Healthy fast food outlets are increasing over time
A lot of people are turning into healthy eating due to health and fitness concerns
A healthy fast food outlet offers healthy quick fix solutions to individuals.
A lot of people have been enlightened about the benefits of healthy eating.
Healthy eating is paramount for a healthy and disease free society
Fast food is any form of sustenance from an eatery that is fast, appropriate, affordable and typically modest. Fast food is in most cases high in fat, calories, cholesterol, and sodium in contrast with home food. However, the emergence of healthy fast food outlets has changed this narrative (Bleich, Wolfson, Jarlenski & Block, 2015). Healthy fast foods outlets provide healthy solutions to individuals seeking quick-fix food. These new ventures are growing at a rapid rate across the world mainly because a lot of people are gaining knowledge on the importance of healthy eating. In this study, we shall focus on Micro Bytes Fast Foods venture.
Importance of healthy fast foods
Enhances general well-being of an individual
More natural way to a healthy lifestyle
Saves time at the same time offering healthy food
Convenient for individuals with a busy schedule.
Keeps lifestyle diseases at bar
The daily food choices that an individual makes influence their general well-being both at the moment and in future. Together with other fitness activities, a healthy diet can aid an individual to maintain the right weight and reduce the danger of lifestyle illnesses such as diabetes, blood pressure, heart disorders among others, a healthy diet enhances general well-being. Healthy fast foods are the new methods of achieving healthy diets more conveniently. They save time as they are easy to fix and therefore an appropriate way to healthy living (Bleich, Wolfson, Jarlenski & Block, 2015).
About Micro bytes
A healthy fast food outlet
Limited seating and free Wi-Fi available for clients
Offering both snacks and foods
Balanced food choices including variety to choose from
Micro bytes will mainly focus on offering fast, healthy meals to individuals. The principal focus of this venture is majorly healthy and convenient food at an affordable rate. Clients will also free Wi-Fi and limited seating upon ordering (DiPietro, Roseman & Ashley, 2006). Micro bytes will offer both food and healthy snacks; the meals must be balanced incorporating the right proportions of each category. No processed food will be provided by Micro bytes. The snacks will also follow the same criteria as the focus is mainly on providing a healthy diet to the clients.
Micro bytes SWOT analysis will be useful in the following ways
Aid in understanding the business better
Address the business weaknesses
Aid in developing strategies to deter identified threats
Take advantage of the opportunities and strengths
The SWOT analysis is a vital planning procedure used to support an individual or association recognise strengths, weaknesses, opportunities, and threats identified with business rivalry or venture planning. SWOT becomes more useful in that, with a little idea, it can reveal opportunities that a business venture can exploit. By mastering the weaknesses of a business, one can identify dispense threats that would be harmful to a business (Hsu, Chang & Lin, 2016). Additionally, by comparing a business at its rivals using the SWOT system, it is possible to come up with a methodology that aids the company differentiate itself from its competitors, with the goal that the business can compete effectively in the market.
Micro bytes Business Strengths
Offers strictly healthy food
Quick to prepare food.
Wide market target
Exploring New Markets
Micro bytes has analysed the market well and settled on some factors that the business plans to prioritize on to enable it to maximize on its strengths thus downplaying on the weaknesses. The business offers strictly healthy food; this will allow Micro bytes to stand out in the competitive market (DiPietro, Roseman & Ashley, 2006). The fact that the meals offered are quick to prepare enables the business to attract more customers as the majority of the people are in busy schedules that don’t allow them to wait long for their meals to be prepared. Micro bytes also has the advantage of assessing a wide market since few outlets are serving strictly healthy food at an affordable price, this gives the business a broad market scope that is likely to enhance the profitability levels. It is as well exploiting new markets in areas that have not been capitalized before, and this gives the business a competitive advantage.
Micro bytes Business weaknesses
Limited product availability
By offering healthy food at affordable prices, Micro bytes is likely to have a limited product line since the majority of fast food are unhealthy and not accessible, this means that the outlet may have only a few items on its menu. Most of the healthy food too requires ingredients that are highly priced, the organization aims at offering affordable meals, and this may not come in quickly when expensive components are used.
Few healthy outlets in the market
The available healthy outlets are costly
Newmarket target of low-income earners
New market opportunities in regions not exploited by the competitors
The target market that is highly populated (includes low-income earners, students and working-class individuals on a busy schedule)
Micro bytes has identified that there are only a few healthy food eateries, the few eateries also offer non-healthy meals and therefore making it hard for clients to make a choice. Micro bytes has focused on purely healthy food and this is likely to boost the business since it is an area that other businesses have not exploited by other businesses. Micro bytes has also taken advantage of the fact that most outlets are expensive and therefore target middle and high-income earners, Micro bytes will offer healthy food at affordable prices and this way it will be able to serve low-income earners. It will also establish outlets in regions that have not been exploited by its competitors making it the sole healthy fast food outlet. The target market includes the low-income earners, students and working class; this group has a vast populace hence a broad market for Micro bytes.
