Strategic Business Report: Taste of Istanbul Restaurant Analysis

This report provides a comprehensive analysis of the "Taste of Istanbul" restaurant, outlining its business details, market position, and future strategies. It covers aspects such as the restaurant's location, management structure, products and services, and innovation initiatives. The report includes a market analysis, identifying target customers, conducting a SWOT analysis, and examining competitors. Furthermore, it delves into the restaurant's financial performance, including revenue projections and cost management strategies. The future plans for "Taste of Istanbul" involve retaining talented staff, regulating prices, expanding reach, improving brand image, and enhancing customer satisfaction through effective marketing and promotion activities. The report concludes with an action plan focused on improving advertising and customer engagement to drive business growth and profitability. Desklib provides access to this document along with a wealth of other solved assignments and study resources for students.

A taste of Istanbul Business
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Contents
PART A......................................................................................................................................4
Summary....................................................................................................................................4
The Business..........................................................................................................................4
The Market.............................................................................................................................4
The Future..............................................................................................................................4
The Finances..........................................................................................................................4
The business...............................................................................................................................5
Business details......................................................................................................................5
Registration details.................................................................................................................5
Business premises..................................................................................................................5
Organisation chart..................................................................................................................5
Management & ownership.....................................................................................................6
Key personnel.........................................................................................................................6
Products/services....................................................................................................................6
Innovation..............................................................................................................................6
Insurance................................................................................................................................6
Risk management...................................................................................................................7
Legal considerations...............................................................................................................7
Operations..............................................................................................................................7
Sustainability plan..................................................................................................................7
The market.................................................................................................................................8
Market research......................................................................................................................8
Market targets.........................................................................................................................8
Industry analysis.....................................................................................................................8
The potential customers.........................................................................................................9
SWOT analysis.......................................................................................................................9
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Competitors..........................................................................................................................10
Advertising & sales..............................................................................................................10
The Future for Taste of Istanbul...........................................................................................10
The Finances for Taste of Istanbul.......................................................................................11
PART B....................................................................................................................................16
Monitoring performance..........................................................................................................16
CONCLUSION........................................................................................................................19
REFERENCES.........................................................................................................................21
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PART A
Summary
The Business
Taste of istanbul have started to entered into the competitive market and provide the
best quality of turkish food dishes for their potential consumers. The restaurant was located in
the unit 5/6 swanbounre way, Noosaville QLD 4566. The location of resturtant is always
attracted the potential client and increase the demad of products & services. In particular area,
there are limited number of turkish restaurant so that it would be increased the level of
attraction among consumers. The competitive advantage of enterprise are quality of turkish
food services, a better location, availability of financial resources, knowledge & experience
of the food industry.
The Market
The owner of Taste of istanbul have already experienced about the business operation
management and identify the significant role of manager where they can easily operated a
number of restraunt in different regions (Asafov, 2021). The owner of A taste of istanbul is
qualified and previously worked for biggest restaurant so that it has became for his to handle
business operational activities in proper manner. The marketing plan for taste of istanbul is to
grow market share from 40% and generate a before tax net margin approximately 20%.
The Future
The business will be achieved the objectives: retaining employees for restaurant and
always maintain quality of products & services. It is also upgrading the demand and also
handled the prices or costs. In future aspect, it is undertaking more aggressive in regards of
promotional activities.
The Finances
Based on the project, it has been summariused the financial performance and identify
the turnver which is approximately increasing yearly basis. The business can be handled the
positive cash flow from 1st month of business operation. Sometimes, it also break-down to
estimate on the basis of monthly sales level.
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The business
Business details
A taste of istanbul is kind of authentic turkish restraunt and located in the northern
area of virgina. A taste of istanbul is also providing the catering services for potential
consumers those are majorly demanding the several turkish dishes.
Registration details
The business owner of A taste of istanbul should be considered both online and
offline model, providing the services where consumer will be booked the order by online. A
taste of istanbul is always keep to maintain, update or record information within database
system of enterprise (Azmi and et.al., 2021). The owner of taste of istanbul have incorporated
certificate and completion the process accordingly.
Business premises
A taste of istanbul started out serving the foods & servuce at local markets. The
restrautant is located in the the unit 5/6 swanbounre way, Noosaville QLD 4566. It focuses on
the maintain infrastructure and space area in proper manner.
