Developing a New Restaurant Business: Taste and Try

This presentation discusses the development of a new restaurant business called 'Taste and Try' in the hospitality industry. It covers the motivation behind the business idea, idea generation process, feasibility analysis, marketing mix, and external factors affecting the business. The presentation also includes speaker notes and references.

Speaker notes –
The aim of the presentation: -The main aim behind this presentation is to ensure the
understanding about the development of new business in the market.
The name of your business: - The name of the presented business is 'Taste and try'
The type of industry: - Taste and try is a restaurant which deals hospitality industry
Is it a product or a service business: - It is product based company which offers varieties of
beverages (Razuri and Zöttl, 2020).

Motivation of the product :- The taste and preference of the customers are shifted towards the
healthy beverages due to covid which motivates the partners to offer the same.
Why this business idea – The profitability and the growth of restaurant business is very high
which attracts many people towards this business.
Idea generation process:- The idea of restaurant business came in the mind of the partners
when they analyses the key market trends (Notter, 2019).
Survey results :- The partners of the business has done market survey under which the large
number of customers healthy beverages to consume.

Product or service feasibility :- The products and services of the company has developed
effective and healthy drinks in their organization.
Industry or target market feasibility :- The hospitality of the industry is one of the most
profitable business under which the management of the organization has conduct deep analyses
of the business.
Organizational feasibility :- The management of Taste and try has develop effective and feasible
study of their organization
Financial feasibility :- The management of Taste and try has considerable investors funds to
operate their business operations.

Product: The company deals with a huge service portfolio and brings unique services within the
market such restaurants with special features.
Price: The respected company uses Penetration pricing strategy in which the targeted audience is
attracted by the new service offered initially at a lower price by the employees of company.
Place: Taste and try is situated only in London and offer its services through an intermediary
channel that is an agent (Murtaza, 2020).
Product: The company deals with a huge service portfolio and brings unique services within the
market such as hotel and restaurants with special features. Earlier the company provides only
travelling and tourism facilities to its customer-base but now it has developed its marketing
strategy by expanding the market and offers hotels and restaurants for accommodation.
Price: The respected company uses Penetration pricing strategy in which the targeted audience is
attracted by the new service offered initially at a lower price by the employees of company.
Place: London Travel Agency is situated only in London and offer its services through an
intermediary channel that is an agent. Managers of the company must think of to expand its
business at other geographical locations and they should offer their services through online mode
also so that it more of its target-base can reach out to them.

Promotion: The different ways of introducing and offering travel and tourism services is defined
in the promotion element of marketing mix. The existing company must highlight the unique or
special features and benefits of its service while promoting it.
Promotion: The different ways of introducing and offering travel and tourism services is defined
in the promotion element of marketing mix. The existing company must highlight the unique or
special features and benefits of its service while promoting it.

Political :- Brexit is one of the most important factor which negatively impacts the business of
Taste and Try.
Social :- The market of United has diversified culture which has to be followed by the
organization.
Economic :- The economy of United Kingdom has negatively impacted the business of Taste
and try.
Technological :- The management of Taste and try has used effective and modern technology
which becomes beneficial for the management of the organization.
Legal :- The rules and regulations developed by the government of United always promoted the
business of organization which becomes favorable for the business of Taste and try.
Environmental :- The management of organization has conduct all their activities in eco
friendly manner.

Mission of your business :- The mission of the company is to becomes one of the most reputed
firm of the market.
Vision of your business :- The vision of the company is to become one of the well known
organization of world (Ma and Jiang, 2019).
How will your mission and the vision be achieved? :- I have developed effective management
in my organization which helps me to achieve mission and vision of the company.

Ma, L. and Jiang, J., 2019. Apatheia: A Business Plan for a Fine Art and Design Gallery in
New York City.
Murtaza, R.A., 2020. Business plan for desi foods (pvt.) ltd.
Notter, B., 2019. Renewable Energy-Solar Photovoltaic Business Plan.
Oxford Analytica, 2018. Facebook will uphold business plan despite new trouble. Emerald
Expert Briefings, (oxan-es).
Razuri, D.A.P. and Zöttl, A., 2020. Consulting Report–Bigmond SAC Outplacement Service
Business Plan (Doctoral dissertation, Pontificia Universidad Catolica del Peru-CENTRUM
Catolica (Peru)).
Sheffield, A.J., 2019. Improving Access to Health: A Business Plan Approach to Creating a
Sustainable Nurse-Led Community Clinic. Nursing Economics, 37(6), pp.306-316.