Innovation and Entrepreneurship in Dans Le Noir Restaurant
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This report discusses the innovative business ideas and business plan of Dans Le Noir restaurant in London, UK. It includes industry and market analysis, SWOT analysis, and financial requirements. The report also evaluates the impact of innovation on the restaurant and its customers.
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Innovation and Entrepreneurship
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Table of Contents INTRODUCTION..........................................................................................................................3 TASK..............................................................................................................................................3 CONCLUSION...............................................................................................................................3 REFERENCES................................................................................................................................4
INTRODUCTION Innovation is known as a effective and efficient process in an organization which involves planning of new ideas then developing it according to the requirementsand then lastly implementing these ideas for attaining success and profit in a business. In an industry with innovation an organization can achieve a competitive advantage with there rivalry and by innovation market growth is enhanced. This report is about Dans Le Noir which is located in London, UK and this restaurant has only dine in facilities and does not provide any takeaway or home delivery as it is a themed restaurant so they want to make them special. It is known as a special themed restaurant as in this customers eat in dark and the food is served by blind waiters considering each menu. This report is the analysation innovative business ideas and its business plan. It also involves the industry analysation, market analysation and operation details of this restaurant and it also includes the SWOT analysis and the financial requirements has also been evaluated.
TASK 1 BUSINESS PLAN DEVELOPMENT Background of the company Dans Le Noir is the themed restaurant which was found in 1997 with an innovative idea in London, UK. This restaurant had become the very first international restaurant chain which is themed as dark. His owner get the idea from the guests who did the same at their home and they had enjoyed that meal with senses of smell and taste(Sharma, 2019). It is known for dark dining restaurant where they cannot see the food what they are consuming but can feel it with their senses by tasting and smelling it. Description of the innovation to be incorporated within the organization. In the analysation Dans Le Noir restaurant has decided to plan and implement new innovative ideas with an existing models of business. The new innovative idea which this restaurant has decided to develop is changing the costumes of the staff and waiters with neon and lightning costumes which will highlight in the dark and will seem more attractive. They also started planning a soft and romantic music in the restaurant for an pleasant and enjoyable experience of customers(Swayne, Selznick, and Fisher,2019). This innovation will help the restaurant to increase its market share and customer base in the industry. This would consider as a creative innovation which will satisfy customer needs and increase profitability level in an organization. It is also be analysed that these kind of changes develop a competitive advantage to the restaurant. As Top management and leaders of business in an organization develop an innovative ideas according to the requirements in the industry. Radical innovation is a term which focuses on balancing and developing new business models, technologies and markets(Sedera, Tan, and Xu, 2022). Incremental innovation is used for improving the existing systems in the organization. These both innovation types are interconnected with each other in one way or another. This innovation of costumes is designed to better the experience and also make it memorable. By innovation as per the requirements helps in attaining customer satisfaction and also helps to increase the customer base in market industry. This new innovation will surely loved by customers as it is a proper mixture of horror and romantic theme. This theme will be best for
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family and teenage couples and customers will be glad to experience this new innovation. This innovation will attract the customers to visit again and suggest other people also to experience this new innovation. Evaluation of the impact of innovation This restaurant has decided to innovate as before also this restaurant is having huge customer base but after this new innovation it will be increased more and the main perspective to change and bring innovation as they have decided not only to serve meal but also provide and unique and entertaining experience. This will also create an positive and entertaining environment in the restaurant(Whittington, 2018). It will also increase the level of amusement and attraction in the restaurant that customers will desire to visit again and enjoy the same experience. These new innovation impacted positively in customers mind which increase customer satisfaction level and because of that restaurant's customer base got enhanced. The strong innovative idea which can make a huge change in the organization gives an competitive advantage to an organization which increases the productivity and profitability level in an organization(Ratten, 2021). As with an memorableexperiencetheyalsoreceiveahugecustomerbaseincomparisonwiththe competitors. This innovative costumes with neon and lightning will attract the customers as they will look unique and attractive in the dark place and the soft music in the background will make them feel calm and they will overall enjoy that experience. Researchers suggested that this innovative idea will help the organization to build forward and which will give growth to the restaurant and also help in increasing their customer base. TASK 2 BUSINESS PLAN 1. Market Analysis Based on above research and analysation customer's are feeling more satisfied than before with this new innovation of dress costumes and with background music innovation. As the customer base of Dans Le Noir needed the theme to be more exotic in order to make their experience more
