Innovation and Entrepreneurship Sample Assignment (GC01994)

Table of Contents

1.0 Introduction.

2.0 Business Background.

3.0 Market Analysis.

4.0 Industry Analysis.

5.0 Operations Detail

6.0 SWOT Analysis.

7.0 Financial Requirements.

8.0 Conclusion.

References.

1.0 Introduction

Ruona (2018) stated that a business plan is required for every start-up business. The report contains the business plan for a new restaurant business in the UK market to offer sandwiches to the consumers. The business plan contains the background of the prospected business, analysis of the targeted market of the prospected business and industry details of the business. Additionally, it also contains the findings of SWOT, operation details and financial information of the proposed sandwich business.

2.0 Business Background

2.1 Business overview

The proposed business name is “Ready Sandwich”. The main foods of the restaurant include fast food and sandwich. The planned business is taken into consideration due to the high demand of the consumers of sandwiches in the UK people. The proposed restaurant will offer quality foods and services in exchange for very low profit.

2.2 Aims and objectives

Aims

The aim of Ready Sandwich is to offer quality foods to the consumers and ensure a healthy society by performing corporate social responsibility.

Objectives

The objectives of Ready Sandwich include:

To maximize the profit and wealth of the restaurant within 2021
To spread the business functions in several areas within 2021
To enlarge the additional food items at the end of this present year
To ensure food quality and consumers’ satisfaction within 2020
To train staff and recruit skilled staff in the restaurant to offer quality services.
To raise 5% revenue and 2% net profit within the year 2020
To ensure brand loyalty in the UK market within 2021

2.3 Mission and vision

The mission of Ready Sandwich is to offer quality foods to the consumers and ensure a healthy society people within a reasonable cost. The vision of Ready Sandwich is to ensure brand loyalty in the UK market with a greater level of profitability and consumers’ satisfaction.

3.0 Market Analysis

3.1 Customer analysis

According to Gibson (2014), Customer analysis helps to attain information about the targeted customers’ choices, expectations, lifestyles, foods habit and buying behaviour. In the case of business, the customer analysis has great importance because the new business firm needs to understand the targeted customers’ choices, expectations, lifestyles, foods habit and buying behaviour (Susan Ward, 2020). Customer analysis can be done by customer survey, interview and another related way. The targeted business targets the customers of the UK especially in the London area to understand the information related to the customers. The proposed business offers sandwiches and other foods to the consumers. Therefore, the analysis of foods habit of the customers is the main factor.

3.2 Target market/market segmentation

Susan Ward (2020) stated that market segmentation is another vital issue for doing business operations in the new area. The proposed business will be targeted the London area and segmented the market by following the demographic information of the target customers. Normally, the sandwich and other fast foods are liked by the all age’s people especially children and young males and females. Therefore, the proposed business will segment the market and offer foods to children and young customers.

3.3 Market analysis

Jim Cochrane ((2017) stated that market analysis is another vital issue for doing business operations in the new area. The proposed business will be targeted in the London area because this area has a high demand for sandwiches. Normally, the sandwich and other fast foods are liked by the all age’s people especially children and young males and females. Therefore, the business targets children and young customers in the London market. The market condition is more stable and favorable to do restaurant business.

4.0 Industry Analysis

4.1 Industry characteristics

According to Schoonover (2017), Industry analysis assists in understanding the nature, position and condition of the industry by which a business can easily make advanced decisions for running smooth business functions. The proposed business offers sandwiches and other foods to the consumers of the London area. For this reason, this is one kind of restaurant business. The restaurant business in the UK has established a good position and its profit history is very attractive. The existing and potential customers are very willing to eat healthy and ready foods rather than homemade foods. That is why; this restaurant industry has a great potentiality in the UK market. Therefore, most of entrepreneurs start this business without any hesitation. This industry also requires fewer financial items and other legal requirements that increase its popularity in the market.

4.2 Competitor analysis

Schoonover (2017) stated that competitor analysis helps to get information about the competitors and their strategies. The competition level in the market is also identified by the competitor analysis. The target business is run in the London market. For this reason, this restaurant has several competitors including Chez Antoinette Victoria; The Ledbury, Rules, the cinnamon club, the Ritz restaurant, Zuma London and others. The following chart shows the competitors of Ready sandwich in London market with the market share.

The chart represents that the competitors of Ready sandwich in the London market with the market share. The Chez Antoinette Victoria has the largest amount of share in the London market, then the Ledbury has got the second position and then, rules, the cinnamon club and the Ritz restaurant, Zuma London and others.

5.0 Operations Detail

5.1 Location

The proposed business will target and operate a business in central London at Kennington Park. This restaurant will be situated in a well-decorated building on the ground floor to attract potential consumers very shortly and effectively. The location of the restaurant will be spread in the several places of UK after establishing a good position in the London market……………..

Innovation and Entrepreneurship