Innovation and Entrepreneurship: Theme Restaurant Business Development

This report presents a business development plan for a themed restaurant, emphasizing innovation and entrepreneurship in the competitive food and hospitality industry. The core concept involves a robotic-themed dining experience to enhance customer satisfaction and address post-COVID-19 challenges. The report includes market analysis using the STP model, industry analysis using Porter's Five Forces, operational details, and a SWOT analysis. It explores the restaurant's potential location in West London, UK, the use of social media for marketing, and financial requirements, concluding that innovation is crucial for brand promotion and meeting customer needs in the evolving global business environment. The report highlights the importance of market research and strategic planning to leverage strengths and opportunities while mitigating threats and weaknesses.

Innovation and
Entrepreneurship

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). This impact on the strategies if organisation in attracting customers. 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

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 threat due 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.
The company 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:
Strength weaknesses
 The UK food and restaurant industry
has support from government and
opportunities which is the strength.
 The companies could utilise great low
cost savings.
 Easily adaptable.
 Due to low market coverage, the new
idea will take time to grow in the
market (Dezhou, and Yu, 2021).
 Due to having less employees, the
company may face difficulties in
managing other work like taking
orders, preparing food.
Opportunity Threat
 The Theme restaurant has great
opportunities in terms of social media
 There are a lot of competitors which
might impact on company due to

which will attract customers. It require
a well developed IT team to mange all
the action and maintain control on
trends and needs of customer.
 Market penetration would be best to
grow products among last market.
having existing customer base and old
presence.
 Threat in failure of ideas due to
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 effective ways 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.

Jan Feb March April June July August Sept Oct Nov
Sales 1: 3060 4590 6120 6120 6120 9180 9180 9180 9180 12240 1
Loan 40000 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Investment. Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Total Sales: 3060 4590 6120 6120 6120 9180 9180 9180 9180 12240 1
SET UP COSTS TOTAL 14600 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Direct Costs:
Inventory Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
TOTAL Direct Costs: Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Fixed Costs:
Salaries 1 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000
Rent. 216 216 216 216 216 216 216 216 216 216
Staff Wages. 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000
100 100 100 100 100 100 100 100 100 100
Phones. 3007 10 10 10 10 10 10 10 10 10
Freight & Postage 5 5 5 5 5 5 5 5 5 5
Stationary. 2 2 2 2 Nil Nil 2 2 2 2 Nil
Promotion & Ad. 9000 Nil Nil Nil Nil Nil Nil Nil Nil Nil
Legal 50 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Transport 50 50 50 50 50 50 50 50 50 50
Vehicles 250 250 250 250 250 250 250 250 250 250
Insurance 20 20 20 20 20 20 20 20 20 20
Maintenance 100 100 100 100 100 100 100 100 100 100
Misc. 20 20 20 20 20 20 20 20 20 20
Loan repayment. 10 10 10 10 10 10 20 20 20 20
Interest on loan. 50 50 50 50 50 50 50 50 50 50
TOTAL: 16880 4833 4833 4833 4831 4831 4843 4843 4843 4843 1
16880 4833 4833 4833 4831 4831 4843 4843 4843 4843 1
-13820 -243 1287 1287 1289 4349 4337 4337 4337 7397 -
May
Utilities/Gas/Elec
Sub Total: Fix + Direct Costs.
Net Profit: Sales – Sub total
CONCLUSION
The report has concluded 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. Research on Innovation of Enterprise Management Accounting
Informatization Platform based on Intelligent Finance [C]. In Proceedings 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. In International 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.