Product/ Service Idea
The scope of WinCo Food store suggests that the opportunity is high in terms of the product buying and consumption as the store offers unique cultural foods besides the common one. There is the potential of the business growth considering the rate of increase of the Black British and visitors from Africa and other parts of the world.
The owners have to consider the financial resources access as this is the most critical asset for starting the business. The start-up costs of the store show the significant amount to be collected for initiating the operations and contracting with the suppliers.
The proposal of business suggests that there are risks of inflation and currency exchange rates. The marketing risks involve the threats from changing business situation in the US.
The store has to exhibit strong marketing operations in order to attract the relevant customer base as the business is highly culture oriented. There are high costs of advertising that indicate the need of using other social media platforms.
The Food store has to face a number of PESTEL factors as well as competition from the industry. There are easy ways to substitute the product and enter food retail market.
The resources are sufficient for store both in financial and non-financial manner. The company is starting in the industry that demands high legal requirements as well as cultural aspects. The staff at the food store ensures both these dimensions and reports regularly to the management.
Proposed Plan of Action
|4||Purchasing and Contracting||5||2|
|5||Recruitment and Selection of Staff||6||3|
|6||Start of Business Operations||9||–|
|Purchasing and Contracting|
|Recruitment and Selection of Staff|
|Start of Business Operations|
|Monitoring and Control|
Discussion of Critical Success/ Failure Factors
There are a number of assumptions that were made in forecasting and planning the business. These are:
- The average cost of each product sold will be of 2.50.
- During the slow season i.e. March to October, there will be an increase in sales by 20% as visitors will come to WinCo.
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