Japanese Delivery and Takeaway - Example

Japanese delivery and takeaway Task Executive Summary Home-delivery and takeaway food are a business that has taken a strong position in the United Kingdom. The business is suitable for meeting the needs of individuals with tight schedules and those with strong convenience preference. This paper seeks to present the analysis of the market factors that would potentially influence the operations of the proposed business, Japanese delivery, and takeaway restaurant. The market research shows a growing number of customers who buy home-delivery and takeaways. The increase in the market for the products is a great opportunity for the business to succeed. However, the level of competition is very high due to the high number of ethnic restaurant in London, and in UK. The porter’s five force analysis indicate that buyers have a strong power. The suppliers’ power, however, is low due to the large number of restaurants. The entrant in the industry is high due to the absence of restrictions. The cuisines have no substitute products. The economic performance in the UK is low due to a slow GDP growth of 0.3% and a low-interest rate of 0.5%. Nevertheless, the recovery process is underway. The population in London is very high, and projections point that the number is set to increase further. For that reason, the food retail industry has a bright future. Based on the cash flow projections, our business starts making profits in the second month of operations. The profitability level is projected to increase. The business has more than enough capital £ 85,000. The remaining amount will be used to fund expansion programs. The business will spend £ 25,000 to purchase a van, £ 20,000 to purchase restaurant furniture and £ 12,820 to run operation in the first month. Therefore, the amount of capital remaining will be (85,000 – 57,820) = £ 27,180. Break-even sales level = £ 75,442.17. During the first year of operation, the profitability level is projected at £ 25,228. Table of Contents Executive Summary 2 Table of Contents 3 The market gap 5 Service, product offering 6 Market Research and Data Collection 8 Questionnaire analysis 8 1 – Gender analysis 9 2- Age analysis 9 3- Occupation analysis 10 4- How often do you purchase home delivery or takeaway? 10 5- Analysis on when customers purchase home delivery and take away 11 6-How more the customers would pay for delivery 11 7- How much more the customers would be willing to spend on takeaways 12 8- The type of food customers would prefer to buy in the Japanese restaurants 12 9- Customer’s most important reasons for purchasing home-delivery or takeaways 13 10- What customers expect from home-delivery services 13 Feasibility: Micro market analysis 14 Target market size 14 Current trends 15 Dynamics 15 Target profile 16 Target Behaviors 16 Customer Profile 17 Feasibility: Macro market drivers 17 PESTEL analysis 17 The main market drivers 18 Overall market size 19 Feasibility: The competitive environment and direct competitors 19 Porter’s five forces 19 Direct competitors 20 Feasibility: Sustainability, operational and financial issues 20 Unique Selling Point 20 Critical success factors 21 Starting –up financing 21 Post-startup financing 22 SWOT analysis 22 Feasibility: Managerial capabilities and resources 23 Personal capabilities 23 Execution of Critical Success Factors 23 Business and Social Network 24 List of References 25 Appendix 1: Questionnaires 27 Appendix 2: Cash flow projections 29 Appendix 3: Example of the restaurant 30 Appendix 4: Tendency Test 31 The business opportunity The world is growing highly competitive driven by the need to attract more potential customers and the same time, retain the existing ones. Organizations have expanded the purview of their competitive strategies to include intensive advertising campaigns and product differentiation. Competition is not only defined by product promotion and product differentiation but other significant factors such as core competency created by the uniqueness of the organizations resources, the managerial personnel, the employee traits, etc. Despite the swelling number of organizations in an industry, all the interests and needs of the consumers cannot be met at once. Entrepreneurs search for such opportunities and establish a business organization that seeks to meet the specific needs. Such opportunities are referred to as the market gaps. The market gap Home delivery and takeaway food business have gained prominence in the UK market with Giants like Domino Pizza, Pizza Hut and Papa John’s clinching the first, second and third position respectively. However, the food retail industry comprises of different categories of players like organizations that offer takeaways and delivery services such as Dominos and those that exclude delivery services such as Sainsbury plc. Most UK consumers have expressed their growing interest to order takeaways and home deliveries. A research conducted by Mintel (2013) shows that the interest of most UK consumers is shifting to the varieties of food flavors provided at a different ethnic restaurant in the country. Examples of the flavors in the market are a niche cuisines type like the South American, Caribbean, Indonesian, Chinese, Indian and North