Starting a project in the Food and Beverage Industry is a challenging venture since the target environment can be described as very competitive. Therefore, to attain project goals, one should consider the needs of key stakeholders and the available resources carefully. In the case under analysis, opening a juice bar implies using the support of local investors, who will be viewed as the key benefactors of the project. By providing financial support for the juice bar, local investors will be able to receive substantial revenues once the company establishes a presence in the local market and builds a competitive advantage (Badiru et al. 12). Furthermore, it will be necessary to consider the opportunity to collaborate with local suppliers and seek the support of possible business partners, such as organizations producing exotic fruit that will be used to create unique products and attract new customers.
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In addition, the project will also have to consider the significance of its contributors. By definition, the identified type of stakeholders includes the experts that will participate in the key company’s processes, including production, marketing, research and development, logistics, and other tasks. Using the umbrella term of contributors, the project will focus on promoting collaboration between its employees and managers, fostering the idea of interdisciplinary collaboration (Turner xi). The proposed technique will allow contributors to acquire the skills needed to advance the firm in the target market (Walker 202). Specifically, abilities such as information management, communication, innovative thinking, and leadership will be required to guide the project toward its successful completion. By fostering these qualities in the key stakeholders, primarily, the team members of the project and business partners, the company will be able to thrive in the selected industry.
Badiru, Adedeji B., et al. Mechanics of Project Management: Nuts and Bolts of Project Execution. CRC Press, 2018.
Turner, J. Rodney. Contracting for Project Management. Taylor & Francis, 2017.
Walker, Anthony. Project Management in Construction. 6th ed., John Wiley & Sons, 2015.