Introduction

Innovation with respect a business represents key for growth as well as sustainability, and also a notion for withstanding competitors and hence need to highlight the overall need for conducting the required opportunity analysis (Scarborough, 2016). The same aids in a possibility for identifying the various ideas as well as trends that are emerging and these while integrated with consumer latent shall require in redefining the services/ product in the specific market (Scarborough, 2016). Hence, innovation shall be suitably built over the already prevailing ideas / products / services, whilst the same in addition could be distinct that was not existing prior to adding value for end users. In the report presented, a novel business opportunity for REALAKTIVE will be identified, discussed and analysed focussing on feasibility by way of self-analysis, description of the venture, and opportunity analysi. The same shall in addition aid in understanding as well as testing the idea with respect to viability as well as the overall potentiality, for emerging in the form of dominant trend that is favoured amongst the consumers.

Elements of Self Analysis

In essence, entrepreneurship represents the process that encompasses distinct set of stages for designing as well as launching products /services or else both which separates in itself to be newer within the relevant environment (Scarborough, 2016). The challenges shall, however, be in the translation of the planned scope as an idea to that of realised reality on account of there being various barriers which shall be inherent within the overall process. In this context, trait theory notes that the same shall be inborn whilst human capital that entails the capability for aligning the materials, finances and resources in a timely manner illustrates managerial abilities. The same could be defined in being entrepreneurial capability which entails the attitude as well as passion for pursuing vision in mind. Hence, it shall be essential for understanding various elements and these include: [1] human capital, [2] entrepreneurial abilities in human capital and [3] control variables of demography (Scarborough, 2016).

Table 1 – Self-analysis

The analysis presented above illustrated that the same is highly general form of perceptions with respect to the specific industry, overall ability for thinking in an innovative manner that entails creativity for driving the notions in the conceptual stage for reaching the entrepreneurial levels. Self-analysis shall be with respect to ideologies which shall be on the basis whilst the overall capabilities shall be solely be tested while the specific concept shall get translated to that of entrepreneurial ventures (Scarborough, 2016).

Description of the Proposed Venture

The venture proposed shall focus on organic products by way of agricultural produce that shall be produced by way of methods relating to natural farming and also supported by advanced forms of technologies focussed on seeds that shall be ideal in case of backyard gardening activities or else organised form of larger scale farming. In effect, the objectives shall be in providing vegetables of farm fresh and organic nature which shall be completely free of pesticides / insecticide traces, none of the chemical treatments shall be used for preservatives prior to packaging, until end users shall buy them to consume across United Kingdom. The product category can be segregated as [1] vegetables, [2] fruits and [3] whole grains. This venture shall be named as REALAKTIV, overall investment that shall be made in this venture will total to GBP 70,000 and same shall be invested as share capital.

Customer profiles targeted will be those who shall prefer foods of organic nature to ensure healthy well-being by healthy eating. These targeted consumers shall be of any gender and can either be employed professionals with income at GBP 35,000 or above or else graduates. The age group targeted shall span between 25 and 60 years. The same shall be undertaken in the manner that is staged and by using strategy that shall be on the basis of consumer acceptance with respect to REALAKTIV brand (Wheelen et al., 2017).

Opportunity Analysis

Market
There can noted to be widespread availability with respect to organic products across the United Kingdom market and sold using various retail stores delivering organic produce as vegetables/ whole grains / fruits. The overall size of market across United Kingdom has been noted to be GBP ~400 million as well as the same is growing in rate equivalent of 15 per cent on annual basis. It can be noted that certified form of organic produces are also available that shall either be organic partly, to the extent of 70 per cent to 9 per cent, and balance being of non-organic nature with respect to agricultural produce. In effect, market share shall be sold separately as either organic or else non-organic nature by retailers (Easterby-Smith et al., 2021).

The critical reasons of conscious nature that customers shall employ to buy shall be on account of taste being better, no traces in pesticides, being better for overall environment /animal welfare as poultry /meat, being of superior quality as well as health benefits. In effect, there has noted to be 3.2 per cent growth across supermarket on annual basis. Majority of sales shall at present come to connected customers using online as well as technology-based mediums as well as millennials who are below the age of 40 years (Easterby-Smith et al., 2021).

Marketing Strategies
The most suitable strategies for marketing with respect to proposed venture shall include the following: [1] product: herein, the primary foray shall be in the agriculture produce that is organic and fresh, and based on eventual performance, the company shall focus on product categories spanning grocery, bakery, baby food, dairy and meat /fish /poultry, [2] price: the pricing shall be of premium nature which shall correspond to pure and organic product category pertaining to vegetable produce (Jenkins & Williamson, 2015), [3] promotion: the promotion of launch events across culinary shows in television, as well as use new processes in customer engagement by way of blogs as well as employ social media as an educational strategy for teaching enhanced methods, and [4] place: e-commerce sales as well as retailer tie-ups for sale using PEALAKTIV brand shall be used (Boyce & Ville, 2017).

Conclusion

This report outlined basics pertaining to entrepreneurship wherein existing products akin to organic food having high-levels of purity shall be basis for innovation. The same shall need advanced form of agricultural technology, representing a detailed and technologically dependent process followed with testing for creating a product which shall make justice to the pricing. Opportunity analysis presented lays down key stages, critical forces to act on the business, strategies for elimination, and expansions / forays to new product categories. In essence, entry into higher growth domain shall be tough on account of the same being critical to the company for understanding the demand prior to undertaking market penetration, yet, product towards service shift with respect to organic produces shall be optimal for customising the aspirations of customers.

References

Boyce, G., & Ville, S. (2017). The development of modern business. Macmillan International Higher Education.

Easterby-Smith, M., Jaspersen, L. J., Thorpe, R., & Valizade, D. (2021). Management and business research. Sage.

Jenkins, W., & Williamson, D. (2015). Strategic management and business analysis. Routledge.

Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management. Pearson.

Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy (Vol. 55). Boston, MA: pearson.