Starting a Business and Fundamental of Marketing

Starting a Business and
Fundamental of
Marketing
1

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Overview of the business idea................................................................................................3
PEST analysis.........................................................................................................................4
Competition and competitive advantage................................................................................5
Suggestion for proposed target market...................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
2

INTRODUCTION
A business can be defined as an organisation or a person earns profits or revenues by
selling goods and services in exchange of money. Business is important as they contribute to the
growth of a country’s economy (Baker and Hart, 2016). Organisation chosen for this report is
7spices, which is a restaurant based in Sheffield. The restaurant is spacious and large with an
attractive bar area. 7spices is an ideal place for large as well as small parties. The restaurant is
planning to launch a new outlet in Bath, UK. The report provides an evaluation of the external
environment of the restaurant through PEST analysis, an overview of its competition and the ays
in which it can gain a competitive advantage. It also provides suggestion for the target market of
the restaurant.
MAIN BODY
Overview of the business idea
7spices is a restaurant that offers Indian food dishes in Sheffield. The restaurant has
unique décor because of which it is one of the most sophisticated restaurants in the location. It
offers a perfect ambience as well as food to its customers. A variety of Indian cuisine dishes are
offered that are prepared keeping quality in mind (Payne, A., Frow, P. and Eggert, A., 2017).
Thus, the restaurant has now decided to open a new outlet in Bath, UK. For this, the restaurant
will have to conduct a market research in order to understand the needs of the customers and if
they will accept the idea or not. The outlet that will be opened in UK will offer all kinds of
Indian cuisine dishes to the customers in order to increase its overall sales as well as customer
reach.
Initially, the prices of the products will be kept low so that a large number of customers
visit the restaurant. After that, gradually the prices will be increased (Bergmann Hundt and
Sternberg, 2016). The quality as well as hygiene of the products will be kept in mind at all times
without compromising on the same. The market research will also provide insight about the
various internal as well as external factors and their impact on its performance. Thus, for the
business idea to be successful, it is important that the restaurant identifies the needs of its
customers. This will help it to segment its customers effectively. People who will be hired to
work in the outlet should be qualified and possess skills that will help the company attain its
main objectives as well as goals and also achieve a competitive edge. High quality and hygienic
3