competitors
5.1 Porter’s five forces theory for “Natural Energy”
5.2 Unique selling point (USP)
6. Market entry/ supply chain
6.1 Marketing strategy
6.2 Advertising strategy
6.3 Supply chain
6.4 Long term plans
7. Financial outlook
References

Additional information

Preview

1. Elevator pitch

Is anyone interesting on food supplement with zero side effects? “Natural Energy is the product which you looking for.
Today, with the busy life styles, health issues have become increasingly common among young generations. This can be identified as a major threat towards the well-being and productivity of the nation. Lack of regular exercises and poor food safety measures are the main causes behind this crisis. One of the main reasons for this issue is unhealthy diets such as fast food which people can’t avoid due to their busy schedules. Therefore people are looking for food supplements which can provide additional nutrition, but most of the food supplements currently available in the market can cause side effects. “Natural Energy” is a natural food supplement which is recognized by National Medicines Regulatory Authority (NMRA) and doctors are recommending it as 100% natural food supplement which has no any side effects.

2. Business objective

Primary objectives of the business are
 To provide natural, quality food supplement at reasonable price.
 To support the community to live healthy life style.
 To expand the business to other main cities of the country after two years.

3. Identified Customers’ needs and problems

The spreading of non-communicable diseases (NCD) has been a serious issue for Sri Lanka. According to World Health Organization (WHO), non-communicable diseases cause to 75% of deaths in Sri Lanka. According to The Diabetes Association of Sri Lanka (DASL), there are closely four million diabetics in Sri Lanka (News.lk, 2016). It is identified that 23% of people have two or more risk factors of diabetes in urban people between 5 to 40 age group (DASL, 2017). Urban populations (16.4%) display a higher incidents on diabetes over a rural population (8.7%) (Daniel, 2009). Further, one out of three people in Sri Lanka have high blood pressure and also out of third of women are overweighed. Therefore these people who have some sort of a health issue are looking for natural food supplements. On the other hand, people are well aware of the wellness products and healthy lifestyles. They tend to go to gymnasiums, practice yoga or do regular exercises. These communities, health centers and trainers can be targeted for the product. Further, young athletes are also looking for energetic food supplement which is free from side effects. Hence, this product has a higher timely relevance and good market potential. The required recommendations and approvals have been taken from doctors and sport ministry to introduce the product as a natural supplement for athletes.
Currently, the biggest challenge faced by corporate employees is difficulty to manage the time due to busy work schedules. Therefore most of the corporate individuals have to take fast food options because it is convenient for them. Therefore corporate individuals have a requirement for a suitable natural food supplement which can help them to be healthy whilst reducing the effects of taking excessive fast food options. Corporate individuals and executives who work in urban areas can be targeted for these products. Further, these busy executives are looking for healthy food options for their children. Families of this sort rarely cook their meals at home and eating out is a common incident for them. Hence this product can be targeted at school children as well. “Natural Energy” is a good source of protein, therefore this product could be recommended for vegetarians who wants to have a balanced diet.