African. The research indicates that the most preferred cuisines among the users of an ethnic restaurant in the UK are Chinese followed by Indian. Japanese cuisines are still uncommon in the market. Considering that the consumers’ preference is shifting to ethnic restaurants and that Japanese cuisines are only being introduced into the market, a market gap is created. The proposed business, Japanese delivery, and takeaway, will bridge the market gap by delivering a variety of Japanese cuisines to the consumers. Service, product offering Japanese delivery and takeaway is a business that will primarily provide ethnic restaurant services to the UK consumers. The restaurant will deliver a variety of amazing Japanese cuisines. The proposed location for the restaurant is along Middlesex Street (Liverpool Street underground station), London, the United Kingdom. The location is suitable since it is easily accessible and convenient. The restaurant will target all the customers with the desire to enjoy the taste of Japanese cuisines. The Menu will include a variety of flavors suitable for children, youths, middle-aged and the elderly. At Japanese delivery and takeaway, provide a variety of delicious cuisines for everyone. The previous statement will be a suitable slogan for the business. It will give the potential customers the impression that the business cares about everyone and thus, provides a wide array of delicious Japanese flavors. The Menu will contain all the names of the cuisines provided in both Japanese and English translation. Customers will be at liberty to call the cuisines with their preferred choice of name. Dining at Japanese delivery and takeaway restaurant or ordering the Japanese cuisines will not deliver the scrumptious taste but also an exciting experience of learning a bit of Japanese. The business will embrace three methods f ordering meals to improve efficiency. First, there will be the online platform, the use of phones and ordering at the restaurant. The company plans to create user-friendly websites that will contain the necessary ordering information. Japanese delivery and takeaway business plan contract already established online platform such as Just Eat to host its website. Online ordering platform is effective, cheap, and fur is reaching the potential clients. The internet is almost becoming a basic need in the current world. Most of our potential customers are on the internet. Therefore, the online ordering platform is suitable for reaching them. Second, the use of the phone will be more appropriate for potential customers with preference to an alternative to online ordering method. Third, the restaurant will be opened from 8 am in the morning to 9:00 p.m. The operating hours will be made long enough to cater for the customers’ needs at different hours of the day. The business is scheduled to provide delivery services to various destinations within three miles radius. The distance will be adjusted based on the customers’ requests. The delivery services will be appropriate for customers with tight schedules or those that will prefer our delivery services. Takeaway services will also be provided to various customers upon their request. Our packaging materials will be safe, environmentally friendly and biodegradable. The strategy will be adopted to enhance the consumers’ safety through providing safe and delicious cuisines while at the same time minimizing the business’s negative impact on the environment. The internal decoration and the cutlery chosen will reflect an integration of both the Japanese and English culture. The strategy will be effective to make our customers feel at home. Research strategy The day I ran into the idea of starting an ethnic restaurant I was studying for my last paper for the semester. It was during lunch time and I had a lot of revision to do. Taking break to prepare a lunch meal seemed like a waste of time. My study friend gave the idea of ordering a cuisine (Indian). The idea was perfect and it saved me a lot of time. I was impressed by the delivery servces and the quality of the product. That’s when I got a business idea. After my last examination, I did some secondary research on ethnic restaurant industry. My research concluded that the number of demand for cuisines is incereasing. The main drive for the demand increase was convenience, cost effectiveness, quality among others. I was challenged to undertake a primary research to help me understand the consumers opinion about the business. I chose to sample individuals within Middlesex Street. The location was suitable because the human traffic was high and it was easily accessible. The population around the street are very busy indivuduals who wouldn’t appreciate taking more than 20-minutes recess. Therefore, I chose questionnaire as the most appropriate method for conducting the research. Using the attributes gathered from the initial secondary research, I designed a questionnaire containing ten questions. I targeted 100 people to avoid any complications associated with large numbers. I gathered a team of 5 friends who hepled during the distribution of the questionnaires. It took two weeks to get all the responses from the respondents who notified via phone once they were through. Market Research and Data Collection Questionnaire analysis Market analysis is conducted to get a deeper insight of the dynamics and the customer purchasing pattern. We conducted a market analysis by adopting questionnaire as the methodology. The sample size for the analysis was 100 randomly selected individuals along Middlesex Street. The questionnaires contained nine questions that were deemed enough to help us understand the potential customers. The 100 questionnaires were filled and returned for analysis. Below are the analyses. 