MGMT20143 - Think Big, Central Queensland University, Australia
Idea Generation and Business Model Development
MOST RELIABLE AND TRUSTWORTHY IDEA GENERATION AND BUSINESS MODEL DEVELOPMENT ASSIGNMENT HELP AND ASSESSMENT HELP SERVICES AT YOUR DOORSTEPS!
Question: Prepare a 1500-word business report of your idea, a detailed business model (BM) canvas, discussion of the interrelationships among the BM components that are essential to success, critical risks and assumptions, and overall feasibility. The business model canvas must be discussed in the report.
Answer: Introduction: The business idea of plant-based meat made from wheat gluten needs an appropriate marketing research and strategy formulation if one is to ensure its success in this era of immense market competition and rivalry. This is because the research conducted would be useful in helping to identify the various preferences as well as the tastes of the target markets before the product is launched (Bornmann, 2014). Moreover, the fact whether the consumers would be able to afford it or not can also be estimated through this research.
Furthermore, the research can also highlight the upsides to cutting down on consumption of animal products, primarily meat, which would help consumers understand the importance of a plant-based alternative so that they can indulge in the food they love without having to compromise on the taste. The increase in the spread of vegetarianism and veganism has also spurred the research in these fields and increased the demand for plant-based food products. Eating meat has been linked with a variety of health problems, especially in case of red meat (Zelber-Sagi, et al., 2018), and thus, a vegetarian alternative would be welcome for those who wish to cut down on the consumption of such food products, be it for ethical or for health reasons. This particular study intends to resolve the issues that this business idea might be faced with by analyzing the contextual factors. An additional business canvas model has also been provided for determining the significance of this innovation for resolving the issues related to the customer as well as the market problems (Euchner&Ganguly, 2014).
Customer/market problem: This particular business concept that has originated from the idea of plant-based meat for a healthy lifestyle involves the production of a food product that will have the texture as well as the taste as that of meat. The product will be made from wheat gluten, and although the raw material is quite readily available on a global scale, it would be safe to say that the process of extracting the gluten from the wheat is a rather tedious and extensive procedure (Smetana, Mathys, Knoch, & Heinz, 2015). Thus, the processing technique for obtaining the right texture and flavor of the vegetarian "meat" is a problem that must be dealt with when it comes to the market supply of the raw materials.
On the other hand, the consumer demand is an issue that must be addressed by this business idea. The customers are always willing to try something new, but the idea of a plant-based alternative to meat might not come across as very appealing to some, especially those who have no reason to ditch the traditional animal produce and switch to vegetarian alternatives. As far as the consumer perception is concerned, the product must look and taste exactly like meat, so that the feeling that they are not eating the real thing does not pop up in their minds. A product that has been manufactured without inflicting cruelty on an animal is always welcome by many, but there are numerous doubts as people might have their own reservations pertaining to the taste and texture of the product (Kumar, Chatli, Mehta, Singh, Malav, & Verma, 2017).
Benefits generated by the business idea: The production of plant-based meat by extracting the gluten from wheat will require highly specialized machinery, and will also involve the participation of many scientists who can help identify the correct procedures to do so. The primary issues associated with manufacturing plant-based meat from wheat gluten is the extraction of this component from the available raw material, and for this purpose, adequate manpower and technology will be required. A contract can be developed between a food research center and the business to ensure that the necessary expertise is available at their disposal. Additionally, a regular supplier of wheat needs to be obtained, who can provide the required amount of raw material needed for producing the "meat" on a large scale. The primary benefit of this plant-based alternative to meat will be the elimination of the risks that come with the consumption of animal produce, especially red meat. This alternative to animal meat will also help reduce the extent of the cruelty that is inflicted on the poor animals, in addition to helping people sustain a healthy lifestyle.
GET ASSURED A++ GRADE IN EACH IDEA GENERATION AND BUSINESS MODEL DEVELOPMENT ASSIGNMENT ORDER - ORDER FOR ORIGINALLY WRITTEN SOLUTIONS!
Feasibility of the study
Market feasibility: In this case, the target market comprises of vegans and vegetarians, along with those individuals who love meat but cannot consume it for health reasons. The potential threat in this case could be the possibility of the product not being in close resemblance with the real product that it intends to imitate, which would deter the consumers from trying it out. However, the market scope for the product seems to be positive, since the concerns regarding environmental sustainability and other ethical issues have been rising, which indicates that the business idea is completely feasible.
Product feasibility: The primary task in this regard would be the selection of a regular supplier, especially of wheat from which the gluten would be extracted. The main challenge in this case is to ensure that the finished product resembles and tastes like meat in order to entice the customers.However, there have been successful instances where wheat gluten, together with the combination of a number of other plant-based elements (Smetana, Mathys, Knoch, & Heinz, 2015), have been processed together to give rise to an edible product that tastes and resembles meat quite accurately.
