Business Economics and Management Assignment
Added on 2019-12-18
29 Pages10806 Words130 Views
BUSINESS PLAN ON'Welli All You Can Eat'RESTAURANT
TABLE OF CONTENTSBUSINESS IDEA............................................................................................................................1Realistic description of business idea and mission statement ...............................................1Innovative and unique selling points .....................................................................................2Key transactional relationship, partners and stakeholders ....................................................3PESTLE analysis of mentioned restaurant venture................................................................4POTENTIAL CUSTOMERS AND STAKEHOLDERS................................................................6Identify and describe customers, partners and stakeholders..................................................6Analysis of customers needs, want, preferences and characteristics .....................................6Expected customers and expenditure expected .....................................................................7ANALYSIS OF COMPETITION AND MARKETING STRATEGIES .....................................15Strengths and Weakness of competitors ..............................................................................15Marketing strategies developed on these findings and industry wide information .............16Product pricing, placement and positioning strategies ........................................................18Critical success factor for organisation ...............................................................................18CONCLUSION OR REFLECTIVE STATEMENT.....................................................................19Reflective .............................................................................................................................20REFERENCES..............................................................................................................................22
BUSINESS IDEARealistic description of business idea and mission statement This proposal shows a plan for starting a new business idea and the concept is to open anew restaurant in Wellington, New Zealand (NZ). The restaurant will sell high quality of Indian,Chinese and Mexican cuisines at an affordable price which will attract large customer basetowards it. The name of the proposed restaurant is 'Welli All You Can Eat'. Further, the majorbusiness idea is to render quality of food and services in comfortable as well as pleasant businessenvironment (Patel, Thomson & Wilson, 2013). It will also be easy for the customers to eat thesethree types of cuisines at a particular price. There will also exist different varieties of dishes incuisines so mentioned above which will surely attract a large customer base towards it. With this,cited restaurant will be able to get the competitive advantage over the competitors who areworking in the same industry.The business idea of opening a restaurant is a good point because the local citizens werein the need for the same where they can get different types of cuisines at a single point.Providing various varieties in different cuisines will automatically attract the customers to enjoythe meal for once. Further, firm will effectively focus on making a loyal base for customers fromthe starting time period only. With this, there will ibe increase in organisation revenue as well asproductivity. Owner of the restaurant has to develop effective marketing mix for different dishesrendered to clients. This will show the effectiveness as how their product of different cuisines isdeveloped (Altinay, Paraskevas & Jang, 2015).'Welli All You Can Eat' restaurant business idea is certainly a unique one where differentcuisines namely Indian, Chinese as well as Mexican will be served to the customers. Thesecuisines will comprise of different types of dishes which will satisfy needs and demands ofcustomers in a clear and effective manner. Further, the meal to the customers will be served inthe buffet style. The employees who will be recruited will be multi-skilled and they will workwith best of their dedication to meet their own and organisational goals and objectives.Mission statement of organisation Mission statement usually motivates the organisation to give their best in theaccomplishing their goals and objectives. . Accomplishing the same within the set time frameboosts the company’s morale and employees tends to work with best of their dedication to1
achieve firm's objectives (Bilton & Cummings, 2010). The mission of 'Welli All You Can Eat' isto provide different types of food, drinks (both alcoholic and non-alcoholic) to the customers.Moreover, mission for the venture is also to satisfy expectations of guests which usually theyexpect from a hospitality firm. In New Zealand, travellers come from different locations fromwhole around the globe and it is essential for the firm to render best quality of food as per theirtaste. With this, they will be able to enhance their revenue as well as goodwill in coming timeperiod. The food and drinks which will be served should meet the highest standard of superiorityas well as freshness. The mission is also linked with providing customers high quality of servicesin form of warmth, civility, professionalism, etc. Employee’s morale also need to be boosted bygiving them friendly, cooperative as well as rewarding environment. This will motivate workerto work with dedication to meet their own as well as organisational goals (Portales, 2015).Further, mission is to understand the employees request so that they can stay for long time periodin the organisation. Further, the mission of the cited restaurant also emphasize on contributingtheir best for the society so that their exist growth and development of the nation.Vision statement of organisation The vision statement of 'Welli All You Can Eat' is stated below:“Restaurant planning is to become the first choice of customers for enjoying differentvarieties of food in Wellington where they can get all types of food