Developing the Idea for Urban Tea Rooms
The study focus on the Entrepreneurship and innovation of new products which will help in the opportunities, benefit the leadership quality and will view a Holistic approach. Entrepreneurship is a concept developed by the human community that encourages thought process to result in the creation, renewal, realisation and enhancement of different values within the organisation. Developing a new idea can help to increase the skill of some individuals as well as will benefit the organisation. In the study, a medium coffee shop has been considered, Urban Tea Rooms and the product is organic tea and coffee for the customers. Different methods have been used to develop the idea in the study.
Summary
The idea in the study is to develop organic tea and coffee for public tea rooms in various styles to the customers in London. The introduction of new products and services will be imported from the natural coffee grains from South Africa and tea from India. As there was a huge requirement of capital, the owner of Urban Tea Rooms has opted for funds from the Bank and the shareholders (Drucker, 2014). To make the coffee and tea attractive, it will use fat-free milk and ice cream with different fruits. Urban Tea Rooms has already hired chefs who are experienced with four years in this type of innovation.
Being the employee of the organisation that is situated in London, it was essential to implement an innovative strategy for a product that is facing issue with the high competition. London is enriched with valuable and innovative products. Different coffee shops offer excellent quality of coffee and tea to the trustworthy customers (Schalteggeret al. 2016). Nowadays, most of the customers like different products of good condition at the range price. The company should focus on the market research briefly as it is one of the critical points for introducing new products. The organisation is facing a problem to understand the needs of the customer and the pricing strategy for the new product (Singh, and Gaur, 2018). Due to well-establishment of the business, Urban Tea Rooms is facing issue with the time to give focus on the new product as the organisation has to deliver the old products to the customers.
While focusing on the new product, Urban Tea Rooms conducted a small part of research by the old customers to understand the demand for the new product. It is found that many of the young customer ageings from 20-35 are interested in organic coffee where has old people above 60 I am more interested in tea. The introduction of new organic coffee and tea is good for a patient with diabetes, high cholesterol, obesity, Gastro issue etc. Consuming the product can also help to relieve the stress and make the individual energetic. However, it will be difficult for the group of people who are below 18 as according to the survey most of them or not fond of tea or coffee (Hitt, and Duane Ireland, 2017). Thus the organisation is also planning alternative for the group of people who are below 18.
Market Research and Target Value
On innovating the new products, the organisation has also focused on the risk involved as senior management and performance in the market. The introduction of the new product will help the market to achieve the revenue by a certain amount. According to the analysis made by the organisation, the income till 2017 was £0.3 million, and the introduction of new products will help Urban Tea Rooms to grow the revenue by at least 10% in the first quarter of 2019. It will not only increase the tax but also will help the organisation to opt for other new products and to open the franchise in the different parts of London (Wu, and Huarng, 2015). The new product will also meet the target value of Urban Tea Rooms by gaining the customers of the old customers as well as new customers. The new product has several key features and benefits to the customers as well as to the organisation:
- The customers will get a different healthy taste from coffee and tea.
- It will be a good breakfast for many customers.
- One of the significant benefits is a minimal price.
- The organic tea and coffee are suitable for diabetes, obesity, gastrocolic individuals. This new product will not harm, and the individual can take N number of times.
- This will also fight with cancer and will reduce inflation.
- Mixing with fruit juices and making a shake will be tastier and will be beneficial for the skin.
- The organic tea and coffee will also reduce the chances of death.
There are several competitors in the market in London. Also, many competitors are using Organic products (Maritz, and Donovan, 2015). The competitor of the organisation Urban Tea Rooms was already serving Organic products to the customers since 2016. However, the product that the organisation Urban tea hub is using seems to be unique from others. It is not only providing a shake with ice cream and fruit juices but also introducing cocktail tea and coffee. The contents of the product will be sugar-free and will be using Fat-free products. This type of innovation will help to attract more new customers and will also give the loyalty of both the old customers as well as new customers (Sahutand Peris-Ortiz, 2014).
