Business Plan for London Food Palace Restaurant

Enterprise & Business
Development
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Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
The business details....................................................................................................................3
Macro- environmental overview.................................................................................................3
Market & industry analysis.........................................................................................................4
Competitor analysis.....................................................................................................................5
Marketing & Pricing strategies...................................................................................................6
Operations plan...........................................................................................................................6
Swot analysis...............................................................................................................................7
Financial requirements................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
Newly start-up business can achieve growth and success in competitive market if the
business owner come up with new and innovative ideas that can fulfil the market needs and
requirements (Barrow, Barrow and Brown, 2018). For this, business plan is most important to
produce in order to identify own strengths and capabilities as a business and competitors’
strategies. The present assignment report is based on “London food palace” restaurant that is
going to launch in London market after conducting an appropriate research through using
secondary sources. It offers food products of different nations so as to attract visitors coming
from different nations to visit various destinations situated in London. For successfully entrance
into London market, business plan is produced under this report containing all aspects that can
affect or drive newly business in new market.
MAIN BODY
The business details
London food palace is a budding restaurant which will be opening at Oxford Street,
London. As London is being regarded as one of the best tourism and diverse cities across globe,
with best places to spot, food is one such which is spotlight of London. London food palace will
be providing exquisite and dizzling culinary experience with best craft and class of ingredient.
The top picks of London food palace menu include after compassing all continents across globe
which aims to offer multicultural cuisine which includes English breakfast, hotpots (Chinese
speciality), to Tadka masala last not least with vibrancy of drinks and deserts. All culture
specialities will be provided under one roof (Fichter and Tiemann, 2020).
Macro- environmental overview
London food palace restaurant is going to provide quality products and services to their
customers by analysing their requirements towards range of food products. In order to serve in
UK, it is required for firm to conducts PEST analysis to analysis impact of macro environmental
factors over the business as:
Political Factors:-
London food palace is newly start-up business that are launching in London market due
to having more demand of food products. Every country has its own political structure and
regulations to which the organization needs to adapt to. In order to carry out smooth functioning
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of its operations, the company needs to keep an eye on the political environment as well as the
political stability of the country it operates in.
Economic Factors:-
The organisation needs to focus on the economic stability of a country it invests and
operates in. London food palace needs to be aware about the economic reforms as these reforms
will have major impact on the revenue and profit generation of the company. In order to grow,
develop and expand the business for a long run, it is very essential for an organisation to identify
the economic changes in the market and respond to them effectively and efficiently (HAN and
Kang, 2020).
Social Factors: -
The buying behaviour of consumers largely depend on their social class and preference.
Every consumer comes from a different social status and cultural background and it effects their
choices of products and services. In order to satisfy the customers, London food palace gives
emphasis to the taste, choices and preferences of consumers.
Technological Factors: -
In today's world, the market is changing every minute. In order to stay relevant, the
company needs to keep up with the changing trends in the technology and should be updated
with the advanced technology available in the market so that the company can carry out effective
utilisation of the resources. Advanced technology also helps to reduce the time duration and
errors of the employees while performing a given task.
Market & industry analysis
The Porter five force analysis is a strategic tool which helps in the industry analysis and helps
in gaining insight on the drivers on the profitability of the specific industry. These five force
analysis helps in understanding the industry and derive strategy which helps in achieving the
long term success and profitability. The analysis of the five forces for London food palace
restaurant for the restaurant industry Is as follows:
 Threats of new entrants
In restaurant industry there is always an increased chance of entering new players and as
London is a tourist place it has more attraction of food gigs to open (Hervert-Escobar and
Alexandrov, 2018). The London food palace will be acting upon it by implementing the
moderate rates in comparison to its existing competitor, by serving multi-speciality food from
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