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Analysis on V2 food business model

Question

Task: To be completed individually, you are required to prepare a business report that deconstructs an organisation's business model and identifies the critical success factors that make the business sustainable. Your analysis will demonstrate your critical thinking skills and your ability to professionally articulate your findings.
Before commencing, you must seek your lecturer's approval to undertake an analysis of the business you have chosen. The type of organisation that should be identified for study is one that is relatively new, innovative in how they operate, and have most likely been established in the last five years.
To achieve a result that meets your study objectives, please ensure the business report addresses each of the assessment criteria detailed below and which is elaborated in the marking rubric.

Answer

1. Introduction of the business
1.1 Operating Industry

V2 food is a new startup in Australia that has taken a great place in the food industry. It was founded in 2019 and have been expanding through these years. They deal mainly on meat products and also aims to achieve sustainability in the highly competitive market. The startup has a mission of feeding the population of “10 billion” by 2050.

1.2 Market focus
V2 food focus on delivering plant-basedmeat products without affecting the animals. Animal farming leads to a rise in CO2 levels on-air and effects the lifestyle. Sustainability must be maintained by fulfilling the customer’s demand is the main moto of the startup.

1.3 V2 food business model
The companywants to set up aV2 food business modelfor building up the base at the supermarket. They want to develop a food ordering application through which the customers can order food from home. In this pandemic situation, where social distancing has become an essential factor, the application will help to deliver the food on time to the customers.

2. Description of nine “building blocks” in V2 food business model
The “V2 food business model canvas” has been briefed on appendix 1.
2.1 Customer Segments
V2 food focusses on the non-vegan customer groups for increasing their business and food delivery process. The V2 food business modelwill help to attract customers from the states other than Brisbane. It will help to serve the food without contactless delivery and helps in adding value to the business.

2.2 Key partners
The economic key partners are from different sectors that are related to the food industry and share a high value on it. It is mainly backed up by the CSIRO, a leading brand in Australia having high billion shares. The CSIRO has collaborated with Main Sequence ventures to deliver value for the business.

2.3 Value Proposition
The startup aims for the high economy and providing great services to customers. The customers will get fulfilled through the innovative way without stepping out from the home (Joyce & Paquin, 2016). It will help in gaining positive feedback from customers.

2.4 Key Activities
Building a good relationship with the customer by fulfilling their needs is one of the major parts of “Key Activities”. The application will help to order products hassle-free and thus improve the value of the company in the international market.

2.5 Channels
"Distribution Channels" plays the main role in improving the branding value of the business. V2 food will promote their application through the digital platform and online events published in newspaper articles (Keane, Cormican, & Sheahan, 2018). It will help in reaching to a huge number of customers.

2.6 Revenue Streams
The customers through this application will get their suitable food on time by paying online. Online payment helps in maintaining social distancing norms. Moreover, the company will provide unique foods at discount price.

2.7 Cost Structure
The V2 food business modelwill be cost-driven and have a fixed cost along with the variable cost. They are listed below: -
Fixed Cost
Cookery cost of preparing food
Miscellaneous cost
Variable Cost
Application updating
Transportation Cost
Employees Salary

2.8 Key Resources
The key resources will consist of both human resources and technical resources. The technical resources will help to develop the application for customers (Ojasalo & Ojasalo, 2018). Moreover, the human resources will involve definite leadership skills to manage the employees on the Company.

2.9 Customer Relationships
The V2 food aims to provide all-time services to the customers. It helps in building a strong relationship with the customers. They will get the food throughout the day when they wish to get it.

3. Discussion of the interrelationships between the blocks of “V2 food Business ModelCanvas”
The “business model canvas” comprises of nine blocks that can be referred to as nine arms for building a proper V2 food business model. Among these, “value Proposition” covers most of the portion and have interrelation with the other arms. The blocks are related to each other for creating value for the business. Like the various costs in the business are depends on the key activities, key resources and revenue streams (Joyce & Paquin, 2016). The value of the customers must be analyzed through the feedback embedded in the application and relationship can be built according to that. Choosing customer segments wisely helps in developing an effective relationship with the company. The “Key Activities” must be mentioned along with the services while promoting the business through “distribution channels”.

