Innovation and Entrepreneurship: Developing a Business Idea for a Themed Restaurant
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This report discusses the development of a business idea for a themed restaurant, including market and industry analysis, operational details, and financial requirements. The report also covers the STP and Porter's 5 forces analysis.
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Innovation and Entrepreneurship
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Contents INTRODUCTION...........................................................................................................................4 TASK 1............................................................................................................................................4 Business Idea Development: -...................................................................................................4 TASK 2............................................................................................................................................5 Market analysis: -......................................................................................................................5 Industry analysis:.........................................................................................................................6 Operational details: -.................................................................................................................7 Financial requirement: -...........................................................................................................9 CONCLUSION..............................................................................................................................10 CONCLUSION..............................................................................................................................11
INTRODUCTION Innovation may be defied as the process which is undertakes by the individual or the management of the company toconceptualize brand new products, processes, and ideas or make changes in the existing products and services. There are various types of innovation which can be pursue by the company(Lounsburyand et. al., 2019). This report came up with an innovative business idea which develops various types of opportunities for the company to attain the great success and profits. In the current competitive market, it is very crucial for the organisation to develop the innovative business idea. This factor not only assist the company in maintaining their brand name but also help them but also help them to attain the great success.Along with this, this also leads to the increase in consumers satisfaction and engagement in the organisation. The following report is going to discuss about the development of the business for a themed restaurant. The aim of the company is to develop its brand name by offering the excellent innovative services like robotics services, attractive interior and many more. The aim of this report is to develop an effective plan for the development of business. This report is going covers the business models, market analysis, industry analysis, operational details, SWOT analysis and many more through appropriate business models. TASK 1 Business Idea Development: - A business development plan is prepared for the âClove Clubâ which is restaurant in the London city, UK. The restaurant is well known for the delicious British cuisine from a talented kitchen. The products and services are served by the restaurant to a grate number of customer in the city. The idea for the respective restaurant is to offer the services within the restaurant by using the robots. This business idea eliminates the role of waiters forms the restaurants. In the current phase of the development of the technology this idea is very effective as well as necessary (Ferraris,Santoroand Pellicelli, 2020). Robotics theme will be experience by the customers of the company in serving the delicious foods or cuisine within the restaurant with less period waiting time. The idea of automatic dining fatalities give assistance to the customers, they don't have to wait for the crockeries or refreshments items. Within the UK the food and the hospitality industry is growing day by day, as this industry contribute around $59.3 billion in the GDP of the nation. But after the arisen of COVID 19, the respective company have to face lots of losses and
reduction in the revenues also decline in the jobs by 6 % has also been seen in this sector. Therefore, it is very important to develop some innovative idea for the growth of the restaurant. This unique theme not only removes the waiters or workers form the firm but also help in following the rules related to the social distancing. This idea is being considered as the most important theme which paid great concern towards the health as well as safety of the customers and promote the rules which are made by the government of the nation in relation to the COVID 19. With the help of this the engagement of the customers can be attain which assist in developing the efficiency of the restaurant along with the sustainability. TASK 2 Market analysis: - Market analysis may be defined as that analysis which assist the management of the company in identifying the target market area and its customers.Itrepresents a specificmarket nichefocused on the supply andsaleofproductsand services(Yanand et. al., 2018). This analysis is very useful for the clove club restaurant theme. So, in context to the new theme of restaurant market analysis by