Module Overview:Being aware of the costs associated with starting, running, and maintaining a business is crucial to the sustainability of the business.In this Module, you will develop an awareness of

Tuhos Fast Food Business Plan

Student’s Name

Institutional Affiliation

Tuhos Fast Food Business Plan

Choice of Business

The initiative is about creating of a unique fast food that caters to the need of customers as well as other stakeholders. The fast food has the goal of offering customers mouthwatering and healthy food at fair prices. The organization is referred to as Tuhos, and its mission is to become favorite way and place to drink and eat for customers. To attain this mission the business will align its operations with a global strategy that is accompanied by exceptional customer experience. Additionally, the business will always be committed to improving its operations continuously as well as enhancing the experience of customers.

The first core belief of the business is to place customer experience at the center of what it does. Normally, customers are the reason businesses exist (Baker, (2014). Therefore, Tuhos plans to show appreciation by offering customers superior services and high-quality food. Also, the business is committed to its people by nurturing talent, providing opportunity, rewarding achievement, and developing leaders. The final belief is that the business will strive to operate ethically. It is always argued that good business is sound ethics. On the other hand, the culture of Tuhos will emphasize efficiency and human resource development. In addition, the culture will also support business success and growth in the fast food restaurant market. The business culture will have the following features; people-centricity, individual learning, organizational learning, and inclusion and divert.

Acting responsibly is the way Tuhos will carry out business. The tolerance behind the business commitment to social responsibility is built in the culture of Tuhos. The business believes in giving back to the local community where it works and lives. The stores of Tuhos will be operated by local women and men who are actively involved in their communities. The business will do everything in its power to give back to the community in ways other organizations have not succeeded.

Venture Description and its industry

Tuhos fast food will offer its customers quality, healthy products as well as superior services. The main product that will be provided is gourmet fries. Also, other products that will be sold by Tuhos are different types of beverages, sauces, and sandwiches. The best market that has been determined by the organization is Singapore. Singapore is growing very fast and the place will offer many opportunities to the business.

Tuhos will operate in the fast food industry in Singapore. At the moment, Singapore's fast industry is generating a lot of revenue, and firms that are operating in this industry are performing well. This industry is segmented with regards to geographic location, family structure, income, and age. Additionally, the consumption pattern in the industry differs and the major determinant factor is income (Heasman & Lang, 2015). Income level determines the demand for fast food. Buyers in the industry are very conscious of their budgets.

Since the business will be a new one, it will be a sole proprietorship. This means that it is going to be a privately owned business. The good thing with this type of organization is that the owner will be free to make most decisions by himself. It will be easy to make business decisions since there will be no need to consult other stakeholders. Customers in Singapore market have specific needs. Due to the specific needs, operations, products, and services of the business have to be designed to cater to these specific needs of customers. Customer centric is at the heart of the business. The management of the business knows that being customer centric will make it possible to meet customer satisfaction together with increased sales.

The strategic advantage of Tuhos will come from its business strategy. Some of the important features in the business strategy are cost leadership and service and product standardization. Apart from cost leadership and service and product standardization, the business will also take into account the local preferences and tastes, especially when engaging marketing efforts and creating its menu. Therefore, it can be concluded that the marketing advantage of the business will be based on cheap prices, the universality of taste to a big extent, and true to the format of fast food.

When it comes to the legal structure of Tuhos, it will be designed in a way capable of managing different markets based on the levels of performance. The structure of the business will keep on evolving so as to deal with emerging and current market issues. The business will have a divisional organizational structure, especially once it enters different markets. The good thing with this kind of organizational structure is that it will support organizational flexibility and autonomy. The structure will have some characteristics, which are a market hierarchy, function-based groups, and performance-based divisions.

The justification for the choice of the Organization

The business has been selected because Singapore's fast food industry offers attractive opportunities for businesses. Also, most businesses operating in the market are providing customers with similar products. The level of differentiation in the market is very low. Therefore, Tuhos plans to introduce and offer products that are different than those that are offered in the market. The fast food industry has not been exploited so much in different places in Singapore. Due to this fact, Tuhos plans to take advantage of the reduced level of exploitation.

Research Methods and SWOT Analysis

The best kind of research method is a survey method. At the moment, there are some businesses operating in the fast food industry. Some of these organizations have been successful in their operations. First-hand data about the fast food industry, business operations, and needs of various stakeholders, such as customers, can easily be obtained through the survey (Burns & Dewhurst, 2016). The owner of the business together with a few individuals can go round the market and collect data that will be analyzed.

A SWOT analysis will show the strengths, weaknesses, opportunities, and weaknesses of the organization. The biggest strength to Tuhos is the provision of quality and healthy products and superior services. These three elements will enable the business to attract many customers and increase its sales. Also, the business will sell its products at fair prices due to cost leadership strategy. On contrary, one of the major weaknesses is the need to get experienced workers with leadership skills. Another weakness is the business, at the moment, does not have trusted and efficient suppliers.

Singapore market is expected to grow even further. The grown with providing the business with attractive opportunities when it comes to sales and revenue. Also, the business can enter into an agreement with other partners, such as supermarket chains, that can help sell the products of the company. The only threat in the market is stiff competition from other players. There are aggressive businesses that are already operating in the market.

References

Baker, M. J. (2014). Marketing strategy and management. Macmillan International Higher

Education.

Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan

International Higher Education.

Heasman, M., & Lang, T. (2015). Food wars: the global battle for mouths, minds and markets.

Routledge.