This concept, requiring moderate modifications to the business model, not only provides the business with new sales opportunities but assists in economic development for the UK by being successful through operational adjustments designed to better satisfy a value-conscious consumer segment. Chwolka and Raith (2011) assert that many entrepreneurial businesses achieve failures due to the fact that an entrepreneur does not consider all problems that are being created by their established business models. Offering only high-priced, premium pizzas in an environment where consumers are scaling back purchases and are more with thrifty consumption would be a significant oversight for a firm and not necessarily representative of genuine entrepreneurial behavior.
By offering a more diverse, and differentially-priced variety of products, now the premium customer, the price-sensitive customer, or even those that simply do not wish to buy top quality foods items might find this business model more relevant and aligned to their lifestyle needs and ambitions. From another perspective, an opportunity spotting entrepreneur might conduct a consumer market analysis and realize that many of today’ s consumers are seeking private-label products major brand names because they are priced significantly lower and are often of the same quality as name brand products (Steenkamp, van Heerden and Geyskens 2010).
Prior to the recession, consumers maintained considerable doubt about the quality of private label food products and felt that consuming them, as compared to name brands, was a very risky decision (Sudhir and Talukdar 2004). One might consider, then, a diligent opportunity-spotting manager that recognizes post-recession consumers in the UK as it pertains to more interest in lower-priced private label products. A fledgling firm producing, for instance, food seasoning products for commercial businesses could begin pursuing new distribution strategies and agreements with food retailers to carry the business’ products as private label, generic consumer-centric goods.
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