A project study for new entrant restaurant in West London, Northolt Essay

A project study for new entrant restaurant in West London, Northolt - Essay Example In case the findings will be encouraging, a thorough feasibility study should establish further details like the allowable amount of capitalization needed in order to be competitive, why such an amount will be right, how to raise the funds, and who will be the owners by the time the actual business becomes a reality. Thus, the initial scope of this project study will be a top view of the Restaurant Industry in London and West London, Horholt as well as an inside view of the factors affecting the industry as well as other factors that can positively or negatively affect a new entrant in the restaurant business Among others, the location itself ought to be described. And the restaurant which is in between an industrial estate, plans to penetrate the competitive market shortly after it was opened. How to gain a good share of the potential business for restaurants within Northolt will be the other major problem that this research should be able to resolve. In other words, the aim of this project is first of all to clarify whatever opportunities, limitations, and requirements have to be considered by a new industry player in the restaurant industry. Secondly, it aims to find out whether the present restaurant can have the capability to rise up to the minimum requirements in order to compete in promoting the business. II. Structure and Elaboration of the Process In order to determine the potential of a restaurant business in the area and later on recommend a market strategy for the purpose of gaining a good market share, a more vivid description of the critical parts of a restaurant industry would have to be presented. These would include the following: (a) Location - descriptions of the place where the restaurant is people; (2) People – or who should be served by any promotion and set of services plus other benefits; (3) Products – or what will have to be offered to the potential customers; (4) Pricing – comparison of the cost of products and se rvices offered in the restaurant; and (5) Current Promotions – how restaurants in Northolt promote their business in order to build a market share for themselves. It will be assumed that the new restaurant does not yet have such a strategic promotion to likewise reap a good market share. Potential of the Place The location of Northolt is considered â€Å"a pleasant suburb to the West of Greater London, in Middlesex† according to Squidoo (2012). It has parks, transportation facilities linked to the rest of London, Golf and Country Clubs, and a Royal Air Force airport. A traveller will take only 20-30 minutes coming from Central London to reach Northolt. One of the transport facilities is an underground Railway Station that is connected to the underground London Railway Station. The cost of rent or purchase price of a house was recently reported to be very reasonable. There are car repair shops, football fields, playgrounds for children, a park for skating, and a boat la ke. Squidoo calls the place â€Å"cosmopolitan and multicultural†. But it still has woodlands, lakes in parks, wildlife where a moorhen, geese, swans, and ducks. A Coffee Shop beside the lake has become popular. Near the Northolt Railway Station, there are more than 20 hotels. See the complete list in Figure 1 under the Appendix Section. This gives an idea of how many people visit, rent, and live in Northolt. The Ealing