Importance of Innovation in Business - A Case Study of Swish Place

This report explores the importance of innovation in business through a case study of Swish Place, a new venture and restaurant in the UK. It covers the start-up business idea, industry profile, business model, point of differentiation, challenges, target market, marketing plan, competitor analysis, sources of funding, and intellectual property.

Innovation and
entrepreneurship

EXECUTIVE SUMMARY
Innovation and invention are two critical concept which are trending in this
competitive field as without which it is not easier for companies to carry out their business
activities. In order to survive in market for longer time period, innovative products are
required to be distributed within market so that customer satisfaction level is achieved

Table of Contents
EXECUTIVE SUMMARY........................................................................................................2
INTRODUCTION......................................................................................................................4
MAIN BODY.............................................................................................................................4
Start up business idea.............................................................................................................4
INDUSTRY PROFILE...........................................................................................................5
BUSINESS MODEL..............................................................................................................5
POINT OF DIFFERENTIATION..........................................................................................5
Challenges..............................................................................................................................6
CUSTOMERS- Target market...............................................................................................6
MARKETING........................................................................................................................6
COMPETITOR ANALYSIS..................................................................................................7
SOURCE OF FUNDING.......................................................................................................8
INTLLECTUAL PROPERTY...............................................................................................9
CONCLUSION........................................................................................................................11

INTRODUCTION
Business sector is increasing at rapid scale it is becoming essential for every
organisation to focus on innovation as well as invention in order to accomplish competitive
benefits in market (Ansong, 2019). Main aim of this report is to examine and analyse
importance of innovation in business. It is crucial for entrepreneur to execute and distribute
innovative product to customers so that business goals are accomplished. Swish Place, new
venture & restaurant which is to be established in United Kingdom. Organisation will deal in
food and beverages products such as pizza burger Red Bull drink and many more with new
and different flavours. This report comprises of overview of business idea, industry profile
business model, and point of differentiation, challenges to business, customer perspective,
marketing plan, computer analysis, and sources of funding and intellectual property.
MAIN BODY
Start up business idea
This new start up business idea about the distribution of varieties of Pizza with
toppings and ingredients as well as other food and beverages products will be also
distributed in market. Food and beverages industry is burning and due to this this business
about adopted in which food and beverages will be distributed with the help of robots and
use of artificial intelligence with new user interface management system (Ashcroft, 2019).
Main benefit of start-up business ideas that it will help customers to order from restaurant
and their own location and reservation will be done through the drones as well as small robot
devices. This is new business and product ideas which will be implemented within a short
period of time after a proper analysis of market and research of customers according to
location. Furthermore, due to the changing needs and demands of customers because of high
competition level in food and beverages sector through the use of battery user interference it
will be easier for business and restaurant to analyse the changing needs of customers and
economy food and beverages will be served. Implementation of this business idea will
require new skilled employees as well as wide range of capital investment.
Swish Place
The way to taste
Menu
The Green monster burger
Massaman & chessy Curry
Chunky noodles

Vegan fries and dishes
Add ons Pizza toppings
Burger with flavoured colours
INDUSTRY PROFILE
The food and beverages industry in United Kingdom is growing rapidly and it also
contributes to the economic development at larger scale. Most of the customers are vegan as
they eat vegetarian foods and dishes. This industry changes periodically depending upon
market situations as well as customers taste and preferences. This has been profit and growth
within the sector has a wider scope so establishing a new business in this industry is a good
idea. It is analysed that food sector growing and covering of the most of market area with all
types of small large and medium organisation. Innovation and invention are important except
which are needed to be adopted in order to survive in this competitive market (Clarke, 2020).
BUSINESS MODEL
It is a type of a model which is used by enterprises in order to generate higher profit
and sales with implementation of strategic planning. Business model focuses on development
of innovative product of business and also it is consist of various factors on the basis of
which it is for the executed. So different types of business model parameters are explained as
follows-
 Activity- Activities on important in business and these are being executed with the
proper planning as well as after adopting effective strategies from the start of this plan
to be end of execution (Fang, 2017).
 Value proposition- Value proposition refers to be benefits to customers which will be
provided by business and new business idea and also main mission of companies is to
analyse as well as fulfil all the demands of customers at all aspects.
 Customer relation- It is also important factor in which this new business venture will
be focusing towards engaging with customers as well as increasing customer relation
by providing them high quality of products.
 Key resources- Resources are important in every business so in this new startup
different resources will be used and also will be properly monitored by supervisors
through which key resources will be utilised efficiently and with proper
considerations.