Technological feasibility: Due to advancements in culinary as well as industrial science, it has become possible to extract the vital ingredients that are necessary for the manufacture of the plant-based meat. Several scientists have been able to imitate the texture as well as the taste of animal meat, and it can be expected that it will be available for mass production very soon.
Customer feasibility: The customers need to be won over for the success of this business idea. An easy way to do this would be to ensure that they are well-educated on the harmful effects that eating too much meat can have on their bodies as well as the benefits it can have for environmental sustainability (Wild, Czerny, Janssen, Kole, Zunabovic, &Domig, 2014). This can help attain customer feasibility of the business plan.
GET READYMADE IDEA GENERATION AND BUSINESS MODEL DEVELOPMENT ASSIGNMENT SOLUTIONS - 100% PLAGIARISM FREE WORK DOCUMENT AT NOMINAL CHARGES!
Business model canvas: The business model canvas consists of nine building blocks, which serve as a template for the development of a business model for any given idea (ZandovalBonazzi, & Ari Zilber, 2014). In this given scenario for the manufacture of plant-based meat from wheat gluten, the business model canvas can be implemented as stated below -
Key partners: The key partners in case of plant-based meat are the suppliers, buyers, distributors and the shareholders. The key partners of any business that share a common vision and mission can be said to be the shareholders.
Key activities: The key activities that need to be managed by a plant-based meat producing company are the manufacturing process, supply chain issues, and distribution channels. The company that will utilize this business idea must allocate workers for all the individual departments in an attempt to oversee these specific duties.
Key resources: These can be broadly classified into tangible and non-tangible assets. The tangible resources include the manufacturing premises, employees, investors, shareholders and other physical assets, and these need to be effectively managed for the proper attainment of the intangible resources, such as brand value, patents and the reputation of the meat manufacturing firm.
Value proposition: This includes the marketing schemes and the marketing or promotional plans that would ultimately help attract the customers. The plant-based meat will utilize both offline and online promotion plans for popularizing the product.
Customer relationship: The relationship that the company will have with the customers, especially those who consume animal products, will determine the success of the firm as well as the product.
Channels: Having efficient distribution channels will greatly help the plant-based meat to reach its target consumers, within the required deadlines.
Customer segments: The plant-based meat from wheat gluten will target mostly the vegetarian as well as the vegan customers in the market.
Cost structure: Financial analysis would be involved for measuring the economic strength of the business idea. It can also be determined by a cashflow statement, along with the necessary balance sheets.
Revenue streams: The business idea intends to generate revenue from its customer target segments through various streams, such as the sale of the products and advertising.
Critical success factors
Market requirement: The approach to manufacturing plant-based meat from wheat gluten on a commercial basis is quite innovative. This can be further substantiated by the fact that awareness regarding the harmful effects of meat consumption is increasing, and people today have become all the more conscious about their eating habits and are therefore choosing veganism or vegetarianism for ethical or health reasons.
Competitive advantage: The competitive advantage can be increased by ensuring that the finished product has a close resemblance with actual meat, especially in terms of taste and texture. Additionally, the financial planning can be taken care of after thorough analysis of the business canvas model.
ORDER NEW IDEA GENERATION AND BUSINESS MODEL DEVELOPMENT ASSIGNMENT AND GET 100% ORIGINAL SOLUTION AND QUALITY WRITTEN CONTENTS IN WELL FORMATS AND PROPER REFERENCING!
Conclusion: This business report has taken into account the possible problems as well as the solutions that can be applicable for the business idea for manufacturing plant-based meat from wheat gluten. Furthermore, the manner in which a competitive advantage can be built after analysis of the business canvas model has also ben justified. However, if the proposed solutions and suggestions are not implemented correctly, the idea of such a business would not be practically feasible in the real world.
Take our Central Queensland University, Australia Assignment Help and get assistance with major units and course programs like:
- MGMT20141 - Enterprise Project Assignment Help
- PPMP20012 - Program and Portfolio Management Information Systems Assignment Help
- PPMP20015 - Research in Project Management Assignment Help
- MRKT20052 - Marketing Management and Digital Communications Assignment Help
- HRMT20024 - Managing Human Resources Assignment Help
- MGMT20144 - Management and Business Context Assignment Help
- COIT20248 - Information Systems Analysis and Design Assignment Help
- COIT20246 - ICT Services Management Assignment Help
- COIT20245 - Introduction to Programming Assignment Help
- MGMT20132 - Innovation and Sustainable Business Development Assignment Help