Bucking Bull in Garden City Shopping Mall - Essay Example

Innovation Task: Innovation Write a short background and history of the business. Include a of its products and services, the market it serves, and its competition. The business of interest, in this case, would be Bucking Bull in Garden City Shopping Mall in upper Mount Gravatt. This fast food restaurant deals in varieties of foods and beverages. It possesses an experience of thee years in the food industry. To begin with, the shop has attracted a sizeable number of customers. In addition, the business has maintained a loyalty of its customer base. The main food for sale includes fries and soda drinks. Additionally, the restaurant sells burgers and other meat product modification for instant consumption. The shop is preferred for flexibility of the same and ease of expansion. In addition, the nature of the business assures customers of different income backgrounds. In this sense, it is possible to have daily substantial sales (Lundahl, 2012). The business has two modes of serving customers. This pertains to internal partaking of food and delivery services. In most instances, customers partake of already prepared fries and artificial juice products. It is vital to note that preparation of natural juices might take different dimensions as concerns the taste and preference of customers. The institutions and businesses provide a significant market to Bucking Bull’s products as the outlet delivers food and drinks to the same. There are two types of delivery services. They are either on short or long term delivery terms. Short term delivery plans depend on daily orders. On the other hand, the business might deliver larger quantities of foods on monthly agreements and contracts with businesses. It is vital to stress that there is substantial competition in Bucking’s venue of conducting business. This relates to the mushrooming of smaller food outlets. The chance for expansion, in the industry, places Bucking at a vulnerable position for succumbing to competitive pressure (Andrews, 2007). This is because new businesses are tactful at satisfying loopholes of existing businesses. However, this is mitigated by creating a customer loyalty of following their recommendations for improvement of business. Describe three (3) innovations you could introduce to this business, and what innovation category would apply to each? What value might be created by these innovations? The first innovation pertains to value addition services and development of a brand that customers would associate with the same. It is vital to note that food outlets usually study the recipes of the best restaurant. In this sense, they would normally make similar foods across a chain of different outlets. Therefore, a brand name establishes a competitive edge that improvement in food services would not accomplish. A brand name is vital in pushing up revenues as more customers are attracted to the outlet products. In addition, an innovation would regard establishing a robust customer response that would be essential for notable elements in businesses. Such a communication channel would be possible through mechanical and online means. Mechanical means of communication concerns with direct response to customers from servers or management. Other means should pertain to anonymity of customers in the sense of suggestion boxes. This is essential for following customers’ tastes in food composition and service. The trick about fast food regards the idea that a proprietor’s innovative idea might not work in the practical market. The commercial impact of this innovation pertains to the fact that sales would be maintained at a constant level. Additionally, another innovation would imply orientation towards natural food (Sethi, 2007). This is in response to the trends of customers’ preferences. Instead of requesting for natural foods, customers switch to supermarkets for natural juices. The advantage of such innovation concerns with the diversion that the business might cause from the supermarkets. Customers would prefer natural juices that they order. In this sense, the food outlet would engage preparation of juices according to preference of composition by customers. Natural juices would establish the perception of other foods composed of a better nutritive value than taste. This pertains to lowering of fat content in fries and meat products. This innovation has a great sales impact that will push up the profits and enlarge sources of revenue. Outline the five (5) most important things you would consider about this business before buying it. Why are these things important to you? What can you do to research these things in more detail? There would be five things to consider in buying this business. To begin with, finance is a principal thing that could be employed in checking the status of the business (Nestle, 2007). This means that the business should be creditworthy whereby it can allow for additional borrowing. It is vital to note that it is difficult to expand the business without reliance from creditors. In addition, the business attains supplies in terms of credit. History of such repayment is essential for assessing the trust of creditors (English, 2006). Furthermore, cash is another area of concern. This is because a business might be prosperous with limited cash. In this sense, it becomes difficult to make daily purchases. In close relation to the same, relation of cash to debts would be vital in assessing whether the business is bankrupt. Moreover, it would be vital to examine the brand of the business. This is crucial in assessing extra efforts for improving or maintaining the same. Besides, the brand is vital in assessing preference of the food outlet to others. Furthermore, it would be essential to examine the loyalty of customers to the fast food outlet. This is important in assessing daily count of customers and sales in this regard. Besides, it is necessary to examine the hygiene of the food outlet (Hubbard, 2003). This is vital in examining customers’ attitude towards the food outlet. It is a principal element because it forms aspects of customers’ conception towards the restaurant. What type of entrepreneur do you think you would be and what entrepreneurial characteristics would you demonstrate if you bought this business? Explain your answer? My kind of entrepreneurship would pertain to the management style of operating business. In this sense, it would be important to have a personal engagement in the business (Davies, 2000). This is a method of management as well as entrepreneurship. In this case, it would be vital to have daily assessment of the progress of the business. Personal engagement concerns with checking daily turnout of customers. This is possible by having time, at the food outlet, whereby it would be easier to assess the satisfaction of customers through personal contact with them. However, my management style would entail flexibility as pertains to the direction of the business. This is a method of assessing customers’ needs and possessing a system of quick response to such needs. In such a system, the staff should attain the flexibility orientation by having a communication with customers. If this business is a franchise (i.e. not an independent small business), how would you prioritize and implement the innovations you have nominated in your answer to question 2? What constraints do you think might be placed on you by the franchise agreement? And how would you deal with these? In dealing with a franchise business, the first innovation would be possible by engagement of e-mail response systems for customer responses. The e-mail service is a cheap way of establishing communication between the management and customers. This would be possible through notices on the outlet’s walls. A brand name is achievable through maintaining the hygiene of the outlet. In addition, entertainment services such as music should be improved for the in-service system (Curtis, 2004). On the other hand, natural orientation pertains to cutting down on fat contents of meat and oily products. In addition, it places emphasis on salads in foods. The main challenge would arise out of customer loyalty because food business implies preparation of the same products. It is vital to note that this is a franchise agreement. In this sense, there would be notable constraints. To begin with, it would be difficult to build a brand name that surpasses that of the Garden Shopping City Mall. Additionally, there would be a constraint out of the contractual agreements. This means that we would have to tailor the innovations to synchronize with the terms of the Shopping Mall. In this sense, all innovations will be carried out subject to the franchisor’s agreement. Additionally, the innovations will follow a statement that explicitly asserts that the innovations are the property of the franchisor. References Andrews, A. (2007). Textbook of food & beverage management. New Delhi: Tata McGraw-Hill Education. Curtis, V. (2004). Small business for dummies: Australian edition. Camberwell: John Wiley & Sons. Davies, R. (2000). Image processing for the food industry. London: World Scientific. English, J. (2006). How to organize and operate a small business in Australia. Crows Nest: Allen & Unwin. Hubbard, M. (2003). Statistical quality control for the food industry. New York, NY: Springer. Lundahl, D. (2012). Breakthrough food product innovation through emotions research: Eliciting positive consumer emotion. London: Academic Press. Nestle, M. (2007). Food politics: How the food industry influences nutrition and health. London: University of California Press. Sethi, M. (2007). Catering management: An integrated approach. New Delhi: New Age International. Read More