POINT OF DIFFERENTIATION
Point of differentiation is known as a a method of making business venture different
from others. The business which is to be started will have a virtual reality theme system in
which design of every table will be changed according to the feelings of customers. Also the
interior and exterior of restaurant will be simple and sober because it will engage them with
restaurant in better way. Furthermore, this business is different from other because at the
time of delivering and distribution of force as well as beverages packaging will be done by
machines and every sector will be supervised with drones and robots. Main USP of this
business idea is that it has a unique distribution system and it will focus on from medium to
millennial (Guo-Fitoussi, 2019).
Challenges
Starting a new business is not an easy task and it requires a large number of people
capital investment as well as skilled employees. Challenges often occur and it is critically
important to minimise these challenges so that business plan can be executed properly. So,
different types of challenges encountered by business are described below-
 High capital investment- It is the first challenge which is to be encountered as
because capital invested in this business is higher and which can impact upon
personal savings of investor. Moreover, if something goes wrong investment will be
wasted (Jin, 2018).
 Customer engagement- It is also a challenge and issue in which when new business
are being initiated it is not easy for ownership to attract and generate customer
retention. So customer engagement is a process which can effect on business
activities.
 Changing market situation- In market situation changes time to time which makes it
difficult for new businesses to exhibit their activities for example in this on-going
pandemic situation it is difficult for new start-ups to survive in market.
CUSTOMERS- Target market
Customers play important role in business development so it is critically necessary for
new organisations to focus on target customers so that products are distributed at right place.
In this new developed restaurant, venture will be focusing towards providing health
conscious products to customers so that everyone remain fit and healthy so restaurant will be
targeting those customers who like to eat fast food and travels a lot as well as adult. From the

research analysis etc. in UK most of the customers and people like to eat fast food on weekly
basis so target market will be travelling and people with age group of 15-45.
In order to target customers and market a detailed market as well as research analysis
will be carried out so that relevant information is being obtained in most efficient way and
accordingly decisions will be carried out.
MARKETING
In business, marketing session is also essential which is to be properly focus in which
marketing mix is to be executed effectively. So marketing mix is basically defined as a
process of different set of activities which are used to promote or advertise a brand or product
name in market. This consists of various elements which are explained below-
 Product- Product refers to item which is used for sale motive. It is important for
every enterprise to have a product so that exchange process can be executed. In
context of the selected business, new products are pizza burger with different flavours
and toppings etc.
 Price- A price is defined as a value of a product which is meant for sale in market.
Different kinds of pricing strategies are being implemented and used by businesses so
Swish place will be using competitive based pricing strategy (Kodama, 2017).
 Place- Place refers to location from where distribution of product will be done. So
this restaurant will be based villa nearby of Central Bridge London and also selling
will be done through official website as well as E-Commerce platforms like Amazon.
 Promotion- Promotion is a process of advertising and promoting brand name with
use of different tools and techniques. There are several ways through which this new
business will be promoting Brand name through the use of personal selling online
social media platforms like Facebook, YouTube and Instagram etc.
COMPETITOR ANALYSIS
Competitor analysis defined as a process of measuring and analysing the level of
competition in market as well as competitors (Kotera, 2018). This is an essential concept
which is to be focused by this new start-up business because it will help in making effective
decisions as well as implementation of strategies to deal with competitors appropriately.
London is a well-developed city in which there are number of restaurants and cafes the quiet
food and beverages of different types based on the locations and taste. So, it is necessary for
this newly starts up business to have a proper eye on this composite or so that benefits are
achieved. This competitor analysis focus on various factors in order to identify competition
which are examined below-