1 – Gender analysis The pie chart below represents the male and female composition of the sample size used in the analysis. Based on the pie chart, 58% of the total sample size is represented by the male gender whereas the female gender represents the remaining 42% of the sample size. From the analysis, there were 58 male participants and 42 female participants. The representation of both genders in the exercise is fair. 2- Age analysis The sample size comprised of the following age distribution: there is no respondent under the age of 20 years. 21% of the respondents were aged between 21 and 25. 21% of the respondents were aged between 26 and 30. Last, 58% of the respondents were 30 years and above. Based on the analysis, 42% of the respondents were in their early youthful stage whereas the remaining respondents were in the middle-aged youth, late youthful stage and the adult stage. The pie chart below clears shows the distribution. 3- Occupation analysis Out of the 100 respondents, 33% are private employees, 22% are public employees, 2% are business owners, 40% are students, and 3% are Executive managers. Based on the occupation analysis, a greater portion of the population in Middlesex Street are students, followed by private employees, and public employees. Business owners are the least number of people on Middlesex Street. The graph below presents a vivid representation of the data. 4- How often do you purchase home delivery or takeaway? Out of the 100 respondents, 30% agreed to make daily purchases, 41% agreed to make weekly purchases, 25% agreed to making monthly purchases and 4% agreed to purchase after 2 to 3 months. The analysis shows that a greater percentage of the population in London visits ethnic restaurants every week followed by the daily buyers. The data is represented in the graph below. 5- Analysis on when customers purchase home delivery and take away 54% of the respondents indicated making purchases at Lunch time. 24% makes the purchases at night. 22% purchase the afternoon tea, and none makes purchases during breakfast hours. The analysis shows a possible low or no sales during the morning hours. The graph below shows the data. 6-How more the customers would pay for delivery 71% of the respondent would be willing to make an additional payment of more than £ 15 for the delivery services. 25% would be willing to make an additional payment between £ 11 and £ 15 for the delivery services. 2% would be willing to make an additional payment of between £ 8, and £ 10 and none would be willing to make an additional payment of between £ 5 and £ 7 for the delivery services. The analysis implies that most customers are willing to dig deeper into their pockets for the delivery services as shown in the graph below. 7- How much more the customers would be willing to spend on takeaways 66% of the respondents would be willing to make an additional payment of between £ 5 and £ 7 for takeaways. 22% would be willing to pay between £ 8 and £ 10 more for takeaways. 4% would be willing to pay between £ 11 and £ 15 more. Lastly, only 8% would be willing to pay more than £ 15 more for the takeaways. From the data, the price increase on the takeaways would lead to a reduction of sales. See the graph below. 8- The type of food customers would prefer to buy in the Japanese restaurants 70% of the respondents would prefer to buy Sushi box set from the Japanese restaurants. 25% would prefer to buy Hot food bento. Only 5% would prefer to buy Soup, Noodle from the Japanese restaurants. From the analysis, many customers like Sushi box set. Thus, our company will put the focus on the type. The pie-chart below presents the data. 9- Customer’s most important reasons for purchasing home-delivery or takeaways 26% of the respondents buy home-delivery or takeaways due to their affordability. 27% buy the products and services due to their timeliness. 14 % expect a good quality. The interesting menu draws 11% of the respondents. Lastly, 22% buy from ethnic restaurants to experience delicious taste. Therefore, more customers visit ethnic restaurants for convenience reasons. The graph below vividly shows the data. 10- What customers expect from home-delivery services 44% of the respondents expect timeliness. 20% expect quality services. 