Introduction - Business Plan Vegan Story Case Study
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Business Details
Vegan Story is the name of the company that is in the works. To better serve the company's vegan clients, the firm operates as a vegan restaurant that creates new vegan menu items. It is a restaurant in London, UK that specialises on Vegan Story, a newer trend in the city. The restaurant was founded on the principle of serving healthy, tasty vegan food to the public. In addition to this, the restaurant's goal is to create new meals that use exclusively vegan products that are derived from the supply chain in a sustainable way. The firm vehemently opposes animal cruelty, and sustainability will be a major aspect of the restaurant. A full range of food service options, such as dine-in, takeout, and home delivery, will be offered by the business (Tipu et al., 2019). Customers who reside within three kilometres of the restaurant will be able to have their food delivered for free. Using the app created by the company's administrator, patrons may reserve a table at the restaurant ahead of time.
Aims and Objectives
The company's aims and objectives is to become London's premier vegan restaurant, serving up delectable dishes crafted with locally sourced, organically farmed products. The organization's objective is to increase the number of vegans in UK while simultaneously fostering a culture that accepts Vegan Story.
Market Information- Size, and Growth
Vegan Story will first operate in London and will later expand in other parts of UK. As observed, there is a high demand of vegan food in UK and the company can explore the area to increase the growth (McKenzie and Sansone, 2019).
SWOT and Competitive Advantage
Strengths
a. Price to be reasonable
b. Ambiance and environment
Weaknesses
a. Wait times to be long
b. Noise levels
Opportunities
a. New competitor menu
b. Promotions
Threats
a. New competitor in locality
Firm
Type of Competitor
Competitive Advantage
Chi Vegan
Primary
a. Exhibiting sustainable management practises to promote brand image and brand portfolio
b. 100% plant-based restaurant
Glowbal
Secondary
There are a variety of meal options accessible at a reasonable price at the same location thanks to smartphone apps.
(Source: Lubis et al., 2019)
Details of Customers
Customers who are giving up on non-veg and milk products are the main target of the company. Since, the restaurant is based on vegan products targeting these customers will help the company to earn more profits (Ferreras-Garcia et al., 2019).
Marketing Strategy- Marketing Mix
P’s
Impact
Place
The restaurant will begin operations in all parts of UK, and will employ internationalisation and expansionism strategies to broaden its customer base throughout the country (Watson et al., 2018). In addition, the firm will use a variety of tactics to broaden its client base throughout the market, which will not only help it expand its target audience but also allow it to implement the principles of market expansionism.
Price
When it comes to increasing profit margins and keeping new rivals at bay, the corporation will use a premium pricing approach. As a final step, the company will adopt a premium approach to discover areas of improvement and attract new clients (Watson et al., 2018). With the premium pricing approach, they may build a secure position in the current market, which will result in a strong client base and good customer retention in their company.
Product
The firm will employ natural components to manufacture excellent cuisine for clients, and the supply chain management method will be fully developed inside the organisation. For the purpose of promoting a favourable brand image and brand portfolio inside the organisation, the corporation will also give free delivery services to older people and coronavirus sufferers (Watson et al., 2018). Neither meat nor dairy products will be used in the company's food production. There will be no dairy in the company's products.
Promotion
It is expected that Vegan Story would make use of low-cost marketing strategies such as social media and print media to increase its client base and to disseminate knowledge about the different discounts and offers the organisation offers (Watson et al., 2018). Email marketing is also going to be used by the company as a strategy to keep clients engaged and the customer engagement process will be more efficient and effective as a result. As a whole, the company's marketing approach will be based on market demand.
Premises and equipment need
Area required for the restaurant is 500 sqft so that they can accommodate a huge number of people and few area is kept for cooking purposes as well. The requirements for the restaurant are chairs, tables, refrigerator, utensils, cooking items as well.
Key People
The organisation requires 25 people, each of whom must possess a certain set of skills and competences in order to carry out their duties effectively. In order to engage with customers on a regular basis and address their demands, the organisation must have excellent communication skills and a positive mind-set. Employees must also have customer service abilities in order to increase the company's connection with customers and also its growth and development. Self-management skills are also needed by the personnel of the company so that they can remain patient while serving consumers.
Ferreras-Garcia, R., Hernández-Lara, A.B. and Serradell-López, E., 2019. Entrepreneurial competences in a higher education business plan course. Education+ Training.
Lubis, T.W.H., Absah, Y. and Lubis, A.N., 2019. Analysis of Restaurant Business Strategy in Developing Business using SWOT Analysis.
McKenzie, D. and Sansone, D., 2019. Predicting entrepreneurial success is hard: Evidence from a business plan competition in Nigeria. Journal of Development Economics, 141, p.102369.
Tipu, S.A.A., 2019. Business plan competitions in developed and emerging economies: What do we still need to know?. Journal of entrepreneurship in emerging economies.
Watson, K., McGowan, P. and Cunningham, J.A., 2018. An exploration of the Business Plan Competition as a methodology for effective nascent entrepreneurial learning. International Journal of Entrepreneurial Behavior & Research.
