1. Introduction to the company
The change in the tastes and the preferences of the consumers has affected the growth of the organizations largely. The concerned company for this report, Kricket, has taken steps to address the change of tastes and preferences of the communities and to introduce a new food preparation concept in UK. The company is aimed at intermingling the ingredients found in UK with the spices and aromatic flavors of India. The steps taken by the company has helped in bringing innovation in the food and beverage industry of the locality. The company started its business in the year 2015 with a small-scale approach. However, it expanded its business considerably within a year’s time and established a permanent restaurant in the year 2017. Therefore, the progress of the company is being determined through the expansion that is being undertaken by the organization. The report helps in the understanding of the business plan that is being undertaken by the company for making its further progression in the market. The proper planning of the resources and the utilization of the same for the benefits of the organization are determining the future prospects of the company.
2. The business plan of the company
The section of the report is aimed at understanding the current undertakings of the company and thereby understands the modifications that are required for improving the market situation of the company and its expansion in the global markets (Ciravegna, Majano and Zhan 2014). The section also enumerates the determining factors of the improvements and the challenges that the company might face while expanding the business beyond the borders of the nation.
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The partners
Suppliers-
Reynolds- supply green veggies and the required ingredients to the company.
Nisbets Plc- Supplies the necessary tools and equipments for the restaurant’s smooth functioning.
Spices of India- The “Spices of India” supplies the most required spices to the company, as without the aromatic spices the major objective of the company of making a fusion of the foods cannot be undertaken.
Accountants-
The accountants of the organization help in maintaining a clear record of the expenses and the income of the business undertaking. The accounting team helps in the main course decision making of the organization. It helps in determining the progress made by the organization.
Interior designers of the company–
The interior designers of the company have helped the restaurant in maintaining the designs and the lightings, which helps in attracting the attention of the customers. It helps in improving the presentation of the restaurant in the eyes of the customers.
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Key Activities
The key activities that are being undertaken by the restaurant is based on the fusion of the taste and aroma of the Indian spices with a blending of the ingredients from UK. It helps in making a unique blending of the necessary elements resulting to a new concept of cookery in the region. The uniqueness of the foods has helped the organization in making its progress in a short span of time. on the other hand, supplementing the foods with the traditional drinks of both the countries, visualized- India and UK helps in the binding of the traditions prevalent in the nations.
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Value Propositions
The company has taken steps to bring in improvements in the food that is being served in the normal restaurants of UK. It is aimed at bringing in modifications in the food through the addition of the aromatic spices from India and blends it with the normal ingredients as a process of fusion to bring in innovation in the food manufacturing and catering industry of UK. The switch of taste and the intermingling of the cultures of both the nations, through the foods and beverages that are being provided by the restaurant have helped in bringing in improvements in the market situation of the restaurant. The restaurant also has taken steps to understand the preferences of the customers visiting their restaurant and thereby manufacture and customize their foods based on the preferences. It has helped the restaurant in undertaking steps to retain the value of the customers.
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Customer Relations
The restaurant holds a good customer relations through the customization of the foods based on the requirements of the people . Moreover, the restaurant also takes steps to bring in improvements in the foods, which again helps the organization in retaining the brand loyalty among the target consumers. The demands and the preferences of the consumers is the major consideration that is being undertaken by the organization for bringing in the relevant improvements in the structure since its inception. The free availability of the wifi and the other facilities that is being promised by the restaurant has helped in retaining the value of the consumers.
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Customer segments
The customer segmentation is based on the relative customer buying habits. The varied customer segmentation of the enterprise is based on the undertakings. The business firm is focused on the fusion of the tastes and the different array of delicacies, which helps in attracting the attention of both the UK residents and the Indian people who have settled in UK. It actually provides the enterprise with a growing scope in the market. The varied cultures and the heritage of the enterprise is facilitated by the customer retention and appreciation of the quality aromatic delicacies which is supposed to be unique in the UK market.
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Key Resources
The key resources that are being utilized by the company is based on the proper and smooth functioning of the restaurant in a competitive business environment.
Electricity- Electricity is essentially required by the organization for the lighting and the other purposes like powering up the equipments, which helps in the smooth functioning of the restaurant.
Wifi- Wifi is again another facility that is provided by the restaurant to the customers and the employees.