 Analysing of potential customers- It is an crucial factor in which it reflects about the
identifying of potential computers that can directly impact upon sales operation of
business for example Swish Place has money many competitors in market such as
Homeslice Neal Yard, Pizza union spitalfields etc.
 Examining of pricing & marketing strategy- It is also important factor image main
purpose is to examine the price as well as marketing strategy which is to be used in
order to eliminate competition level and increase of potential level of business
(Özgen, 2021).
 Identification of promotion and marketing strategy of competitors- By observing
and analysing the marketing and promotion strategy of rivalry companies, it will help
in forming effective strategies by which products and services can be positioned at the
right time and right customer and market can be targeted which will be helpful in
facing the competition and enhancing the growth of the business.
So from above explained a paragraph it has been specified that it is necessary for new
business is to identify competitors so that resources and studies can be used in efficient
manner which also leads to elimination of problem and risk.
SOURCE OF FUNDING
Funds are important part of business without which it's not easy to execute the
business plan in present and future context easily. It is critically necessary for selected
business to have an appropriate type of sources of fund so that it is convenient to processed
operations and functions. Therefore, there are many different types of sources of funding
which are described as follows-
Bank loans
It is a type of a source which is mostly used by every individual as it is a loan which is
provided by banks for a specific time period and some amount of interest is being also
charged by bank (Peng, 2017).
Benefits
 Main benefit of this source of fund is that it is available in easy way.
Limitations
 Main drawback of this source of fund is that for the specific amount interest is
charged then which increases the loan amount of loan taker.
 If amount of loan is not repaid by loan taker then Bank might collect their specific
loan amount from personal assets.
Angle investors-

Angel investors are those who like to invest in start-up and new businesses with the
aim of higher return on investment. This is also easiest way of funding business activities.
Advantages
 Angel investors easily invest in business and they are also so easily accepted by
businesses.
 Less paper work is needed when it comes to investors as compared to bank loan in
which paperwork is a critical and time-consuming process.
Disadvantages
 The rate of interest which is expected by angel investor is higher that can make it
difficult for enterprises to operate in in proper procedure (Scarborough, 2020).
Therefore it is also examined that sources of funding news essential which is needed
to be examined with detailed research so that problem does not occur in future context.
INTLLECTUAL PROPERTY
Intellectual property rights are the rights given to persons over the creations of
their minds. They usually give the creator an exclusive right over the use of his/her creation
for a certain period of time. These are mostly used in businesses individual property and for
many different other motives. This is also saying that they give a writer to a specific
individual to keep their assets with them in safe and secure manner. Different types of
intellectual property rights are there which can be accessed by this new start-up business and
are further explained below-
Patents
A patent is a kind of authority of a property right which is given by inventor to others
to use it or not. It grants provide the investor special rights to patented, processes, products
and services (Yu, 2018).
Advantages
 Benefit of this intellectual property right is that it gives light to a specific individual to
stop others from copying there for using their invention or innovation for their own
purposes without owner’s permission.
Disadvantages
 Drawback of this method is that application process and legal procedures of time-
consuming as well as lengthy in this right.
Copyrights-

Copyrights refer to legal method of protecting author work from third party. For
example this new Swish Place restaurant has a copyright of technology used by them and
which cannot be used by any other third party (Ansong, 2019).
Benefits
 Main advantage of copyright is that it is a legal method of protecting owner’s property
rights.
Limitations
 Limitation of this method is that it has to be updated on a specific time period which
is a cost expensive process.
Trademarks-
A trademark exclusively identifies a product as belonging to a specific company and
recognizes the company's ownership of the brand (Ashcroft, 2019).
Benefits
 Advantage of this method is that it protects the identity of a brand and a product.
Limitations
 Limitation of this approach is that proper focus and research is being needed to be
made so that logos of company are different and unique from competitors.

CONCLUSION
So, from the discussed report, it is specified that innovation and enterprise are to be
carried out simultaneously so that it is easier for organisations execute their activities and
functions in well-defined process. So, discussion has been made about industry profile,
business model, point of differentiation, different challenges faced within new business,
customer perspective, marketing and competitor analysis. Furthermore sources of funding as
well as intellectual property rights are briefly explained. so it is clearly stated that when
initiating new venture relevant information and resources are necessary to be adopted in order
to achieve set objectives.

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