Innovation and Entrepreneurship for a Themed Restaurant Business Idea
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Added on 2023/06/17
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This report presents an innovative business idea for a themed restaurant that utilizes robots for serving food. It includes market and industry analysis, operational details, SWOT analysis, and financial requirements.
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Innovation and Entrepreneurship
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Table of Contents INTRODUCTION..........................................................................................................................3 MAIN BODY...................................................................................................................................3 TASK..............................................................................................................................................3 Overview.....................................................................................................................................3 Market analysis:..........................................................................................................................4 Industry analysis:........................................................................................................................4 Operational details:.....................................................................................................................5 SWOT analysis:..........................................................................................................................6 Financial requirement:................................................................................................................7 CONCLUSION...............................................................................................................................7 REFERNCES:..................................................................................................................................8 Books and Journals:....................................................................................................................8 Online..........................................................................................................................................8
INTRODUCTION The report aims to come up with an effective and innovative business idea which would generate great profits and success. An innovative business idea is very necessary in the current competitive world. it is the success factor for the companies to maintain its brand name. Innovation leads to increase customer satisfaction and their engagement in the company. Therefore, this report is going to present business development for a themed restaurant. It aims to establishes a great brand name into market by providing unique and innovative services. The restaurant would come up with some unique effects and facilities in terms of interior, décor and other techniques(Shaikh, Sharma, and Karjaluoto, 2020). The report will present all the factors which might effect on the business idea so that, their will be market, industry and competitors analysing through using effective models. MAIN BODY TASK Overview An effective business idea is all about coming up with all the trends, unique and innovative product and services which attract customer. These innovation would help the company to assure great customer satisfaction. The idea for theme restaurant is to provide services through robots which eliminate waiters role. This idea is quite effective and necessary ion the current phase of technological development. The customer will experience a robotic theme in servicing tasty and delicious food within a limited period of waiting time. The idea represents an automatic dining facilities in which customer will not need to wait for crockeries or refreshments items which will be available in each table drawer. The food and hospitality industry is taking high rise in UK as it contribute $59.3 billion in the countries GDP. It also contribute in the total output of 3.0% of economy as well as 3.7% business is covered with hospitality's industry in the country. As of Covid-19 the country has faced many losses and decline in the output and sales. After the pandemic crises, the jobs got decline by 6% in the UK within hospitality and food service sector. Therefore, it is necessary to bring some innovation to secure growth. The idea for eliminate waiters and workers from the restaurant is to build a unique theme as well as maintain social distancing. This ideas will be a great concern towards
health and safety of customer to promote Covid-19 restrictions. This will help in attaining customer engagement in order to grow the efficiency of restaurant and keep them retained. Market analysis: This analysis will help in identifying the market and its customers. It shows the particular market niche which will emphasise on the distribution and selling of the product and services. This analysis is helpful for The Theme Restaurant which will be analysis through STP model: STP analysis: this analysis helps in gaining competitive advantages by driving out the potential customers across the market. it helps in analysing the market and customers value. The factors are described below: Segmentation:this factor focus on the statementing the potential market in an effective way. Segmenting will divide the customers as per their demographical, geographical factors that consist all the culture, beliefs and values they follow (Kallaste,Kalantaridis,and Venesaar, 2019). Thisimpacton the strategiesif organisationin attractingcustomers. The Theme restaurant need to attract huge customer base by segmenting them as per age and income factor. The restaurant will serve the table as per their budget as every table will have its unique facilities. The organisation wants to grow in both the ranges of market which will enhance the profitability and turnover of the restaurant. Targeting:this factor describe the need of target the most potential customer amongst all. On potential customer is effective than the other 3 non-potential ones. Therefore, The Theme restaurant needs to mainly focus on young youth and above the age of 30 but less than 40. as these individual would take much interest in these unique services due to several reasons of maintaining lifestyle and standards. Positioning:it is all about how a brand represent itself in front of customers. Brand positioning and image is the crucial factor will help in achieving trust of targeted customer. Therefore, it will be helpful for The Theme Restaurant to drive best potential and work to maintain the positive image In the eyes of customer. The organisation wants to grow in the market by building brand positioning in all over the UK and then in worldwide location. Industry analysis: Porter's five forces frameworks
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This analysis helps in providing the knowledge about industry and provide benefit to gain competitive advantage. It ascertain necessary forces which might impact on the new idea of business In the highly competitive market. The factors are described below: Threat of new entry:The UK food and hospitality industry is highly known for the most growing sector which has high threat of new business. The industry is affected with great competition due to having a lot of similarities in selling products and services. The theme restaurant needs to be very particular in their idea development to not come in contact with new players and prepare strategies well. Availability of substitutes:this is the another most important force which impact on UK food and hospitality industry as all the organisation provide similar services within changing rates and pricing strategy which attract the potential customer. The Theme restaurant needs has low threatdue to having a unique concept of services which will be like by customer. Threat of suppliers power:the UK food and hospitality industry is having low threat of supplier due to having a vast number of global supplier who could not bargain with the firms (Li, 2019). Therefore, The Theme restaurant needs not to worry about supplier bargaining power by taking taking suppliers from efferent sellers so that, there will be no cost pressure force upon the company in the future. Threat of buyers power:in the UK food and hospitality industry, buyers are distinct and demanding which has high power in this industry. In every visit, they want something different and unique and would not be ready to pay a high price for the similar products. Therefore, the Theme restaurants needs to particular in analysing the trend and demand of the customer. As in current time, customer mainly looking for the organic foods with best and hygienic services that will influence in the demand and purchase in the restaurant. Threat of rivalry:The hospitality and food industry is suffering from the threat of rivals and competitors which affects on the growth of company. It has high threat on company due to having vast growth of these services in UK. The Theme restaurant is required to face these competition as there are many players who are preparing best strategies to attract customer before any action taken by rivals. Therefore, the restaurant needs to make effective measures and risk management for enabling growth in the market.
