Sink Inn Restaurant: Startup Business Plan & Marketing Fundamentals

This report outlines the marketing fundamentals for launching Sink Inn Food Restaurant in Oakham, UK. It details the business idea, focusing on providing 24/7 food services with specialized options for different age groups and health needs, addressing a market gap in personalized dining experiences. The report covers essential skills and the strategic location choice near a Tesco superstore. It includes a PESTLE analysis leading to a SWOT analysis, competition analysis, and an industry analysis using Porter’s Five Forces. The target market is identified and segmented using STP analysis, followed by a comprehensive marketing plan based on the 4Ps of marketing—product, price, place, and promotion—to enhance market reach and customer satisfaction through online promotion, home delivery, and competitive pricing.

Fundamentals of
Marketing for
Starting A Business

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Summary of the Proposed Business Idea and Market Gap Identified................................1
2. Relevant skills and experience for the business.................................................................1
3. Location for proposed business and reason for its choice..................................................1
RESEARCH PRESENTATION......................................................................................................2
4. PESTLE Analysis, leading into the SWOT Analysis.........................................................2
5. Competition analysis..........................................................................................................2
6. Industry Analysis with the help of Porter’s Five Forces....................................................2
7. Identifying Target market and segmentation with the help of STP analysis......................2
8. Marketing Plan with the help of 4Ps of marketing.............................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
1. Summary of the Proposed Business Idea and Market Gap Identified
Sink Inn Food Restaurant plan will describe the approach for starting a food restaurant
within the location of Oakham town in UK. The business plan is developed in the constructional
scenario for starting the business including its objectives, aims, visions and mission of the
company (Milinda and et. al., 2018). The restaurant provides food services that offer distinct fast
food delicacies, starters, meals and desserts in all four time meal options even during the night. It
will provide distinct food delicacies and exceptional breakfast, lunch, dining and late night
dinner services to its customers 24/7. It mainly focuses on providing specialised means for
different age groups of people according to their health and its night food court services for the
travellers. The restaurants do not consider the health of people while serving food and they
provide the same type of food to everyone disregarding their health and age. Therefore, it will
focus on these small things to create the best experience for the customers.
2. Relevant skills and experience for the business
There are various skills, knowledge and experiences that are required to handle such
business. Awareness of the customers is very important in order to start a restaurant business
because it requires full fill the demands of the customers so that their palate can be gratified.
Business planning ability is also important to raise funds for starting the business, and market
analysis to understand the competition and market conditions.
3. Location for proposed business and reason for its choice
Sink Inn Food Restaurant will be started in the city of Oakham, near the Tesco superstore,
near Goal Street because the place is densely populated and there is always traffic of people
nearby and in the Tesco Store which can improve the chances of restaurant to spread its wings
effectively into the market.
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RESEARCH PRESENTATION
4. PESTLE Analysis, leading into the SWOT Analysis
PESTLE Analysis
Political Factors: As the restaurant is based in UK country so its a very politically stable
country and also have a strong power in terms of holding position at political level so restaurant
can easily establish themselves.
Economic Factors: This factor basically considers all the aspects of an economy and in which
manner the outlook on each area could impact the business(Alanzi, 2018).As the country is
basically very strong at the economic level so they can easily attract customers on a very large
scale for their restaurant.
Social Factors: These are the factors which are related to cultural and demographic trends of the
society. This factor basically include certain aspects such as cultural aspects, age distribution and
career attitudes. The restaurant can easily set themselves within the culture of UK country due to
which they can easily provide the services into appropriate manner.
Technological Factors: According to changing period of time, technologies are changing on a
very fast pace manner. So restaurant has to implemet and adopt new technologies in their
restaurant so that they can showcase that they match themselves according to the current trend of
the market.
Legal Factors: These are the factors which pertains to any legal forces which define what a
business can or cannot do. These factors basically include industry regulation, labour laws and
intellectual property as well. Restaurant has to follow all the norms and rules and regulations as
well so that they can run themselves into legalised form.
