Restaurant Business Idea Analysis, PEST Analysis and Report

This report outlines a business idea for a restaurant that incorporates artificial intelligence to provide customers with customizable dining experiences through thematic changes. The report includes a PEST (Political, Economic, Social, and Technological) analysis to assess the external environment and its potential impact on the business. The PEST analysis examines factors such as political stability, economic conditions, consumer behavior, and technological advancements. The report highlights the importance of market research and analysis for effective decision-making and strategic advantage. The business idea focuses on providing a unique and competitive advantage in the hospitality industry through innovation and technology. References to relevant literature are also included to support the analysis and findings of the business idea.

Module -
BMM3013(Starting a
Business and
Fundamentals of
Marketing)

An overview of your proposed business idea
Business idea is important to be unique effective and achievable so that planning in
business is done accordingly. Idea is the main part of business and enterprise without which
functions of patients and activities cannot be carried out. So business idea is that to open
restaurant with an automatic changing theme. In this business idea, customers who will be
visiting restaurant will have the options to change themes of their own personal sitting area
according to their choice and it will be supported by an artificial intelligence machines and
high skilled employees. This will be carried out through providing special cards to customers
who will have subscriptions of this facility. This is an innovative idea which will give new
way of doing business to hospitality industry and this competitive benefit will be achieved at
higher level. Moreover, deep level of research analysis and information with efficient
resources are required to execute it in proper way.
An evaluation of external environment (PEST)
As, it is a new business idea there are various types of external environment factors
which will affect the execution and are discussed below-
PEST Analysis- It is a framework which is used by enterprise to scan the environment
factors externally which are affecting overall organisational structure. It is a time consuming
process but is essential for both old and new enterprise as it help in achieving business goals
and objectives appropriately (Moniuszko-Szajwaj, 2018).
Political factors-
It is an external environment in which it reflects the involvement of government with
an economy. As this will be carried out at global level, it will be affected by different trade
policies and political stability or instability.
Economic factor-
It is another external in component of pest analysis in which it includes inflation and
deflation rate, disposable income of consumers etc. As restaurant is to be launched in
commercial sector, this factor will have a deep impact on business because exchanges rates of
currencies will affect overall structure (van Werven, 2019).
Social factors-
In this external environment factor, it focuses on income distribution population
growth rate age distribution health consciousness lifestyle etc. It is important to focus on this
element of pest analysis because market is changeable and consumer behaviour changes with
period of time. In relevance with business idea of launching a restaurant, necessary to analyse
these social variables so that everything is planned while considering these stated elements.
Technological
With changing period of time, everyone has become addicted to the use of technology
in internet. Most of the business sectors are interact with technology. In reference of business
idea, of launching a new restaurant with artificial intelligence gives new benchmark and
strategic advantage.

Moreover technological factors which comprises of use of advanced software and
tools, artificial intelligence and more. So it has been analysed that the above explained
external environment factors will have a wider impact on business idea and it is necessary to
conduct a proper market research analysis through which decision making is carried out
effectively.

REFERENCES
Books & Journal:
van Werven, 2019. Pitching a business idea to investors: How new venture founders use
micro-level rhetoric to achieve narrative plausibility and resonance. International Small
Business Journal, 37(3), pp.193-214.
Moniuszko-Szajwaj, 2018, December. Oxytree as a Business Idea. In 2018-Sustainable
Industrial Processing Summit (Vol. 6, pp. 391-392). Flogen Star Outreach.
Alava, 2018. PEST Analysis Based on A Case Study for. Neutrosophic Sets and Systems,
p.84.