Organisation chart
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Management & ownership
Ercan karaman is the owner, head of chef of taste of istanbul. It was established in
2017 and owned as family enterprise. There are 30+ years cooking experience of chief and
fulfill all essential need or requirement for the potential consumers.
Ercan karaman will work fulfill in this business and always focused on the attracting
more client towards products & services (Buyukkuru, Ozgul Katlav and Yonet Eren, 2021).
This will help to increase production and sales of enterprise in marketplace. Other staff
members will be working on the basis of part time and handle different operational activities.
Key personnel
 Restaurant manager
 Host
 Server
 Bar manager
 Cashier and runner
Products/services
A taste of istanbul (restaurant) has offered the different products such as doner, wraps,
chicken and beef kofte kebabs. These kind of items are served with maintain best quality of
taste in proper manner.
Innovation
The owner of taste of instanbul focuses on the implementation of online ordering
systems, launch a delivery smart apps. Apart from that, it is also providing the facility of
consumers related to QR codes payment (de Carvalho and da Silva, 2021). These kind of
innovations are always inspiring and motivating the people to attracts towards different foods
& services.
Insurance
A taste of istanbul consider the package of insurance and covered all valuable
property, prices or costs. In some cases, it including customise insurance process for
customers where they can share their complaints and opinion.
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Risk management
In the context of taste of istanbul, the ower will follow a risk management and act as
creating the prevention strategies. It helps to avoid uncertain kind of potential issues such as
containmantion, improve safety of equipment’s and improper food handling. By using risk
management approach, it can be fixed the generated issues and enhance the popularity of
restaurant in marketplace.
Legal considerations
The owner of business should be considered the legal compliance while setting up a
taste of instanbul. Most importantly, it needs to be completing the registration process under
business act 2013. In order to keep maintain presence of business in marketplace (Lestari and
Famiola, 2021). Other legal considerations are health trade license, establishment license,
health & safety act. These are considered the important rules and regulations, helping to
protect or secure brand image, reputation in marketplace.
Operations
In the taste of instanbul, staff members are focused on the performing different
business operations such as food preparation, customer service, purchasing essential raw
materials, reporting, cleaning and accounting.
Sustainability plan
In the taste of istanbul, the owner has focused on the sustainability plan so that they
will try to avoiud disposal items and using cloth bags for food packaging. In this way, it will
try to adopt the sustainable materials and avoid harmful substances like plastic, paper. On the
other hand, the ower of business will be adopting the sustainable concept in order to reduce
the effects of household chemicals (Mohd Nor, Muis and Shukri, 2021). This kind of
approach will support in the eco-friendly environment at restaurant premises.
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The market
Market research
Based on the market condition, it will be conducting market research in order to focus
on the tough competitors as they are trying to create or develop strong brand recognition with
high quality of foods & services. However, a taste of Istanbul is operating the business but it
does not give a proper flexibility to change menu items. In competitive marketplace, there are
60%-70% of restaurants provide the excellent food services to the consumers and always
maintain a preference of people accordingly.
Market targets
A taste of Istanbul continues to focus on the development of business in residential
areas or places. Main plan is attracting the high socio-economic demographic with high
employment. The owner of A taste of istanbul is passing the shoppers and develop a centre
staff of all age group who wants to enjoy Turkish food dishes. Based on the public consultant,
it is focused on the shopping centre where different families, young singles can select
different options. A taste of istanbul will make it perfect service for young generation,
families so that they can enjoy their meal (Santalova and et.al., 2021). The majority of client
who can purchase new dishes from taste of Istanbul and always try something new. The
owner of A taste of istanbul will try to maintain a convenient place, relaxing environment.
Afterwards, the customers are fully satisfied with services and increase the value of Turkish
food items in markets.
Industry analysis
A taste of istanbul is the competitive market with increasing the demand across global
world. Whenever it starts the business which will consider the segmentation of business at
different level. Due to the competition, it obvious thing to influence more consumers because
of quality of Turkish food items at nearby location. To extent, there will be considered the
limited competition and anticipated that all restaurant enterprises are complex at certain level.
In general, the trends of A taste of istanbul are concentrated on offering better value
of money and provide variety of options. The food industry will continue to gain more benefit
or advantage from high income people.
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The potential customers
On the basis of analysis, it has been identified the potential customers who are
selecting A taste of istanbul. It including couple, foodies, family, solo dinner, regulars.
SWOT analysis
The swot analysis is related to the taste of Istanbul and identify the specific need or
requirement for better understanding of enterprise.
