Starting a Business and Fundamental of Marketing

Starting a Business
and Fundamental of
Marketing

Table of Contents
INTRODUCTION...........................................................................................................................3
An overview of your proposed business idea.........................................................................3
An evaluation of the external environment (PEST)...............................................................3
A discussion on competition and overview of competitive advantage..................................5
A suggestion for the proposed target market..........................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Starting a new business ventures requires an entrepreneur to consider a number of
marketing fundaments with the help of which it can appeal to a large base of audience in a timely
manner (Machado and et. al., 2016). It is crucial for the entrepreneur to determine whether the
entrepreneur idea is viable or not. The following report is conducted on 7 Spices, an upcoming
venture to be opened in a posh area of London. This venture will be a restaurant offering wide
array of vegan dishes to people at market place. The main purpose of doing this report is to gain
an insight into the impact placed by external environment upon the functioning of 7 Spices with
the usage of PEST analysis. Also, it consists of competitive analysis along with an overview of
firm’s competitive advantage. Lastly, the suggestion for target audience is provided with the
application of STP model.
An overview of your proposed business idea
Every venture that comes into market emerges with the intent to solve an economic or social
issue being faced by the people (Behrenz, Delander and Månsson, 2016). In this regard, it has
been identified on the basis of market research that a large proportion of audience within UK,
especially within the confines of London, is prone to diabetes as well as obese. In this relation,
the market gap reflected the absence of a venture within London which could offer healthy
dishes with no additives or low fats at reasonable prices. Thus, looking upon this, the
entrepreneur came up with the idea to launch a restaurant that would only be offering vegan
dishes. The sole aim behind doing so was to take into consideration the healthy lifestyle of vast
majority of population in London, UK. This venture will come into market in a time span of
upcoming 3 months. The ingredients of this restaurant would be procured directly from farmers
so as to ensure the freshness as well as to lessen the probability of any additive within them. The
name for the venture is decided as “7 Spices”.
An evaluation of the external environment (PEST)
It is basic for a business visionary to consider the business condition inside the bounds of
which an endeavour would begin to function. This holds importance as it contains the chance to
recognize probable opportunities as well as threats prevailing within the external environment of
a business (Bjerke and Gaddefors, 2017). Right now, 7 Spices is a vegan eatery that would give
the western style starters, primary course, pastries and other food items with a dash of veganism