4. Evaluation of the “Critical Success factors”
The factors that help in improving business operations is referred to as "critical Success Factors". In this case, various critical success factors are listed below: -

Success factors

Description

Supervise and monitoring the workforce

The operations of the employees and their work efficiency must be monitored by the human resource department (Alreemy, Chang, Walters, & Wills, 2016). As they will play an essential role in delivering the particular food to the customers.

Improving the operations on application

The application must be user friendly because the main basics of the V2 food business modelare comprising of the operation of the application. Enhancing the application will help to attract a greater number of customers towards the business.

setting strategies for improving the business economy

The economy of the business must be at a sustainable stand. As the business is new in the competitive market and delivering unique foods thus, the economy rate must not go down. It will help in expanding the business all over the world.

5. Factors related to “Downside Risks”
Risk is a major factor in business. Especially, startup companies face lots of risks in their initial stages. It must be addressed by implementing proper risk management. V2 food being a startup in the Australian food industry can face various factors of “downside risk” that are listed below: -

“Downside Risks”

Description

lack of maintaining the proper balance between the partners

As the startup has been made by the partners, thus proper balance must be maintained between them. Imbalance situation occurs when there is any discrepancy happens during the distribution of shares (Farago & Tédongap, 2018). The economy and the accounts of the company must be handled by the experienced personnel.

Creation of unrealistic issues in the workforce

when there is a lack of leadership skills and improper monitoring by the higher-level employees happens results in issues. The issues create lots of unrealistic situations among the workforce and lower productivity.

Delay in delivery of products

Lack of proper tracking methods creates a delay in delivery. It can also be created by the delay in preparing the food.

6. Recommendations on the business for making future changes
If the v2 food business was my business the I will make some changes for future growth. The changes have been listed below: -

  • I will upgrade my leadership skills and cost structure according to the latest market trend. It helps in the expansion of the business.
  • I will evaluate the customer feedback repeatedly for making improvement in my delivery process and enhancing the food quality.
  • I will interact with my stakeholders regularly for achieving their views on making changes in my business. It helps in the rapid expansion of the business.
  • I will set up strategies to help people by delivering proper food products in this pandemic situation.
  • I will set up a quality team for judging the food quality and the sustainability of the business.,/
  • I will review my funding of the business for analyzing its growth. It also helps in judging the factor for the downfall.

7. Bibliography
Alreemy, Z., Chang, V., Walters, R., & Wills, G. (2016). Critical success factors (CSFs) for information technology governance (ITG). International Journal of Information Management, 36(6), 907-916.

Farago, A., & Tédongap, R. (2018). Downside risks and the cross-section of asset returns. Journal of Financial Economics, 129(1), 69-86.

Joyce, A., & Paquin, R. (2016). The triple layered business model canvas: A tool to design more sustainable business models. V2 food business modelJournal of cleaner production, 135, 1474-1486.

Keane, S., Cormican, K., & Sheahan, J. (2018). Comparing how entrepreneurs and managers represent the elements of the business model canvas. Journal of Business Venturing Insights, 9, 65-74.

Ojasalo, J., & Ojasalo, K. (2018). Service logic business model canvas. Journal of research in marketing and entrepreneurship.

www.v2food.com. (2020, August 10). About V2. Retrieved from www.v2food.com: https://www.v2food.com/about

8. Appendices
8.1 Appendix 1

V2 food business model canvas

Key Partners

Key Activities

Value Propositions

Customer Relationships

Customer Segments

 

CSIRO, Main Sequence Ventures

Developing a user-friendly application and fulfilling customer demands.

building a high economy by increasing customer value through unique food delivery.

Providing all-time services to customers.

Targeting the non-vegan groups.

Key Resources

Channels

Human resources and technical resources.

Digital platforms and newspaper articles.

Cost Structure

Revenue Streams

Cost is driven along with fixed cost and variable cost.

providing unique foods at a discount price for attracting customers and enhance the food quality

8.2 Appendix 2
V2 food cost structure: -

Annual funding

$35million

Present funding

$35 million

As it is a Start-up of nine months, this annual report cannot be presented.

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