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Business Plan for Natural Food Supplement


Business Plan for Natural Food Supplement

Word count 18566


Table of Contents

1.0 Introduction
1.1 Selection of scenario
1.2 Rationale of the topic
1.3 Research Questions
1.4 Research Objectives
1.5 Terms of reference
1.6 Concepts & Models applied
1.7 Assumptions
1.8 Business Objectives & Time Scales
2.0 Literature Review
2.1 Description of the Proposed New Business
2.2 The Concept Statement
2.2.1 The Product
2.2.2 The Segmentation & Target Market
2.2.3 Unique Selling Points (USPs)
2.2.4 Location
2.2.5 Those who Involved
2.3 The Window of Opportunity
2.4 Feasibility Research: Literature Review
3.0 Research Methodologies
3.1 Research background statement
3.2 Overall Research Design
3.2.1 Research approach
3.2.2 Research Design
3.2.3 Research Strategy
3.2.4 Research Instruments
3.2.5 Sampling Plan
3.2.6 Data Types & Data Collection Methods
3.3 Research Ethics
3.4 Research Barriers & Limitations
4.0 Data Analysis & the Business Model
4.1 Data Analysis
4.1.1 Product Feasibility
4.1.2 Industry Feasibility
4.1.3 Market Feasibility
4.1.4 Organizational Feasibility
4.1.5 Financial Feasibility
4.2 Business Model
5.0 Business Plan
5.1 Proposed Vision & Mission
5.2 Marketing Plan
5.3 Operations Plan
5.4 Human Resources Plan
5.5 Risk Assessment
5.6 Financial Plan
5.6.1 Quarterly based cash budgets
5.6.2 Budgeted Income Statements
5.6.3 Financial Position
5.6.4 Breakeven Analysis
5.6.5 Sensitivity Analysis
5.6.6 Ration Analysis
5.6.7 Cost Management
5.7 Schedule for Implementation
6.0 References
7.0 Bibliography
8.0 Appendices

Additional information


Executive Summary

This report of business development proposal is Introducing a 100% natural food supplement to the market. In the initial part of the report, research questions, objectives, concepts & models applied are marked along with the assumptions. Thereafter the literature review is carried out for the proposed natural food supplement. Having analyzed the market position and competitor analysis it was identified that a significant demand for the natural supplement. Author has identified the target market through STP model and the key USP’s as well as the locations marked for the report clearly. By using the PESTEL analysis macro environmental factors are reviewed. identified the window of opportunity, therefore this report analyzed thereby to market the product to the gap in the Industry.
Thereafter the a feasibility research is carried out on the market, industry, product, technology, finance & legal aspects in order to promote the natural product. This report proceeded on the best Research methodology. I.e by approaching deductive research approach & the Research design consisted of conclusive mainly since secondary data gathered throughout the report. No primary data gathered for this research. Afterwards the data analysis and the business model discussed on this report. Product feasibility &Industry feasibility is measured by using the Porter’s five forces model. Market feasibility by reviewing the literature is done with central bank and secondary data sources. Organizational feasibility with SWOT analysis and Financial feasibility is carried out to see the potential performance for the company. Business model is explained in the chart as well as explained for the key elements of the company and the product.
Towards the end of the report business plan is highlighted by the proposed vision & mission and the marketing plan. Under the business plan, it revealed the flexibility of the new business. It is expected to have solid confidence about the growth and success of the business activities. Product considered on market changes as well as the customer behavior. Operation plan indicated by using Porters value chain for the produc. Human Resource plan elaborated under recruitments, performance evaluation & motivation plan. Risk assessment is carried to see the risk for the product introduced by the company intended to launch. Also, the cash budgets, Ratio calculations, financial position & income statements are worked out at the end of the report that could be reviewed by the profit of the company/product.
Finally, the schedule for implementation for the intended product/company captured with the Gannt chart.

1.0 Introduction

1.1 Business scenario

This new business development project intends to introduce a new natural food supplement targeting the customer segments who have understood the importance of a healthy life styles. With the increased competition and urbanization, people tend go for fast-food options and less sustainable food habits. School children also face a great challenge with their busy schedules in school and private classes. By blending the ancient secrets of Sri Lankan Ayurveda with the modern scientific knowledge, the product will be a great solution for all forms of nutrition deficiencies caused by fast food habits, (Rolls, et al., 1982) busy life styles, high competition, urbanization, etc. The product will be 100% natural and all the ingredients will be organic with the endorsement and approval of all the medical authorities such as National Medicines Regulatory Authority (National Medicines Regulatory Authority, 2017).

1.2 Rationale

The main purpose of a business development project to address the gap in the existing market for a 100% natural food supplement which uses organic ingredients. The project will include a thorough market assessment and gap analysis to understand the current market situation and competitive landscape. Overall, the project will discuss the key product, marketing and financial aspects related to the new value offering.
With today’s lifestyle of the people, many do not have enough time to do their chores. They are stuck with many chores to be done, varying from office work to home work. This busy life schedule has lead most of the people with health issues and shorter life spans. The recent researchers have identified the main reason for this, is the addiction to the unhealthy food patterns. (Weingarten & Elston, 1991) With the busy life schedules, people are addicted to consume fast foods which are unhealthy and it is unfortunate to see the percentage increase on youths with obesity (Werle, et al., 2012). Also, they do not have enough time to do exercises and take care of their health. This issue will be among the major threats towards the mankind as the current young generation is addicted to it, and most of the children & adults become obesity. (Fleming, et al., 2014) This issue has been identified by many youths and now the social trend has been created about awareness for their own health that most of them are now going to gyms to do the exercises and be on shape. Such youth are now taking additional nutrition which is needed for their body. But most of those supplements are not natural. They are made of artificial chemicals which cause side effects to the users.
Natural food supplement which is also recognized by National Medicines Regulatory Authority (National Medicines Regulatory Authority, 2017) which do not have any side effects. Thus, the company is highly relying on the possibility of selling the product to the target market where author predict that the company will be able to capture a significant portion of the market via the product.