INNOVATION AND ENTREPRENEURSHIP
Executive Summary
The theme of the assessment lies in projecting a lucid overview about the market strategy that will be utilised by Foodie Fit and initiative of ABC Company for initiating trade activities within the Australian market. The fundamentals of the business operation of the nominated organisation lie in catering to the needs of Australian Health conscious population as the targeted market segment. Along with it the assessment throws light on the perspective to exploring the needs of a partially exposed community. It includes arguments on the backdrop of the organisation and the probable policies that may be utilized by ABC Company for improving the growth standards of Foodie Fit.
A probable attempt of the assignment lays min projecting appropriate solutions through implementable strategies for Foodie Fit. It considers the evaluation of the Australian market nature and the potential of the Australian market as an integral component in the formulation of the business strategies. The study has depicted an evaluation in accordance the business trends of the Australian market. It has projected a fragmented analysis of market entry for Foodie Fit based on the essential aspects of business. The market analysis has been done in accordance with the growth trends and the demand projections of Health-conscious consumer base in Australia. The base of the study prevails in reflecting the perceptions of the need of healthcare in accordance with the evolving health threats to human. The study also provides arguments on the uniqueness of the offered product line by Foodie Fit. The study indicates that catering to the needs of Health-conscious consumers as an innovative idea for a business venture.
Table of Contents
Introduction 5
Objectives 6
Mission 6
Nature of business 7
About the company and summary 7
Start up expenses and requirements 8
Facilities and discount planning on the products and services 10
Description of products and services 11
Competitive advantages 12
Sales summary 13
Advertising and partnership 13
Programmes for the sales 14
Upcoming products 15
Market analysis 15
Segmentation of the market 16
Trends in the markets 17
Industry analysis 18
Marketing Strategy 19
Pricing strategy 19
Marketing Programs 20
Brand Challenges 21
Financial plan 22
Profit and loss statement 22
Appendices 30
Introduction
The evolving demands of the consumers and the increasing influence of globalisation has facilitated trade and encouraged entrepreneurs for developing innovative business ventures to suffice the consumer needs along with a profit motive. The global consumer demand trend demands for an expansion in the product line, which is being offered, to the target market. The need of a developed economy has been encouraged by differential nations all around the globe. It is highly essential for the political or administrative bodies to develop strategies and incorporate policies that will enhance trade within their respective barriers.
ABC Company has innovated a chain named ‘Foodie Fit to suffice the needs of the health-conscious consumer segment (Drucker, 2014). The present population is exposed to high threats of health hazards that may be partially attributed to the increasing pollution along with the depletion of natural resources. The nominated food chain Foodie Fit has depicted a classical attempt to explore the increasing demands of the Health Conscious.
Capable entrepreneurship is the beginning of a new era in business. Innovation brings power to that era of the business. In the modern business industry, the entrepreneurs always intend to include something unique, which can bring competitiveness in the business and on the other hand, it can win the emotions of the customers. Considering the customer relationship and market share, the business entrepreneurs are always in search of the things, which are most contemporary and no one has thought about it earlier.
With the lifestyle of the modern age, the human beings are now becoming more and more health conscious. They are either gymnastic therapy or yoga therapy. Along with these, health conscious people have understood the importance of the substitutes and the healthy diet, which will give results that are more definite on their health.
Considering and analysing all these issues, ABC Company has undertaken the business strategy for starting the business on the nutritious foods with a chain of canteen, Foodie Fit. Summarising the idea, it can be said that the canteen chain will consist of the nutritious foods for the daily diet of the health-conscious customers. The following business plan will make it more comprehensible to have view on the presumed finding from the innovative business.
Objectives
The objective of this business plan is to
To make a proper set up for the start-up business on the innovative canteen chain for the company ABC
To establish the Foodie Fit as the destination for nutritious foods for the health lovers
To provide the customers the best experience of the nutritious foods with unique recipes
To provide different experiences on the health building awareness (Garrett-Jones, Turpin &Diment, 2013)
To capture maximum market shares maintaining well-established customer relationship and marketing strategies
To expand the size of the target markets for opening the outlets in different regions
To reach maximum number of customers through the outlets (Arthur, Schoenmaker, Hodkiewicz&Muruvan, 2016)
Mission
With the innovative marketing strategy and unique products, the ABC Company aims to bring a new side in the food industry (Ogbariet al. 2016), with Foodie fit chain of canteen. The goal of this innovative canteen chain is to establish a successful business strategy, which can give more upcoming possibilities for boosting up the innovation.