Operational details: The Theme Restaurant will be located in the West London, UK. This place is the posh area of the country which attract many visitors and local customer. The robots will be supplies from foreign IT suppliers which will give an amazing experience of having food. The customer could experience only offline position of Theme restaurant as the company is specifically known for its unique theme of drawers at table and robotic serving which will enhance the experience for customers (Zhang, and Shi, 2021). The company will use social media platforms to make customer aware about the unique location and great theme in the restaurant. The restaurant will be located in the town hall building which gives a nice experience of rooftop area. The customer will enjoy a mesmerising moment in night which require pre- reservations at the rooftop area. Thecompany will carry out important activities like maintenance of robots, machinery evaluation, calling, directing staff and customers. Taking party orders and reserve table for pre-planned occasions. The initial setup require robots, charging points round table, software, internet and Wi-Fi connections, furniture, business card, websites development, personal car for transportation, the funds will be generate through savings and financial institution like banks loans or capital investment. SWOT analysis: Strengthweaknesses The UK food and restaurant industry hassupportfromgovernmentand opportunities which is the strength. The companies could utilise great low cost savings. Easily adaptable. Due to low market coverage, the new ideawilltaketimetogrowinthe market(Dezhou, and Yu, 2021). Duetohavinglessemployees,the companymayfacedifficultiesin managingotherworkliketaking orders, preparing food. OpportunityThreat TheThemerestauranthasgreat opportunities in terms of social media There are a lot of competitors which mightimpactoncompanydueto
which willattract customers. It require a well developed IT team to mange all theactionandmaintaincontrolon trends and needs of customer. Market penetration would be best to grow products among last market. having existing customer base and old presence. Threatinfailureofideasdueto changing trends and dynamic market. Financial requirement: This is the major requirement of every business whether to start new firm or make changes in the existing product or service. These requirement would be get fulfil through adopting effectiveways of raising funds (Gorączkowska,2020). This will be done through shareholders capital borrowed funds like equity as well as angel investors is also a good option. Therefore, these requirement are the priority for The Theme restaurant to establish a new and unique idea in the restaurant.
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JanFebMarchAprilJuneJulyAugustSeptOctNov Sales 1:306045906120612061209180918091809180122401 Loan40000NilNilNilNilNilNilNilNilNilNil Investment.NilNilNilNilNilNilNilNilNilNilNil Total Sales:306045906120612061209180918091809180122401 SET UP COSTS TOTAL14600NilNilNilNilNilNilNilNilNilNil Direct Costs: InventoryNilNilNilNilNilNilNilNilNilNilNil TOTAL Direct Costs:NilNilNilNilNilNilNilNilNilNilNil Fixed Costs: Salaries 13000300030003000300030003000300030003000 Rent.216216216216216216216216216216 Staff Wages.1000100010001000100010001000100010001000 100100100100100100100100100100 Phones.3007101010101010101010 Freight & Postage5555555555 Stationary.2222NilNil2222Nil Promotion & Ad.9000NilNilNilNilNilNilNilNilNil Legal50NilNilNilNilNilNilNilNilNilNil Transport50505050505050505050 Vehicles250250250250250250250250250250 Insurance20202020202020202020 Maintenance100100100100100100100100100100 Misc.20202020202020202020 Loan repayment.10101010101020202020 Interest on loan.50505050505050505050 TOTAL:168804833483348334831483148434843484348431 168804833483348334831483148434843484348431 -13820-24312871287128943494337433743377397- May Utilities/Gas/Elec Sub Total:Fix + Direct Costs. Net Profit:Sales – Sub total CONCLUSION The report hasconcluded that business is working in the global business environment. There are many trend and competitive edge has been developed mainly after the institution of Covid-19. The situation of business got worst in which they face many consequences and attain losses. Therefore, it has concluded that a new and innovative idea is required to promote brand name and provide something unique which will contribute in the economy as well as satisfy customer needs. The report has provided the overview on the new business idea. On which, a
market, industry analysis has been done by applying STP and Porter's five forces model respectively. There is a necessity of effective market research and industry characteristics which influence on the existence of the company. Therefore, the report has presented SWOT analysis though which company could utilise its strength and opportunities and work on threats and weakness.
REFERNCES: Books and Journals: Shaikh, A.A., Sharma, R. and Karjaluoto, H., 2020. Digital innovation & enterprise in the sharing economy: An action research agenda.Digital Business,1(1), p.100002. Kallaste, M., Kalantaridis, C. and Venesaar, U., 2019. Open Innovation in Enterprise Strategies in Central and Eastern Europe: The Case of Estonia.Research in Economics and Business: Central and Eastern Europe,10(2). Li,G.,2019,August.ResearchonInnovationofEnterpriseManagementAccounting Informatization Platform based on Intelligent Finance [C]. InProceedings of the 1st International Symposium on Economic Development and Management Innovation (EDMI 2019). Zhang, Y. and Shi, J., 2021, March. Innovation of Enterprise Management Mode in the Era of Big Data. InInternational Conference on Data and Information in Online(pp. 368-373). Springer, Cham. Dezhou, A. and Yu, L., 2021. A research on the enterprise-embedded innovation mechanism of supervision: An evolutionary analysis of two cases based on free trade pilot zones in China.Science Research Management,42(9), p.127. Gorączkowska, J., 2020. Enterprise innovation in technology incubators and university business incubators in the context of Polish industry.Oeconomia Copernicana,11(4), pp.799- 817.