Starting a Business and Fundamental of Marketing

This document provides an overview of starting a business and the fundamentals of marketing. It discusses the proposed business idea, evaluates the external environment using PEST analysis, analyzes competition and competitive advantage, and suggests a target market. The document also includes references for further reading.

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..........................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Starting a business requires entrepreneurs to take into account certain fundamentals of
marketing so that it can gain the attention of people in a rapid course of time. In this regard, it
can be said that ascertaining the viability of proposed business idea is important for
entrepreneurs (Charter, 2017). The present project is based upon 7 Spices which is an
entrepreneurial venture that is being launched with the concept of vegan dishes. This venture will
be launched within the confines of Mayfair area of London. The objective of the report is to gain
knowledge of the macro environmental factors which would place influence over the operations
of business venture. Further, it consists of competitive analysis and recommendations for target
market.
An overview of your proposed business idea
The venture that is going to be launched in the territory of London is a vegan restaurant.
This idea has been proposed looking upon the need for people of London to adopt a healthy
lifestyle. The research conducted upon London (United Kingdom) portrays that a large
proportion of audience pertaining to this region has been affected by diabetes or obesity. Thus,
the market gap presented the need for a healthy restaurant to come up with dishes that do not
place negative impact over the lifestyle of people. With this, the idea to create a venture with
vegan dishes came up to the entrepreneur. The venture would be started under the name of “7
Spices.” This venture will be launched within a time period of next 6 months and start carrying
out the business operations within the confines of food and beverage sector. The speciality of this
venture would be Zucchini Noodles with Cashew Ricotta and Pear Cinnamon Scones with
Sour Berry Jam.
An evaluation of the external environment (PEST)
It is imperative for an entrepreneur to take into account the business environment within
the confines of which a venture would be opened (Charfeddine, 2016). It is important as it helps
the business in identifying its probable opportunities as well as threats that would be encountered
by it during the course of its operations. In this regard, 7 Spices is a vegan restaurant that would
be providing the western style starters, main course and desserts with a touch of veganism in it.

All the items that would be provided within the premise of this venture would be made with
fresh vegetables, fruits and other necessary ingredients. This would ensure that the healthy
lifestyle of people is taken into account. With this, 7 Spices would be able to cater to the needs
and demands of people belonging to the location of London, UK. Thus, it becomes important for
the entrepreneur to consider the macro environment within which the venture would be carrying
out its operations. For this purpose, PEST analysis has been carried out which will acquaint the
entrepreneur with the positives as well as negatives linked to the external factors of business
environment, that place influence over the operations of entity at market place. The PEST
analysis for 7 Spices is presented as underneath:-
Political Factors: This element of macro environmental analysis encompasses the
stability of government of a nation, its regulations, level of corruption, taxation policies etc. It is
important for an organisation to take into account the politics of the market in order to devise
strategies which are aligned to it. Positive: The stable and consistent political scenario of United Kingdom owes to the
prevalence of same multi party system within the country since the year 1942. 7 Spices
have the opportunity to capitalise upon the consistent political regulations and policies to
ensure its long term sustainability within London market.
 Negative: BREXIT is a factor that has been dampening the political stability of United
Kingdom and causing a state of unrest within the confines of whole nation. Each and
every industry is affected by this phenomenon. This may place a negative impact over the
operations of 7 Spices in future course of time by declining its sales and profits.
Economic Factors: This consists of aspects such as inflation rate, economic
development of a market, currency exchange rates and many more. It is important for an
entrepreneurial venture to consider the economy of a country by setting up operations within its
territorial boundaries. Positive: Usually, the effective development of economy of United Kingdom creates
opportunity for 7 Spices to capitalise upon the infrastructural facilities. With this, the firm
would be able to come up with market disruptive food products consistent with the
healthy lifestyle needs of people pertaining to London, United Kingdom.

 Negative: BREXIT has resulted into economic downturn within the confines of UK. This
would place a direct impact over the sales and profit patterns of 7 Spices, thereby
resulting in decline of its customer base.
Social Factors: This macro environmental factor constitutes aspects such as socio
cultural beliefs of people of a nation, their trends, lifestyle, likelihood and many more. Positive: The shift in preferences of customers from unhealthy and junk food to healthy
eating habits within London, UK would serve as an opportunity for the new
entrepreneurial food and beverage venture. 7 Spices would provide vegan offerings to
customers in this regard to cater to the needs and demands of customers.
 Negative: As there has been a shift from non healthy to healthy lifestyle adoption within
UK, there may be an opposite shift in their likelihood patterns in future course of time. In
an instance whereby such shift takes place, it would imply negative outcomes for 7
Spices in terms of decline in its revenues and profits.
Technological Factors: This macro environmental factor encompasses the technologies
as well as advancements that take place within a nation (Brown, 2018). The extent of
development of technological infrastructure within a country places direct influence over the
operations of an enterprise. Positive: United Kingdom is a nation whereby the technological infrastructure is well
developed to support the growth of operations of companies functioning within its
territory. In this regard, it can be analysed that 7 Spices can leverage the technological
advancements coming up at market to meet the needs and wants of customers. It can
come up with food production or food preparation technologies.
 Negative: Adoption of latest technologies and associated infrastructural facilities would
inflate the overall cost of operations for 7 Spices. Further, there is a risk that a rival may
make use of a technology before the respective venture and solicit the customers of 7
Spices.
A discussion on competition and overview of competitive advantage
In the present time, there is no corporate sector which is free from competition. In this
regard, it is determined that food and beverage sector within the confines of London, United
Kingdom is full of several companies. With reference to vegan restaurants, it can be determined