Foodie Fit is going to start the business for not only gaining maximum profit margin selling the products. The mission of this canteen chain lies in the interest of the customers and in retaining their trust on the quality of the products (Rey &Bastons, 2017). Foodie Fit, for the sake of increasing the business shares, will never compromise with their value to maintain the customer relationship.
Nature of business
About the company and summary
To know the company the tag name is enough to know about the company and the nature of business. This canteen chain has started up based on the customer based and employee based organisational structure. This company is thinking to start up the business with 20 outlets over five areas of the Australian markets. Foodie Fit has started working with near about 100 employees and 100 cooks (Vermeulen&Witjes, 2016). This canteen chain has already a background of selling quality foods in different retail stores. At the beginning of the year of 2017, they have decided to sell the foods in their official outlets. With the planning, after February 2017, the Chief Executive has set opened a food outlet, where all types of foods are available including nutritious food products.
After running the outlet for 6 months, the company has found it more profitable to start up a business with only nutritious food products. Before opening the outlets, Foodie Fit has already a presumption of getting customers from almost all the Australian cities.
Another mission of this canteen chain is to make an organisational structure, which can unite the employees of the 20 outlets (Pérez, 2017). The management has appointed the cooks from renowned hotel management institutes, so that the company will not have to compromise with the ingredients and the recipes. Now the company aims to gain the maximum financial targets with the six months financial plans.
Start-up expenses and requirements
Foodie Fit has planned to open the start-up outlets at ten gymnastic centres, three shopping malls, seven family amusement parks, and the places for the walks over Australia. For now, Foodie Fit will target such areas with medium rates of rents (Hechavarría, Matthews, & Reynolds, 2016). Considering the unavailability of the nutritious foods in the interior areas, some outlets will be rented in the countryside’s also and for these areas, investments for the rents can be reduced.
Figure 1: Start-up expenses
(Source: Hechavarría, Matthews, & Reynolds, 2016)
The calculation of the start-up expenses will be compared based on the total expenses, assets, investment and loans. The comparison chart is showing that Foodie Fit has predicted investment of $800,000 for the start-up requirements with the asset value of less than $100,000 (Darnihamedani, Block, Hessels &Simonyan, 2015). The start-up business on the unique products is not having possibility of the loan any more than $100,000.
Based on the above financial presentation, the company assumes the investments for the start-up requirements.
Requirements
Costs for the requirements
Kitchen ingredients
$20,500
Necessary measurement instruments
$21,000
Furniture’s and other requirements for interior and decoration
$15,200
Rents of the space or the outlets
$10,000
Legal documentation for the business
$5,000
Food permits for making special recipes
$12,500
Total Expense
$84,200
Table 1: Start up requirements and possible costs
(Source: Self developed)
Types of assets
Costs
Current assets
$40,000
Long-term assets
$0
Advance paid assets
$0
Patents, Goodwill and copyrights
$0
Table 2: Assets of Foodie Fit and its costs
(Source: Self developed)
Facilities and discount planning on the products and services
The selection of the location can cover almost 3 kilometres of area of the target market areas. Above all, Foodie Fit will select the spaces with the measurements, in which, near about 150 customers can easily get the places to enjoy their foods and company of their families (Sarkar, 2016). The unique facility that the company is thinking about is to appoint two nutritionists for each outlet. It will be very helpful for the beginners, who have just started to take healthy diet planning. The nutritionists will guide the customers about their food planning and exercises. Foodie Fit is thinking about different offers and food coupons, so that they can satisfy the customers and their interests in taking nutritious foods (Tabatabaei, Sadjadi&Makui, 2017).
