Researching and Developing a New Business Venture Essay

Researching and Developing a New Business Venture - Essay Example The paper also focuses on the micro level evaluation of the restaurant industry, with the help of Porter’s five forces model. Subsequently, the paper accentuates on the micro-level restaurant industry evaluation, with due consideration to the economic viability of the restaurant business model. The paper further confers the mission and the aspiration of the team. Finally, the paper concludes with the discussion of the rationale for the attractiveness of the new venture and cites reasons for the same. Table of Contents Executive Summary 2 Introduction 4 Micro-Level Market Assessment 5 Macro-Level Market Assessment 7 Macro-Level Industry Assessment 8 Micro-Level Industry Assessment 10 Team Assessment 13 Summary and Conclusions 15 References 16 Bibliography 19 Introduction The paper comprises of a customer feasibility assessment for setting up an Afro-Caribbean restaurant in Allerton, a suburb in Liverpool, United Kingdom. The paper initially focuses on the micro-level assessment of the market for the restaurant. This assessment is focussed on identifying the target market segment for the Afro-Caribbean restaurant, its size and growth opportunity. The assessment also accentuates on the needs of the target group and the suitability of the restaurant’s cuisines in meeting those needs. ... Conclusively, the paper discusses the rationale for the attractiveness of the new venture and cites reasons for the same (Mullins, 2007). Micro-Level Market Assessment The potential target market for an Afro-Caribbean restaurant in Allerton, Liverpool would be the British Afro Caribbean community and other ethnic groups residing in the area as well as the British population who have a liking for Caribbean foods. The total population of Allerton has been estimated to be around 30,000 (VDC Group, 2011). It has been observed that a decent magnitude of ethnic population resides in the Allerton region and its vicinity. Bernstock (2007), had stated in his study on the meal preference of Afro-Caribbean people that a clear correlation could be identified amid the African-Caribbean populace interviewed and their consumption preference, with an obvious inclination for Afro Caribbean cooking. This was despite the fact that there have been considerable cultural and social changes that has been o bserved amongst the Afro Caribbean population in the United Kingdom over the years (Caterer and Hotelkeeper, 1986). Additionally, the rapidly increasing statistics of ‘Black and Minority Ethnic’ restaurants imply that there is huge potential for a restaurant business, catering Afro Caribbean foods (Bernstock 2007). This is particularly true for Allerton because this neighbourhood of Liverpool does not have any prominent eatery dedicated solely to Afro Caribbean cuisines. During the recent years, a significant market has emerged for the category of cuisine, often referred as the ‘ethnic’ food. The augmented production of ethnic food in the UK lately is partially a response to the expanding group of African and other Ethnic communities in the UK. However, the growth in