enjoyable and memorable. Based on its requirement of customers these changes needs to be implemented in order to increase the productivity level of this restaurant. Target market Now as this restaurant is combined with all food, costumes and exotic music for serving the customer base of Dans Le Noir. In order to target more share in the market and by looking various different target markets these changes has been applied to the restaurant. This will help as a benefit also against there rivalry. Age and Value There is huge customer base but specifically teenagers couples and family customer base is influenced with this new innovation. As the costumes of the staff and waiters will attract the customers as it makes the environment more exotic and the background music gives a soft touch of romance in the surroundings of this restaurant(Pyka, Kudic, and Müller,2019). It will also develop more interest in teenagers and will started coming to experience this restaurant as it is considered one of the unique restaurant and everyone is desired to at least visit once to this restaurant and restaurant make new and innovative efforts to make the customers re visit to the restaurant. Gender The restaurant with theme is generally for both the genders it is not be differentiated to any one specific gender. This new innovation has been implemented to attract both male and females which are desired to experience something new and unique. Dans Le Noir always wants there customers to have an amazing experience as in this they cannot see food and can also experience by the sense of tasting and smelling so they need to be perfect at every dish so that they do not get disappointed or feel fear to taste anything new. Local population and geographic location Local population is considered as a resource to a restaurant as they mainly focuses on the requirements and demand of the local and potential customer population. As this innovation has been chosenby seeing the demand of the local population to attract them and by which they
cannot think of switching there preference with Dans Le Noir. The geographic location also encourages the restaurant in choosing the theme and in theme based innovation for meeting the demand and requirement of the customers. Researchers has been suggested that targeted audience has a huge role in innovation as each opinion of customer matters. They also help the organization in developing new and innovative ideas of business. 2. Industry Analysis Characteristics of industry In an restaurant scalability is considered as a major aspect and this id inter linked with performance, cost effectiveness and liability of the restaurant. A good relation between an company and customers affects a lot in productivity level and sales of the company for generating a profit. They are desired to provide a good quality to their customers as their main purpose is to provide better quality which attracts the customer the most. This will lead a god goodwill and reputation of restaurant in the industry. Providing good customer services also attracts the customers as it develops the positive environment in Dans Le Noir as good customer service means that staff should be in their words and should maintain and balance a customer friendly environment in the restaurant(Ibata-Arens, 2020). They also have major competitors in industry which can become an obstacle to the success that are Bincho, Harveys and Belgo. To compete with these competitors restaurants are required to frequently introduce new, unique and innovative ideas to remain in the existing position in the market place. As due new innovation in the restaurant customers always remain desired to come and experience new things in the restaurant which make a loyal customer base of the company in its industry. 3. Operations Details This restaurant is located in London, UK and always finds the possible way to fulfil the requirements and needs of customers in an efficient way. This restaurant is located in the prime location in which the local and otherwise population can reach easily with transport. They had provided many facilities which involves welcome invitation and appropriate welcoming lines so that the customers feel obliged and customers also get proper parking facilities so that they do not have to stress everywhere to park their individual cars(Farinha, Ferreira, and Nunes, 2018). If the restaurant guests has their individual cars they can also reach in front of restaurant. There
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are also well known landmarks by which the customers can reach to the restaurant. Tesco express is located behind the restaurant which becomes easier if someone is new to that place. Leyton stone station is also in nearby with the restaurant. One famous school named Azhar is also close by to the restaurant. By these famous locality it becomes easier for the customers to reach to the restaurant(Ferraris, Santoro, and Pellicelli, 2020). This restaurant is so perfect with there work that till now no operation failure has been listed in this restaurant. They had planned everything systematically by balancing every operations in an appropriate way. SWOT analysis Strength This restaurant always serves high quality of food and services as compared to other competitive restaurants. There first priority is always focussing on the needs and requirements of customers. This restaurants always uses effective strategies in order to attain huge profitability level in the organization. This restaurant has also involved reward and recognition for the customers as it attracts the customer's attention which also involves discounting techniques which attracts the customers. This restaurant is also popular in its location for its theme and quality of products. As recently Dans Le Noir has implemented an innovative plan to attract the targeted audience and this new idea will also help the restaurant to build a huge customer base and also gives and competitive advantages. These all considered as the strength of this restaurant which is helping an company to in increase their profitability level. If an restaurant addresses the UPIit gives custom of an organization. Weaknesses There are various competitors of this restaurant which is having large resources and this factors enables the competitors to fulfil the requirements and needs of customers in an efficient manner(Carayannis, 2020). They provide the quality but the prices are slightly high to spend on dishespresented inrestaurant.Assomehowitreducestheprofit of theorganizationas competitors is serving the quality with reasonable pricing and this attracts the customers more other than the theme attraction. Dans Le Noir is somehow new and there are many more competitors presented in the industry which are existing before them and has there brand name and goodwill in the market.
