Innovation and Entrepreneurship for Bakery Chain-myassignmenthelp

Question: Discuss about theInnovation and Entrepreneurship for Bakery Chain. Answer: This assignment highlights a bakery business and its business plan along with a SWOT analysis,pestle analysis and porters five force analysis. Vision The vision of the Bakery is to serve the people with the best quality of cake and biscuit and established the business as one of the most famous Bakery chain. Mission The Bakery is a Start up business. It has 10 employees to start with. The Bakery business started with the vision of establishing the business as a chain of bakeries across the country. The targeted customers are the people who have a sweet tooth and those who love baked products (Blank, 2013). The customers include the youth and the children as well as the people of Singapore celebrating their wedding or birthdays or any other occasions where the order cakes from this Bakery. The business is motivated to serve the best quality of cakes in Singapore and bring in innovation in order to achieve competitive advantage then the competitors. Goals The goals of the Bakery are to reach every citizen of Singapore with the cake and bake products. They have a target of reaching to 1 million people with their baked products and cake and reach a target of 1million dollar in the next 6 months. Strategies In order to reach the goal that is set by the Bakery, various innovation challenges needs to be taken up. Since a bakery is very common in Singapore, the business has to have a unique selling proposition in order to establish them as the leader in the market. The innovation includes use of best raw materials along with innovative baking materials (Kiel, 2014). The designs of the cake and the other baked products are proposed to be innovative and unconventional to attract more customers. Along with the use of chocolate unconventional themes and icing on the cakes, fresh fruits and dry fruits are to be used which is unconventional among the bakeries of Singapore. Action Plan Day 1- choose a theme of the king and the Bakery products that will be baked along in the week Day 2- ensure the procurement of the raw materials that are needed for the Bakery products Day 3- make the cakes and the products along with carrying out of Promotional activities Day 4- give out lucrative offers on the cake and the Bakery products to attract new customers Day 5- while the customer come for buying cake, offered them samples of the Other Bakery products such that they end up buying the new products as well PESTEL Analysis Political Political stability Economic Stable economy High affordability Social Increase in the demand of bakeries Technological Use of latest technology for innovation (Mullins, 2013) Environmental Use of organic raw materials will give competitive advantages Legal The legislation of the country has to be abided by the bakery Porters 5 force Analysis Buyers power- the buyers power is high since the Bakery is a Start up and it has to attract more customers Suppliers power- the suppliers power is high since the Bakery is a Start up and is dependent on few suppliers for the supply of raw materials. Threat of substitute- the threat of substitute is low, since innovation is the unique selling proposition of the Bakery. Threat of new entrants- the threat of new entrants is high since Bakery is common in any country (Brooks, Heffner Henderson, 2014). Competitive rivalry- the competitive rivalry is high competition for the start-up Bakery since they are leaders in the marketand they will offer high challenge. SWOT Analysis Strengths Innovation Fresh raw materials Use of organic materials Weakness High competition Low promotional activities High cost of the products Opportunity Increase in the demand of the bakery products Need for innovation in the bakery industry Threat High competition in the bakery industry Threat of new entrants This assignment highlights the mission vision of a Start up Bakery along with the strategies that the Bakery needs to take in order to fulfil the mission and the vision. The action plan is also included in this assignment. Innovation has been chosen as the unique selling proposition for the Bakery to establish itself as one of the largest Bakery chains in Singapore. The swot analysis highlights that the use of organic raw materials is strength, whereas the high cost of the products is a weakness. However, various opportunities have been identified for the bakery to grow and fulfil its mission and vision. References Blank, S. (2013). Why the lean start-up changes everything.Harvard business review,91(5), 63-72. Brooks, G., Heffner, A., Henderson, D. (2014). A SWOT analysis of competitive knowledge from social media for a small start-up business.The Review of Business Information Systems (Online),18(1), 23. Kiel, I. H. (2014). Entrepreneurial marketing. Mullins, J. (2013).The New Business Road Test: What entrepreneurs and executives should do before launching a lean start-up. Pearson UK.