Conference and Banqueting Management: Eternity Restaurant & Bar Report

This report provides a comprehensive analysis of the business idea for "Eternity Restaurant and Bar," focusing on its viability and market potential within the UK restaurant industry. The report begins with background information on entrepreneurial opportunities and how entrepreneurs identify them using tools like STEEP factors and Drucker's 7 sources of Innovation. It then introduces the business idea, highlighting its unique American-Swedish menu with Asian influences and signature cocktail drinks. A detailed competitor analysis using Porter's Five Forces model is presented, along with a gap analysis identifying areas for improvement, such as live entertainment and drink options. The report also examines the current and future state of the UK restaurant industry, supported by statistical data. Market research, including primary and secondary methods, is used to support the business's viability. The report concludes by emphasizing the restaurant's potential to succeed by adapting to new trends and meeting customer demands. References to relevant academic sources are included.

CONFERENCE AND BANQUETING
MANAGEMENT
Identifying Entrepreneurial
Opportunities

Table of Contents
 Background Information
 Introduction To Business
 Competitor analysis
 Gap analysis
 Market Research
 Viability of the Business idea

INTRODUCTION
 Entrepreneurs play important role in weighing up the opportunities, personal capacities
and threats for translating an opportunity to the business idea.
 This pitch report will include evaluation of various sources of entrepreneurial ideas and
innovation.
 Explanations of rationale and market gap for specific entrepreneurial idea will be done
using relevant tools and techniques.
 Data will be presented in order to support gap analysis in evaluation of specific
entrepreneurial idea and it will be interpreted as well to provide evidence of market
potential.
 The SWOT framework will be applied and also evaluation of competitive and market
environment will be done.

Background information about those sources that
inspired entrepreneurial idea
There are various sources through which entrepreneurs get
their business idea from, and then they translate it into
successful business idea. Individuals can get
entrepreneurial ideas and innovation ideas from the
external and macro environmental. The entrepreneurial
ideas can be identified from the STEEP factors, which is
explained as follows:
 Social
 Technological
 Environmental
 Economical
 Political

Drucker's 7 sources of Innovation,
The sources of entrepreneurial ideas and innovation can be evaluated with the help of
Drucker's 7 sources of Innovation, which is explained as follows:
 The unexpected
 Incongruities
 Process Need
 Industry and market structure change
 Demographics
 Changes in perception, meaning and mood
 New Knowledge:

An introduction to your business idea
The business and entrepreneurial idea that has
been chosen is Mediterranean restaurant and bar. The
unique and innovative idea that can attract great
number of customer is its unique Cocktail drinks and
its unique American-Swedish menu that have the
touch of Asian influence as well. The name of the
new start-up business is “Eternity Restaurant and
Bar”.

Potential Customers and Target Audience
 The business will put special focus on targeting local people and tourists and people who
actively seeks restaurants.
 Special focus will be on the young adults having 15 K to 50 K income and who are looking
for the great time and great food and beverage.
 The general demographic segmentation of “Eternity Restaurant & Bar” are females and
males age of 18 to 50 having some or all of the University education.
 In addition to the local are people, the restaurant will also serve the party loving people
from the neighboring cities and tourists as well.

A competitor analysis that looks at the
competitive marketplace
Porter's Five Forces model can be used for effectively analysing the attractiveness of
the industrial environment from the new entrant perspective and it is given as follows:
 Threat of Substitute
 Bargaining Power of Suppliers
 Bargaining Power of Customers
 Threat of Existing Competitors
 Threat of New Entrant

Gap analysis and how entrepreneurs looks to
close the gaps.
From the primary market research results and outcomes, it can be concluded that there
exist a gap in the business idea and market potential. According to research results, it
can be seen that target customers like to have live singers and reggae bands at the
restaurant ambiance and environment, which was missed in the business restaurant
idea. This gap can be closed by recruiting singers and reggae bands for the “Eternity
Restaurant & Bar”. The another gap that was identified from the market research
result is that people would like to prefer “Champagne margarita” and “Imported wines
and whiskey” in the menu of hard drinks'. Thus, entrepreneur can close this gap by
providing these mentioned drinks and meeting the needs and wants of customers. The
entrepreneur also needs to focus on maintaining cleanliness and hygiene in the
restaurant and bar as it was another special concern of customers.

What is the situation now and what
is the future?
The restaurant and hospitality industry in the UK has undergone a period of significance
growth and development. Eating out is considered as the favourite and is most popular leisure
activity for the people of UK. In the year 2017, total expenditures from the customers on the
cafes and restaurants has reached approx to 88 billion British pounds. The number of
businesses in this industry is steadily rising and contributes approx 17.9 billion British
pounds. From the statistics, it is identified that total revenue from the UK restaurant industry
is 37.7 billion GBP. There are almost 86.6 K restaurants in the UK. Therefore, from the
secondary research results, it can be concluded that there is rapid growth and success in the
restaurant industry.

What are the objectives of business
idea and how do entrepreneur wish
to achieve them?
Goals and objectives of the entrepreneurial ideas is:
To keep gross profits margin at approximately at 50%.
To gain financial success that covers the total start-up investment
by the end of second year.
To improve the inventory turnover upto 200 turns by the next year.
To increase sales to more than £234,500 by the end of third year.

Market research to support viability and
identify market potential
The market research helps in providing valuable information to identify and
analyse market opportunities and probable pitfalls for the new business
ideas.
 Primary Market research
 Secondary Market Research