The Business Startup of a Korean Food Truck - Management Assignment Help

Assignment Task:

Task:

INTRODUCTION

The demonstrated presentation is focused on the business startup of a Korean Food truck that will be moving around in the streets of the UK, London for satisfying the hunger of local Londonites (Mullins, 2017).

The concept of a food truck will be based on serving Korean street food items at reasonable prices with great taste and quality.

In the recent pandemic Covid-19 scenario, the business will be proven a profitable idea as it will have home delivery services as well.

MULLIN’S SEVEN DOMAINS MODEL

Mullins Model has been regarded as one of the most effective approaches for a startup business to analyze the feasibility of the business idea.

The model segments the proposed business idea in seven “domains” (Prodanova and Kyzdarbekova, 2020).

The first four segments will be concerned with the micro and macro facets of the food industry of the UK

The other three will be associated with the internal issues of the Korean Food truck

SEVEN DOMAINS

Market Attractiveness:

• Market attractiveness from a macro level will be analyzed (Mullins, 2017).
• Sales value, number of customers, and quantity of food items sold will be analyzed
• It will also analyze recent and previous growth for deciding the continuity of business

Mission, Aspirations, Propensity for Risk:

• The analysis under this segment is focused on the internal aspects (Slinták, 2018)
• The commitment level of leaders and individuals towards the business idea
• The team is ready to work harder for succeeding
• And is ready to survive the degree of associated risk
• Executing the Critical Success Factors:
• The delivery of the critical success factors by the team for the business are analyzed under this domain (Slinták, 2018)
• Which decisions are required to be taken for the business
• Decisions should have a significant potential to harm or aid the business

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