13% expect professionalism of our staff members. Lastly, 11% of the respondents expect good communication skills of our staff members. Lastly, 12% have affordable cost expectations. The analysis shows that timeliness is the primary expectation of the clients from home-delivery services. The graph below presents the data. The market research conducted by Mintel and Passport confirm similar factors as the above analysis. The two research companies indicate that the primary reason for the growing interest in purchasing from an ethnic restaurant in the UK is convenience. Most individuals with tight schedules or those that have limited cooking skills find ethnic restaurants more beneficial. In addition, the research indicates that more customers would try more cuisines if there were guidance on their preparation, a suitable time for ordering and availability of a variety of flavors. Most customers in the UK have also confirmed spending less, among other reasons, on home-delivery and takeaways based on Mintel’s research report (2014). Feasibility: Micro market analysis Target market size As was mentioned earlier, the proposed location for the business is Middlesex Street, London. According to the article by Hill (2014, par. 1-4), the population in London is on the rise due to the increase in birth rate. The city population was estimated at 8.612 million. Forecasts have been done based on the trend, that suggest the will increase to 9 million, 10 million and 11 million by the year 2020, 230 and 2050 respectively (Hill 2014, par. 1-4). It can be assumed that due to stiff competition and the increasing number of outlets within the city, our target market size is 10,800 people annually. Current trends The economy of the United Kingdom like other economies across the globe is still in the process of stabilizing from the impact of the recession. The purchasing power of most consumers is still low. In addition, people are increasingly becoming cautious spenders. The existence of ethnic restaurant delivers the customers’ wish to cut spending. The restaurants provide considerably cheap, convenient and delicious cuisines. The number of ethnic restaurants is continuously increasing. The interest of the UK consumers in cuisines such as Chinese, Indian, etc. is continuously increasing. The competition in the food retail market is getting stiffer. The consumers’ interest is shifting to the home deliveries and takeaways for cost, convenience, delicacy, quality among other reasons (Passport 2014). Dynamics There are a number of issues that would influence the market. First, the number of ethnic restaurant in London is increasing, which increases the level of supply of a variety of cuisines. Second, the interest of the consumers is increasing in the products and services at the restaurants. Mintel determined a growth rate in the number of outlets of 7% between 2009 and 2014. The company expects the market growth rate of 13% between 2014 and 2019. The analysis proves how fast the food retail industry is growing (Mintel 2015). Third, the level of competition was getting tighter due to the increasing number of ethnic restaurant in London. Fourth, the economy is still recovering from the recent recession. Therefore, the level of consumption is still low. The mentioned issues force the prices of the products and services offered by the restaurants down. As a result, most restaurants are pricing their products and services cheaply to attract and retain customers amid the growing competition in the industry (Lambert 2015, par. 1-5). Target profile As was mentioned earlier, the implemented research methodology is questionnaire. The questionnaires were distributed to 100 individuals. The target profile is based on the responses to the questionnaires. Out of the 100 individuals, 15 were chosen as the target audience due to their unwavering interest in the products and services of the restaurants. Below are the characteristics of the audience: Ten were male, and five were female. Eight were 30 years and above while seven were between 21 and 30 years. Nine were students while six were employees. Seven were daily buyers while the rest were weekly and monthly buyers. All of them were satisfied with the quality, convenience, affordability and tastiness of the products. Target Behaviors Our target consumers are analyzed using VAL’s model. The model stands for values, attitude and lifestyle. It is important for an entrepreneur to know the values, the attitude and lifestyle of the consumer. The knowledge assists in determining an appropriate business strategy to implement when dealing with a specific market segment. We will focus on the attitude of our clients. Our customers can be categorized as experiencers since they are interested in experiencing different products. The market research indicates the following about our audience: They are developing an interest in cuisines. The customers prefer the affordability of the products and services at an ethnic restaurant. The customers like the home delivery and take away services. They like trying new delicacies. They prefer varieties. They seek for quality and convenience (Bhasin 2015, par. 1-14). Customer Profile Age: 21 -30 years Profession: Students and employees Seeking for affordability and convenience Like to try a variety of cuisines Our target customers are seekers. They like to try various cuisines and settle for the highest quality product at an affordable price. The VAL’s model, specifically the A (attitude) will help us understand newly developed attitude of the customers and help us improve our competitive position. Feasibility: Macro market drivers PESTEL analysis Politics – The United Kingdom has implemented trade policies that allow the increase in the movement of