Description of products and services
ABC Company’s initiated business venture Foodie Fit is willing to the cater the needs of Health-Conscious consumers in the Australian market. The company has planned to incorporate a product line that will develop in order to improve the health conditions of the consumer. The products that will be offered by Foodie Fit will include specially developed products that will have high nutritional value to the consumers. Additionally, it will provide food products that meet the body requirements of the consumers (Deshpandé, Grinstein, Ofek, & Kim, 2016). The company is willing to precisely explore the health-conscious consumer segments in order to enhance the future consumer base in the Australian market. The company is willing to include a nutritionist in each of its business outlets. A nutritionist in the outlet may influence the promotion of the company with a positive trend. The nutritionist may also guide the consumer in aspect of their respective health requirements. A consumer who is facing a particular health issue is can be benefited from the presence of nutritionist in the Foodie Fit store (Lane, 2016). In course of time, the company is willing to open health service centres in popular Gyms and other outing places like shopping malls, parks which may result into a positive consumer attraction.
Keys to success
The concept of exploring the needs of the health-conscious consumers may be indicated as an innovative approach to a business venture. The demands of the health-conscious customers are increasing with the proportionate increase in the threats to the human health (Hollensen, 2015). The evolution of technology along with the depletion of the natural resources has proved to be a hindrance to the ecological balance. Over the past decades some of fatal disease namely cancer, diabetes has been a primary cause of concern for the medical experts and healthcare professionals.
An establishment that will be guided by the perceptions of health care experts is expected to create a unique entity within its operational area. The needs of the consumers if sufficed with an appropriate product line in accordance with the demands of the consumers may influence the market credential and profit margins with business growths. It can be indicated that the company is planning to create a face-to-face interactive forum between the consumers and the health care experts (nutritionist). This interactive forum will provide the consumers an expanded scope of resolving their respective queries on health issues and obtain appropriate suggestions for the improvement of the scenario. The urge of the consumers towards the achievement of fair health standards is expected to drive a major segment of consumers towards Foodie Fit.
The inclusion of appropriate measures with the perceptions of the health experts can help Foodie Fit to suffice the demands of the health-conscious consumer base (Negriet al. 2016). The notion of the business venture has its fundamentals laid in contributing to improve the health standards of the Australian population and specifically the health-conscious segments (Rosca, Arnold &Bendul, 2017). The key of success for Foodie Fit lays in appropriate evaluation of the needs of the health-conscious consumers in Australia and developing the product or the service line in accordance with the needs of the health-conscious consumers. It can be indicated that the consumer satisfaction through the offering of an appropriate product or service line is essential component of organisational sustainability (Kantola et al. 2017).
Competitive advantages
The implementation of various innovative notions for initiating business ventures has been found relevant multiple entrepreneurs all around the globe. This has been an influential factory to increase in competition in the global market irrespective of industry. Consumer loyalty of a consumer segment can be indicated as one of the primary attributes of a market credential of a business (Nikishina, 2016). As Foodie Fit has targeted a health-conscious consumer segment then it may consider its industry choice as an embellish of establishing competitive advantage over its competitors within its operational domain of business activities. A particular inclusion of a business strategy in order to explore the needs and the desires of a comparatively new consumer segment indicates to the future scope of competitive advantage. The business policies of the organisation ABC must be formulated in accordance with the demands of the consumers in the target market. The prevailing competitors operating in the health-conscious domain has been limited on the aspect of providing guidance to the consumers. Foodie Fit has initiated the venture with an inclusion of nutrients in its outlet (Calabrese et al. 2013). This will suffice as a prime competitive advantage within the industry. The presence of nutritionist within the outlets will enrich the knowledge of the consumers on the need of healthcare and the health hazards. This will ensure a fair segment of consumer loyalty that is highly essential for ensuring a competitive advantage.
Sales summary
Advertising and partnership
Partnership: The business planning will be more flourished, if the company can run the business in the partnership with other such food chains. Considering this matter, marketing department of Foodie Fit is trying to deal with the food suppliers and some gymnastic centres. The company will use the strategy of partnership for making deal with the local business organisations. The partnership with the gymnastic centres will provide more scopes for expanding the customer and market segmentation (Amrouche& Yan, 2015). This partnership can be helpful for increasing the industry share by at least 5% because the gymnastic centres are the regular visiting places for the health-conscious people who are in regular dietary programming. Food suppliers will be the second-best partners for the canteen chain like Foodie Fit. The canteen chain is supposed to invest more costs for buying the food ingredients and Foodie Fit will need to buy the ingredients of some higher qualities, which are expensive. It should be the focus of the start-up business or the innovative business strategy to reduce the cost for the raw materials.
