Running Head: BUSINESS CONCEPT PLAN

Business Concept Plan

Student’s Name:

Student’s ID:

Author’s Note:
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BUSINESS CONCEPT PLAN

Table of Contents
1. Introduction..................................................................................................................................3

2. Background of the Industry.........................................................................................................3

3. Problem/Opportunity of the Proposed Business..........................................................................3

4. High-Level Solution....................................................................................................................4

5. Impact of Business Model on Economic Growth........................................................................4

6. Gap Analysis................................................................................................................................4

7. Competitor Analysis....................................................................................................................5

8. Unique Value Proposition............................................................................................................6

9. Profile of the Ideal Customers.....................................................................................................6

10. Overall Addressable Market......................................................................................................7

11. Business Model Canvas.............................................................................................................8

12. Value Proposition Canvas..........................................................................................................9

References......................................................................................................................................10
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1. Introduction
The following assignment has elaborated a comprehensive idea on developing unique
progressive business model. Contextual business is considered as a product quality review
business that provides extensive review report on the products of the contacted firm to improve
its brand awareness (Rahman, 2018, p. 12). The assignment is about to provide a comprehensive
overview on the subject by showcasing several aspects related to the business such as overview
of the industry, opportunities on market as well as the problem and opportunity of the business
along with several unique aspects of the business, which will be helpful for the organization and
the service users as well in order to obtain appropriate review of the products.

2. Background of the Industry

The conceptual business of the following context is product quality review business. The
following business is associated with service provider industry. The business will operate by
providing comprehensive review on the services and products of various restaurants and hotels
or food manufacturers to help determine its service quality and through it build up adequate
reputation. The business will arrange various initiate reviewers who will provide the potential
review on the products of contacted firm.

3. Problem/Opportunity of the Proposed Business

As the competition on the hospitality and restaurant industry is constantly rising in
Australia, the crisis on product and service awareness is also developing in steady pace which
increasing the difficulties for new entrepreneurs or emerging business to create adequate
reputation (Lages, 2016, p. 4851). In this respect, the presence of product quality review business
will help to create appreciable response and awareness on the products and services of potential
restaurants. The business will acquire its opportunity in market by providing its reviews on the
newly developed products and the quality, hygiene and safety of newly emerging restaurant
businesses. Provided reviews will also help such restaurants to adapt and apply the contemporary
trends in the market of Australia to improve their service quality and profitability.
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4. High-Level Solution
As mentioned the business will help extensively to create appreciable brand awareness
for its contacted companies by providing adequate reviews on the products and services provided
by the company. Any entrant restaurant business that requires the emerging awareness can
contact product quality review business. The business will provide the review on the quality of
the provide foods, diversity in the provided food, every pros and cons on the facility,
recommendation on the necessity and propose additional development ideas to improve the
contacted business (Laud, Betts & Basu, 2015, p. 53). Such extensive amount of services will
help the contacted restaurants to develop effective accommodations to keep up with the
constantly changing and demanding market of Australia along with improvising efficient
competitor resilient services.

5. Impact of Business Model on Economic Growth

The company will acquire its finances by establishing contacts with highly profitable and
emerging potential clients who requires more dire supports. The company will be able to
improve its profitability by establishing appropriate relationship with the clients and focusing on
the potential amount of customers who can relatively increase the service sales and profitability
(Joyce & Paquin, 2016, p. 1480). The company will also host blogs, social media pages and
other digital platforms to improve the intensity of its review and increase the awareness of the
contacted firm. The online platforms will also help to capture more contacts and leads on the
business which will enhance its profitability. Maintaining an effective online presence will result
in the development of comprehensive list of robust contacts for future operations.

6. Gap Analysis
The Gap Analysis of the proposed business is given below in a detailed manner:

Criteria As-Is To-Be

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BUSINESS CONCEPT PLAN

Quality The quality of the service is such
that it caters in providing reviews to
raw food producers and small-
medium restaurants.
The business can establish joint
venture with several tourism
industries, in order to provide
service within the entire hospitality
industry.

Familiarity Since it a new business idea, most The business aims to familiarize the
of the clients are unaware of the concept of the service among the
methodologies in which the proposed marketplace in order to
business operates. become sustainable.

Demand Currently the business will see a The demand is expected to increase
supple demand in its service due to by a tremendous manner, once the
lack of exposure among the clients. business reaches a level of
familiarity.

Potentiality The service can be profitable
because there are huge numbers of
clients within the given marketplace
for the business.
The business aims to cater the
entire hospitality industry in the
future; in that case the profitability
of the service is expected to
increase exponentially.

Service The service of the business will be The service is expected to expand
currently operative in almost 50% almost by 10% in the first year with
of the Australian restaurants. a goal of targeting the entire sector.

7. Competitor Analysis
A thorough competitor analysis is one of the most critical evaluations done during this
marketing plan of the proposed business. A database of all the companies of this service provider
industry and the service they are providing are to be made in this process as this would give an
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idea about the market, the strategies and objectives used by the competitors along with their
strengths and weaknesses as rivals (Jin, Ji, & Gu, 2016, p. 62).

