Report on Business Development Strategy of Kricket Restaurant
Added on 2020-05-28
21 Pages4394 Words61 Views
Running head: DEVELOPING BUSINESS ENTERPRISEDeveloping Business EnterpriseStudent’s name:Name of the university:Author’s note:
1DEVELOPING BUSINESS ENTERPRISEExecutive SummaryThis report highlights the business development strategy of Kricket, a London based restaurant.Kricket restaurant is going to expand its business at Melbourne in Australia. Kricket restaurantmainly offers Indian cuisine with fine delicacies. Australia has stable politics and fast foodrestaurant has seen annual 3.5% growth. PEST analysis and Porter’s Five strategies have beenexplained. In Melbourne, the competition in the restaurant industry is very high as there aremany other restaurants already present in the market. Kricket has its reputation in London marketand they have to carry the same quality food and service in the Australian market. In addition,Kricket will provide the same menu in Australia and it will take low-cost leadership strategy.Promotional strategies of Kricket will be social media marketing as it is cost-effective. Kricketrestaurant can take franchise strategy for expanding the business as it will be easy to promote thebusiness in Australia. A strategy model canvas has been provided in order to visualise theconcept of enterprise development.
2DEVELOPING BUSINESS ENTERPRISETable of Contents1. Introduction..................................................................................................................................32. Overview of the business, Kricket restaurant..............................................................................33. Enterprise development concept..................................................................................................44. Market development, internationalisation of business................................................................45. External environment analysis.....................................................................................................55.1 PEST analysis........................................................................................................................55.2 Porter’s Five Forces...............................................................................................................66. SWOT analysis of Kricket Soho..................................................................................................87. Business objectives....................................................................................................................108. STP analysis..............................................................................................................................108.1 Market segmentation...........................................................................................................108.2 Target customers..................................................................................................................118.3 Positioning statement...........................................................................................................119. Marketing Mix of the enterprise strategies...............................................................................1210. Internationalisation strategy was taken by Kricket Restaurant................................................1411. Business Model Canvas...........................................................................................................1512. Conclusion...............................................................................................................................18
3DEVELOPING BUSINESS ENTERPRISE
4DEVELOPING BUSINESS ENTERPRISE1. IntroductionSmall enterprise development strategies are helpful for an organisation in order tostrengthen the entrepreneurial management skill. Enterprise development programme is taken bya small firm to build the capacity and training for resources in order to foster the growth(Emerson and Twersky 2016). A small firm can grow its business taking the enterprise businessstrategies and it involves government and businesses to support the firm with finance. This reporthighlights the UK based restaurant; Kricket’s expanding strategy to Australia.Internationalisation of small business is the key-word of this report. Philanthropy, self-interestand enlightened thought prompt the firms to support enterprise in developing the business. In thisreport, SWOT analysis of Kricket Soho has been conducted and external environment ofAustralia regarding restaurant industry has also been explained. Marketing mix of the restaurantand business canvas model has been described to underpin the enterprise development concept. 2. Overview of the business, Kricket restaurantKricket is one of the few restaurants in London that is a modern memoir of time spentand working in India, where the concept of this restaurant started. Kricket is situated at Soho, anarea of the City of Westminster, west part of London. Kricket restaurant provides combiningBritish ingredients with authentic flavours, spices and aroma of India. The main focus of thisrestaurant is to serve the guests with seasonal and modern Indian food and drinks in a relaxedspace (Kricket.co.uk 2018). The journey of Kricket started in the year 2015 with just 20 seatswith a shipping container. In the last year 2017, it opened its permanent restaurant at Soho and itoffers best counter dining with open kitchen. It has a cocktail bar with large communal tables. 14staffs work in this restaurant.
5DEVELOPING BUSINESS ENTERPRISEOpening hours:Mon-Sat (12pm -2:30pm and 5:15pm -10:30pm)3. Enterprise development conceptSmall businesses have been focusing on sustainable development in order to be well-recognised. However, enterprise development concept is protecting an organisation’s capital baseto recognise the possibility of extending the notion to human and natural resources. As stated byKing and McGrath (2016), innovation propels the economy of a firm to a new level. Enterprisedevelopment refers to the creation of a new branch or expansion or redevelopment of existingenterprise. In addition, the critical success of a firm lays in the viable ideas behind the enterprisedevelopment steps. In case of entrepreneurs, they need to materialise actions about enterprisedevelopment to create new values for the business (Adegbite 2014). The management of a smallfirm needs to create interest by stepping to enterprise activities to generate funding or takeassistance to support the objectives of the firms. 4. Market development, internationalisation of businessIn this report, Kricket restaurant is chosen to show its opportunity to expand the businessin another country. Chosen country for development of the restaurant is to open a new branch atMelbourne in Australia. Market development can be considered as growth strategy to identify anew segment for current offering of the firm (Kuznetsov et al. 2015). Kricket restaurant needs totake strategies to open a new branch at Melbourne by targeting non-buying customers. Marketdevelopment is a process to grab untapped market and it starts with researching the market aswell as its opportunity. Moreover, internationalisation is the method of increasing involvement of
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