Assignment on Business Essentials PDF
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Added on 2020-02-12
Assignment on Business Essentials PDF
Added on 2020-02-12
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BUSINESS ESSENTIALS
TABLE OF CONTENTSIntroduction......................................................................................................................................1TASK 1............................................................................................................................................1PART A..................................................................................................................................1PART B..................................................................................................................................3TASK 2............................................................................................................................................4Task 3...............................................................................................................................................6Part A......................................................................................................................................6Part B......................................................................................................................................7TASK 4..........................................................................................................................................11Task 5.............................................................................................................................................15Task 6.............................................................................................................................................15Conclusion.....................................................................................................................................16REFERENCES..............................................................................................................................17
IntroductionHospitality sector contributes well in the economic development of the country. Peoplelike to go on restaurant and hotels to spend some time with friends and families. Businessplanning is the crucial part for that management has to think logically and in structured way.London is the potential market for opening a new restaurant business (Yaish, Peng andRothstein, 2014). It is necessary to plan the activities, target market and barriers effectively. Bythis way any new firm can get established and can accomplish its objective. Present report isbased on the new restaurant business which is planning to open a branch in middle of theLondon. Assignment will discuss the business idea of new restaurant business and it willdescribe marketing strategies of the organization. In addition, it will launch the event and willproduce a budget that would help in identifying the overall profit of new firm (Yoneshiro andet.al, 2013). Significance of operational, tactical and strategic decisions will be illustrated in thisstudy. At the end of the report distribution methods of the company will be discussed in order toanalyses the plan of the entity. TASK 1PART ACommercial and economic activity which are done by a person or entrepreneur isidentified as a business. In the industry there are several types of businesses are established andoperated in various sectors to gain and earn sales and profit. In the current scenario a companywill be open by an entrepreneur for the purpose of provide services and products to the students.For attracting students the best business idea will be related to the restaurant which offer severaltypes of food items and dishes to them (Savina and Kuzmina-Merlino 2015). Further, the idea ofrestaurant will be good as well as profitable because students are always seeks towards the fooditems. Along with food items new restaurant will offer beverages as well by which students willattract more towards it.In the current case, foods and beverage sector is selected because students are highly seektowards the new and different kinds of food items. Apart from this, the students want varioustypes of beverages like as juice, shakes etc. In the food items the restaurant will offer Italian andChinese food items which are most liked by the students. Further, due to such reasons, the foodand beverage sector is to be selected. In context to the location, the restaurant will be establishedand open nearby university. Reason for choosing the university is that students are available near1
to the educational institutes. Apart from this, students are always tried to take different types offood items as well as beverages. In this context, the business such as restaurant will be operatethrough online as well as offline. When the students are not able to come out from the lecturesand hostels then online services will be more beneficial for it. Further, for spending times at theoutside with the food then in this case offline services helps to increase sales (Uhl and Gollenia,2016).The students and customers are always wants to eat new and innovative food productsand when the restaurant will offer innovative dishes then it able to attract more number ofstudents. For increasing and meet with the wants and needs to the potential and new students therestaurant come up with the various innovative food dishes as well as beverages. The restaurantwill offer Indo-Italian and Thai dishes such as red curry etc. along with the multi shakes andbeverages. It helps to meet various expectations and needs of the students and customers bywhich it able to generate more amount of revenue and profit at the year ending. In context to this,the new restaurant will be offer different new schemes and discounts by which it able to attractexisting and new consumers and students (Hair, 2015). In addition to this, with the help ofproviding combo offer of two or more types of dishes and beverages such as coke and shakes itable to meet with needs of the students.Identification of competitors:In the UK there are various number of restaurants are operating in the foods and beverageindustry which provide different food products as well as beverages. These all the restaurants arecompetitor or rivalry firms of the new restaurant which will be open currently. Some competitorsare such as follows:Nama restaurantTyping RoomPizarro restaurantCoBo restaurantEscocesa restaurant2
PART BThe restaurant will be open near to the university in the London which has variousobjectives. By using and having some purposes and objectives the entrepreneur will open newrestaurant which are given as below:To provide innovative food products.To use and adopt new and innovative technology for reducing costsTo offer food products and beverages at the lower and affordable prices.To increase market share in food and beverage industry of UK.The above mentioned objectives are interrelated because in short all helps to increaselevel of profit and margin in the food and beverage industry of UK. With the help of usingeffective and attractive marketing and promotional activities the restaurant will be able to attractand enhance students and consumers which helps to increase sales and revenue. Apart from this,when the restaurant adopt new as well as innovative techniques and technologies then able tomake effective, nutritional and hygienic food products and beverages (Wilson, 2014). Alongwith this, it helps to reduce cost for producing and cooking different Italian and Chinese fooditems. Due to this, it can easily offer products and beverages at the lower and affordable prices tothe potential and new students and consumers. By providing innovative food products at lowerprices compare to rivalry firms then more number of consumers will be attract. Ultimately,market share of the restaurant will be increase in foods and beverage industry of UK.Different form of ownership:In the corporation world, there are various types of companies are operated and generateincome and profit which are such as sole trader, limited, partnership etc. The sole trader is thefirm in which there is only one owner who run as well as operate overall firm in the foods andbeverage industry. The firm which listed in the stock market and on which different types oflegal rules and legislations are imposes by authority body and government are known as limitedcompanies (Cobanoglu and et.al., 2011). Apart from this, when there are two or moreentrepreneurs establish and run business are called as partnership firm.In the current case, restaurant will be open and establish as a sole trader company becausein this there is only one owner who have overall ownership as well as liability of the restaurant.3
When it exists in the foods and beverage industry with the sole trader types of firm then any kindof legal terms and conditions are not imposes on it. With this, it able to run and operate overallrestaurant using its own rules and objectives without following rules of authority bodies. Hence,in the current case, sole trader restaurant will be establish and open by the entrepreneur.TASK 2PESTLE analysis The restaurant business is the most profitable business in UK. It is that place where foodis serves to people (Rachet, 2014). There are different types of business factors which mat effectsperformance of the organization. To run business operations successful it is important to makescanning its factors which may have created huge impact of the business and it operations. Withthe help of the PESTLE analysis the firm can evaluation of its strategies and other factors whichmay effected business and its operations. This is considered as the best strategic tool which helpsto organization for evaluating it external factors which directly or indirectly effects businessoperations. Following are PESTLE analysis of restaurant business.Political factorPolitical factor includes different types of polices which implemented by government onbusiness. It also includes country's political stability and their relation with other country. UKgovernment and its business polices have huge impact of restaurant business and it's operations.There are different types of rules and regulation which is compulsory to follow (Mkude andWimmer, 2015). In order to run businesses operation successful restaurant need to maintain therestandard of cleanliness and lobar laws and along with this they need to also follow tax rules.Government checks quality of food and ingredients which are used in preparation of food. Inmany restaurants not use quality of food and people may suffer from health related problemssuch as heart diseases, cholesterol and obesity problems. Organization need to maintain therequality of food and kitchen as well. Economical factorIt includes different types of economical factors such as economic polices, tax rate,fluctuation in currency and impact of exchange rate. Government tax polices may effectsorganization and its business. If UK government impose tax rate on the consumers items then,restaurant also need to increase rate of their food. The change of inflation rate is also effects4
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