As this category of business of food tester and reviewer service is quite a new one in the
Australian market, the list of competitors is next to zero. The country has not seen probably seen
such a one stop destination for all kind of solutions to reviewing and inspecting food products in
the restaurants, hotels, food manufacturing factories etc. This is why the competition in the
initiative stage is the least, but in future, the organisation might experience rise of companies
with same service.

8. Unique Value Proposition

Unique Value Proposition (UVP) serves as a vivid statement which mainly describes the
advantages of the services or products that the business is offering, as well as the ways to bring
solution to the necessity’s of consumers and the very factor help the organisation to stand out in
competition (Payne, Frow & Eggert, 2017, p. 470). This significant factor of the company’s
business marketing campaign informs them about service or goods and promises them the value
which is to be delivered, which is this scenario happens to be the one-stop solution service for
food inspection, test and review in various sectors. Besides, the review provided by the
organisation will help people to find the most suitable destination for their food of choice
(Sengupta, Bamel & Singh, 2015, p. 315). As a business with completely new ideas, participating
in a market which is almost unknown to the people of Australia, the company is less known to
the public and hence, it needs an adequate UVP to be displayed to the probable customers.

9. Profile of the Ideal Customers

Before
The hotels and restaurants do not usually
own proper and adequate equipment for
testing the quality of a new food item they
are going to serve. This sometimes led to
customer’s dissatisfaction of the food
quality.
Food manufacturers faced confusion
earlier about whether the average people
will consider their products as
After
The company provides them the service of
inspecting the quality of their food with every
necessary instruments and knowledgeable
people to understand if the food item is ready
to be served and recommend what is needed to
be done to increase the quality.
The company sends experts who have
complete knowledge about the taste and
preference of the target customers of such food
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BUSINESS CONCEPT PLAN

preferable. manufacturers, and they can test the food

products to report them about its efficiency to
take the market.

10. Overall Addressable Market

In order to access the overall addressable market, the business will have to access both
the available market along with the target market for the initial phase. For providing the service
in the marketplace, the business will have to conduct a survey for analyzing the need of the
service. It can be done either via offline media or via social networking sites. Once the available
market of the service is analyzed, the target market can be captured. It is impeccable to say that
the survey results will be crucial for determining the market. The mid tier restaurants and the
fast-food outlets are expected to be among the initial clients for the proposed business plan.

Figure: 1. Analysis of Overall Addressable Market

(Source: Fuchs & Golenhofen, 2019, p. 63)

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11. Business Model Canvas

Partners Resources Important Customer Customers
Activities Values
 Investors  Talented  Provide Pros,  Strong Service  Restaurants
 Stakeholders Reviewers and provides  Timely Service  Food
 Market solutions on Manufacturers
Analysts negating the  Hotels and Inns
 Food Testing Cons
Equipments  Enhances Brand
Recognition
Cooperation Customer
Segments
 Future  Restaurant
Cooperation Industry
with tourism  Hospitality
industry Industry

Cost Structure Revenue Streams

 Marketing Expenses  Online Presence

 Employee Payrolls  Surge in Service Price
 Legal and Authoritative Fees
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12. Value Proposition Canvas

Increase in Revenue
Increasing Client
Positive Cash Flow
Future Experience proposition
Global Footprint

Negative Review
Review Provider
Food Quality Inspection Positive Appraisal

Company: Quality Inspection Consultant

Product: Review Provider
New Business Plan
Ideal Customers: Restaurants and Hotels

Figure: 2. Value Proposition Canvas

(Source: As created by Author)

13. Conclusion

The entire business plan leads to a conclusion of critical evaluation and justification from
the consumers’ aspect regarding the business, as well as its potential target. In this process,
industry background helps to understand the market. Possible problems and opportunities of the
initiative to provide high-level solutions to the customers and overall addressable market along
with the effect of the proposed business model on economic growth and value proposition with
canvases have been explained. Gap analysis, competitor analysis and ideal consumer profile have
been made.
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References
Fuchs, C., & Golenhofen, F. J. (2019). Market Understanding. In Mastering Disruption and
Innovation in Product Management (pp. 59-76). Springer, Cham.

Jin, J., Ji, P., & Gu, R. (2016). Identifying comparative customer requirements from product
online reviews for competitor analysis. Engineering Applications of Artificial
Intelligence, 49, 61-73.

Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design
more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.

Lages, L. F. (2016). VCW—Value Creation Wheel: Innovation, technology, business, and

society. Journal of Business Research, 69(11), 4849-4855.

Laud, R., Betts, S., & Basu, S. (2015). The'Business Concept'Competition as a'Business
Plan'Alternative for New and Growing Entrepreneurship Programs: What's the Big
Idea?. Journal of Entrepreneurship Education, 18(2), 53.

Payne, A., Frow, P., & Eggert, A. (2017). The customer value proposition: evolution,
development, and application in marketing. Journal of the Academy of Marketing
Science, 45(4), 467-489.

Rahman, T. (2018). Importance of effective business to business communication and relationship

in prospect of bkash Limited.

Sengupta, A., Bamel, U., & Singh, P. (2015). Value proposition framework: implications for
employer branding. Decision, 42(3), 307-323.