Innovation and Entrepreneurship: Developing a Business Idea for a Themed Restaurant

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.

Innovation and
Entrepreneurship

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 to conceptualize 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 (Lounsbury and 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 “Clove Club” 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, Santoro and 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. It represents a specific market niche focused
on the supply and sale of products and services (Yan and 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: -
This analysis supports the management of the company in gaining a competitive
advantage by promoting loyal clients all across the competitive market place. Along with this,
this analysis helps in analyse market and customer value. The factors which comprise in this
analysis has been discussed below: -
Segmentation: This element focuses on effectively segmenting the potential market.
Segmentation classifies clients according to demographic and geographic factors, including all
cultures, beliefs, and values that are follows by them. This directly affects the organization's
customer acquisition strategy. It is very important for the theme restaurants to attract a large
base of customer by segmenting on the basis of age and revenue factor. Each table is uniquely
decorated, so the restaurant will provide tables on a budget. The organization aims to grow in
both market areas, which will not only increase the profitability of restaurant but also increases
the sales of the clove club restaurant

Targeting: This element represents the requirement to target the utmost potential
customers of all. One prospect is more efficient than the other three non-prospects. Therefore,
theme of the restaurants paid emphasis on primarily on young people between the age group of
30 and 40, as these individuals show a keen as well interested in these unique or excellent
services for several reasons to maintain their lifestyle and standards (Nnakwe, Cooch and Huang-
Saad, 2018).
Positioning:
This factor played a very important role for the management of the company in
understanding that how the brand is presented to the customer. The position of the brand along
with the image are being considered as the key factors which assist in gaining the trust of the
target market customers. Therefore, this gives assistance to the theme of restaurants to promote
their greatest potential and make the efforts in order to maintain an optimistic image of the firm
in the eyes of their customers. The first and the foremost organization aims to raise the business
in market by building effective brand positioning throughout the United Kingdom and around the
world.
Industry analysis:
Porter's five forces frameworks
Porter's Five Forces Framework is a way to analyse a company's competitive operating
environment. this draws five powers from industrial economics which regulate the attractiveness
of the industry in terms of competition 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 known as the fastest growing
sector with the highest threat of new businesses. The industry faces immense amount of
competition because of the many comparisons in selling products and services in the same
sector. The robotics theme, which is developed by the restaurant must be very accurate in
developing its ideas in order to avoid contact with new entrants and to prepare the strategy well.
Availability of substitutes:

This is being considered as another major force which directly influence the United
Kingdom food and hospitality industry(Escobar and et. al., 2021). All organizations are offering
similar services or deal in the same sector by altering the prices of the goods and services and
pricing strategies in order to attract potential customers towards the company. The robotics
theme of the restaurant is a less threatening as it has a excellent service concept that pleases our
customers.
Threat of supplier’s 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 buyers’ power: -
Within the United Kingdom food and hospitality industry, consumers are in very large
amount and that is the reason behind great power in the industry (Carayannis, 2020). They want
something new and exclusive each time they visit and will not be willing to pay a high price for
similar products. Therefore, the robotics theme of the restaurants needs to analyse customer
trends and demands very carefully. As it is today, customers are primarily looking for healthy
and organic foods with the best and most hygienic services. This affect restaurant demand and
purchases.
Threat of rivalry: as the hospitality and food industry of United Kingdom suffers from rivals,
this result in that the growth of the company has been affected. The significant increase of these
services in the UK poses a major threat to the company. The robotics theme of the chosen
restaurants needs to face this immense competition as there are large number of players who
come up with the best policies and approaches to attract the loyal customers before their
competitors take action. Therefore, it is very important for the restaurants to adopt efficient
methods and risk management to enable market growth.
Operational details: -
The clove restaurant is situated in London, England, United Kingdom. The place at which
the restaurant is located is a luxurious area of the nation that attracts huge visitors and local
customers. Robots are sourced from overseas IT suppliers that provide a great dining experience.

The business is particularly recognised for its exclusive themes of table drawers and robotic
operations, and to improve the customer experience, customers could only experience the offline
location of the theme restaurant. An effective social media platform is utilized by the company
management to make customers aware of the unique location and unique themes of the
restaurant.
The restaurant is located inside the city hall building and offers a great rooftop
experience. Enjoy a fascinating evening in the rooftop area that requires advance reservations.
The restaurants perform significant activities such as robot maintenance, machine evaluation,
calling, employee directing and customer guidance (Dong and et. al., 2019). Take a party order
and book a table for a pre-planned event. Initial setup requires a robot, a round table with
charging points, software, internet and Wi-Fi connectivity, furniture, business cards, website
development and a private car for transportation. Funds are generated by savings and financial
institutions such as bank loans and investments.
SWOT analysis:
Strength weaknesses
 The government of the United
Kingdome gives assistance to the food
and restaurant industry and provide
different types of opportunities which
act as the strength.
 Cost saving methods are used by the
company and easily adopt the change
and trends.
 The new idea which is generated take huge
time to spread in the market because of the
small market coverage. Due to the small
market coverage.
 Due to the small number of employees in the
company, it can be difficult to handle other
tasks such as ordering and making meals.
Opportunity Threat
 Theme restaurants offer great social media
opportunities to attract clients. A well-
developed IT team is needed to manage all
actions and keep track of customer trends and
needs.
 With an existing customer base and
legacy presence, there are many
competitors that can impact your
business.

 Market penetration is perfect for growing the
product in the large market.
 The risk of thoughts and idea failing
because of the changing trends and
dynamic markets.
Financial requirement: -
This is a key requirement of any business, whether starting a new company or making
changes to an existing product or service. These requirements are met by introducing an actual
financing method. This is attained by shareholders' equity, and debt capital such as equity and
angel investors are also a good option(Cai, 2020). Therefore, these requirements are priorities for
robotics theme of Restaurant to found new and innovative ideas in the restaurant.

CONCLUSION
From the above report it has been concluded that commercial enterprise is operating withinside
the global business environment. There are numerous fashion and competitive side has been
evolved specifically after the arisen of Covid-19. The scenario of commercial enterprise was
given worst wherein they have to face many competition and gain losses. This report also
concluded a brand new and modern concept which is needed to offer something specific with the
intention to make a contribution withinside the economic system in addition to fulfil client needs.
This report also concluded the brand-new commercial enterprise concept. Along with this this
report also concluded the STP and Porter`s 5 forces in order to do the industry analysis. There is

a need of powerful marketplace researches and enterprise traits which have an effect on the life
of the enterprise. Therefore, this report also concluded SWOT evaluation though which
enterprise may want to utilise its strength and possibilities and threats and weakness on which
working done.

REFRENCES
Books and Journals
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Yan, X and et. al., 2018. Fostering sustainable entrepreneurs: Evidence from China college
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