Entrepreneurship and Innovation



Introduction1

Discussion1

Market research and analysis1

Competitor analysis4

Marketing plan6

Sales forecast8

Conclusion9

References10

Entrepreneurship and Innovation

Introduction

In this paper, we would discuss the concept of innovation and entrepreneurship by starting a restaurant in Cambridge with an innovative approach. The paper would also discuss the market research as well as analysis of the competitors in the restaurants. The restaurant being introduced is named as Vizaa Restaurant and digital menu is being introduced in the restaurant and the selling proposition includes intercontinental and multicultural options.

Discussion

Market research and analysis

For introducing any business, marketing research is considered to play an important role as it helps in analyzing the market environment and competitors present in the market. It also helps in determining the strategies which can be used for marketing and selling which should be beneficial for Vizaa Restaurant. The restaurant would be based on different stages which will include setting the prices for the food as well as drinks. The waiters and cooks will be hired for providing their services to the customers.

For visitors of restaurant the most important factor is service (Berger, Nada, 2001, p. 49). Qualifications and skills of the waiters and other staff facilities are considered to have a significant impact on the customers and their satisfaction can be a great benefit for the restaurant. The restaurant staff not only cooks but also serves therefore they should be carefully selected and managing and teaching them the right behavior is very important. The waiters are strongly influenced by the identity of the manager as he becomes a model of behavior and attitude. There is a need of selecting experienced and honest manager is one of the most important points in the case of restaurant.

On the value of marketing to businesses turn to the definition of the marketing plan and its place in the annual plan for the company. Annual plan of the company, respectively, sets the general objectives of the enterprises which includes the market, financial, manufacturing, innovation and purpose in human resources and identify ways and means of achieving them. A product with an unreadable label and a price tag repels a buyer to purchase that product and gives an adversely affect on the restaurant and its products. As a result, the buyer purchases the competitors' goods, and if competitors' goods are of superb quality then the restaurant habitually loses its customers forever.

Vizaa Restaurant should quickly respond to changing global demand. In this case, it will be able to quickly shift to new products and to refocus on the sale of stocks and take much longer due to the inherent inertia and large scale. Vizaa Restaurant can provide service in accordance with the wishes of a consumer. The restaurant should also focus on the provision of service in accordance with the wishes of the customers and thus very successfully compete with other restaurant offering products and services of same nature. Therefore, close cooperation with the customers and rapid response to their wishes is a major competitive advantage for restaurant (Whitehead, 2004, ...