Human power- Human power is perhaps the most important requirements of the restaurant apart from the raw materials. It helps in the functioning of the business enterprise.
Equipments- Equipments are required for the cooking and the other purposes as applicable. It also helps in the smooth functioning of the enterprise and contributes to its growth and expansion.
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Channels
Digital marketing strategies are being undertaken by the restaurant to reach out to their customers. Evidently, the restaurant has taken steps to improve their website more reaching out to the customers. The restaurant has also made use of the “booking” section, which helps the consumers to book a table online.
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Cost structure
The cost structure of the company is based on the activities that are being undertaken by the organization. The concerned company undertakes ways to import the Indian spices, which is the main center of attraction of the food that is being delivered by them. The company is undertaking the cost of importing the spices with a recurring payment of the excise and the customs duties. On the other hand, the company also undertakes the transportation costs for importing the spices from India. In order to make a buy of the natural ingredients from the UK markets, the restaurant is required to pay Reynolds for the veggies and the stuffs similar to that. The cost of employing the human resource is again another cost that is incurred by the company for the smooth and safe functioning of the business in the market.
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Revenue streams
The revenue streams are dependent on the customer’s value creation of the foods prepared by the restaurant. The quality of the foods plays a major role in the value creation. On the other end, the advertising functions undertaken by the enterprise has helped in the outflow of cash as investments for making the people aware of the existence of the business concern. The reasonable rate of the delicacies attracts a variety of customers, which affects the productivity of the business firm. The restaurant is also aiming at making an expansion in the business. Therefore, there are costs that are required to be incurred by the enterprise. On the other hand, the value that is being created on the food products has enhanced the value of the restaurant for the customers. The mode of payment that is being facilitated by the company helps the customers with a wide range of paying options.
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Table 1: Business canvas model of Kricket Soho
(Source: Kricket.co 2018)
The business plan that is being enumerated by the firm has helped in making the proficient improvements in the structure and the market situation. The uniqueness of the food that is prepared by the company is the main essence for its improvements (Muhtaroglu et al. 2013). Moreover, the reasonable pricing strategy of the restaurant and the quality of the food helps in retaining the brand loyalty among the customers. The fusion that the restaurant undertakes has helped the restaurant in attracting the attention of the UK and the Indian residents. The strategies that are being implemented by the company are based on the Intellectual Property (IP) of the business firm (Fletcher and Harris 2012). The concept of the IP helps in enumerating the steps for undertaking the improvements. The digital marketing strategies have also helped in bringing in improvements based on making the people aware of the existence of the firm in the market. The intellectual property of the organization helps in undertaking the crucial decisions affecting the growth and prosperity of the business. The fast evolution of the restaurant is based on the increased productivity and the customer retention (Onetti et al. 2012). The customer-oriented approach of the business firm, the uniqueness of the food helps in customer retention. On the other end, the specialization of its channels has helped in making the most of the resources that are available for the smooth functioning. The updated website of the organization and its profile in the social media platforms like Facebook, twitter and the like has helped the organization in reducing the costs of advertising. The monitoring over the services, foods and beverages that is being provided by the restaurant has helped in improving the quality that is delivered to the people. The SWOT analysis of the business has helped in enumerating the opportunities of its growth beyond the borders of the nation. The variation in the food and the cultures has helped the firm in attracting the attention of the customers (Wheelen and Hunger 2017). The competitive pricing strategy of the organization has helped in the understanding of the market situation of the company. The reasonable rate of the prices and the aromatic foods that are based on the fusion has helped in the understanding of the strategies. The funding of the organization is also considered while making a strategy for internationalization of the business. The reduction of the costs that are being incurred by the organization will be helping the organization in speeding up the progress of the organization. The competitive advantage of the organization helps in determining the progress made by the company based on the uniqueness of the food. The company aims at bringing in improvements in the quality and is aiming at increasing the recipes so as to suit the preferences of the varied customers. It will help the organization in making a gradual progress in the market and overcome the competition (Wheelen and Hunger 2017).
3. The interview with the owners of the company
An interview with the owners of the business concern was undertaken with the view of understanding the steps that are taken by the firm for making its improvements in the market in a short span of time. The growth of the company since its inception is huge which can be understood through the revenue that is being created by the company while functioning. It has helped the company in making a steady progress in the market. According to William George, the director of the company, the progress made by the enterprise is based on the customer satisfaction through the value creation. It has helped the organization in making a quick progression in the market.
