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InTRODUCTION BUSINESS COMMUNICATION

   

Added on  2019-12-04

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BUSINESS COMMUNICATION
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Product or Service........................................................................................................................1Technology..................................................................................................................................3Market Environment....................................................................................................................3Competition.................................................................................................................................4Industry........................................................................................................................................5Business Model............................................................................................................................6Marketing and Sales Strategy......................................................................................................8Production/Operating Requirements...........................................................................................9Management and Personnel Requirements................................................................................11Critical Risk Factors..................................................................................................................12Financial Projection...................................................................................................................13Recommendations and Findings................................................................................................14REFERENCES..............................................................................................................................15Online........................................................................................................................................16
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INTRODUCTIONIn today’s highly competitive environment, taking new business ideas in the marketplaceas well as testing and validating it is becoming one of the key parts. Through this, companies areable to enhance their brand image as well as sales and revenue (Ritter and Gemünden, 2004). Inthis regard, the present report conducts a feasibility study in order to check the probability oftheir new business start-up. For this, present research will takes place which determines thewhole market environment as well as competition for the same. Moreover, several businessmodels, marketing and sales strategy, financial projection and critical risk factors are also bedescribed at the time of implementing business plan.Product or ServiceIn the present study, Prezzo restaurant is taken into consideration which is an Italianrestaurant chain of UK. Due to their increasing demand and sales revenue, they have planned toopen their restaurant in the country where it is not present. For the same, they have selectedSaudi Arabia as it is a desert country and birthplace as well as spiritual home of Islam (Bangs,2002). Launching a food chain is quite crucial task as the needs and preferences of citizens ofSaudi Arabia are different as per their culture and routine. Here, checking the feasibility of start-up of Prezzo is one of the most crucial tasks. One of the major reasons of this start up is that fastfood remained the most valuable consumer channel in Saudi Arabia. There are several popularand affordable options for the fast food within this country for native Arabs as well as expatriateclients of all income groups. There are different categories of people such as of high incomelevel as well as low (Figge and et. al, 2002). For all those people, different options are availableand due to the rising population, government is also taking several initiatives in order to boostthe consumer income level. Prezzo is one of the most popular restaurants of United Kingdom and it was firstlyopened in New Oxford Street. They have more than 200 diners across the UK and they arepromoting their services and marketing their food products with the help of providing studentdiscounts to all the national union of students. Customers are likely to visit this restaurant due totheir food quality as well as high class service. All those guests who prefer choosing to dine atPrezzo can expect an authentic and Italian menu. However, in their whole menu, Pizzas residuesas the most popular dish of this restaurant and their Margherita Pizza was just graded at first as1
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compare to other Italian chains (Restaurant trends, 2015). Consumers would like to order theirfood cuisine from the menu and enjoy it with their taste.There are various other and likely factors for the customers due to which they prefer tovisit at this dinning place. One of the most attractive features is its reasonable price. Due to thisfactor, all the income level groups of Saudi Arabia can avail their services. In addition to this, theinformal setting and punctual services makes it more attractive in the mind-set of customers.These are some of the most common factors which help in appealing more clients and makingtheir positive perception about the restaurant as well. Moreover, they are highly aware about thesustainability and try to maintain feasible environment within the country (Restaurants MarketResearch Reports & Industry Analysis, 2014). In this regard, they have joined a membership ofSustainability Restaurant Association in order to show their commitment and support towardssustainable practices as well. Customers would use their services by reaching out their physicalchain or they can order anything as per their taste.At the time of launching this restaurant in the Saudi Arabia, it is the most importantfactor to identify the choices of their population. It helps them in enhancing their sales as well asmarket share. In this concern, it can be determine that there are various components which arerequired by them at the time of launching of Prezzo in Saudi Arabia. They highly requireappropriate infrastructure within the main city area from where they can easily reach towardstheir intended target audience (Tucker, 2001). In addition to this, they need proper financial aswell as human resource for the successful launch of restaurant. In order to test to this business plan and to ensure that it works as planned company,Prezzo can implement testing by using Beta test. It takes place just prior to launch and helps inimproving the quality of products. It is the best way through which they can integrate thecustomer input about the complete restaurant and ensure its release readiness. With the help ofthis, total condition can be tested in the real world with the real customers. The whole feedbackcan cover the every element of their product as well. In this regard, it can be determined that theentire management team management usually involves the product marketing, support as well asquality of the services (Ritter and Gemünden, 2004). Further, this test helps them in improvingtheir services as per the customer’s needs with the help of their inputs. While considering anyfeedback, it can be collected or implemented for the future version as service. 2
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