Business Plan for Taste and Try Restaurant: Strategies for Growth and Financial Information

This report summarizes the business plan for Taste and Try restaurant, including strategies for growth, financial information, and operational plans. It also includes market information, marketing mix, and success factors.

Business Plan

Executive summery
This report summarise that business plan contain information related to various strategies,
growth, finance. It consist discussion of operation plan which includes information of different
activities essential for operation and also of suppliers. It also includes information of finance
which is suitable to company.

Table of Contents
Executive summery..........................................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Business description....................................................................................................................4
Business Objectives....................................................................................................................4
Market information.....................................................................................................................5
Operational plan..........................................................................................................................7
Strategy for growth.....................................................................................................................8
Financial information ...............................................................................................................10
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Business plan refers to a detailed description which includes core business activities and
objectives, activities which helps them to attain business goals (La, 2020.). This plan includes
description of executive summery, product and service, marketing strategy, budget, financial
planning. This report includes discussion of Taste and Try which is a UK based organisation
providing their services in food industry. This project report includes description and objectives
of business. It also includes marketing information and operation plan.
MAIN BODY
Business description
Taste and Try is a food organisation which is established in UK which is providing
healthy meal to their guest. It is a restaurant which is providing their service in a truck which has
two floors. This organisation has various competitors in market but Taste and Try has
differentiated their business by providing fusion of healthy and tasty food (Lao, 2018). This
organisation has vision to enhance experience of customers with their fusion and can explore
more food products. They wants to identify new food fusion by combining healthy and tasty
food. Mission of Taste and Try is to expand their marketing share in UK by providing fusion of
food which enhance taste and experience of customers. This organisation wants to attract young
customers and people who are focusing on their health. This organisation is also providing
excellent services to their customers and also good quality products.
Business Objectives
 To increase revenue of company with 10% in next 6 month.
 To increase potential customers of company with 15% in upcoming 3 months.
 To maximise brand reputation among of company in minds of their customers with 5% in
next 5 months.
Taste and Try is an organisation which is planning for increasing profit of company in
upcoming 6 months as it is focusing on reduction of cost on organisation (Lin, 2019). In order to
attain this goal, managers of company is developing different strategies like focusing on their
social media campaign, changing marketing campaign of company and reducing cost of
company.

Management of company has develop goal of increasing their potential customers and for
that they are changing policy and strategies of company. Company is develop social media
campaign which helps them to attract new customers towards them. It also providing them
opportunity to interact with their customers and also solving their problems instantly. For
attracting customers, managers of Taste and Try are offering discount. This organisation is using
technology in order to manage booking and also for order management in their restaurant. Social
Business of Taste and Try is making efforts in market which helps them to improve their
brand image among customers. This food business is making online presence which improve
image of their brand. This organisation has made their social media page which increase
engagement if their customers with them. As there is increasing users in market which are using
social media platform in market.
Market information
STP analysis
STP analysis is a analysis tool which can be used by company in order to provide
information of segmentation, targeting as well as positioning of business (Mohammed, 2018).
This tool helps business for positioning of services of company that helps them to affecting
customers in efficient manner. STP analysis of Taste and Try business is mentioned below:
Segmentation: Segmentation refers to process of identification of different and common
characteristics and traits among people in market which helps them to develop marketing
campaign. There are different types of segmentation including demographic, geographic,
psychographic, behavioural. Taste and Try is an organisation which is segmenting their
customers on basis of behavioural and demographic aspect. As this food business is providing
their service to customers who are health conscious and to young customers.
Targeting: Targeting refers to process of determining best segment which is creating
enough desire for their business. Taste and Try can select organisation on basis of size, profit and
reachability to customers. This organisation is selecting people who are health conscious and can
be reached easily.
Positioning: Positioning is process of creating a distinct image of company in minds of
their customers. It allow company to differentiate their products from their competitors. There is
different types of positioning like symbolic, functional, experimental positioning. Taste and Try

