Purpose of the Business
The main purpose of the fast food outlet in London is to provide high quality foods at local environment with local taste. Along with this, to establish a presence in local fast food business and gain market share in the fast food industry of the UK is the aim of the business (Counihan, 2008). To fulfill this purpose, it will create unique, innovative menu and entertaining environment in outlets to differentiate the business as compared to competitors. Additionally, the main aim of this business is to provide quality foods and keep customers happy with full satisfaction.
Reasons for Selecting this Business
In present fast life, customers want fast and quick cooked foods that will increase sales and choice of fast food and would be profitable for the company (Ronald, 2008). Disposable income of customers is also increasing that is another reason of selecting this business. It will increase the enjoyment of customers that have opened new opportunities in food market. This business will offer variety of foods to customers and excellent services to ensure relaxation and comfort of customers that will attract them towards outlets. Effective services and high quality products will increase the number of customers and it will be profitable for the company.
Major Obstacles
This business would face various obstacles in launching of new restaurant such as inventory management, customer services, application of information technology, marketing and distribution strategies and capital investment etc (Counihan, 2008).
Marketing and distribution strategies: The Company would get difficulties to select appropriate marketing and distribution strategies at the time of launching (Ruteri & Xu, 2009). It will get problems in market research to identify customer taste and preferences and select right marketing and promotional strategies according to customers.
Production planning and scheduling: It will be difficult for the company to develop effective production planning due to lack of past experience and future forecast of demand (Ruteri & Xu, 2009). It is the new business and company doesn’t have any information about tastes, preferences and demands of customers’, so it will be difficult to develop planning for production.
Other Successful Organization
There are various people, companies or organizations that have been successful in fast food industry such as McDonald’s, KFC, Pizza-Hut, Burger king, Dominos’ and other local fast food outlets (Ronald, 2008). Along with this, people like James A. Skinner, CEO of McDonald’s, Peter Brabeck-Letmathe, Chairman of the Board of Nestlé and other chairpersons are famous and successful personalities of fast food companies that motivates for this business.
Sources for Additional Information
To get additional information and take help in business ideas, people, websites, agencies, actual business contacts and trade associations can be used. Through these sources, valuable information, past experiences, issues in launching time, opportunities and threats can be identified that will help in developing new marketing and business development approaches (Food and Agriculture Organization of the United Nations, 2002). Through fast food companies’ websites, information about their product line, supply chain management, stakeholders and other services can be recognized. Through trade association, business person can develop understanding about trade rules and regulations, rules for costing, taxation and contracts with suppliers.
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References
Counihan, C. (2008). Food and culture: a reader. USA: Routledge.
Food and Agriculture Organization of the United Nations (2002). Organic agriculture, environment and food security. USA: Food & Agriculture Org.
Ronald, L. W. (2008). Kleppner'S Advertising Procedure, 16/E. USA: Pearson Education Inc.
Ruteri, J. M. & Xu, Q. (2009). Supply Chain Management and Challenges Facing the Food Industry Sector in Tanzania. International Journal of Business and Management, 12(4), pp. 70-80.