Dinner In The Sky – Quality Food At Competitive Prices

Brief overview of the business

“Dinner in the sky” is a growing business focusing on selling its restaurants in the market. In this restaurant, consumers will be able to enjoy the outstanding and quality food and products at a competitive price. This will allow the company to retain more customers toward the business and will allow it to achieve its key goal (McKeever 2018). The restaurant will be situated in UK and will try to serve the customers different types of quality products at very good price.

The business proposes for the establishment of a ‘Dinner in the sky’ at United Kingdom as a restaurant which will be hold up to 200 customers at all occasions. This restaurant may also host leisure activities of Greek music as well as cultural dance save for regular facilities. The companies’ significant advantage being its favored location and its customers’ finest and perhaps most competitive products and services offered. The firm is anticipated to be situated in Buxton, bringing convenience to local residents as well as surrounding tourists. The district and the company supply all municipal services, especially electric water as well as telephone infrastructures. “Athens” is a modest corporation that intends to offer a new showcase in the Buxton restaurant sector. by giving premium alternatives for high-quality food and beverages, the firm delivers customers happiness. In fact, in accordance with the individual needs of certain clients, the company delivers speedy order fulfilment for a given event as well as offers them with a range of supplemental services. The purpose of the business is the proper decision for customers that delivers happiness and delight for each client while the food availability is the aim of the firm (Ferreras-Garcia, Hernández-Lara and Serradell-López 2019). Moreover, both workers and suppliers are dedicated to the aim of increased customer service.

The company ensures clients satisfaction through supplying premium choices for high-quality food and drinks. the firm performs rapid order fulfilment for a certain event in accordance with the unique demands of some clients, as well as providing them with a choice of additional services. The objective of the company is making products appealing and of high quality for clients that gives satisfaction and joy for each client while the food availability is the target of the organization. Moreover, both employees and suppliers are devoted to the purpose of enhanced customer service.

The vision of the company are as follows

• The essential aim is to take the firm to every customer who wants high quality products
• The organization offers its products with accordance to the customer demand
• The customers service and leisure obligations are still met by the company’s workers.
• To develop a sustainable startup for enterprises.
• Pay maximal pay and yet build a firm to produce appropriate cash flow.

The UK restaurant market nowadays presents a multitude of alternatives for the user therefore growing within the market can be a difficult task to execute. The firm is meant as the favorite choice for the consumer and delivers incredibly high quality cuisine, affordable pricing and good customer service. The organization is devoted to offering accurate and scalable services quality for every client (Dal Mas etal 2021). Customer relations and inclusive growth are the two major foundations of the company. As a firm must continually refine and enhance its client experience, it has to be user focused and therefore should concentrate on the commodities produced.

The firm features a large choice of high-quality food and drinks goods. In addition, the business represents itself for offering quality food as well as drinks for each consumer. The group will arrange activities like marriages, religious ceremonies, parties and celebrations.

Location and Menu

The menu provides a range of things building a special restaurant. The food source provides specialized cuisine which enable customers to pick hot as well as cold meals that are acceptable for their clients.

The organization is situated in the city of Buxton. The aforementioned position offers a benefit for the organization as it is approximately 14 mins from Manchester’s major metropolis. This would be an opportunity for the corporation to attract Manchester personnel and even for its business network to participate.

The business to develop and preserve a stunning image of the firm by training the employees of the organization. The number of workers is restricted as it is a startup and it requires to decrease its expense. The employees are trained as well as known properly to please the clients.

With 10 suitable and educated people with competence in this sort of market, the firm will commence its manufacturing procedures. The market of the organization is divided with all these three basic zones which is further developed and controlled:

• With the excellent performance
• With logistical assistance
• With publicity and advertisement

The firm is managed by an executive director with competence in the catering industry or in the food business. The financial analyst and worker auditors are also hired to manage the accounts and finances.  The top management of whom they are continuously reminded will appoint an accountant (Fauzi 2021). At least 4 industrial workers, overseen by the Chief Executive, will be employed. The firm would recruit four full-time waiters along with 1 attendant.

The market in which the business is situated has the potential to build and manage within the strategic locations which will allow it to provide a customer centric experience with the help of the omnichannel products. Without the understanding the core competence, the business will not be able to improve the market position. Further, the competitive position will be understood with the help of the marketing strategy which further will allow the business to improve its key competence (Synowiec 2020). The business will have to focus on different types of strategies which will help it to deal with its competitors. The business can also focus on its purchasing power as well as supply chain management to enhance its competence. The scalability of the product also matters for the business therefore it will have to offer different types of products to compete efficiently with the competitors.