For the advertising strategy, Foodie Fit will target to reach maximum number of population. With the aim of lower costs, the company will use the colourful brochures and the leaflets about the offers, products and the services that the company will provide. They will also take the help of the local newspapers with full or half page advertisement (Davies, 2014). Health conscious people have the passion to read the food magazines, which have the different recipes and tips. The company will use these magazines for the advertisement to attract more customers.
Programmes for the sales
The canteen chain of Foodie Fit has designed a sales program with which they will open the business (Vaidyanathan, 2013). The sales programmes are made on the competitive advantages and the marketing mix of Foodie Fit. The programmes for the sales are as follows:
Opening of the outlets: As it is a business on the innovative products and business strategy, the customers will obviously expect something exceptional in the inauguration. It should be the target of any new business outlets to attract maximum customers. Foodie Fit will undertake such policy by including some special recipe at the time of opening ceremony.
Raising the main points for purchasing: Foodie Fit will undertake the policy to highlight their missions and visions of the company. The company will raise the point of employment. They will offer various job openings to the local candidates, which will help to make the diverse work culture in the company.
Gift certificates and trade certificates: The gift certificates will be provided by the company. Trade certificates will also be provided to the investors and the partners for increasing the market shares and for the retention of the market values.
Exclusively designed booklets: These booklets will be used both for the customers and the investors. It will not be made in a complicated way rather in a simple but attractive way. Inside the booklet, there will be the list of items, recipes, details of the ingredients. Along with that, the booklets will be consisted of the brief details about the business report of the company.
Upcoming products
The company will work on the different salads and the health drinks along with the dietary supplements at the initial stage. After three or four weeks, Foodie Fit is thinking about using the fruits and vegetables, which are less available in the locality. The start-up business strategy is only on the veg items. Now the company is thinking of doing experiment on the non-veg items, such as the items made up of fish, egg and meats (Gallego, Ratliff &Shebalov, 2014). Foodie Fit has already prepared the unique food designing strategy mixing veg items with the non-veg items. More items will be added, which seem to be as the regular fast foods but ingredients will be of the pure nutritious items. The dietary supplements will also be used for bringing different flavours in the foods. The company will not compromise with the ingredients but the tastes of the foods will not disappoint the customers, who are craving for newer tastes.
Market analysis
For an entrepreneur, it is highly important that it conducts an in-depth evaluation of the market before establishing itself. A market analysis is one of the vital step of an effective business plan. The analysis depicts the key attractiveness factors of a market in relation to the financial point of view. The evaluation of a market is done in two forms quantitative and qualitative assessment (Ruggieri, Silvestri &Piccarozzi, 2014). With the help of these two assessments, the market is analysed in various dimensions. The dimensions include the following:
Market Volume
Market Value
Customer segments
Buying Patterns
Competition
Economic Environment based on entry and regulatory frameworks
Therefore, with this market analysis the ABC Company would assess the market of the food industry and determine the essential aspects of the market that would help the company to easily comprehend the requirements that would be needed for the easy establishment of the Foodie Fit a chain of canteen in the Australian Market. Owing to growing concern towards issues, it has been observed that the expenditure of the customers towards health food in Australia has rolled to a high level in the recent years (Grant, 2016). The health foods restaurants and canteens have shown a great increment in this sector. The appeal toward these health food centres are throughout the weekdays especially in the morning. Since after f completing their regular exercises people tend to feel very hungry and think of eating healthy foods. Out of the total consumer expenditure the healthy food, spending is about 58%.
Segmentation of the market
Market segmentation would help the ABC Company to acknowledge its major primary and secondary markets for the Foodie Fit canteen chains. Since these targets would be the main revenue generators of the organisation (Venter, Wright &Dibb, 2015). Therefore, it is quite essential that under the analysis the ABC Companyincorporate the concept of dividing the Australian Food market into smaller sub sections. These small subunits of the Australian food market would consist of the consumers that have the similar tendency of having healthy and tasty food or food items that constitutes of all the vital requirements of the body. Owing to the nature of the business, it is quite evident the ABC Company would target the youth of Australia as their major primary target and the Working Australians as their secondary target market. The youth of today live their lifestyle based on some trends that prevails in the existing social community. Owing to this the youths nowadays have become very much health conscious and want to be in proper shape. For this, they attend these zumba and fitness classes. Therefore, with Foodie Fit canteen the ABC Company could easily target theses young generations towards their health and even more important tasty food items (Hollensen, 2015). While in case of Working Australians, the setup of a nutritionist in every outlet would definitely attract them. Since they already work under a busy schedule, it is quite impossible for them to get an appointment from the nutritionist and have proper diet plan. Therefore, with this strategy the company could easily attract the customers and stabilize the establishment of Foodie fit.