Opportunities By this new innovative plan it had become a golden opportunity to this restaurant as because of the new innovations it has increased the customer base of the company. This gives more opportunities to the Dans Le Noir and which had also lead in higher profitability level of the restaurant(Dino, 2021). As the organization has introduced the costumes which is of neon colour and also involves lightning costumes which will highlight them in the dark and will look more exotic. This idea enhances brand awareness regarding restaurant. Threats Due to larger competition and they also have large customer base and the competitors provide high discount rate to the customers due to which it attracts the customers and many customers prefer pocket friendly restaurant. There are some techniques and strategies which increases its customer base which also improves the reputation in the market. Pricing can considered as a threat to the restaurant as other restaurants is also providing the same upper version of quality withanreasonablerate(Dodgson,andGann,2020).Frequentlychangeindemandand expectations of customers are also considered as a threat to an organization. 5. Financial requirements Building development cost$ 3,000 Theme selection and development$5,000 Other investment$10,000 Profit and loss statement for 3 years 1styear2ndyear3rdyear Cost of sales$45000$20,800$10,500 Selling price$51,000$61,000$53,000
Gross profit$31,000$26,000$30,500 Less: Wages$3500$3000$3100 Repairing$1150$1200$1000 Depreciation$5600$6000$5200 Salaries$4500$4000$4100 Research$3200$3000$3100 Insurance$560 Theme development $7000Nil$6000 Other expenses$800$870$900 Theme designingNilNil$1500 Net profit$10,500$13000$13,100
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Based on the analysation of these graphs and tables it had differentiated the profit between first, second and third year. These are the estimation of the profit and sales in three years.
CONCLUSION From the above analysation this report concluded that innovation is important for the success of an business idea and it is also important for the growth of the restaurant. In this report industry and market analysation has also been evaluated. It has also involved the characteristics of the industry in respect with Dans Le Noir restaurant. SWOT is choose as a strategic tool to analyse the key factors of the restaurant. Financial requirements has also been involved to find it in numeric terms as it is the better way of analysis profit and expenses of the company.
REFERENCES Books and Journals Carayannis,E.G.ed.,2020.Encyclopediaofcreativity,invention,innovationand entrepreneurship. Cham: Springer International Publishing. Dino, R.N., 2021. Connected but different: Comparing and contrasting creativity, innovation, and entrepreneurship. InCreativity and Innovation(pp. 23-34). Routledge. Dodgson, M. and Gann, D., 2020. Philanthropy, Innovation and Entrepreneurship.Springer Books. Farinha, L., Ferreira, J.J. and Nunes, S., 2018. Linking innovation and entrepreneurship to economic growth.Competitiveness Review: An International Business Journal. Ferraris, A., Santoro, G. and Pellicelli, A.C., 2020. “Openness” of public governments in smart cities: removing the barriers for innovation and entrepreneurship.International Entrepreneurship and Management Journal,16(4), pp.1259-1280. Ibata-Arens,K.C.,2020.Beyondtechnonationalism:Biomedicalinnovationand entrepreneurship in Asia. Pyka, A., Kudic, M. and Müller, M., 2019. Systemic interventions in regional innovation systems:entrepreneurship,knowledgeaccumulationandregionalinnovation.Regional Studies,53(9), pp.1321-1332. Ratten,V.,2021.Introduction:Innovationandentrepreneurshipinsportmanagement. InInnovation and Entrepreneurship in Sport Management. Edward Elgar Publishing. Sedera, D., Tan, C.W. and Xu, D., 2022. Digital Business Transformation in Innovation and Entrepreneurship.Information & Management, p.103620. Sharma, G., 2019. Innovation and entrepreneurship research in India from 2000 to 2018: a bibliometric survey.Journal of Management Development. Swayne, N., Selznick, B., and Fisher, K.A., 2019. Uncoupling innovation and entrepreneurship to improve undergraduate education.Journal of Small Business and Enterprise Development. Whittington, D., 2018.Digital innovation and entrepreneurship. Cambridge University Press.
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