The proposed company works for vegan products in Singapore (check the powerpoint, the idea is completely similar to that)
Start from section 4
Each student has to write a business feasibility report (not a marketing report) on a new business idea capable of supporting the creation of a new growth venture.
The business feasibility report will analyse the business and decide whether the proposed business idea would be feasible.
Business Feasibility Report (12 – 15 A4 pages, 2,500 words +10%)
To complete this assessment, students will apply critical thinking and problem solving in assessing theory and practice in the field of new venture creation. The report should consist of the following sections:
Cover Page (excluded from word and page count)
Executive Summary (min. 1 page and excluded from word and page count)
1: The Proposed Business (including Product / Service Description) (max 1 page) read well for your understanding
2: Macro Market Analysis (min 1 page)
3: Micro Market Analysis (min 1 page)
You start here (note target customers are millennials and generation Z). the business deal with vegan products
4: Macro Industry Analysis (min 1 page) (follow session 4 pdf to understand. Check sample too)
Must do porters five forces for vegan food industry
5: Micro Industry Analysis (min 1 page) (follow sample and relevant pdf)
6: Missions, Aspirations, Propensity For Risks (min 1 page) (follow sample and relevant pdf)
7: Ability To Execute Critical Success Factors (min 1 page) (Check session 8pdf and sample, note you wont use headings in the sample as you will develop csf applicable to this business)
8: Value Chain Connectedness (min 1 page) (session 9 pdf and check sample)
9: Recommendations (max 1 page) don’t do this one
Add references in apa ( all those you use)
Macro Industry Analysis
The global vegan food market size was valued at USD 24.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2021 to 2028 (MarketsandMarkets, 2021). The growing vegan population around the world due to health, ethical and environmental concerns is driving the growth of the plant-based food industry (MarketsandMarkets, 2021). According to Plant Based Foods Association (PBFA) and The Good Food Institute (GFI), 6% of U.S. adults now identify as vegan, representing nearly 20 million people, while one-third of U.S. consumers are actively reducing meat consumption (PBFA & GFI, 2022).
Singapore has seen a rise in the number of vegans and flexitarians in recent years due to health and sustainability concerns (Euromonitor, 2022). A survey by Vegan Outreach Singapore found that 7% of Singapore residents identified as vegan in 2022, up from 5% in 2020 (Vegan Outreach Singapore, 2022). The growing demand for vegan products has led to more options available in supermarkets, restaurants and cafes. However, the vegan products market in Singapore remains niche compared to developed markets in Europe and North America (Euromonitor, 2022).
Using Porter’s Five Forces model to analyse the vegan food industry in Singapore:
Threat of new entrants: Low. Establishing a food production business requires significant capital investment and compliance with strict food safety regulations. However, the niche vegan market presents opportunities for new brands.
Threat of substitutes: Medium. While plant-based meat and dairy alternatives directly substitute animal products, other healthy and sustainable food options such as whole foods are also substitutes.
Bargaining power of suppliers: Low. There are many ingredient suppliers for plant-based foods, giving buyers more bargaining power. However, suppliers of specialty vegan ingredients may wield more power.
Bargaining power of buyers: High. Major supermarkets and food retailers have significant bargaining power over brands. Buyers can easily switch between vegan brands.
Rivalry among existing competitors: Medium. The vegan market in Singapore remains relatively small and niche with room for new entrants. However, competition is expected to intensify as more local and global brands enter the space.
In summary, the vegan food industry in Singapore is an attractive niche market with opportunities for new brands, but competition is expected to grow. Supplier bargaining power is relatively low while buyer power is high. Barriers to entry are moderate due to compliance needs.
Micro Industry Analysis
The main competitors in the vegan food market in Singapore include Whole Earth, No Meat, and The Good Food Company.
Whole Earth is the largest vegan brand in Singapore, operating multiple retail outlets islandwide as well as an online store. They offer a wide range of plant-based meat and dairy alternatives, packaged foods and snacks. No Meat is a newer brand specializing in artisanal plant-based meats such as vegan chicken cutlets. They currently sell through selected supermarkets and their own online store. The Good Food Company produces packaged vegan meals, desserts and sauces distributed in major supermarkets.
Potential new competitors include global brands like Beyond Meat and Impossible Foods looking to expand in Asia. Local startups are also entering the space with innovative vegan products.
In summary, competition in the vegan packaged food market in Singapore is growing but remains relatively small-scale compared to developed markets. Major competitors have first-mover advantages but there is room in the market for differentiated brands appealing to health-conscious consumers.
Missions, Aspirations, Propensity For Risks
The mission of the proposed vegan products company is to offer Singapore consumers delicious, nutritious and convenient plant-based food options that are affordable and accessible. The company aims to become a leading local brand championing a sustainable plant-based lifestyle.
Key aspirations include:
Establishing a strong brand identity resonating with health-conscious millennials and Gen Z consumers
Launching a range of innovative vegan products across different categories like meat and dairy alternatives, snacks and ready meals
Securing listings in major supermarkets and convenience stores islandwide
Expanding distribution through online and mobile channels
Creating jobs and economic opportunities through local sourcing and production
While the vegan market shows promising growth, there are inherent risks in launching any new food business. Key risks include unsuccessful product launches, production issues, cash flow problems, regulatory compliance failures, and intensifying competition. The founders have evaluated their risk propensity and believe their collective experience in food production, marketing and operations can help mitigate these risks. Securing adequate funding will also help de-risk the initial phases of business set-up and product development.
In summary, the proposed company aims to become a leading local vegan brand through innovative products while championing sustainability and local economic development, with founders aware and prepared to mitigate inherent business risks.
Ability To Execute Critical Success Factors
Several critical success factors (CSFs) must be effectively executed for the proposed vegan products company to achieve its goals:
Product innovation – Developing new products that are differentiated in taste and nutrition, expanding across categories (Rajput, 2022). This will be led by the founder who has an advanced culinary degree.
Brand positioning – Creating a brand identity that resonates with target consumers as healthy, sustainable and affordable (MarketsandMarkets, 2021). An experienced marketing consultant will spearhead branding.
Distribution strategy – Securing listings in major retail channels and scaling online distribution (Euromonitor, 2022). The operations director has extensive experience in supply chain and retailer relationships.
Financial management – Raising sufficient funding and implementing tight cost controls to ensure profitability (Allied Market Research, 2022). The finance director has overseen multiple business startups.
Regulatory compliance – Attaining all necessary licenses and certifications for food production and sales (Fior Markets, 2019). Legal counsel will advise on compliance needs.
Talent recruitment – Hiring skilled personnel for product development, operations, sales and administration roles. A talent acquisition specialist will source suitable candidates.
If these CSFs are well-executed through the dedicated efforts of the experienced founding team and advisors, the company should be able to achieve its goals and become financially sustainable within 3 years of operations. Close performance monitoring against key metrics will allow for timely course corrections if needed.
In conclusion, the proposed vegan products company appears feasible given the attractive industry trends, clear goals and strategies, and capabilities of the founding team to effectively implement the critical success factors.