using STP model has been discussed below: - STP analysis: - Thisanalysis supportsthe management of the company in gaining acompetitive advantagebypromotingloyal clients all across the competitive market place. Along with this, this analysishelps in analysemarket andcustomervalue. The factors which comprise in this analysis has been discussed below: - Segmentation:This element focusesoneffectively segmentingthe potentialmarket. Segmentation classifiesclientsaccording to demographic and geographic factors, includingall cultures, beliefs,and valuesthatare follows by them. This directlyaffects the organization's customer acquisition strategy.It is very important for the themerestaurantsto attracta large base of customer by segmentingon the basis ofage andrevenuefactor.Each table is uniquely decorated, so therestaurant willprovide tables on a budget.Theorganization aimsto grow in both marketareas,which will not only increasethe profitability of restaurantbut also increases the sales of the clove club restaurant
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Targeting:This element representsthe requirementtotarget the utmost potential customers ofall.One prospectismoreefficient than the otherthree non-prospects.Therefore, theme of the restaurantspaid emphasis on primarily on youngpeople betweentheage groupof 30and 40,as these individualsshow a keenas well interested in these unique or excellent servicesforseveral reasonsto maintain theirlifestyle and standards(Nnakwe,Coochand Huang- Saad,2018). Positioning: Thisfactorplayedaveryimportantroleforthemanagementofthecompanyin understanding thathowthebrandis presented to the customer. The position of the brand along with the image are being considered as the key factors which assist in gainingthe trust of the target market customers.Therefore, this gives assistance to the theme ofrestaurantstopromote theirgreatest potential and make the efforts in order to maintainanoptimistic image of the firm inthe eyes oftheir customers.The first and the foremostorganization aimsto raise the business in market by building effective brand positioningthroughoutthe United Kingdom andaround the world. Industry analysis: Porter's five forces frameworks Porter'sFive Forces Framework is away to analyse a company's competitiveoperating environment. thisdrawsfive powersfrom industrial economics which regulate the attractiveness oftheindustry in terms ofcompetition and profitability. By utilizing this framework knowledge about the industry has been improved and firms are able to enjoy the competitive advantage over their rivals. The forces which are included in this may have impact on the new idea of the business. In context to the theme of restaurant this method has been discussed below: - Threat of new entry: The food and hospitality industry of the United Kingdom is well knownasthefastestgrowing sectorwith the highestthreat of newbusinesses.The industryfaces immenseamount of competition because of themanycomparisons in selling products and services in the same sector. The robotics theme, which is developed by the restaurantmustbe veryaccuratein developing its ideas in ordertoavoidcontact with new entrants andtopreparethe strategywell. Availability of substitutes:
Thisis being considered as anothermajor force which directly influencethe United Kingdom food and hospitalityindustry(Escobarand et. al., 2021). All organizations are offering similar services or deal in the same sectorbyaltering theprices of the goods and servicesand pricingstrategies in order toattract potentialcustomers towards the company.The robotics theme of the restaurantis a less threatening as ithas a excellentserviceconceptthat pleases our customers. Threat of supplierâs power: The United Kingdom food and hospitality industry has a low threat of supplier because of the huge number of worldwide providers who couldn't negotiate with the company. Therefore, the management of the respective company who develop the theme of restaurant doesn't need to take the stress over the force of the provider by assuming control over the provider from the efferent vender and won't come down on the organization later on. Threat of buyersâ power: - Withinthe United Kingdom food and hospitality industry,consumersarein very large amountandthat is the reason behind greatpower intheindustry(Carayannis,2020).Theywant something new and exclusiveeach time they visitandwillnot be willing to pay a high price for similar products. Therefore, the roboticstheme of therestaurantsneedstoanalyse customer trendsanddemands very carefully.Asit is today, customers are primarilylooking for healthy and organic foods withthebest andmosthygienic services. This affectrestaurantdemand and purchases. Threat of rivalry:as the hospitality and food industry of United Kingdomsuffersfromrivals, this result in that the growth of the company has been affected. The significantincrease of these services inthe UK poses a major threat to the company.The robotics theme of the chosen restaurants needsto facethisimmense competition as there are large number of players who come up with thebest policies and approaches to attract the loyalcustomersbeforetheir competitors take action.Therefore, it is very important for therestaurantstoadoptefficient methods and risk managementto enable market growth. Operational details: - Theclove restaurant issituated in London,England, United Kingdom.The place at which the restaurant is located isa luxuriousarea ofthenationthat attractshuge visitors and local customers. Robots are sourcedfromoverseasIT suppliersthat provide a great dining experience.