The business will have to focus on the product differentiation which will allow it to compete with the market efficiently. Further, the business will also have to strategize as well as communicate efficiently to compete with the industry giants. The business will have to offer low-cost items to its customers which will allow it to expand in the market as well as will allow it to compete with the existing competitors of the business (Lee, Hallak and Sardeshmukh 2019). With low-cost high-quality products, the business will be able to generate returning customers for the business thereby improving its competitiveness in the coming years.

The improvement of sales strategy of the business will be grounded on the cost leadership strategy that will assist the business to position its products in the market efficiently as well as will allow it to implement sound strategy in coming years. The business will have to focus on the customer needs as well as will also have to focus on the quality of the product to stand in the market efficiently.

Customer Service and Inclusive Growth

With the help of inbound logistics approach, the business will be able to improve its product lines as well as will be able to construct a proper relation with the suppliers. The business can use cross docking method to improve the product and shipment. The business will have to focus on the improvement in supply chain management in order to enhance its operations as well as to improve the cost management. Further, the use of real time software can be a huge benefit for the business which can allow the business to improve its sales significantly (Wiengarten etal 2019). The operations process of the company will be followed by using a GANTT chart which will allow in understanding the process followed by the business in coming weeks.

From the above, it is evident that the business will begin the ideation and formulation process in the first week. Further, in the second week, the business will design the product and set prices for the product. In this week, the company will also begin the collection of customer information and data and the process will last up to week 5. In the week 6, the business will begin the market research and follow up procedure which will allow it to understand the customer segment and customer demand. Following section denotes the operations strategy followed by the business

The product strategy will allow in developing products and services which are appealing to the customers. This will allow the business to attract a greater number of customers into the business as well as will also allow them to deliver value towards the products of the company. For instance, the company can research new types of products and provide free sample towards the consumers so that the customers can understand the product and reach out towards the business (Garina etal 2021).

In the current competitive scenario, it has been very difficult for customers to differentiate between different types of competitions and groups. Further, it has been also evident that the variety of products can significantly affect the overall product and thereby pricing of the business. Customers always want top quality food and beverages at a good price so the company will aim to satisfy the need of the customers by developing sound products at a competitive price. The products of the company are made in Greece and the restaurant will serve traditional Greek foods towards the customers along with some foreign menus. This will allow customers to taste different types of foods and understand the right meal for them. From a recent survey, it has been evident that customers always want nutritious food products to their menu therefore the business will collaborate with different food agencies for maintaining and improving food quality and further reduce risks associated with health disease (IMAI 2021). Therefore, there is always a need for better and healthier food and drinks. The business will be able to address the gap by providing quality foods at a competitive price to its users. The following section denotes the number of restaurants being present in UK which will allow in greater understanding of the current market competition.

Key Personnel and Management

Other than the local customers, the firm will also be able to attract tourists who visits the country or spends time in the location. The organization has been able to recruit in summer due to the increase in number of users during the season. Further, the business will try to attract adults and people aged from 16- 60 years.

The marketing strategy of the business are noted below

The marketing strategy of the business is entirely focused towards the vision mission and objective of the business which is to make healthier food and drinks towards the customers at a competitive price and to improve the business position in the market. The key focus of the marketing strategy of the business lies in the marketing mix which is product, price, place and promotion. Without evaluating the four factors, a business cannot be able to successfully formulate a sound marketing strategy. The business will also have to outline its goals and will have to understand the target market which will assist it to achieve its business objectives.

The business can also develop different functional areas which will allow it to understand the current state of the business as well as will also allow it to achieve its organizational goals. The organizational budget can also assist a business towards the implementation of a business plan. Therefore, the product strategy will comprise of the products that the business is offering towards its customers and it also comprises of different services that are being offered by the business (Ferrell, Hartline and Hochstein 2021). The marketing mix of the restaurant will comprise of different menus being offered towards the customers. The product quality and services will be also needed to be improvised in order to enhance customer base.

To improve the current situation of the business, different types of foods and products will be sold and offered to the business. Healthy food is what customer wants therefore the business will focus on offering different types of products to the customers at a good price. The business will also be introduced by flyers delivery. For advertising the business, the firm will use journals, television, radio as well as magazines. Further, the business is also thinking to open an internal portal which will allow it to improve the current situation of the company. the following section denotes the promotion strategy of the business.

Source: https://www.statista.com/statistics/558137/restaurant-and-mobile-food-services-business-turnover-uk/

The above data is based on the basis of UK consumption rate till 2018 and the following section of the study is based on the same. The above data indicates that restaurant business turnover has increased significantly over the years therefore the business has significant growth potential over the years which it needs to utilize in order to function efficiently.

This part of the analysis will entail the cash flow, balance sheet and income statement of the business followed by a break-even analysis which will allow in understanding the overall financial situation of the business. There can be various initial cost associated with the business during the development phase and there are different types of starting cost depending on the type of the business. Further, the cost distribution also varies from business to business.