resources to and from the UK. The trade policies such as the 2004 DTI White Paper were implemented to reduce the burden, on the developing countries, of exporting goods and services to the United Kingdom. These policies have encouraged trade activities between the UK and other countries like China, India, etc. In addition, it has promoted investment in UK leading to businesses like ethnic restaurants (Te Velde, Dirk & Cali 2006). Economic – since the recent economic recession, the performance of UK in term of GDP is low. The GDP growth rate is slowing down with the first quarter of 2015 experiencing 0.3% increase. Consumers in the UK are beginning to exercise much caution when spending. The rate of consumption declines as consumers prefer saving (Sky News 2015, par. 1-10). The interest rate in the UK is very low at 0.5%. The economy is trying to formulate policies that will see it rise above its current level. The two economic factors discussed show how slow the UK economy is (Lambert 2015, par. 1-5). Social – the number of foreign national in the UK is on the rise. The working population in the UK is increasing. There is the possibility of employers lifting the working hours limit, thereby allowing employers to work for a period of their choice. The wage rates are likely to increase leading to an increase in the employees’ social status (Inman 2015, par. 6-10) Technological – According to Mintel (2015), 74% of grown ups in the UK aged 16 years and above have full access to smartphone and the internet. Most customers place an order via the internet. Some even locate the restaurants using Google Maps. The technological advancement enhances the business operation (Mintel 2015). Environmental – the city of London has no history of experiencing extreme weather situations. Therefore, the weather conditions would not potentially affect the business operations (Weather Underground 2015). Legal – the reduction of import duties and tariffs as an incentive to improve cross boarder trade between the UK and the developing and least developed countries (Trade Policy 2015). The main market drivers The primary forces that drive consumers to buy the products and services offered by ethnic restaurants are cost, convenience, timeliness and the supply level. The number of home delivery and take away services is increasing. The rise in the number induces consumer interest in cuisines, which are affordable. The cost factor complements most of the consumers’ attitude about spending (Mintel 2015). Overall market size In November 2014, the number of active buyers of home delivery and take away services was 4.7 million people. The interest of UK consumers in the services is still rising. With the growing number of restaurant, it clearly indicates that the demand is increasing. Therefore, the market size is larger than 4.7 million (Mintel 2015). Feasibility: The competitive environment and direct competitors Porter’s five forces The buyer power – the number of consumers, is big and is increasing. The choice of one consumer has no effect on the market but collectively, they are powerful and can influence suppliers’ decision. Factors that influence consumer’s choices are prices and quality. Since there are many outlets in London, switching cost is negligible, which forces suppliers to make their products affordable. Therefore, on a scale of 1-5, the buyer power is 5 (Arling 2015, par. 7-11). The supplier power – the food retail industry is swelling with ethnic restaurants. One or more restaurants cannot influence consumers’ choice. In a bid to create a competitive strength, suppliers have to meet the consumers’ interest. Therefore, their bargaining power is between one and two on a scale of 1-5 (Arling 2015, par. 7-11). The degree of rivalry – as of November 2014, there were in excess of 22,500 restaurants in the UK. The number has been increasing. The competition is intense among established companies like Dominos, Pizza Hut, Papa John’s and other independent outlets. Other major stores like Asda Store Ltd, Sainsbury Ltd, etc. add to the list of competitors. Therefore, on a scale of 1-5, the level of competition is 5 (very strong) (Arling 2015, par. 7-11). The barrier to new entrants – there are no policies that prevent new entrants. That is the reason behind the surge in the number of ethnic restaurants in the UK. Competitors have adopted better competitive strategies for survival. They include introducing the home delivery and take away services, affordable pricing, etc. (CGMA 2011, par 4-8). Substitutes – there are no substitutes to the cuisines provided at the ethnic restaurant. Though the cost of switching from one outlet to another is low, a beneficial alternative has not been identified yet making the substitute threat very low (CGMA 2011, par 4-8). Direct competitors The number of companies that produce identical goods and services is big. For instance, Domino’s pizza faces competition from Pizza Hut, Papa John’s, which had 780, 315 and 246 outlets by 2013 respectively. Companies that provide Japanese cuisines are YO! Sushi, Itsu, Wasabi, Abokado, Feng Sushi, Miso Noodle Bar, Me Love Sushi, and You Me Sushi. These companies products and services resemble the products and services of our company. Therefore, the direct competition