On the other hand, Richard Andrew stated that the company has taken steps for introducing the food products in the international markets. The action plan that is being formulated by the company has helped the organization in determining constrains to their growth and thereby the company is taking steps to reduce and overcome the barriers. The issues faced by the company in maintaining the smooth functioning of the enterprise is based on the communication lags. The Managing Director stated that communication lags has already started affecting the business’s relation with its chief stakeholders. The other factors that are acting as a barrier to their growth are the political and geographical factors. According to the owner, the company is taking steps to make their services and the products available within a fixed radius. The involvement of the stakeholders and the utilization of the proper channels will be helping the restaurant in making the required progress in the market. The business concern has taken steps for making improvements in the systems based on the demand and the market considerations. The cost effective functions of the firm and the innovations in the recipes will be helping the firm in making an entry in the international markets. The collaboration with the stakeholders and the joint functioning that is being undertaken by the firm has contributed to its growth. The owner stated that the restaurant is into the development of the CRM, which will be helping the firm in understanding the preferences of the customers. It will help in bringing in improvements in the structure of the organization and thereby bring in progress.
Finance is again another factor that is a constraining factor to the progress planned by the organization. The lack of ample finance affects the growth of the organization. Therefore, the management is taking steps to bring about an improvement in the finance structure of the organization. However, the opportunity for its growth is high based on the uniqueness of the food and the quality of the services that are being delivered to the clients. The customer satisfaction is the major objective of the company, which is being fulfilled through the undertaking of the proper functioning and management of the restaurant. The CEO stated that the restaurant is also looking forward to provide integrated training to their staffs for enhancing the productivity through the enhancements of the skills of the individuals. A skilled workforce is believed to help the organization in making its progress in the market. The allocation of the resources and the careful planning of the systems will be helping the organization in making its desired progress in the market. A thorough investigation is also required to be undertaken in order to determine the competitive market situation of the organization. It will help the restaurant in placing its deliverables based on the demand faced by the commodities. The market considerations help in determining the progress made by the organization. The determining factors of the progress are based on the proper placements of the products in the market. The owner of the enterprise stated that they are planning to make a market research for the better understanding of the market and thereby determine the customer segmentation. The demand of the customers vary and therefore a team of experts are to be appointed for making a note of the customer preferences and thereby assist the customers in choosing the right kind of services applicable for them.
4. Conclusion
Therefore, from the above analysis it can be stated that the dependability of the business firm on the formulation of the effective strategies helps in determining the progress made by the same in a competitive market situation. The strategies that e being implemented on the restaurant earlier has helped the business in making its growth in a short span. Therefore, the effectiveness of the strategies is being understood in this context. The improvements in the hotel can be brought about through the modifications, which will bring in further improvements in the structure of the organization. It will eventually help the organization in making its progress. The report enumerates the business plan that determines the stakeholders of the company and the financial considerations undertaken by the organization. The report also enumerates an interview with the owner of the business. It will help in the understanding of the strategies that is being planned by the management for internationalization of the business.
References
Ciravegna, L., Majano, S.B. and Zhan, G., 2014. The inception of internationalization of small and medium enterprises: The role of activeness and networks. Journal of Business Research, 67(6), pp.1081-1089.
Fletcher, M. and Harris, S., 2012. Knowledge acquisition for the internationalization of the smaller firm: Content and sources. International Business Review, 21(4), pp.631-647.
Kricket.co (2018). Kricket – Indian Small Plates. [online] Kricket.co.uk. Available at: https://kricket.co.uk/ [Accessed 7 Jan. 2018].
Muhtaroglu, F.C.P., Demir, S., Obali, M. and Girgin, C., 2013, October. Business model canvas perspective on big data applications. In Big Data, 2013 IEEE International Conference on (pp. 32-37). IEEE.
Onetti, A., Zucchella, A., Jones, M.V. and McDougall-Covin, P.P., 2012. Internationalization, innovation and entrepreneurship: business models for new technology-based firms. Journal of Management & Governance, 16(3), pp.337-368.
Wheelen, T.L. and Hunger, J.D., 2017. Strategic management and business policy. pearson.
