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BUS 330 Principles Of Marketing

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BUS 330 Principles Of Marketing

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BUS 330 Principles Of Marketing

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Course Code: BUS330
University: Westcliff University

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Country: United States

Questions:
1. vision statement
2. venture concept
3. positioning statement
4. develop a strategy for a distinctive brand
 
Now that you have laid the foundation for your new business venture and completed the beginnings of your business plan, it is time to complete a vision and venture concept for your new business venture. Using the textbook and other resources, develop a well-structured vision statement. This statement of vision should depict the direction and ultimate goals that the venture will follow. In addition, and using chapter 7, construct a venture concept for your new business venture.
 
The venture concept will demonstrate what differentiates your business venture from the competition in terms of solutions and meeting customer needs and how you will compete Once you have completed your vision statement and venture concept, the next phase in the business plan is to provide specific details pertaining to the strategy for positioning and branding your new business venture so you can Go-to-Market. This involves investigating, developing, and articulating your positioning on functional, emotional, and social dimensions that will provide a competitive advantage over the competition.
 
During this phase of your business plan it is necessary to develop a positioning statement for your solution(s) and venture. Subsequently, please develop a strategy for bringing your intended positioning to life with a powerful, unique, and distinctive brand. 
Answers:

The business market in the modern generation is getting significantly competitive as the market is observing large number of market players. The organizations are in need to effectively plan their business strategy so that they get some added advantage in the intense market competition. The concept of 3D printers will be significantly attractive for the customers in this case and apart from this as the customers are getting incredibly conscious about what they are consuming, the business project of Sushi Restaurant is highly attractive with the introduction of Peres idea for the assessment of the quality of the food. The paper discusses the vision and venture strategy along with the formation of a distinctive brand and the positioning of the product.
Vision Statement:

The organization will expect to have a growth of 7 percent per financial year for the next 5 year.
The organization will majorly focus on the tourists, students, households, sportsman and the corporate individuals as their customers and as the young generation will be the primary target, the organization is expected to do a considerably good business.
The vision of the organization will be to increase the product chain for the organization where the alcoholic beverages, soft drinks or hot drink products like tea or coffee will be served by the organization to the customers so that the customers get pleased with the wide range of products available. The organization will be significantly attractive to the customers due to the wide range of product chain which will definitely result in more generated revenues for the organization.|
The organization is expected to implement the other modes of payment than the conventional cash payment as it also wants to attract the customers who largely use the credit cards. This will help the organization to operate in cashless concept in near future. The organization will also provide foods to their customers by delivering it to their home as they want to attract the customers who order food from their home as well. The number of people ordering food for home delivery is significant and the organization will be targeting that section of the customers as well.

Venture Concept:
The organization is focused in doing some sort activity in their operations which will highlight them more than any other organization in the intensely competitive market. The organization is focused on producing a pleasant experience to their customers with the concept of 3D designing of the food products. The organization had the plan to use the 3D printers to effectively use the image of their customers on top of their food products (Sun et al., 2015). It is observed that the customers are significantly influenced with the concept as the experience of having own portrayal on top of the products seemed to amaze them in a significant manner (Gheribi, 2017). Along with this, the organization had the chance to get benefitted from this as they could avoid the conventional mistakes of mixing up the orders and serving customers what they never ordered. The business concept of the organization is significantly connected to the health concern of their customers and in order to serve a food which is healthy and fit for the consumption of the people, the organization is to implement the Peres idea in order to evaluate the fitness of the products for the consumption (Baietto & Wilson, 2015). Apart from this the organization also considered the vegetable detecting system as one of their prime venture strategy where the organization is able to detect a vegetable by means of the technology and the probable food products that can be cooked from that vegetable (Biswas & Hossain, 2013). The application produces the recipe depending on the ingredients available and provides the cook with the scope of cooking an unknown food product with the optimum taste and quality which will increase the customer satisfaction in significant manner (Chowdhury et al., 2013).
Positioning Strategy:
The concept of 3D printers in the portrayal of the client’s face in his or her orders is a significant strategy for the concerned organization. Apart from that, the wide range of food products available in the organization is also a major reason which placed the organization at the top of the list of favourites of their customers over the other competitors. The online payment options and the home delivery of the food products are significant in catching the limelight of the market. This is believed to be helpful for the organization in their survival and growth.
Formation of a Distinctive Brand:
The formation of the distinctive brand is visible with the activities that the organization is going to take in order to please their customers. The organization knows it very well that the people of this generation are significantly concerned with their health and in that case the quality detection method is a highly influential concept in order to gain the belief of the customers that the organization is thinking of their customers’ health in producing the products. Apart from that the vegetable detection method is also instrumental for the organization as that is capable of providing the choice to the customers regarding orders and that somehow was significant in spreading the belief that the company is aligning their production in accordance to the customer needs (Gul, 2014).
References:
Baietto, M., & Wilson, A. D. (2015). Electronic-nose applications for fruit identification, ripeness and quality grading. Sensors, 15(1), 899-931.
Biswas, H., & Hossain, F. (2013). Automatic Vegetable Recognition System. International Journal of Engineering Science Invention, 2(4), 37-41.
Chowdhury, M. T., Alam, M. S., Hasan, M. A., & Khan, M. I. (2013). Vegetables detection from the glossary shop for the blind. IOSR Journal of Electrical and Electronics Engineering, 8(3), 43-53.
Gheribi, E. (2017). Innovation Strategies in Restaurant Business. Ekonomika i Organizacja Przedsi?biorstwa, (11), 125-135.
Gul, R. (2014). The relationship between reputation, customer satisfaction, trust, and loyalty. Journal of Public Administration and Governance, 4(3), 368-387.
Sun, J., Peng, Z., Zhou, W., Fuh, J. Y., Hong, G. S., & Chiu, A. (2015). A review on 3D printing for customized food fabrication. Procedia Manufacturing, 1, 308-319.

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