Strength
 Existence of high barriers in the
entry level.
 Limited the competition in different
region such as New York area.
 Lower start-up risk or threat.
 Ability of enterprise is to sell the
Turkish food items through online
website.
 Highly experienced staff members
and handle different operational
activities.
Opportunities
 It continued to expand the business
by using online sales.
 The ability of restaurant is to
develop additional stores.
 Enhancing the development of
wholesale distribution and develop a
strong relationships.
Weakness
 Identify the high competition level
in marketplace.
 It applied the limited start-up prices
or costs
 It shows a high transportation prices
in delivery services.
 Difficult to maintain flexibility in
the context of pricing strategy.
Threats
 A specific changes are identified the
compliance, rules or regulations. It is
directly impacts on the business
performance.
 It continued to increase price or cost
of insurance.
Table: 1
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Competitors
Here are identified toughest competitors of taste of Istanbul in the marketplace.
 Ghana cuisine
 Gokyuzu restaurant
Advertising & sales
A taste of Istanbul will be focused on the different advertisement platform such as
social media, website and newspaper. These are considered different methods in order to
promote the different products & services in marketplace. In the context of A taste of
istanbul, the owner will be undertaking wide range of promotion and take over business
promotional activities. To promote the products & services, it is important to use digital
platform and targeting large number of audience. This will help to develop awareness among
people and how they can find the best food options.
For purpose of regular advertising, it will be used the frame advertisement boards,
weekly newspaper advertising. These kind of traditional approach are influencing people to
use themselves and achieve desirable goals. This will help to increase level of business
production and sales in marketplace (Taifa, 2021). Some kind of services are offering through
loyalty care scheme which will be increased the demand of business. Therefore, it became
easier for enterprise to establish a strong position in the competitive marketplace.
The Future for Taste of Istanbul
Vision Statement
Taking environment of the restaurant which will give a feeling of the Istanbul with the
high quality services to the customer (TASTE OF ISTANBUL, 2020).
Mission Statement
To provide the customer with high quality service and taste which will depict the
Taste of Istanbul.
Goals and Objectives
 Retaining the talented staff of Taste of Istanbul
 Regulating the price to be affordable
 Increasing the reach of A taste of istanbul
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 Improving the brand image of Taste of Istanbul
 Improving the customer satisfaction
 Efficiency in cost control
 Effectiveness in maintaining stock in the company
 Improving the relationship with the suppliers
 Improving the marketing and promotion activities
 Increasing the profit of the company Taste of Istanbul
 Reducing the cost of purchases
Action Plan
Action plan is a type of strategy which is made for the future benefit of the company.
The action plan for the company Taste of Istanbul will be that they will improve the
advertising for their product which will improve the customer base (Tipu, 2018). This will
include various types of offers and different types of advertisement which will attract the
customers. It will eventually support the financial objectives of the company to improve the
profit margin of the company. The company will also be doing various type of cost control
which will improve the profit base for the company.
The Finances for Taste of Istanbul
Key Objectives and financial review
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Financial objectives are important to prepare beforehand as it will motivate the
employees to achieve the goal while improving their efficiency and effectiveness. The
financial objectives for the company Taste of Istanbul can be –
 To increase the sales of the restaurant.
 To improve the daily revenue of the company
 To increase the net profit for the business
 To have more returns on the investment
For achieving this objectives, the company Taste of Istanbul will need more funds so that
they can increase the stock of raw material which will need the fund for warehouse as well as
raw material. The company will need $ 200,000. This will involve various cost which will be
incurred by the company. The owner of the business will be contributing his own capital till $
50,000. The remaining $150,000 will be raised with the help of venture capital and friends or
relatives. It will benefit the business in terms of interest as the interest will be lowered when
raising the money from these sources (McKeever, 2018).
Assumptions
Assumptions will help to analyses the required forecast for the company Taste of
Istanbul which is suitable for the company (Jukova and et.al., 2019). The assumptions which
will take place are discussed further:
 Average sales price will be $ 7.50 per transactions
 Average cost will be $3 per transaction
 Sales transactions range will be 6000 to 8000 in the peak time
 Seasonal fluctuations will be more during Christmas and New Year which will
increase the sales for the company.
 The business will not be operating on credit basis as tax are to be paid regularly.
Start-up Cost
The total start-up cost which will be needed $200,000 which will be broken in various
overhead such as administration, selling, and various others. The further distribution will be
discussed further:
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