is building different positioning as they are offering tasty and healthy food which enhance taste
and experience of their customers.
PESTEL analysis
PESTEL analysis is an external analysis which helps to identify various factors that
create impact on business (McCardell, 2018). These factors includes political, economical,
environmental, legal, social and technological. PESTEL analysis of Taste and Try business is
mentioned below:
Political factors: Political factors includes interference of government in business of
Taste and Try. Government of UK has made various restriction on people to go out which create
threat fr return business and other industry. This increase extra regulation on food industry which
create challenges for their business.
Economic factors: Economic factors in context of Taste and Try business create impact
on cost of company. People of UK has high purchase income which create opportunity for
people of UK that allow them to spend their money on service of Taste and Try business.
Social factors: Social factors are those which is related to belief and values. There is
increasing rend of health awareness in UK due to covid-19 situation which provide opportunity
for business as Taste and Try is offering Healthy food to their customers.
Technological factors: Technological factors are those factors which related to
advancement of technology which provide competitive advantage to an organisation (Moro
Visconti, 2019). Taste and Try is a business which is adopting various technology in their
business for ordering food and booking table.
Environmental factors: Environmental factors are related to weather, pollution, climate
condition and corporate social responsibility of business. Taste and Try is a business which
ensure cleaning in areas near their restaurant which helps to improve image of their organisation.
Legal factors: Legal factors are those factors which is related to laws and regulation.
There are various food related laws which is followed by business of Taste and Try. This helps to
improve image of company in minds of their consumer and helps them to meet expected criteria
of food quality.
4P's of marketing

Marketing mix refers to combination of strategies as well as tactics of business. It
includes various information related to product, promotion, price and place (Natashia, and et.al.,
2020). Marketing mix of Taste and Try restaurant is mentioned below:
Product: Taste and Try is food restaurant which is offering fusion of healthy and fast food to
customers in a truck which is converted in a restaurant. This organisation is providing unique
food fusion which is able to attract customers towards them.
Price: Taste and Try is offering their products and service to customers in affordable prices. This
prices is creating enough demand for their products in market and also providing best quality to
customers.
Place: Food business of Taste and Try is providing their products and service in a Truck which
has good interior and also offering online booking services to their customers (Donnell, 2018).
This organisation is also available on social media platform like Instagram and Facebook which
allow them to interact with their customers.
Promotion: For promotion of their food restaurant, Taste and Try is adopting social media
planning which is an effective tool for promotion. This method of promotion does not contain
much cost and also provide opportunity to business to interact and communicate with their
customers.
Operational plan
Operational plan is a detail description which define ways team of business is contributing to
attain goals of business. It helps business to outline task requirement in their organisation.
Operation plan ensure that employees and managers of company to known their responsibility,
obligation and reason for their execution within specific time frame. It helps managers to
mapping out path of success which helps them to attain success in their business. Taste and Try
is an organisation in which managers of company is clearly defining objectives of every
members in an organisation which helps them to understand their roles and responsibility. In
restaurant of Taste and Try, managers of company needs to buy fresh vegetables and groceries.
Chef of this restaurants them cook these vegetables in order to cook final dishes which are served
to their guest. In order to serve these meal, waiters of restaurants are there. Managers in that
organisation is ensuring that every activity in their restaurant is conducting smoothly without any
problems.