Trends in the markets
Under the analysis, another step comes that is to assess the trends of market. As with the knowledge of the current market trends the organisation of ABC could easily undertake or formulates strategies,they would be required for a stable introduction of the Foodie Fit in the Australian market (Bigliardi& Galati, 2013). However, it has been observed that, the Australian in the past years were more prone to visiting all the big players of the fast food industry like KFC, Mcdonalds, Pizza Hut etc. Therefore, the market of the food industry of Australia was denominated with these fast food restaurant giants. The entrepreneur hardly has a chance to highlight themselves among these strong competitors. However, with growing health issues like diabetes, obesity, cardiac issues the Australian population have shown an average reduction in their footfall in these fast food sectors. They are moving towards restaurants that serve food with minimal amount of lipids, carbohydrates or sugars (Lawrence, Richards & Lyons, 2013). Therefore, in such a scenario the ABC Company has a bright future to inaugurate its Foodie Fit healthy food canteens in the Australian market. In addition to this, the strategies that the company holds for these canteens would help the company to have a stabilised hold in the market.
Industry analysis
The necessary tool would help the ABC Company to comprehend the position of its Foodie Fit canteens in comparison to other companies that serve the similar product in the Australian food market. With the help of this analysis, the organisation could assess the amount of profit it would obtain through the business operations of Foodie fit canteen chains (Song & Tsai, 2017). In addition to this, it can easily evaluate the major competitors of the Australian market especially the ones selling the same products. The food industry of Australian is observed to be in a stable format. In the recent years, the industry has shown a sudden growth rate of 4 to 5 % especially in terms of transaction units. The reason behind this growth rate had been the fast food giants. As, they are mostly targeted the young generation of the Australian population. However, the growing trend of the market the growth had been due to the changing lifestyle and deviating demands of the fast food sector. However,these fast food sectors showed a decrease in their sales to 2%. This largely affected the growth rate of the Australian food market that observed a downfall of 1.5%. The reason behind this had been found the growing health issues especially the ones that are directly linked to the nutrition of the food. The ever increasing rate of heart diseases, diabetes, obesity etc has brought a rigorous decrease in the customers of these fast food chains (Menon,Bharadwaj, Adidam& Edison, 2015). The healthy food restaurant thereby stabilized the overall growth rate of the foods industry with an increase of 1.5%. In the foodservice industry of Australia, the concept of Franchising became a common factor that helped theses health food chains to establish themselves.
Marketing Strategy
A comprehensive plan needs to develop by the ABC Company that associates all the marketing goals of the Foodie Fit Canteen chain. The plan is strategies based on the market analysis conducted before a that the designed plan meets up the standards that would be required by the company to achieve the potential maximum potential and maintain a stable establishment in the Australian food sector. In case of ABCCompany would try to establish its strategy on serving the Australian population well. That is the company would try to focus on quality maintenance and determining a strong identity in the market (Grant, 2016). For this the company would at first inaugurate an outlet that would be based on a market tester model and based on the success of this outlet the future expansion of other outlets would be done. In addition to this, the concept of combination of local media and local store marketing programs would be used (Baker, 2014). The execution of the strategy would be done by implementation of merchandise, Promotional items and marketing gimmicks.
Pricing strategy
After the analysis of the external welfare the market, it is essential that the ABC Company implements a strategy in terms of the prices of the health food items and the service provided by the nutritionist at each outlet is an organized manner. So that a coordination is established between the profit of the business and the customer preference (Nagle, Hogan& Zale, 2016). The company should decide prices of the products by undertaking into account diverse entities such as
Primary target
Ability to Pay
Conditions of the market
Margins of the trade
Input costs
There are different pricing strategies to which an organization adapts to determine its ultimate pricing value of food products. Therefore, the most suitable pricing strategy that ABC Company would be going to utilize for the healthy and nutritious food items of Foodie Fit is Pricing for Market Penetration. Under this pricing strategy, the company would keep the prices of the health food at a lower price to attract the young and working Australians. Although there are chances of having an initial loss of income to the organisation (Hinterhuber&Liozu, 2014). However, the initial sales of the healthy delicacies would help in the promotion of the products.
