Business Name
Incorporation of a business requires the owner to seek clarification from the state filling office on possible pre-existence of the assumed business name to evade duplication. Besides, the business owner has a responsibility to make sure that it is catchy, unique and easily available. After that, the owner conducts business name registration by the state requirement. In due process, the business name should attain online claim as well as registration for trademark protection. As such, the company will adopt the name HEMD Food Company, which stands for Healthy Eating, Makes Difference.
Industry, product/service and target market
The food industry has continued to expand, and the demand will increase in future owing to the growing world population, booming middle class in the developing countries as well as the longer life expectancy due to improved health care. Besides, the industry has witnessed the shift of demand towards health and wellness aspects of food due to the integration of cultures. Thus, the company will align with the industry demands by employing technology to allow the clients request their favorite dishes alongside sending the personal recipe to the company using their smartphones. Additionally, the company will offer dish preparation and delivery services to the clients’ doorstep. The food products will range from baby foods and nutrition products. The company will specialize in servicing the clients with recommended diets such as those with diabetes and heart diseases as well as the babies.
The business will be a private company under the management of the owner who will be the major shareholder. Additionally, those with minority ownership will double as managers and members of the board. However, the business operations have not commenced as the process of incorporation is still in progress.
Competition analysis
The position of the three competitors to offer food products affordable prices is higher in comparison to my company. Partly, this is so because the companies have been in the industry long enough and have invested in the cost cutting technology from their savings. However, a close look indicates that some of the competitors have a wide market that yields economic of scale. For instance, Canyon Creek Food Company specializes in the supply of their products to retailers, restaurants and big institutions in many areas in Canada. Thereby, my company has to employ ingenious cost-cutting technology as well as offer quality product to compete fairly since its products affordability rate as a medium. Similarly, my company rates low regarding products accessibility now since there are relatively fewer branches and subsidiaries in comparison to the competitors such as Nestle and Dare Foods. Nevertheless, my company rates above the competitors regarding nutrition value for the products offered. This stems from the fact that the company specializes highly in serving a particular market.
In a similar manner, my company allows the clients to make and submit their recipe using a mobile technology. This has fared well in meeting the market demand. Hence, this will facilitate market coverage over time to match its competitors such as the Nestle that have a global presence. Thus, the immediate goal for my company is engagement in rigorous social marketing to boost the products accessibility by inducing demand through quality products. Moreover, the company will invest on efficient transport to cut the cost that will consequently bring the product prices down.
Industry / Market Analysis
Gathering, performing analysis and publishing of economic statistical data for national consumption in a meaningful exercise in the food industry. Thus, classification of businesses by the guidance provided by Canada would aid in industry analysis and market research. As such, food industry under which my company falls operates on code listed as NAICS 311 Food manufacturing as noted by In Van (2014). It is also important to note that in food industry there are some associations based on the products and objectives of individual businesses. For instance, Food and Beverage Trade Associations which has listed over one hundred and eighty-four organizations to lobby the interest of all the members at large in Canada and USA.
In addition, there are associations in the industry that plays a role of the watchdog with consumers' interest at heart. A case in point is the Consumers Association of Canada (CAC). The organization enlightens the consumers on products safety especially food and beverage, for example, the associations has relentlessly probed on the labeling of genetically modified food contents to feed the consumers' queries through their websites and other social media as noted by In Andrée, In Ayres, In Bosia and In Mássicotte (2014). Finally, there is Specialty Food Association that enables consumers to connect and share their varying experiences with different foods across the globe. Apparently, the analysis of the associations in the food industry indicate balanced representation of all the stakeholders. Further, considering that new companies do not have sufficient capacity to implement energy management technologies, it becomes essential to riding in existing and reliable models. Hence, SME benchmarking fills this gap by providing the much-needed information through e-learning systems such as the, financial performance presentation, appropriate business plans, proper projection of costs as business expands as well as data of competitors business. The market analyzes conducted by IBIS World indicate that the bigger companies will face stagnation due to saturation in the market. However, the decline in the revenues may be insignificant because the companies have options to shift to health and wellness.
Government information
Much information is related to the private corporation's formation as well as matters encompassing tax returns that management should consider throughout the business life. On completion of the company name registration, the owners should subsequently acquire the Business Number (BN), issued Canada Revenue Agency as explained by Epstein and Laurin (2010). The corporate can make an online application for this number through the Corporate Registry online applications; which hastens the cost of processing the application. The number gives the business a unique identity. Additionally, the business entity uses the BN for identification when they are dealing with the federal government, provincial administration or local government on varied capacity program. Besides, the business should apply for the program account (BN15) for returning income taxes to the federal government. Business should comply with food safety and security as well as all the set regulations throughout its operations.
Market and consumer data analysis
The market analysis indicates that despite the saturation of the food market, the industry experienced increased demand in the premium food products explained by awareness on the health nutrition and wellness.
Agreeably, the business should determine the market share in its industry for the sake of making a decision regarding price walls and other market control plans. As such, we can obtain the market share by dividing the total revenue in our company by the total sales secured by the entire industry over a financial year. For instance, the total sales revenue for food products, NAICS 311 Food Manufacturing, in 2012 it amounted to $89.3 billion in Canada as indicated by the Canada Industry Statistics. Presumably, the sale for our company was $1 billion the same year. Thus, the computation of the market share is as shown below;
1/89.3 *100= 1.1120%
Hence, the market share for HEMD Food Company is 1.1120%
References
Epstein, L., & Laurin, C. (2010). Bookkeeping for Canadians for dummies. Mississauga, ON: J. Wiley.
In Andrée, P., In Ayres, J. M. K., In Bosia, M. J., & In Mássicotte, M.-J. (2014). Globalization and food sovereignty: Global and local change in the new politics of food.
In Van, A. N. K. (2014). Encyclopedia of agriculture and food systems: Volume 1.