Improvements in innovation may change the market beyond Micro bytes capability to adjust.
A little change by the competitors may clear out any market position Micro bytes accomplish.
With the rapid and continuous advances in technology, it is highly probable that innovations will be witnessed in this field, this threatens the business since the technological advances may change the market and business operations beyond Micro bytes ability to adapt. Such changes are swift and tend to influence the needs and desires of the consumers. The available competitors may also make changes in an effort to fight Micro bytes, due to their market dominance, the moves they make may drive Micro bytes out of the market.
Demographic segmentation: low-income earners
Psychographic: Individuals seeking healthy eating habits
Behavioural: Individuals unable to prepare their meals due to various reasons
Geographic segmentation: Areas not accessed by competitors
Majority of people desire to engage in healthy food; however, this may not be possible for them because they cannot afford the available options (Baker, 2014). This results in only a few individuals accessing healthy meals. Low-income earners are left out without a choice; our product is geared at ensuring this group of individuals have access to healthy foods at an affordable price. With the rise of chronic illnesses, a lot of individuals are turning into healthy eating habits; our product aims at meeting this group of individuals. The other segment is the group of individuals looking for healthy fast foods due to their busy schedules and other related reasons; this group includes students and working-class individuals.
Our product targets the following customers
Low-income earners interested in healthy food
Individuals in new markets
Individuals in need of fast, healthy foods
People seeking healthy food options
Our product targets low-income individuals whose needs for healthy food has not been met by other food eateries due to the issue of affordability. Such individuals are most in low-income regions. Micro byte will target such markets and establish an outlet there (DiPietro, Roseman & Ashley, 2006). We will as well focus on individuals who need healthy food but have no time to wait long for their orders to be made, our product will provide healthy fast foods, and therefore they do not have to worry about time. All individuals seeking healthy food options will be the target in our product launch.
For positioning our product, the primary tool that we will use is the pricing methods. Our prices will be affordable and lower than the prices offered by our competitors. This will ensure we win a higher market share (Hsu, Chang & Lin, 2016). We will also use online platforms to advertise and market our products. We also aim at incorporating promotion methods such as frequent offers in order to persuade more clients to buy our product, we shall as well ensure our product quality is not compromised as high-quality products will automatically market our product.
Application of 4P’s of Marketing
High quality (healthy) product.
Promotion methods include giving offers on products and online advertising
Avail our products to the place needed for instance areas habited by low-income earners
The application of a marketing mix is a fantastic method to help guarantee that setting the correct item in the opportune place… will occur. The marketing mix is a crucial instrument to help comprehend what the item or service can give and how to anticipate an effective item. The marketing mix is most often implemented through the 4 P’s of marketing: Price, Product, Promotion, and Place (Baker, 2014).
Focusing on customer perceptions
Brand recognition such that a customer can identify our product in a crowded market.
Making our product convenient
Excellent customer service
Market research to investigate any changes in market conditions
Marketing is superficially characterized as ‘putting the correct item in the perfect place, at the correct price, at the opportune time.’ Though this seems like a simple suggestion, it requires diligent work and research (Rana & Paul, 2017). Also, if even one component is missing the goal, a promising item or service can be unsuccessful and end up costing the organization significantly. It is therefore vital to analyze the market thoroughly before launching a product
Customer Lifetime Value
Building customer loyalty through consistent quality
Understanding the customers better
Utilizing every opportunity to offer value to customers
Advancing communication channels
Developing better interactions is the way to client retention. Setting up deeper relationships with clients is the essential driver of repeat clients. Our firm will focus on learning new things about what our clients would like to have and work on any proposed improvements in order to ensure we retain our customer base and even increase it significantly (Hsu, Chang & Lin, 2016).
A healthy fast food eatery is a brilliant business idea
Analyzing the market conditions is vital for the success of this business
A SWOT analysis will guide the business into its operations
It is essential for the business to develop strategies on how to cope in the market
Customer retention guarantees the success of a business
A thorough analysis reveals that our business idea is likely to be successful in the market. Positioning our product well in the market will ensure that our product gains a larger market share, analyzing the market is also vital in establishing ant practices that need to be incorporated for a successful business.
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DiPietro, R. B., Roseman, M., & Ashley, R. (2006). A study of consumers’ response to quick service restaurants’ healthy menu items: attitudes versus behaviors. Journal of Foodservice Business Research, 7(4), 59-77.
Hsu, S. Y., Chang, C. C., & Lin, T. T. (2016). An analysis of purchase intentions toward organic food on health consciousness and food safety with/under structural equation modeling. British Food Journal, 118(1), 200-216.
Rana, J., & Paul, J. (2017). Consumer behavior and purchase intention for organic food: A review and research agenda. Journal of Retailing and Consumer Services, 38, 157-165.