is also high (Mintel 2015). Yo sushi is the largest in term of the number of outlets. In 2010, 2011, and 2012, the outlets were 50, 60 and 70 respectively. On the other hand, You Me Sushi is the smallest based on the number of outlets. In 2010, 2011, and 2012, the number of outlets were 2,3 and 4 respectively. Assuming that the expansion rates of the companies continued, the current number of Yo Sushi’s outlets are 100 while You Me Sushi has 7 outlets. The analysis imply that our business will be the newest and the smallest in size based on the number of outlets. Feasibility: Sustainability, operational and financial issues Unique Selling Point Our unique selling point would include the following: Guide to clients on the best time to purchase varieties of cuisines. Our home delivery and take away services will also include nutritional information. Our prices will be competitive to increase the affordability of the products We will ensure constant quality delivery (Unique selling point (USP) 2013). Critical success factors The critical success factors are the activities that our company must do to ensure success and the achievement of goals. They are as below A starting capital will be required. A suitable location for the business is necessary. Middlesex Street is a strategic location. Loyal suppliers- those who will be providing the business with the necessary materials. Our pricing strategy should encompass affordability. Qualified human resource – experienced cooks, manager, waiters and waitresses, an accountant, and delivery personnel. Delivery bikes (Rouse 2015). Starting –up financing The business is still a concept meaning it still does not have any asset. Therefore, seeking for loans from a financial institution is not an option due to lack of security. Therefore, my long-term savings worth £ 23,000 will be injected as a starting capital. I have also made arrangements with other friends who would be willing to make a contribution of £ 15,000. My parents have maintained a savings account for me since I was young. The amount has accumulated to £ 47,000, which they will hand over to me to help with the business set-up. In total, my starting capital will be (47,000 + 23,000 + 15,000) = £ 85,000. Break-even analysis Our competitive pricing strategy gives a price choice of £ 10 per unit. We estimate that we will serve 30 customers per day since the business has not yet established, and the competition is stiff. The break-even sales (unites) = 7545 units annually. The annual sales level are projected at 14,270 units, which is higher than the break-even level. The BEP in sales = £ 75,442.17, which is lower than our projected sales level = £ 142,700. Therefore, since the company’s profitability margin = £ 67,258. Therefore, the profit margin ratio = 47.13% (See Appendix 5). Based on the projections, it will take our business 8 months after commencing operations to break-even. Post-startup financing The profitability of the business is not expected immediately the operations are commenced. It will take an estimated period of one month before we start making profits. Due to the heavy completion and low pricing strategies, there are periods of bumpy rides ahead, during which, the company will need additional funding to ensure the continuation of business’s operations. Therefore, during such time, we will utilize the remaining capital since the amount will not be exhausted. Based on the cash flow projections, the level of profitability increases as the year progresses (See Appendix 2) SWOT analysis STRENGTH WEAKNESSES My associates and I have strong management skills I am an expert in market analysis and strategy formulation I have strong base of starting capital We have a strong connection to Japanese suppliers of cuisine ingredients We have two Japanese with experience in cuisine preparation We lack enough assets and equipment We lack inventory management expert We lack enough space to accommodate the quantity of our monthly inventory OPPORTUNITIES THREATS The population in London is increasing The interest of the Consumers is shifting to cuisines Most customers prefer home delivery and take away services and they are willing to pay more for the services The UK economy is showing sings of slow growth due to slow GDP growth and low-interest rate The number of ethnic restaurants is continuously increasing, thus increasing rivalry Feasibility: Managerial capabilities and resources Personal capabilities I have strong capabilities as following: Taking calculated risks A high locus of control Innovative, imaginative and inventive Change oriented I am versatile and interested in new ideas However, I will have to make the following improvements to improve my project management skills: Develop self-confidence to be able to be an excellent entrepreneur (See Appendix 4) Execution of Critical Success Factors The business will need, but not limited to the following resources for successful performance of the activities that will deliver success. Roles Responsibilities Parent and friends They will provide the starting capital for the business Local authority To provide business license and conduct routine inspections Suppliers To provide the materials needed to prepare cuisines Marketing Manager Will handle the formulation