Environmental Factors: These are the factors which is basically concerned with ecological
impacts on the business (Barik and Kumar, 2018) Restaurant has to follow all the rules and
regulations regarding the environment so that they cannot indirectly impact the environment into
negative terms.
So these are the fators which needs to be taken into consideration while doing the analysis from
the business perspective.
SWOT Analysis
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 Strengths: The strength for restaurant is that as the country is very strong in terms of
political parameter so it has stability in that parameter so business can be established
from the perspective of long run.
 Weakness: It is not necessary that restaurant can fulfil all the legal compliances and
should consider all the rules and regulations which has been set by the UK government
for start up companies or small businesses.
 Opportunities: Restaurant has offered healthy and tasty food products due to which
customers can’t find out alternative option for it so it act as opportunity for further growth
of the restaurant(Teoli, Sanvictores and An, 2019).
 Threats: There are lots of competitors into the market and can also attract customers
through their attractive and innovative menu which is very unique into the market and it
act as threat for the restaurant for their further growth and development.
5. Competition analysis
A competitor analysis basically refers to the strategy which involves researching main
competitors in order to gain insight into their sales, products and marketing tactics. This
information can be used as point of comparison in order to identify company’s strengths and
weaknesses which is relative to the competitor(Dalton, 2019). As it is a small business of
restaurant so there are less chances of large competition into the market but when investment
level is not so high so there are chance that other people can also try to enter into this
industry. There are possibilities to give tough competition into the market. If any restaurant
provides unique menu to the customers then there will be chances that people can switch to
another option as well.
6. Industry Analysis with the help of Porter’s Five Forces
 Competition in the industry: This fore basically refers to the number of competitors and
their ability to under cut the company. The larger the number of competitors along with
number of equivalent number of product and services they offer, the lesser the power of
the company (Novikov, 2018).In context to restaurant there are very few competitors into
the market so their image into the market very strong in terms of attracting customers.
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 Potential of new entrants into the industry: The power of company is also affected by
the force of new entrants into the market. As it is a small restaurant so there are chances
of entering new entrants into this industry market.
 Power of suppliers: This factor is affected by the number of suppliers of key inputs of a
good or service, how unique these inputs are and how much it would cost a company to
switch to another supplier. When restaurant has good relationship with their suppliers
then it is easier for the restaurant to maintain consistency in terms of providing services to
their customers into positive manner.
 Power of customers: This force gets affected through how many buyers or customers a
company has and how significant each customer is and how much it would cost a
company to find new customers or markets for its output. When restaurant has good
number of customers then its easier for the restaurant to retain customers with the
services of it for longer period of time from perspective of future as well.
 Threat of substitutes: Substitute goods or services are those that can be used in place of
a company’s product or service that act as threat for the company. Restaurant has to be
very strong in terms of their menu and services provided by them so that customers can’t
switch to another option very easily.
7. Identifying Target market and segmentation with the help of STP analysis
STP analysis is an effective framework that is utilized by the companies to identify the
target market and segment their products or services effectively and efficiently to position them
at the best locations where maximum number of customers can reach them. STP analysis of Sink
Inn Food Restaurant is as follows:
Segmentatio
n
Geographic
segmentation
Geographical segmentation helps to segment the product
according to the requirements of the place (Pessima and
Dietz, 2019). The Sink Inn Food Restaurant anticipates
establishing its business in many locations. For this purpose
the Sink Inn focus is on streamlining its menu based on the
geographical conditions of the place.
Demographic
segmentation
Demographic segmentation specifies the factors that affect the
business activities like the age group of the customers, income,
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lifestyle etc. Sink Inn's focus is on providing its food services to
all the people of all groups and ages but it will consider their
health issues and requirements of healthy food as per their age.
Targeting Sink Inn food restaurant has prepared its targeting after segmentation process by
selecting the specific sections of the industry that it mainly focus on to bring in
an Excellent business approach. This restaurant has assessed some of the
various drawbacks in the market like the unavailability of food services during
the night time at maximum places and inconsideration of the health of people
for their food requirements. It assessed some of the variables such as the
perpetual desirability of the segment, scope and size of the market, segment
development etc.