that there are several top notch companies which are providing products and services in this
sector. 7 Spices is an upcoming venture which would be functioning within London amidst the
highly competitive market. The entrepreneur recognises the importance of gaining knowledge of
its rivals in order to come up with offerings which can provide a strategic edge to it. Thus, the
competitive analysis for 7 Spices is presented as follows:-
Company Information about the Company
222
Vegan
This vegan restaurant was initiated in the year 2004.
222 Vegan is regarded as one of the first vegan
restaurants of London. The menu of this restaurant
is totally plant based and is inspired from a wide
array of cuisine. The most renowned dishes of this
eatery are Nigerian soup Egusi, mushroom and
spinach “raclette” and pumpkin noodle salad with
coconut, lime, and ginger. Star Dishes of 222 Vegan
Amrutha
Lounge
Amrutha Lounge is the Number 1 Vegan Restaurant
as per the reviews of TripAdvisor. It is a Michelin
star eatery within Soho. Each dish provides within
the confines of this restaurant is of £10 or below
that amount. In an instance whereby the customers
are disappointed with the flavour some food as well
as the pleasant atmosphere, they have the choice to
pay what they think the restaurant deserves. Dishes of Amrutha Lounge

Farmacy This is one of the most well renowned and leading
vegan restaurants pertaining to the geographical
territory of London. There are several favourite
dishes of people who visit this place to cherish the
vegan dishes. These are acknowledged to be CBD
infused cocktail, Mary and mezze, burger and
macro bowls. Star Dishes of Farmacy
Temple of
Seitan
This is a restaurant which offers junk food full of
flavoursome vegan items. Temple of Seitan offers
plant based fried “chicken” having gluten free
organic coleslaw. The Mac ‘n’ Cheese provided by
this vegan restaurant is absolutely dairy free and
thus gains the attention of individuals who possess
a likelihood towards junk food items. Dishes of Temple of Seitan
The competitive advantage of 7 Spices is that it would offer vegan products at low prices
which can be easily afforded by students, families etc. Further, another edge of 7 Spices is that it
would have a bar section separately for those individuals who prefer alcoholic beverages.
A suggestion for the proposed target market
7 Spices is one of the emerging ventures within London (Chang, 2016). It is important for
the entrepreneur of this venture to select a target marketplace and then devise strategies through
which individuals pertaining to that target market can be attracted towards the offerings of the
enterprise.
STP: This is a model that has been used to select an appropriate target market for the
respective upcoming vegan restaurant. The application of this model in context of 7 Spices is
presented as follows:-
Segmentation Market will be segmented on the basis of behavioural segmentation. The
behavioural aspect on the basis of which segmentation will be carried out is

likelihood.
Targeting Those individuals who have likelihood towards vegan items would be targetted
by this venture.
Positioning Positioning of the food and beverage offerings of this venture would be done by
way of leveraging social media marketing, TV promotion, inserts in newspapers
etc. With this, the firm would be able to gain the attention of large number of
persons and satisfy them with their offerings.
CONCLUSION
On the basis of above information, it can be inferred that determining the viability of a
proposed business idea is essential to be checked before actually converting it into the
entrepreneurial venture. Further, it has been analysed that gaining knowledge of the business
environment within which an entity would function is imperative to take measures to deal with
the negatives in due course of time. In addition to this, it has been recognised that principles of
marketing need to be borne in mind by the entrepreneur so as to ensure that the venture gains the
attention of large base of audience.

REFERENCES
Books and Journals
Brown, R. A., 2018. Chinese business enterprise in Asia. Routledge.
Chang, J. F., 2016. Business process management systems: strategy and implementation.
Auerbach Publications.
Charfeddine, O. B., 2016. Business environment-aware management of service-based business
processes (Doctoral dissertation, Université Paris-Saclay).
Charter, M., 2017. Greener marketing: A responsible approach to business. Routledge.
Hillary, R. ed., 2017. Small and medium-sized enterprises and the environment: business
imperatives. Routledge.
Hussin, N., and et. al., 2017. Strategic Information Use (SIU) for Strategy Formulation in
Malaysia Business Organizations. Journal of Informatics and Mathematical Sciences.
9(4).
Kolk, A., 2016. The social responsibility of international business: From ethics and the
environment to CSR and sustainable development. Journal of World Business. 51(1).
pp.23-34.
Nohria, N., 2017. Fast forward: The best ideas on managing business change. Business
Review. 9.p.10.
Quinlan, C., Babin, B., Carr, J. and Griffin, M., 2019. Business research methods. South
Western Cengage.