Marketing Programs
There are diverse methods by which an organisation tries to achieve its marketing goals and maximises its predictability of its business. Marketing Program is one of the methods that helps in achieving the marketing ultimate objectives. Therefore, for successful inauguration in the Australian food market it is essential that imply the necessary marketing programs. In accordance to the market analysis, the ABC Company would implement three diverse marketing programs that would increase customer retention. Word of Mouth and in store marketing are the marketing programs that would be utilised by the company (Thompson, Hall, Branham& Marsh, 2016). Since both of these marketing programs are considered the most effective as they target a wider range of customers. Another marketing program that would be used is the local store marketing. The actions for each of the marketing Programs that would be undertaken by the ABC Company are as follows:
In Store Marketing
Under this the actions that would undertake are:
In store Brochures that would portray The Foodie Fit mission, concept and philosophy
Posters of the outlets of Foodie Fit
Concept of Design
In store video of the preparation of the health food items
Merchandising items
Catering schools and offices
Local Store Marketing
Under this the actions that would undertake are: –
Brochures
Free nutritious appointment at local store events
Brand Challenges
Owing to the stiff competition in the Australian food sector, it is essential that the ABC company undertakes certain implementation that would help the Foodie Fit to maintain its viability in the current market. There are many big players in the market in the form of fast food chains although; there has been a drop in the growth (Skare, Rydén, Hossain, Wilcox &Kotika, 2016). However, that does not claim the fact that the company would get enormous support from the Australian population. Even though, it is launching food items that are nutritious in nature. Therefore, there is an immediate need for the organisation to develop a distinct brand that could help it stand out among the other competitors’ quiet fairly. The company would make the understated actions for distinction of brands:
The logo of Foodie Fit is quite eye catching due to use of vibrant colours and is quite fresh and energetic
Keeping in view of the target market that is the young Australians the names of the products are made in a fun and easy manner to attract the young minds. In addition to this it would become popular as it would be easy to remember.
Financial plan
Profit and loss statement
From the following activities, it can be seen that the budget of the 12 months had been made through which the researcher would need to make the budget that may determine the effectiveness of the company. The budget includes Revenue from operation, Sale of food products, Other revenue, expenses, rent of building the furniture, purchase of materials, salary to staffs, canteen cleaning cost, Salary to the chefs, interest charges, consultant fees and other charges. All these expenses and incomes had been shown in the budget of the company through which it may be determined that the profit or loss of the company had been calculated. As it is known that, the Australian accounting period starts from July-June. So, in this it may be easy for the companies to work and make it effective. The first quarter entertains a loss of $3,870, whereas, the second quarter entertains a profit of $5,105.10 the third quarter it again incurs a profit of $10,366.63 and the fourth quarter incurs a profit of $36,508.94. So, in this way it can be said that the company is working effectively and the budget of the company are being made through effective working of accounts.
Conclusion
The theme of study has its fundamentals in enhancing trade activities of the nominated organization through the implementation of appropriate strategies for marketing. The nominated organization, ABC Company has initiated a business venture under the name of Foodie Fit to with an innovative perception of catering to the needs of the health-conscious consumers in Australia. The assignment throws light on the differential components that should be considered while formulating marketing strategies for an organization. The need of accurate marketing strategies has evolved to suffice the demands of the consumers and maintain a simultaneous relationship with the profit margins of the organization.
The adverse health scenarios have leads to the need of development of measures for ensuring fair health conditions for a community or individual. Foodie Fit upholds an innovative business venture of sufficing the health needs of the consumers by offering a product line that will be accordance with the desired health standards for an individual. The identification of the needs of the targeted community has been proposed as an integral aspect of this assignment. The assignment incorporates proactive strategies for marketing that may ensure a sustainable base for Foodie Fit within the target market.
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Appendices
Appendix 1: Health and Wellness
Appendix 2: Australia’s food and nutrition