Food overused Essay Example

  • Category:
    Business
  • Document type:
    Math Problem
  • Level:
    High School
  • Page:
    3
  • Words:
    1501

Project 2: Group Written Report

_____________________________________

_____________________________________

Project 2: Opportunity Analysis Project

Differentiate between an idea and a viable opportunity

Red writing is anexplanation to each section

The Problem is food overused many restaurants are suffering from leftovers

The Solution that we are working on is that restaurants making deals at the end of each day for people who can’t offered to pay for a full price of food can get it at a low price. For example a restaurant couldn’t sell all the food of that day, they can sell it at low price instead of going to waste.

Concept and Vision:

  • Student discusses if the idea is a true opportunity

  • Student discusses what they learned between the time they choose their idea and the final draft of the report

  • Student addresses market size, segmentation, growth for their opportunity

It is a fact that a lot of food in restaurants is going to waste because there are many leftovers that are poorly managed. In order to reduce the wastage, restaurants can reduce the cost at which this food is bought. This idea is a very good opportunity because there are many restaurants within this country that face this problem day in day out. Between the time of selection of this idea and the final draft of the report, we learnt that the hospitality industry is fast growing. It is one sector of the economy which has exceedingly great potential. The government therefore needs to tap this potential so as to increase its revenue. The market size is broad. The different segments include geographical and demographic. The geographical segment covers a wide span because hotels are scattered all around the country. Demographic segment is favorable because the population of people who frequent hotels is significant.

Generating Knowledge and Awareness:

  • Student demonstrates awareness of the theme.

  • Student highlights how they increased knowledge of the issue.

Many people who frequent restaurants are not oblivious to the fact that sometimes the food is not fresh. The reasons given to justify this state of events is that the food may have stayed refrigerated for too long. Awareness on this issue was raised by seeking feedback from clients of different restaurants concerning the state of food. Did they like it? Was it fresh? We also talked to some hotel managers who confided in us that management of leftovers poses a great challenge to the hotel catering services.

Generating Ideas:

  • Student applies at least two of the Tools & Techniques to actively generate ideas (Brainstorming, Analogy, Attribute Analysis, Gap Analysis, and Why-Why-Why Analysis).

  • Student presents findings and outputs from the activity (in appendices if necessary) and analyses the findings and outputs in the body of the report

We applied two tools and techniques in my generation of ideas: brainstorming and gap analysis. These techniques were used to found out the gap that exists in this part of the hospitality industry and the measures that can be put in place. The two major ways in which hotels can deal with leftover food is through reselling it at a lower price and distributing it to the needy. These two options should be undertaken on condition that the food is still fit for consumption.

Approach to Innovation:

  • Based on the idea generation outputs and findings, student proposes how to innovate a product, service, or process.

  • Students details which aspects of the product, service, or process to change and why. (Specify Schumpeter’s ‘Type of Innovation’ (e.g. new or improved, new process, new market, new materials, etc.)

  • Describe how your proposed innovation would change the application (function / benefit / uses / users, etc.) of the product, service, or process.

In order to effectively manage left over food, hotels can adopt a new service that runs in the evenings. The eft over food is then placed on offer at a cheaper price so that it can move fast. The aspect of the service to change includes a new market: target population. The target population may include students, who are just keen on having supper at a reduced cost. The new service will enable students to save on their pocket money because they will get good at cheaper cost. It will also enable restaurants to cut down on left-over food.

Limitations:

Student classifies and rates at least three potential risks or limitations to the implementation of the proposed innovative concept, and suggests way to reduce those risks.

The potential limitations to the implementation of the proposed innovative concept include;

Potential Risk

Lack of cooperation from customers

Loss of customers

Decline in sales

The three potential risks mentioned above may occur because of the new service. The ways to reduce them include creating awareness to the customers that the leftover food is available for sale at a cheaper price. The customer should have options i.e. allowing the customer to choose between fresh food and left-over food.

Market Analysis: (place, promotion, 4 cites )

  • Student discusses the industry and sector of the economy they are addressing.

  • Student addresses market size, segmentation, growth for their opportunity

This idea touches on the hospitality industry. The sector of the economy affected is the tourism sector. This is because many tourists usually seek accommodation and food when they visit. The market size is broad, segmentation is both demographic and geographic.

Customers and Customer Development:

  • Student discusses customer’s needs

  • Student addresses what the customer is using today

  • Student discusses what the customer is willing to pay

  • Student discusses how to reach the customer

  • Student includes primary and secondary research

  • Student details conversation with two potential customers

The customer needs the value for his/her money. The customer prefers fresh food to leftover food at the moment and is willing to pay money that will enable them to get what they want. The customer can be reached by providing different options through advertising. The primary research was done in the states of Arizona and Wyoming. It was done on a small sample of restaurants. The questions asked were not as elaborate. The secondary research was done on three additional states namely: Maryland, California and Florida, it covered more hotels and the questions asked were more elaborate.

A conversation between two potential customers

Customer 1

Waiter: Good evening Sir. How may I help you?

Customer 1: Kindly give me chicken and chips

Waiter: Can I get you left overs of fresh food?

Customer 1: Do you sale leftovers separately?

Waiter: Yes, at a subsidized cost. It is on our menu.

Customer 1: Kindly get me fresh food for today , I will sample the left-overs tomorrow

Customer 2

Waiter: Good morning Madam, how may I help you?

Customer 2: Good morning Sir, I would like to have mashed potatoes and iced tea

Waiter: Do you want left overs or fresh food?

Customer 2: Let me sample the leftovers. I saw in your advertisement that it is being offered at a subsidized cost. I am broke right now.

Waiter: You are much welcome to sample them.

Customer 2: Thank you Sir.

Competition and Positioning:

  • Student discusses the competition

  • Student discusses who else might serve this market in the future

  • Student highlights barriers to entry

Competition is likely to come from other hotels which might borrow the idea. The other persons who might serve this market in the future include the hotel managers who will ensure this idea does not perish but continuers into the foreseeable future. The barriers to entry include threat of substitutes, bargaining power of suppliers, bargaining power of buyers and industry rivalry

Business Model and Lean Start-up Philosophy:

  • Student discusses how they will make money and when do you expect their venture to be profitable.

  • Student discusses what the major risk to address right away is (e.g., market or technical).

This venture should be profitable within the first three months. I will make money by starting with my fellow students. They are easily reachable and because they are keener on cutting costs, they are likely to buy the idea. The major risk to be addressed right away is market. Aside from the students, high income customers may find it difficult to buy the idea.

Learning and Adaption:

  • Student discusses if the idea is a true opportunity

  • Student discusses what they learned between the time they choose their idea and the final draft of the report

  • Student addresses market size, segmentation, growth for their opportunity

The idea is a true opportunity. The leftover food is going to waste in a big way. However, this state of events can be reversed if the idea proposed in this project is adopted. Between the time of selecting the idea and the final draft of the report, I have found out many things through my investigations especially with clients. Majorly, I found out that customer satisfaction is of key concern in order for a business to thrive. The market, segmentation and opportunity remains broad. This is because the hospitality industry is very active and many of the issues raised in this report are the concern of many