Assignment on Wakatobi PDF
Added on 2021-02-19
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Dissertation - Wakatobi anIndonesian Restaurant
ACKNOWLEDGEMENTFor completing the business plan, I had taken help of different website and internet sources forgathering relevant as well as accurate data set related to the subject matter. Also, with the help ofsecondary data collection process, it has assisted in successful gathering of required informationnecessary for starting any business. Furthermore, with the help of secondary data time as well asfinancial resources has been saved and thus doesn't add to cost of preparation of the final businessplan. Also, by considering business plan and templates of other competitive firms engaged in thesame business line, a brief overview has been obtained which has eased in accessing key conceptsand elements of starting a new business operations.
EXECUTIVE SUMMARYThe present business plan is prepared for providing guidance to Wakatobi restaurant for itssuccessful launching in London including different places' viz. Bayswater, Nothing Hill, Soho,Colindale and outside Birmingham city area at one time. The main motive of establishing suchWakatobi restaurant at one time launching is to provide one taste and quality services to all thecustomers coming to all the restaurant at different places. Furthermore, this report will streamlineabout its feasibility aspects as nowadays tourism as well as hospitality sector is developing andgrowing with rapid rate, so the idea of opening an Indonesian restaurant will be profitable deal forthe Wakatobi restaurant. Also, by doing financial forecasting along with required assumptions itwill provide base for implementation of business plan made and allocation of available businessresources in effective manner for conducting of smooth business operations.
Table of ContentsACKNOWLEDGEMENT....................................................................................................................2EXECUTIVE SUMMARY..................................................................................................................3CHAPTER 1: INTRODUCTION.........................................................................................................5CHAPTER 2: BUSINESS OPPORTUNITY.......................................................................................8CHAPTER 3: FEASIBILITY.............................................................................................................103.1 Market Research Methodology...........................................................................................103.2 Market Research to identify Business Opportunity............................................................15DATA COLLECTION – SECONDARY .................................................................................173.3 Industry or Market Analysis................................................................................................203.4 Organisational Feasibility...................................................................................................213.5 Financial Feasibility............................................................................................................233.6 Risk Evaluation...................................................................................................................233.7 Resource sufficiency...........................................................................................................25CHAPTER 4: STRATEGIC ANALYSIS AND BUSINESS MODEL...............................................28CHAPTER 5: BUSINESS PLAN REVIEW......................................................................................345.1 Overall assessment of business plan...................................................................................345.2 Gantt Chart..........................................................................................................................365.3 Critical success as well as failure factors of the Wakatobi Restaurant business.................38REFERENCES...................................................................................................................................40APPENDIX........................................................................................................................................45
CHAPTER 1: INTRODUCTION1.1BackgroundWith the creation of new restaurant, it will be aimed at providing unique as well as relaxeddining experiences to all the business clients and customers coming to the Wakatobi Restaurant. Byconducting in depth research and study, all the aspects related to starting of new business has beenidentified as well as understand for smooth business operations. Proper planning and strategies willbe made for the restaurant functioning in effective as well as efficient manner. Also, by formulatingsound budgetary plan and estimation related to business expenses, it will provide a base for therestaurant in undertaking its business functions in much appropriate manner (Chambers andHumble, 2017). Allocation of business resources can be done accordingly thereby minimizing allthe unnecessary cost expenses amount as incurred due to lack of planning. With the help ofadoption of standards and norms as used by other profit making companies of the same serviceindustry, it will assist Wakatobi restaurant in gaining competitive edge as well. 1.2Scenario The main aim of creating Wakatobi Restaurant in the London city with launching of onetime at several places is to serve its customers with a wide range of different types of services andoptions. The services are offered at locations including Bayswater, Nothing Hill, Soho, Colindaleand outside Birmingham. Along with the central kitchen and its related business operations, it hasensured that all the goods and services rendered are hygienic as well as of better quality. It has alsoprovided options where all food are prepared in more efficient manner thereby focusing ondelivering of one taste for all restaurant to its customer base at large (McKeever, 2016).Furthermore, emphasis will be made on meeting satisfactory needs of different types of businessclients as well as customers pertaining to their criteria or demands. At one time it will be coming upwith its services at different places for rendering services as per current market and customersneeds.1.3The Business Opportunity◦Rationale for the Business ideaWith the help of this business idea, it will provide large number of customers with new andunique taste in terms of food going to be served at number of different types of places. Bylaunching such business operations, it will help both the Wakatobi restaurant as well as itscustomers in achieving their desired goals and needs in different forms. Furthermore, by