Strategy for growth
Porter's generic strategy is a tool which is used to prepare strategy for a business by an
effective strategy with differentiation and focus. Michael porter produces this strategy
in1985 which is useful for the development of employees (Paterson, 2019). Taste and Try uses
this strategy to take the advantage from the market. It involves three aspects such as cost
leadership, differentiation and focus strategy, the brief discussion on this aspect is given below:
Cost leadership strategy: Porter's cost leadership strategy is closely related to cost
production relationship. It discuss what are factors that are to be considered to reduce the cost of
production. Porters cost leadership strategy directs the business organisation for their survival in
market by a way of cost leader. In order to gain cost leadership, business managers can adopt
following strategies:
 By proper utilisation of resources.
 Achieve economies of large scale production.
 Uses advance technology for the process of production.
Taste and Try can apply cost leadership strategy to take the competitive advantage from the
market in short time. Taste and Try properly should utilise the resources, achieve economies of
large scale production and with use of modern technologies for the process of production, all
these efforts introduce Taste and Try as cost leader in the competitive market. Taste and Try is
an organisation which is getting following advantage from cost leadership:
 It increases the profit margin because cost leadership enables the Taste and Try produce
at low cost which increases the profit margins.
 Cost leadership strategy increases the market share of the Taste and Try.
Differentiation strategy: Differentiation strategy is a part of Michael porters generic model,
under this concept of marketing, business organisation target the customers with different and
unique products to achieve the competitive advantage in the market (Pitts, 2021). Differentiation
can be done in many ways and some are given below:
 By providing new and innovated product continuously in the market to gain the consumer
superiority.
 By providing the product in the market of best quality which help to satisfy consumer
needs.

Taste and Try can apply the differential marketing policy to achieved the competitive
advantage in the market, Taste and Try introduces different and unique product from their
competitors. Advantages of differentiation strategy in Taste and Try are as follows:
 It increases the customer base of company ion the market because no one wants to use
old and same products.
 It increases the sale of the new and innovated products.
Focus strategy: This strategy of porters generic model enables the organisation to produce and
sell product in niche market. Niche market generally include a specific section of society or
specific consumer group (SAMKOV, 2018.). Under this marketing strategy, business
organisation only focus or target specific consumer group and sell their product.
Produce the product as per the demand of niche market.
Taste and Try apply the focus strategy, it simply choose any specific section of society and
analyse their unfulfilled needs for example choose consumer base which is non vegetarian.
Advantages of focus strategy in Taste and Try is mentioned below:
Increases customer satisfaction by fulfils their needs.
Increases sale by a way of targeting special consumer group.
Focus strategy can be conducted in Taste and Try organisation are as follows:
Analyse the specific section of society whose needs are unfulfilled.
Produce the product as per the demand of niche market.
Taste and Try apply the focus strategy, it simply choose any specific section of society and
analyse their unfulfilled needs for example choose consumer base which is non vegetarian.
Advantages of focus strategy in Taste and Try:
 Increases customer satisfaction by fulfils their needs.
 Increases sale by a way of targeting special consumer group.

Financial information

Success factors are those which contributing in business for get success (Tamaria, 2019). Taste
and Try of food business is mentioned below:
People: Taste and Try has efficient and skilled employees who has knowledge of working in a
restaurant. These employees has ability to learn and development themselves which provide
competitive advantage to business.
Marketing: Taste and Try has effective marketing team who has made efficient marketing
campaign in their organisation (TOMASSONI, 2019). This team is following social marketing
tool which helps to increase awareness of products and services in minds of customers.
Taste and Try is new business which is providing fusion of food to their customers. In this, they
are facing various issues in market which are as follows:
Financial issues: Taste and Try is a new business which is getting problem in raising finance.
No investor is ready to invest in new business which create problem for them as they needs funds
in order to carry out day to day operation.
Hiring employees: Hiring employees is also a issues as no employees is reason to work in star
up business. They wants to work in a well reputed organisation which is well recognised in
market.

CONCLUSION
From above mentioned project report, it can be concluded that business plan is a detailed
description of business and contain various important information related to business. Business
has different objectives like marketing share, sales, profit, build brand image and many more. In
order to attain these objectives, business needs to develop different strategies which guide them
to attain business goals. Different tools are used by business in order to get marketing
information of business like STP analysis, marketing mix, PESTEL analysis and many more.
This plan also contain information related to operation, marketing, finance. Operation plan
includes description of plan which includes information like how team is contributing to goals of
business. Finance information includes how business in raising funds and utilising it in their
business.

REFERENCES
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