See details below
The business is a restaurant called
A Taste of Amy’s Touch
Business Models- Part one is attached in case its needed to reference to complete the below
Which business model is best for your business? In 1–2 pages, describe three different
business models and then select
the best model for your business.
Finally, explain why this is
the best model for your business.
Instructions
Write a 1–2-page paper in which you:
1. Briefly describe three different business models.
o Write one paragraph for each of the three different business models.
2. Choose the best business model for your business.
3. Create a short statement explaining why the business model you have chosen is the best model
for your business. Give at least three supporting reasons or facts for your choice.
_____________________________________________________________________________________
Discussion-
· Using your approved business topic, explain the ways in which your product or service is innovative. Consider:
. How is it new, useful, and original?
. How is it a solution or improvement that adds value from a customer’s perspective?
1
Choose a business idea
My startup idea for a small business is to start a restaurant. The restaurant would be named A Taste of Amy’s Touch to honor my mom. The startup idea necessitates having a robust business model, understanding the local market, finding the right location and workforce, obtaining necessary permits and the business license, engaging in inventory management and supply, creating menus that attract clients, and many more. The objective is to open a restaurant dedicated to offering a more significant competitive advantage in the market through service and food. The business’s success will also depend on the waiters and waitresses and the methods the person uses to introduce the company to the market. The business will also set annual targets for divisions like advertising, operations, financing, and human resources. The business’s marketing policy involves offering great value to clients through consistency and taste. This will help retain existing clients and attract new ones. The company considers the market and the rationalization mechanism to help understand consumer needs for value for money. The main facet of consumer budgeting choices and purchasing is a rationalization factor that the startup will consider in its service delivery. The rationalization perspective helps the business to concentrate on offering more value to the target customer market. Cohen, Bingham & Hallen (2019) establishes that understanding rationalization helps standardize the business process to enhance efficiency and boost productivity. Understanding the market and working with particular customers will make it easier for the business to connect with clients effectively. The restaurant can be a quick-service, upscale or midscale business depending on the identified market needs. The company will offer an exceptional food concept that works well with the client’s pockets. The success of the restaurant will depend on the experience provided to the customers. This looks at various factors, apart from serving good food that enhances the clients’ overall experience and make them have memorable visits.
Reference
Cohen, S. L., Bingham, C. B., & Hallen, B. L. (2019). The role of accelerator designs in mitigating bounded rationality in new ventures.
Administrative Science Quarterly,
64(4), 810-854.
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