Business Studies Case Study
The Plateful
Jack Li is 21 years old and has recently graduated with a BSc in Management Science. Although Jack is confident he could have a successful career using the knowledge and skills developed during his degree course, the thought of over 40 years working in an office environment fills Jack with dread.
All of Jack’s family and friends recognise that he is a ‘free spirt’ and will only be truly happy following his real passion food. Not just eating it, but preparing it for others to enjoy.
When Jack was 14 years old, his grandfather left him a small inheritance which he received when he turned 21 years of age. The original sum left by his grandfather was £75,000, but this was invested at the time and was worth almost £88,000 when Jack received it on his 21st birthday.
Business Studies Case Study
Jack has decided to invest his inheritance into his own business. He is planning to buy a food truck a mobile kitchen where he can prepare and sell street food to the public at different events around the UK.
From Jack’s studies he is aware of the importance of preparing a good business plan and the need to base any business decisions on reliable data, including data related to forecast business costs and revenues.
As yet, Jack is unsure as to the type of street food he should be offering to customers Chinese, South Korean, Indian, Mexican, Vietnamese, Italian, English – the list is endless, but Jack is of the opinion that he needs a Unique Selling Point (USP) and that this will be best met by specialising in street food from just one country or region of the world.
The only thing Jack is certain of is the name of his business – ‘The Plateful’.
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Business Studies Case Study
Task 1
Discuss the importance of the different features of a business plan to the success of Jack’s proposed business.
Task 2
Discuss the advantages and disadvantages of market research methods Jack might use to gather reliable data to help him decide on which street food his mobile kitchen should offer to its customers, the likely demand for his food, and any other information that might support Jack’s decision making about his business proposal.
Task 3
Evaluate methods of promotion Jack could use when marketing his new business to potential event organisers and potential customers of ‘The Plateful’