Starting a Business and Fundamental of Marketing

Starting a
business and
fundamental of
marketing

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Overview of proposed business idea...........................................................................................3
PEST analysis..............................................................................................................................3
Discussion of competitive advantages........................................................................................5
Target market..............................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Marketing refers to activity which a organisation undertaken for promoting their buying
or selling of product and services. Moreover, marketing involves selling, advertising as well as
delivery of product to consumers and other business (Greisen and et. al., 2019). With the
assistance marketing company will be able to build good relation with their existing as well as
potential customer's. In addition to this, it is essential for company to do marketing because it
help them in attracting large number of customer's and increasing their sales.
This report is based on new restaurant i.e., 7 Spices who is coming up with some
innovative idea in market. Report is going to discuss business idea along with external
environment analysis for gaining competitive advantages. In addition to this, suggestion for
proposed target market will be given. Thus, for external environment analysis PEST will going
to be conduct and for identifying competitive advantages Porter's five force model will
implement. Moreover, for target market STP model is more suitable.
MAIN BODY
Overview of proposed business idea
7 Spices is restaurant which coming with some innovative idea i.e., food ordering through
application and bill also generate on it. Respective restaurant have some unique décor and it is
most sophisticated family dining place. 7 Spices offer perfect ambience and quality food to their
customer's. Moreover, variety of Indian cuisine dishes offered by keeping quality and need of
customer's in mind. This innovative idea of ordering food through application and bill generation
will be good for attracting large number of customer's. Along with this, guest of 7 Spices no
longer have to wait for Waiter to order food or for getting bill. This application is named as
“Spices hub” which is easily available on play store for both Android as well as IOS users.
PEST analysis
PEST analysis is management method which use by an organisation for assessing major
external factors which influence its operation of an business firm (Varadarajan, 2019). Here,
PEST stands for political, economic, social and technological. 7 spices is restaurant which
coming in market with some innovative idea of food ordering through application and bill also
generate on it. This application is named as “Spices hub” which is easily available on play store