Planning and Feasibility Study for a Fast Food Restaurant Business Venture

This report discusses the planning and feasibility study for a fast food restaurant business venture, including the motivation for the choice of business, the process for generating a business idea, feasibility study, details of products/services to be offered, potential market opportunities, marketing mix, attractiveness of the industry, and vision of the business.

Enterprise and
Entrepreneurship

INTRODUCTION
It is very important for the business organisation to plan
and have a business plan in order to achieve success and
growth in future. It is very important for the business
venture to bring the innovative ideas in business in order
to bring change and satisfy the customers needs and
wants. This is the report which is based in the planning
of an business venture which is established by an
entrepreneur and helps in generating profits by
identifying the various new business opportunities. An
business organisation which is taken into consideration
for this report is a fast food restaurant by the name of
Taste To eat which serves food cuisine and table service
to the customers

Motivation for choice of business
It is been observed that in the present times of the economy,
the fast food restaurants is getting the popular because of the
requirement within the economy. The people are always
ready to have a ready to eat meal because of their busy
schedule in their life. It is been observed that there is rise in
the fast food industry where there is more of profit
maximization. This will also help in analysing the vision
and mission for the entrepreneur. This is the industry of
motivation for an entrepreneur which will help in analysing
the different perspectives. This was the idea which was
generated by the motivation of the customer preferences,
choices, and requirements. As this is the business which is
very useful in order to gain a completive advantage because
the kids prefer to have fast food whenever they go outside

Process for generating of business idea
It is been analysed that the business idea is a thought which is being utilised for the monitory aspect.
There are various business processes which are used to generate business idea and help an individual to
reaching a conclusion. There are various techniques which are used for generating an effective business
idea in an effective way which are discussed below:
 Brainstorming- brainstorming this is a technique which provides a solution to the various issues and
deals with the critical thinking of an individual
 Internal research- Internal research is used by an intrapreneur in collecting the market information to
the current market trend which assist in generating business idea for the business.
 Mind mapping- This is the tool of the process which is used by the intrapreneur in representing the
task and helps in planning for all the requirements for the fast-food restaurant.

Feasibility study
 It contains of aspect analysis which includes the explanation of new product or business, market
analysis and sourcing of capital & financing. The fast-food restaurant will proposition range and
variability of food items. The business is pursued current trends by offering sandwiches, varieties in
French fries, pizza, burgers, pasta and many more. This includes the STP which embraces of three
components which is discussed below
 Segmentation- The customers are divided into groups with the common characteristics and needs.
 Targeting- The target segments are decided for identifying group that can offer moneymaking return
 Positioning- The positioning of the company is related to creating the uniqueness and brand image of
the products or the organisation in the minds of the customers

Details of products/services to be offered
The product is tangible which is purchase and
consumed by purchaser. The company outline
the product and services which will be
accessible to its customers that involves pricing,
product life span etc. the varieties of food items
are offered by fast food restaurant such as
varieties in drinks, pizzas, pasta, burger and
many more fast-food items.

Potential market opportunities
The potential market for the fast-food industry is very high as it’s been a long time that crucial part of the
food as well as hospitality lodging sector has always been taking place in targeting the large number of people
and satisfy their hunger needs during short and large trips. This is the industry which is slowly growing and
increasing the need of digitisation operations and stay relevant which is been tough for an industry.
 Political
 Economical
 Social
 Technological
 Legal
 Environmental

Marketing mix
The company choices are defined which becomes an part
of marketing plan involving 4Ps which are as follows-
 Product-
 Price
 Place
 Promotion

Attractiveness of the industry
 The company profitability is determined in the growth prospect which involves the
analysis of porters five forces.
 Porters five forces
 Competition in industry
 Potential of new entrant into industry
 Power of supplier
 Power of customer
 Threat of Substitute products

Vision of business
The company vision for fast food restaurant is to offer great satisfaction and
experience with better quality services. For achieving this the encouragement is
provided to innovation, research and quality information. The company also wants to
deliver pleasure to clients delightful, excellence meals and unexpected cafeteria
knowledge although employed toward the superior moral for our workers, public and
atmosphere.

CONCLUSION
From the above report it is concluded that the business organisation needs to plan
everything in order to achieve success and growth. The enterprise needs to plan
certain things in order to conduct the business. There are various external factors
which need to be considered by the organisation in order to conduct the various
business operations. it is important for the entrepreneur to conduct the anaysis the
market and the current trend and various promotional techniques in order to increase
sales by attracting customers.

REFERENCES
 Matlay, H., 2019. The future of enterprise and entrepreneurship education. Education+
Training.
 Fritsch, M. and Storey, D. eds., 2017. Entrepreneurship in a regional context. Routledge.
 Wu, C. and Lin, J., 2021. The Relationship Between Business Environment and Single
Champion Enterprise Entrepreneurship. Frontiers in Psychology, 12, pp.788053-788053.
 Hardie, B., Highfield, C. and Lee, K., 2022. Attitudes and values of teachers and leaders
towards entrepreneurship education. Research Papers in Education, pp.1-25.
 Scott, M., Rosa, P. and Klandt, H., 2018. Educating entrepreneurs for wealth creation
(pp. 1-13