Innovation and Entrepreneurship in the Restaurant Industry

Innovation and
entrepreneurship
Table of Contents

INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
Business Details .........................................................................................................................3
Overview of macro environment................................................................................................4
Analysis of market....................................................................................................................5
Industry Analysis: .....................................................................................................................6
Details related to operations .......................................................................................................7
SWOT Analysis..........................................................................................................................7
Financial requirements ...............................................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
It is very important for business organisation to perform the operational activity through
implementing innovative ideas so that business become capable to survive in the competitive
environment. As there are existence of large number of substitutes and well recognised
competitor so it is necessary for restaurant to take some initiative steps s. Innovation and
Uniqueness capturing attention of audience and tends to increase competitive brand image.
Market analysis must be perform by entrepreneur along with staff members through formulating
smart strategies (Almeida, 2020).Because than only it become possible for company to grasp
opportunities . With the help of these strategies Overcome with the challenges which they are
facing at the time of dealing with business operation. The business plan that was developed in
this report is to create a new dish with fusion of Indian & Italian in the already exist Indian
restaurant. Indian Tadka that previous serves pure vegetarian Indian food only offer the
customers new Italian dishes also. The area where restaurant make more focus are study of
market, operational area, industry analysis, external and internal environment analysis, financials
needs and requirements etc.
TASK
Business Details
Restaurant develop a new business plan to offer Pizza with combination of Indian
flavours by using different types of Indian dishes which can also be modified as per the demand
of consumers. Like Doing innovation of bhaji Pizza as it is mixture of Italian and Indian food
(BROUDE, 2020). It captures customers attentions towards their innovative food items which
leads to increase sales and revenues that helps restaurant in business growth and survival. People
try the latest version of Italian & Indian who love to eat both as it gives taste of both in one dish.
The reason behind that to select this business plan is that large number of Indian families
are live in London who are pure vegetarian and who also shown their interest in Italian food item
so enterprenuer decide to introduce something new so that their brand image is tends to be
increase in market.

Indian Tadka is an Indian restaurant in London that serves the fusion meal which is a
combination of both, English and Indian dishes. It is located in prime locations of London. Huge
varieties of Indian dishes are served by it with an English fusion. By this Indian Tadka will
attract more customers by serving exclusive fusions of the dishes. It serves large varieties of food
item as per the demand of customers and the industry try to add some new items in the list of
their menu cards (SBROUDE, 2020). managers of the restaurant observe that In London so
many Indian families live and also many other people show their interest in Indian food so they
want to expand their business through offering various new special items. In this way they
provide competitive advantage.
Overview of macro environment
STP model
It make emphasis on the core areas such as segmentation, targeting, positioning. It is a
framework which helps the organisation to simplifies market segmentation process. If market are
segmented into group as well as position the product & services towards these groups than
marketing become more successful.
Segmentation- The initial stage of this process is to segment the market. On the basis of
following factors market is to be segmented.
 Geographic- In this market is sort in context to state, country, city, neighbourhood etc.
 Demographic- Market is to be divide on the basis of income, age, marital status, gender,
ethnicity, occupation, educational level etc.
 Psycho graphic- with regards to people activities, religious views, entertainment choices,
attitudes, personality traits, political affiliation, hobbies, lifestyle etc. people
segmentation is done (Chatterji, 2018)
 Behaviour – Through analysing how customers use the product, how it become possible
for them to finance the purchase, in what context they behave towards consumption level,
brand loyalty, etc.
Targeting- In this decision making is done regarding effective segmentations that are
most beneficial and tends to attract large part of the audience towards their brand/ product/
services. For that following elements is to be considers for examples-
 Profitability- Deep study is also done to analyse segment pay most to organisation
product and what is customers lifetime value it is also be consider.