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

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