Abstract:
Startups need to respond to the dynamics in the market to become long-term sustainable. The project is called From Startup to Scale: Evaluating and Strengthening an Existing Venture and it analyses the strategic turn of Seachef that is a premium frozen food venture developed out of its predecessor that was known as Seafood Feast. The opening of the business was as a raw seafood supplier, but the market analysis established a significant market niche: the city residents would like to enjoy authentic seafood, but their choice is greatly hindered by time consuming processes of preparing the dishes, as well as by hygiene issues. To solve this quandary, the venture rebranded into Seachef as a leading trend setter in the frozen seafood in the category of Ready-to-Cook (RTC). This report examines the new business model, which builds on the elements of chef-curated recipes, vacuum-sealed technology, and hybrid B2B B2C distribution channel to provide restaurant quality convenience at home. Results show that not only has this value-added practice enabled the brand to be distinguished against the generic competitors, but also, it has enhanced profit margins and customer retainment. The research ends with a growth map of expanding operations to large super shops and looking into or venturing in the Middle East market based on the prospects of being competitive and financially viable in the expanding frozen food sector.
