An individual having adequate resources may decide to start a new venture in order to fulfil needs and requirements of customers and earn maximum profits within shorter period of time. Along with the resources, an individual should also require to have an effective skills and capabilities to deal with challenges and problems that may come in the process of execution of business activities. This makes an individual a good entrepreneur. The present assignment report is based on the Delicious Dishqo Restaurant, a new venture which is going to start in London Market in United Kingdom. The project includes identification of target market and competitive analysis along with the tangible and intangible resources required in launching a new venture (Burns, 2017). Different skills and promotional activities which support new venture in achieving growth and success are also discussed under this report. The project also summarises the development of promotional plan before launching new venture along with the cash budget. Other aspects are also discussed under this report with the context of Delicious Dishqo Restaurant.
P1: Identification of specific target markets and competitive analysis
Delicious Dishqo is a restaurant which is going to launch in London Market with multiple cuisines. Such restaurant has serving large number of dishes and services with an objective of attracting large number of customers across worldwide. Thai, Spanish, Chinese, Indian etc. are some dishes which are going to be served by restaurant. The ideas of starting new venture come in the mind of entrepreneur after carefully analysing the market and preferences of the customers. It has been find out from the information collected from research that mostly customers are willing to visit restaurant with a motive of enjoying foods of different nations at one place. It has been also identified from the research that London is the perfect place for launching a new restaurant as London is considered as most popular tourist destination which attracts large number of customers every year. It will bring beneficial for restaurant which increases the chances of sustaining in market for longer period of time (Ettlie and Rosenthal, 2012).
An entrepreneur start a restaurant with helps of partners in order to get adequate support from them related with resources, ideas and innovation etc. Delicious Dishqo has acquired approx. 1500 square feet near London Eye on lease of 5 years with the purpose of operating business operations on continuous basis without facing any hindrances. As a partnership firm, large amount of funds can easily arranged from different sources such as own capital and bank loans which around £340000 to 349560.
- To achieve huge customer strength
- To capture large market share
- To generate huge profits
- To attain strong brand image in market
Mission: “To offer quality and healthy food products which helps in maximising the level of satisfaction of customers”.
It is essential for entrepreneur to first analyse the market environment before decide to exist in market. It helps them in identifying in advance about the challenges and opportunities on the basis of which an effective plans and strategies are formulated (Fernhaber and Li, 2013). As it is important to analyse the trends and customer’s taste and preferences on the basis of which all departments are given suitable direction. The market is divided or segmented on the basis of Demographic, Geographic and Psycho-graphic.
Demographic: Such segmentation is classified on the basis of gender, culture, religion, age, income level etc. It will help management of Delicious Dishqo to make an effective decisions and plans after analysing such factors. For example, Young generation preferred more to visit restaurants with their friends with an expectation of getting food products of different nations. Therefore, it must require for management to focus on attracting them more (Johne, 2018).
Geographic: Such segmentation is classified on the basis of location. It helps entrepreneur make decision regarding locating restaurant where they get maximum crowd. For example, London is an appropriate place where the large number of visitors are arrived due to which the restaurant can get maximum number of customers.
Psycho-graphic: In this, market is classified on the basis of lifestyle, personality of people etc. thus need to be analysed carefully. As hiving higher and middle income group mainly spends on foods given by restaurants thus it is important to target them and make attractive plans for such group.