The business isparticularlyrecognised for its exclusivethemesoftabledrawers and robotic operations, and to improvethecustomer experience, customers could onlyexperiencethe offline location of the theme restaurant.An effective social media platform is utilized bythe company management to makecustomersawareofthe unique location and uniquethemes ofthe restaurant. The restaurantislocatedinside thecityhallbuildingand offersa greatrooftop experience. Enjoy a fascinating eveningin the rooftoparea that requires advance reservations. The restaurantsperformsignificant activitiessuch as robot maintenance, machineevaluation, calling, employeedirecting andcustomer guidance(Dongand et. al., 2019). Take apartyorder and bookatable fora pre-planned event. Initialsetuprequires a robot, a round table with chargingpoints,software, internet andWi-Fi connectivity,furniture, businesscards, website developmentand a privatecar fortransportation. Funds are generated bysavings and financial institutions such as bankloansand investments. SWOT analysis: Strengthweaknesses ďˇThegovernmentoftheUnited Kingdome gives assistance to the food andrestaurantindustryandprovide different types of opportunities which act as the strength. ďˇCost saving methods are used by the company and easily adopt the change and trends. ďˇThe new idea which is generated take huge time to spread in the market because of the smallmarketcoverage.Duetothesmall market coverage. ďˇDue to thesmall number of employeesinthe company, it can be difficult to handleother tasks such as ordering andmakingmeals. OpportunityThreat ďˇThemerestaurants offergreat social media opportunitiestoattractclients.Awell- developedIT teamis neededtomanageall actionsandkeep track of customertrends and needs. ďˇWithanexistingcustomerbaseand legacypresence,therearemany competitorsthatcanimpactyour business.
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ďˇMarket penetrationis perfect for growing the product in thelarge market. ďˇThe riskof thoughts and ideafailing becauseofthechangingtrendsand dynamicmarkets. Financial requirement: - This isa keyrequirement ofany business,whetherstarting a new company or making changestoanexisting product or service. Theserequirements are met by introducing anactual financing method.Thisisattained byshareholders' equity, and debtcapitalsuch asequityand angel investors are also a good option(Cai, 2020). Therefore, theserequirementsareprioritiesfor robotics theme ofRestaurantto found new and innovativeideasin the restaurant.
CONCLUSION From the above report it has been concluded thatcommercial enterpriseisoperatingwithinside the global business environment. There are numerousfashionandcompetitivesidehas been evolvedspecificallyafter thearisenof Covid-19. Thescenarioofcommercial enterprisewas givenworstwhereinthey have to face manycompetitionandgainlosses.This report also concludeda brand newandmodernconcept whichis neededtooffersomethingspecificwith the intention tomake a contributionwithinside theeconomic systemin addition tofulfilclientneeds. This report also concludedthe brand-newcommercial enterpriseconcept.Along with this this report also concluded the STP and Porter`s5forces in order to do the industry analysis. There is
a needofpowerfulmarketplaceresearchesandenterprisetraitswhichhave an effect onthelife oftheenterprise.Therefore,thisreportalsoconcludedSWOTevaluationthoughwhich enterprisemay want toutilise itsstrengthandpossibilitiesand threats and weakness on which working done.
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REFRENCES Books and Journals Lounsbury, M and et. al., 2019. Culture, innovation and entrepreneurship.Innovation,21(1), pp.1-12. Ferraris, A., Santoro, G. and Pellicelli, A.C., 2020. âOpennessâ of public governments in smart cities:removingthebarriersforinnovationandentrepreneurship.International Entrepreneurship and Management Journal,16(4), pp.1259-1280. Yan, X and et. al., 2018. Fostering sustainable entrepreneurs: Evidence from China college studentsââInternetPlusâinnovationandentrepreneurshipcompetition (CSIPC).Sustainability,10(9), p.3335. Nnakwe,C.C.,Cooch, N.and Huang-Saad,A., 2018.Investinginacademictechnology innovation and entrepreneurship: Moving beyond research funding through the NSF I- CORPS⢠program.Technology & Innovation,19(4), pp.773-786. Escobar, O and et. al., 2021. Lead user innovation and entrepreneurship: Analyzing the current state of research.Journal of Small Business Management, pp.1-18. Carayannis,E.G.ed.,2020.Encyclopediaofcreativity,invention,innovationand entrepreneurship. Cham: Springer International Publishing. Dong, Q.W and et. al., 2019. Innovative research and practice of teachersâ teaching quality evaluation under the guidance of âinnovation and entrepreneurshipâ.Procedia Computer Science,154, pp.770-776. Cai, Y., 2020. âInnovation in innovationâ: A review of Henry Etzkowitz and Chunyan Zhou, The Triple Helix: Universityâindustryâgovernment innovation and entrepreneurship.