The market segment I would choose is the restaurant business
- The market segment I would choose is the restaurant business. It is a straight forward choice due to the volumes it would sell compared to other segments. Below is a SWOT analysis to show its strengths and weaknesses.
Strengths
Location: the company had set up in a prime area which would attract many customers. A prime location is essential so a small chain restaurant
Uniqueness: there are many fast-food restaurants in the market with much larger budgets. Fresh connections give support by promoting the products made from companies dealing directly with the customers.
Flexibility: without lowering quality, they provide the customers with short turnaround time.
Strong leadership: the company has Douglas Hyde and McKenzie as its management team. The two individuals are well driven to make the business a success. Weaknesses
Capital: The company got financed by bank debt taken from Waterbury. They also borrowed money from the angel network group of investors. This means the business had to be profitable from the get-go.
Information system: the company has an outdated system that requires manual operation. This process takes very long, and it is tedious
Lack of a distribution network: the nature of the business that fresh connections operate requires a large distribution of trucks and vans. This ensures efficient delivery of the product to the customers.
Opportunities
Growth: the company has room for growth given their strategy of promoting local products and dealing directly with customers Threats
Competitors: they faced stiff competition from the larger manufacturing companies such as ConAgra and other stores.
Below is a MOST analysis for fresh connections.
Mission
To ensure customers are the priority and their satisfaction is paramount
Give back to the community where necessary
Ensure employees are treated with the utmost respect
Objectives
Ensure diversity in the workplace. Discrimination is not allowed in the premises
Ensure the customers get the best experience we could provide
Ensure the business is making a profit to sustain the future operations
Tactics
Always adapt to change in the market
Accountability for mistakes and misconducts
Ensure efficiency in the service delivery
Strategy
Focus on consumer needs because the customer is always right
Strive to find new ways to improve the customer experience
- The company had no distribution to deliver the products to the customers. This is a big problem affecting most start-up business. The hiring of trucks is very expensive and buying them is even more expensive. Solution – some of the customers had their own connection to deliver the products. They could offer incentives for the consumers who delivered their own products by offering them discounts.
The information system at the company is outdated. McKenzie is adamant that she would overhaul the whole system if she turned back the time. The information flow has to get done manually, which is tedious. Solution – the company has to allocate funds to overhaul the information system. That problem cannot be overlooked because it costs time and money.
The company had two kettles which impacted the overall yield of the restaurant. A lot of product is also lost when transferring it to the packaging zone. It is estimated that the company loses about 30% of the product due to this. Solution – the company, should try a new arrangement of the kitchen to minimize the loss of product through the transfer. The kettles could get moved closer to the packaging zone.