and drinks at a single place”.Their vision is to expand their chain with the success of current restaurant as with this theorganisation will be able to satisfy various needs of customers. This will lead into increase infirm's revenue as well as profitability.Innovative and unique selling points The innovation which owner is coming up with is the opening up of a restaurant in theWellington city of New Zealand. Restaurant firm will be serving various dishes of three differentcuisines i.e. Indian, Chinese as well as Mexican. This will give customers broad choice to selecttheir meal and have food. Further, these all dishes will be available to customers with best priceand excellent quality (Cummings & et.al., 2013). No doubt that with the taste only they willbecome the loyal customer of the cited business venture. Further, all the mentioned cuisines willbe given to the customers under one roof. However, the concept of 'Welli All You Can Eat' is2
something new as the cost of meal for lunch is at relative low prices but there exist relative highprices for dinner. It is usually because the dishes in dinner is more.The unique selling point is that live cooking will be provided and customers will be ableto see that how food is prepared and can note down the hygienic factor which chef and cooksusually consider at time of cooking. The owner of restaurant will also focus on increasing familygatherings, corporate event meetings, etc. It will be necessary for the owner to make image ofnew restaurant in the eyes of customers and for that various promotional techniques will need tobe taken into consideration (Poulston & Yiu, 2011). Moreover, one more uniqueness which firmhas that there do not exist any this type of restaurant in Wellington. This is a brand new conceptwhere all types of dishes are given to the customers at a single place. However, there are manyrestaurants within the Wellington which is specialised in offering only one cuisine to thecustomers and these might be only Indian, Chinese or Mexican, etc. There is not a singlerestaurant present which offers all mentioned three cuisines under a single roof.Key transactional relationship, partners and stakeholders It is necessary for the owner of mentioned restaurant to make effective relationship withdifferent partners as well as stakeholders. Relationship can be in any form and with this, therewill be increase in brand image and goodwill for the enterprise. It is because the stakeholdersemphasise on giving their best contribution in growth and development of enterprise (Innes &et.al., 2010). Transactional relationship for the owner will play an important role as with this,they will be able to manage and make effective contact with the key stakeholders which willcontribute their best in excelling the performance of business venture. For opening of newrestaurant, the major requirement is the fund and this can be managed by taking help fromvarious parties.Mentioned restaurant partner will have stakeholders in different forms and they areemployees, suppliers, creditors, customers, government, etc. Manager of the cited venture has tomake effective relationship with all parties so that they can stabilise their operations and getcompetitive advantage over their rival competitors. Relationship with employees will play animportant role as they are real asset and firm has to satisfy their needs and demands in aneffective manner Wang, Chen & Chen, 2012). Their better performance will lead into goodproductivity of venture. Owner has to frame policies in such a manner so that the morale of the3
employees get boosted and they work with better dedication to achieve their own andorganisational goals.Role of suppliers will also play effective role and firm has to identify better suppliers sothat they can send quality of raw materials to the organisation. With best quality material, therewould bet better quality in food which will maximise the customers’ expectations from thementioned venture. Firm has to make effective bond with suppliers as well so that at times theycan provide them credit facility and no issues should be there when firm is delayed in payment(Galuscak & et.al., 2012). This thing will not hamper the organisation brand image in eyes ofother parties. Firm also have to make strong bond with government so that their do not exist anysort of problem in rendering the service. Owner of cited firm should follow all the norms andacts which are prescribed in the New Zealand laws. Some of them which firm has to strictlyfollow are in form of Food Act 1981, Animal Products Act 1999, Agricultural Compounds andVeterinary Medicines Act 1997, Wine Act 2003, Alcohol Act 2012, etc.PESTLE analysis of mentioned restaurant venturePolitical factors: The operations of any business will be afffected by policies and rules ofthere government. As the new venture is going to be set up in New Zealand, risk is morebecause government is not stable and rules use to change there in every three year. Sofirm has to be aware of these changes and make plans beforehand. Beside this, companyneeds to invest a substantial amount for start-up as the rate of labour force is high as well.Moreover the lending rate here is also more which will decrease the revenue of venture,as the company will have more tax burden (Eweje & Perry, 2011).Economic Factors: The economic condition of Newzealand is quite sound as theinflation rate of the country is very low compared to other countries. Country focusesmore on tourism industry as it has small manufacturing sectors. This will be a positivepoint for the firm, because it is going to serve local and foreign customers as well. Thepurchasing power of the country is good which helps to circulate money all over thecountry. So the huge investment done by company will be returned with profits over thetime by selling its services.Social Factors: Social and cultural fatcors of the country are favourable for the company.The literacy rate is almost 100% which shows that living standard of people is high, andis beneficial in the sense of having more local customers (Hutt, 2010). Further the4
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