After launching the new products on the market, the primary customers will be provided with the free sample of the products and for their family as well. Detailed feedback will be taken from them, and then from the next week, the example will be to the customers who will be visiting the place. Also, a sugar-free Bakery cake will be shared with the customers along with the new product for a month (Garud et al. 2017). The promotion will be done through magazines and Newspapers. To meet long-term sustainability, the management team will keep a check on the quality of the product daily and will also keep an eye on the price. Urban Tea Rooms will opt for pricing in pricing for market penetration. It will aim to attract customers because of the lower costs of the new product. In the letter part when the outcome will be in huge demand then according to the driving profits the organisation can raise the prices to better reflect in the market.
Lean testing is a free bug tracker for measuring high performance and improvement in the business. In the process of this analysis, the concept will be used for identifying the importance of the product among the individuals and the changes required for it. Urban Tea Rooms will try their best to ensure the satisfaction level of the customers and the best quality for the product. If the customers like the quality and the taste, then the organisation will focus on the development of new products and also in the future will focus to expand the business in different parts of London (Schalteggeret al. 2016). Feedback will be taken from every customer to understand about their experience and also about the changes required in the new product. As Urban Tea Rooms operate from 10am-8pm daily except Sunday so the coffee and tea will be available throughout the time with a special discount for the initial time. Urban Tea Rooms is estimating average testing of new products to the 80 customers daily from Monday-Friday and 100 customers on Saturday. These number will gradually increase as the promotion increases which will attract a lot of customers, and according to the feedback the changes will be made (Kernbachet al. 2015).
Key Features and Benefits of the New Product
Being the employee of the organisation the reliability of the concept was from travelling. Different parts of the world have different food habits. Travelling has helped to understand about the business prospect of food, and thus the commitment has been demonstrated through taking care of the investment, raw materials and a business plan (Maritz, and Donovan, 2015).
The product will be initially distributed in place of London, and then the operating business will be spread it in other small parts of London. Urban Tea Rooms is situated in the central part of London so there will be a massive Supply of the new products among the customers (Hajra, 2017). However the market research it is not done correctly and cannot understand the names of the demand with their taste then the product may fail. Also, a proper chef and operating team is necessary to make the food better and can help with the potential solution for the issues (Drucker, 2014).
Operating a business and helping with new innovative ideas which senior management level can help to improve the perspective of the industry and also help develop individually. In the competitive world, the production globalised and most of the companies want to be a part of the Global market (Tippayawonget al. 2017). According to the study, it is recommended that Urban Tea Rooms should focus on a few more products and invest more capital especially for the age below 18. The company, Urban Tea Rooms should look for more opportunities by reporting the issues facing for introducing new products and should give time. Introduction of new product has concluded a significant change in the organisation which has helped to bring the responsibilities among the employees and also help to increase the revenue.
References
Drucker, P., 2014. Innovation and entrepreneurship. Abington: Routledge.
Garud, R., Gehman, J. and Tharchen, T., 2017. Performativity as ongoing journeys: Implications for strategy, entrepreneurship, and innovation. London: Long Range Planning
Hajra, N.G., 2017. Organic Tea: Global Market and Forecast Sales. Journal of Tea Science Research, 7(1), pp.121-232
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Kernbach, S., Eppler, M.J. and Bresciani, S., 2015. The use of visualisation in the communication of business strategies: An experimental evaluation. International Journal of Business Communication, 52(2), pp.164-187.
Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for greater discipline contextualisation. Education+ Training, 57(1), pp.74-87.
Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small Business Economics, 42(4), pp.663-668.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2016. Business models for sustainability: A co-evolutionary analysis of sustainable entrepreneurship, innovation, and transformation. Organization & Environment, 29(3), pp.264-289.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2016. Business models for sustainability: A co-evolutionary analysis of sustainable entrepreneurship, innovation, and transformation. Organization & Environment, 29(3), pp.264-289.
Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging economies. Management Decision, 56(1), pp.2-5.
Tippayawong, K.Y., Teeratidyangkul, P. and Ramingwong, S., 2017. Analysis and Improvement of a Tea Value Chain. In Proceedings of the World Congress on Engineering (Vol. 2).
Wu, C.W. and Huang, K.H., 2015. Global entrepreneurship and innovation in management.
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