and implementation of competitive marketing strategies. Accountant Will keep the books and analyse the financial performance. Manager Will handle planning, organizing, controlling and staffing Staff Will be preparing the cuisines, attending to the client, delivering the products, Bikes dealer Will lease the delivery bikes to the business Business and Social Network As a start-up task, it has been exhorted that it is best to utilize referred to contacts as it may prompt a superior execution. It additionally reduces the expense and danger of connecting with obscure contacts to convey the outcomes we need. The following are a percentage of the contacts distinguished for potential future dispatch: Supplier: Kazumi Hiragana Portfolio: Has hundreds of ethnic restaurants in Germany. He has been in the business for six years. Association: Friend Marketing Manager: Jiranut Rojanabut Portfolio: Have a special skill in the analysing market and marketing strategy formulation. Association: Business owner Accountant: Ramabut Rojamathan Portfolio: Former junior accountant at the Antique wine company Association: associate Manager: Jiranut Rojanabut Portfolio: Have a special managerial and entrepreneurial skill. Association: Business owner Bikes dealer: Motoden & Scooterden Company Portfolio: dealer in bikes and scooters Associate: Associate Reflections I have gained a lot of experience from the exercise. It has been an educative experience to conduct a market research in preparation for a real life venture. The experience is totally different from when conducting a research for an academic dissertation or project proposal. Second, the compilation of a large document containing more than 3,500 is tedious and extremely tiresome. Third, designing market research strategy was so demanding and time consuming. My learning experience has been enhanced by the availability of resourceful libraries from where I got basic information about the market and the industry. In addition, the task of designing the questionnaire was challenging. However, it was interesting to finally get the respondents feedback analyzed. List of References Arling, K 2015, Porter’s Five Forces: Analyzing the Competition, viewed 16 June 2015, http://www.businessnewsdaily.com/5446-porters-five-forces.html Bhasin, H 2015, Vals-Values attitude lifestyle, viewed 16 June 2015, http://www.marketing91.com/vals-values-attitude-lifestyle/ CGMA 2011, Porter’s Five Force of Competitive Position Analysis, viewed 16 June 2015, http://www.cgma.org/Resources/Tools/essential-tools/Pages/porters-five-forces.aspx?TestCookiesEnabled=redirect General enterprise tendency 2015, viewed 16 June 2015, http://www.get2test.net/test/results.htm Hill, D 2014, London population to reach record high next year, viewed 16 June 2015, http://www.theguardian.com/uk-news/davehillblog/2014/nov/25/london-population-to-reach-record-high-next-year-so-whats-new Inman 2015 http://www.theguardian.com/business/economics-blog/2015/jun/14/wage-growth-and-migration-could-hold-the-key-to-uk-interest-rates Lambert 2015 http://www.thisismoney.co.uk/money/news/article-1607881/When-UK-rates-rise.html Mintel 2013, Mintel 2015, Passport 2014, Rouse, M 2015, critical success factors, viewed 16 June 2015, http://searchcio.techtarget.com/definition/critical-success-factors Te Velde, Dirk Willem & Cali M, 2006, A Political Economy Perspective on UK Trade Policy, Viewed 16 June 2015, http://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/4675.pdf Trade Policy 2015, viewed 16 June 2015, http://www.businessdictionary.com/definition/trade-policy.html Unique selling point (USP) 2013, viewed 16 June 2015, http://whatis.techtarget.com/definition/unique-selling-point-USP Weather Underground 2015 http://www.wunderground.com/weather-forecast/UK/London.html Appendix 1: Questionnaires 1. Gender  Male (58%)  Female (42%) 2. Age  Under 20 years old (0%)  21-25 years old (21%)  26-30 years old (21%)  More than 30 years old (58%) 3. Occupation  Government officer  Public employee (22%)  Private employee (33%)  Business owner (2%)  Student (40%)  Executive Manager (3%) 4. How often do you purchase Home-delivery or Takeaway?  Daily (30%)  Weekly (41%)  Monthly (25%)  Every 2-3 Months (4%) 5. When do you purchase Home-delivery or Takeaway?? a) Morning breakfast (0%) b) Lunch time (54%) c) Afternoon tea (22%) d) Night (24%) 6. How much will you spend additionally for Delivery?  £5 - £7 (0%)  £8 - £10 (2%)  £11 - £15 (25%)  More than £15 (71%) 7. How much will you spend additionally for Takeaway?  £5 - £7 (66%)  £8 - £10 (22%)  £11 - £15 (4%)  More than £15 (8%) 8. Which kind of food do you prefer to buy in the Japanese restuarant? a) Sushi box set (70%) b) Hot food bento (25%) c) Soup, Noodle (5%) 9. When you buy takeaway or Home-delivery, what’s some of the most important reasons that you expect?  Prices (26%)  Timeliness (27%)  Quality (14%)  Tasty (22%)  Menu is interesting (11%) 10. What do you expects with Home-delivery services?  Prices (12%)  Timeliness (44%)  Quality (20%)  Professionalism of staff (13%)  Communication skill of staff (11%)  Appendix 2: Cash flow projections Appendix 3: Example of the restaurant Appendix 4: Tendency Test Source: (General enterprise tendency 2015) Appendix 5: Break-even analysis Read More