Marketing Strategy and Competitor Analysis

The acquisition of machinery, products and materials are provided from the capital of the company. Operating capital is the amount of money required to cover up the regular cost of the company (Grennan and Michaely 2021). Capital can be viewed as money that helps a business purchase product and pay for its expenses. The capital requirement of a business needs to be calculated before creating the business and the cost of development and expansions are also needed to be measured.

An income statement is a report of the money. It means tracking food and drink sales for a restaurant along with all the costs involved in operating the restaurant. The cost of food and drink and running expenses was classified into two groups.

The above analysis denotes that the company will have significant increase in the profit and it will have to focus on the reduction of operating expenses in order to increase profit to significant extent.

The following section of the report will denote the balance sheet of the company.

The above cash flow analysis denotes that the company will have significant amount of cash in hand which can be used further in financing the business operations. Positive cash flow is indicating that the liquid assets of the company is increasing significantly which can allow the business to cover its obligations as well as can also offers it the opportunity to reinvest the cash into the business and return cash to the stakeholders of the business.

The break even analysis is a financial calculation that focuses on the cost of a new business against the units selling price at the point it will break even. The break even unit reveals the point in which the business will have enough amount of cash in hand to cover up its costs and existing obligations.

The above indicates that the business will have to sale 1614 units of products to reach its break even in which no profit or loss will occur. The same is explained with the help of a graph in the following section

There are various costs associated with the business are discussed below

• There are various costs associated with the business including the cost of ISS, websites as well as application cost comprising financial and payroll software relate cost. In order to save costs and pay its employees efficiently, the business will have to focus on outsourcing different business important elements.
• The expenses of the business also comprise of machinery and supply related expenses. Without managing the expenses, the business will not be able to save money for future. Further, it can take leasing decisions which will allow it to generate revenue for the business. In future, the leasing decision can allow the business to improve its financial situation and pay for the expenses (Kankam-Kwarteng, Osman and Donkor 2019).
• Without managing the abovementioned costs, the business will not be able to generate future returns for the business. It can focus on advertising and marketing strategies which will allow it to reach more customers which further improve the revenue of the company significantly.

To provide a summary, it can be noted that there are various challenges and opportunities for the business to survive in the restaurant market which the business will need to evaluate in order to improve the overall business situation significantly, Further, it can be also perceived that the business will also need to understand how it can evolve in the market with the changing customer needs as well as regulatory changes. The marketing strategy of the business will be needed to be taken into consideration in order to enhance business performance for future.

References

Dal Mas, F., Massaro, M., Paoloni, P. and Kianto, A., 2021. Translating knowledge in new entrepreneurial ventures: the role of business plan development. VINE Journal of Information and Knowledge Management Systems.

Fauzi, R.U.A., 2021. The influence of business plan competition and loan provision on nurturing the spirit of entrepreneurship among students. Advances in Economics, Business and Management Research, 161, pp.188-192.

Ferrell, O.C., Hartline, M. and Hochstein, B.W., 2021. Marketing strategy. Cengage Learning.

Ferreras-Garcia, R., Hernández-Lara, A.B. and Serradell-López, E., 2019. Entrepreneurial competences in a higher education business plan course. Education+ Training.

Garina, E.P., Romanovskaya, E.V., Andryashina, N.S., Kuznetsov, V.P. and Tsymbalov, S.D., 2021. Methodology for creating a product development system based on complexity management strategy. In Socio-economic Systems: Paradigms for the Future (pp. 1661-1669). Springer, Cham.

Grennan, J. and Michaely, R., 2021. Fintechs and the market for financial analysis. Journal of Financial and Quantitative Analysis, 56(6), pp.1877-1907.

IMAI, M., 2021. Creation of Market Categories through Product Strategy: A Text-Mining Approach. The Journal of Asian Finance, Economics, and Business, 8(2), pp.439-451.

Kankam-Kwarteng, C., Osman, B. and Donkor, J., 2019. Innovative low-cost strategy and firm performance of restaurants: The moderation of competitive intensity. Asia Pacific Journal of Innovation and Entrepreneurship.

Lee, C., Hallak, R. and Sardeshmukh, S.R., 2019. Creativity and innovation in the restaurant sector: Supply-side processes and barriers to implementation. Tourism Management Perspectives, 31, pp.54-62.

McKeever, M.P., 2018. How to write a business plan. Nolo.

Sparviero, S., 2019. The case for a socially oriented business model canvas: The social enterprise model canvas. Journal of Social Entrepreneurship, 10(2), pp.232-251.

Synowiec, A., 2020. Global competence: A prerequisite for a global labor market and a challenge for education. Organizacja i Zarz?dzanie: kwartalnik naukowy.

Wiengarten, F., Li, H., Singh, P.J. and Fynes, B., 2019. Re-evaluating supply chain integration and firm performance: linking operations strategy to supply chain strategy. Supply Chain Management: An International Journal.

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