undertaking such business it will provide high growth and career development opportunities in thecoming future time period. In the recent time period, there has been increase in growth of thetourism as has well as hospitality sector which has become one of the major factor in adoption ofsuch business idea. Also, many business clients and young ones prefers outing for their purposesand chooses to go to different restaurant places for having unique experiences.◦Target MarketIt is very important for every business organisation to have focused on the market placewhere it wants to start its business operations. Target market helps the restaurant in deciding thatsegment of population i.e. that customer base who are interested in using services and goods beingoffered by the Wakatobi restaurant at several places. As per the taste and trends prevailing in themarket place, Wakatobi restaurant can initiates its business operations at different places(McKenzie, 2015). For this in depth research and understanding is required to be made by therestaurant itself so as to make high profit and production level along increased customer base. Byunderstanding the market segments in which business is going to be established helps company informulating effective and sound plans which in turns helps in gaining competitive edge.◦Customer and AccessibilityOffering food and services to different types of customers as per their taste and preferenceshelps business in achieving its desired goals and objectives of customer satisfaction along withprofit maximization. Wakatobi restaurant will be established at several place keeping in mind easyaccessibility and transportation facility for reaching such place by every type of customersincluding old age as well as young one. Furthermore, for seeking advantages of Wakatobi restaurantit will provide its services online so that customers can enjoy from any place by placing order. Also,focus will be made on offering of unique, attractive as well as peaceful dining environment to itscustomers and business clients for attainment of their personal experiences and business aimsaccordingly.◦Business ModelWhen it comes to business model, every restaurant owner ensures that a proper and soundbusiness model has been made for better performance in the market place. Business model of arestaurant mainly encompasses of its menu contents, target market as well as customer base,marketing strategies being adopted for acquisition of market share. Also, it focuses on formulationof business and financial plans for better allocation of available budget amount to differentdepartments of the restaurant for its smooth functioning (Wynne, 2016). It considers standards andnorms as followed by its competing business firms for bringing in improvements in own
performance level as well.1.4Structure of the workThe whole structure of work comprise mainly of:1.Chapter 1: IntroductionIt defines about different methods and plans which has been framed by the Wakatobirestaurant for making its business operations more effective and efficient in the target market place.Also, it provides details about business model designed.2.Chapter 2: Business OpportunityEmphasis will be made on identification of targeting market segments, marketing strategiesto be implemented for launching and establishing of product and services along with mission andvision formation with the help of research (Hopp and et.al., 2018).3.Chapter 3: FeasibilityIt is related with making feasibility study of organisation and financial aspects byundertaking analysis of both the industrial and market segment. By identifying risk elements, ithelps in mitigating loss factor.4.Chapter 4: Strategic Analysis and Business modelIt encompasses of business model structured by the Wakatobi restaurant for gaining longterm benefits in the marketplace. Further, by formulating sound business strategies it ensurescustomers needs are met properly.5.Chapter 5: Business Plan ReviewBy designing business plan, Wakatobi restaurant can focus on its key main products andservices to be offered, financial as well as legal requirements to be comply with. Evaluation of riskelements and measures to be undertaken for eliminating it with the help of effective marketingstrategies and plans focusing on proper resource allocation to business operations.
CHAPTER 2: BUSINESS OPPORTUNITYA term business opportunity basically means analysis of all the current opportunities asprevailing in the market place. By analysing opportunities it refers to the process of establishmentof demand function related to the products and services being offered by the Wakatobi restauranttherein. Also, its main emphasis is on understanding the market competition by conducting studyabout market conditions so that clear picture about market trends can be drawn. Furthermore, it willassist in formulating vision, mission, strategies and plans in accordance with the business aims andobjectives designed (Ibidunni, Peter and Ogbari, 2017). Business opportunity analysis is consideredas one of the most important business process as it helps in making improvement in overall businessprocess and performance level thereby focusing on better growth and development of business as awhole. This chapter will streamline about the following aspects of business which are needs to beconsidered while formulating a business plan:Mission – Is to ensure that all the customers and guests arriving to the restaurant arereceiving professional, prompt as well as courteous service from the restaurant they aredining in. Also, emphasis has been made on maintaining clean and hygienic atmosphere,environment to customers and other business clients having interest in such services.Mission is to provide relaxed, creative and unique experience of dining thus making themcomfortable and happily satisfied after consumption of such goods and services as offeredby the Wakatobi restaurant. Also, providing customers with wide range of items beingserved in menu card of better quality ingredients. Offering services at reasonable prices withequal treatment i.e. dignity and respect being given to every customers arriving therein.Vision – With the help of vision statement of every business organisation, it helps indefining of what the company is intending to achieve in the near future time period. Thevision of business defines the main purpose for which it has been established, what are therequirements for conducting business operations in smooth manner (Brinckmann and et.al.,2015). It also provides information about goals and objectives of the business which hasbeen framed at the beginning of formation of the business plan. Wakatobi restaurant primaryaim is related with:1.Adopting style of premier home for restaurant infrastructure;2.Dealing in quality products and services at reasonable pricing strategies.3.To serve good experience and happiness to its customers by delivering delicious food andreasonable pricing services.
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