Positioning It refers to placing the product on the right space and time point which means
the suitable place and best time to achieve greatest results (Cao, and et. al.,
2022). The Sink Inn Food Restaurant anticipates the segmenting, targeting
and market trends to place its products at the best possible locations for the
customers. It will consider utilizing the home delivery services and online
media for larger coverage.
8. Marketing Plan with the help of 4Ps of marketing
4Ps of Marketing are considered as effective strategies or frameworks to improve the
marketing activities by developing or improving the product, price, place and promotion
activities. 4Ps of marketing in regard to Sink Inn Food Restaurant are elaborated below.
Product Sink Inn food restaurant intends to produce and sell breakfast, dinner, lunch and
midnight dinner to its customers along with various options for huge amount
of menu. It will include burritos, fries, starters, soups, sandwiches, pasta,
pizza, sweets, shakes, cold drinks, coffee, dessert, salads, shakes etc. All
these products will be designed by focusing on maintaining the good health
of the customers (Eti, 2020).
Price In order to increase sales of the produce, Sink Inn is anticipated to utilize best
possible pricing for its products and services. It focus is on utilizing value
pricing method, fluctuating rates, MRP, fixed exchange prices, cost segregation
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etc. The company will provide its customers with the products of competitive
pricing which have high quality food items to be served for them.
Place Place refers to a specific point in space and time. It is the allocation reference
and that allows the business to deliver its product to the customers in effective
ways. Sink Inn focus is on delivering home services, pre-bookings, ceremonial
registration, and event organisation etc. of its products so that maximum area can
be covered and high level of customer satisfaction can be gained.
Promotion Primarily the Sink Inn food restaurant will utilize the online promotion
techniques and digital media such as internet, social media and websites for
promoting its products and services to the customers. The secondary approach
will be the promotion through word of mouth on its media platforms that really
explains the experience of customers with the company.
The four Ps of marketing will definitely enhance the overall marketing process of the
organisation and will support its optimum growth (Stoyanov, 2021). These 4Ps of marketing for
the Sink Inn Food Restaurant can help it to cover maximum customers in the market.
CONCLUSION
It has been obtained from the above report that a newly established organisation can easily
get success in the market after its establishment with the help of identifying the market and its
needs, and being available at relevant skill and experience in the business. It has been identified
from the report that the business can utilise pastel analysis in order to understand the external
macro factors of the business, and utilize SWOT analysis to identify its internal strengths and
weaknesses. Moreover, it has been obtained that by understanding the competition in the market
and analysing the industry with the help of porter's five forces the company can understand the
availability of competition within the market. Furthermore, the STP analysis and 4Ps of
marketing has been utilized to identify the potential strategies for reaching the maximum number
of customers into the market.
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REFERENCES
Books and Journals
Alanzi, S., 2018. PESTLE Analysis. Project Management.
Barik, B. and Kumar, S., 2018. Macro Environment of Indian Life Insurance Business: A
PESTLE Analysis. Bimaquest. 18(3).
Cao, S., and et. al., 2022. Marketing Strategy of Distribution Network of Power Supply
Company. In Innovative Computing (pp. 109-116). Springer, Singapore.
Dalton, J., 2019. SWOT analysis (Strengths, weaknesses, opportunities, threats). In Great Big
Agile (pp. 249-252). Apress, Berkeley, CA.
Eti, I.A., 2020. Theoretical Inspection And Rethink of Marketing Mix. Available at SSRN
3685642.
Milinda, H. K. K.,and et. al., 2018. Identifying Barriers in Commencing Own Business:
Evidence from Hospitality and Tourism Graduates in Sri Lanka.
Novikov, S. V., 2018. Strategic analysis of the development of high-technology manufacturing
facilities. Russian Engineering Research, 38(3). pp.198-200.
Pessima, J.D. and Dietz, B., 2019. Global strategic planning. The Wiley handbook of global
workplace learning. pp.141-154.
Stoyanov, D., 2021. Marketing of vending channels: a case of French university
campuses. International Journal of Retail & Distribution Management.
Teoli, D., Sanvictores, T. and An, J., 2019. SWOT analysis.
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