The fruit and vegetable market within the United States continues to thrive as it contains no major companies with an outstanding market share. The industry has the following opportunities and threats as contained in Barnes, Raymond & Gerald (32). First, the industry operators are keen on the consumption of fruits and vegetables per capita. Over the past half-decade, there has been a rise in the disposable income levels and numerous public health campaigns also advocate for more consumption of vegetables and fruits. The current orientation towards fast foods containing meat and carbohydrates is projected to reduce the intake of fruits in 2018. Besides this threat to fruits and vegetable vendors, the recent increase in the price of fruits has boosted the revenue of sellers such as Thirst Quenchers Limited. However, the cost changes of inputs for small operators have impacted the profit margins considerably. This means that despite the fruit and juice prices increasing over time, the profit margins may be lower in the long run.
Thirst Quenchers Limited started with identifying an idea. Upon the ideation process, Mr. Beglin requested that the team screens the questions and idea to determine the primary need of the market in the fruit and vegetable market. From the brainstorming, it emerged that there is a favorable result such as the opportunities that exist in this kind of fruits and vegetable industry. The product feasibility study upon screening the idea offered a required feedback that led to the formulation of the business plan. Therefore, according to Calvin (12), the business plan forms a special component of the business product feasibility. Prior researches collected in the market usage have portrayed dominant market forces as relevant to the growth of the business. Original researches suggest that several businesses operating successfully today have undergone a feasibility study comprehensively. According to Barnes, Raymond & Gerald (51), the supply and demand curve illustrates the challenge firms such as Thirst Quenchers have to overcome besides financial analyses and rates in the market. This means that Thirst Quenchers actually serve a need in the market.
Over the last three months, the firm also ran a survey to gather relevant views on customer readiness. By asking the clients what they preferred at the Open market, we determined that over 80% of the people would actually buy the firm’s products as opposed to the few majority of 3% who would hardly purchase anything. According to Calvin et al, the industry of fruit and vegetables has been attractive over the past 10 years. The reasons for engagement and preference in the community are due to the wellbeing campaigns that have promoted the need to eat healthy products. These promotions and work make the market attractive in terms of returns as well as the nature of clients we have and their thought patterns. Finally, the market has effective entry strategies and timelines that many firms hardly used to reach a broader community.
Barnes e al notes that the fruits and vegetable industry is one of the fastest growing with structurally attractive entry guidelines (21). Startups have a competitive advantage to enter the market with a few innovative standards. The products and services offered at Thirst Quenchers is obviously a necessity that ensures that clients have a healthier aspiration. On the other hand, the fruits and vegetables market requires higher startup cash in order to bring innovation in the entry. Barnes e al also indicates that small startups would require over the USD 40,000 beyond the nominal market entry cash for small businesses. Overally, Thirst Quenchers still stand a chance at being effective and performing well despite having not met this cash target. However, the future issue is the sign of a plateau in financial performance within the first 3 years.
Finally, the entrepreneurial readiness also contributes to the growth of Thirst Quenchers firm. Starting a business in the fruit industry requires acquisition of various certifications and skills. Some of the skills include project management, financial planning and monitoring and evaluation. These skills are useful to manage the projection of the business into the future. Calvin (13) notes that these skills can also be outsources at the early stages of the business as long as the entrepreneur understands the strategic vision of the business and can communicate that effectively to consultants and employees. Entrepreneurial readiness also covers acquisitions of certifications such as health covers, local government permits as well as association memberships. These kinds of requirements are useful to run a successful Thirst Quenchers firm. Over the past few years of operations, Thirst Quenchers managed to attract and earn of employees and other stakeholders because of the readiness of Mr. Begin. Reviewing his expertise and passion in this industry has enhanced a faster growth pace for the very reasons that he understands he internal dynamics of staring and operating a business. Barney (9) sums this kind of organizational practicality as the balance between management prowess and sufficiency of resources. The management team meets standard requirements in terms of skills, passion and expertise to launch Thirst Quenchers. This powerful combination comes from the passion from the founder as well as the extent that Mr Beglin understands the market that Thirst Quenchers operates.
In conclusion, Thirst Quenchers is market ready. The business idea stands strong in an industry that is fast growing and commanding a huge influence in the wellbeing sector. Thirst Quenchers need to embrace a new way if introducing innovation into their business, if they are creates a disruptive entry into the market. The resourcefulness of Mr Beglin is already very competitive, and can adapt easily to change together with a skilled team. Ultimately, Thirst Quenchers stands to be one of the fastest growing startups with a proper unique selling proposition and market entry strategy.
Work CitedTop of Form
Barnes, Raymond, and Gerald B. White. The Feasibility of Producing and Marketing Fresh Vegetables in Central and Western New York. Ithaca, N.Y: Dept. of Agricultural Economics, Cornell University Agricultural Experiment Station, New York State College of Agriculture and Life Sciences, Cornell University, 2018. 11th November 2018. http://publications.dyson.cornell.edu/research/researchpdf/rb/1991/Cornell_Dyson_rb9101.pdf
Calvin, Linda, and Philip L. Martin. The U.s. Produce Industry and Labor: Facing the Future in a Global Economy. Washington, D.C.: U.S. Dept. of Agriculture, Economic Research Service, 2010. 11th November 2018. https://www.ers.usda.gov/webdocs/publications/44764/8068_err106_reportsummary.pdf
Bottom of Form