Innovation & Entrepreneurship ( Market Research & Feasibility Study ) Paper

Innovation & Entrepreneurship ( Market & Feasibility Study ) - Research Paper Example The report will cover among other things the market demand for fast food in London and risks that may be encountered by investing in such a business in London. Objectives The objective of this feasibility study is to examine the suitability and riskiness of investing in a hospitality industry in London, U.K. This is because we have a great interest of establishing a fast food restaurant in London city. We strongly believe that fast food is doing so well in the city, which will enable us generate high profits in the long run. As a result, we intend to secure commercial premises along Cambridge Street, where, we believe, the business will do so well. We will conduct the feasibility study through market research involving interviews, questionnaires and direct observations. Products and services The restaurant will be serving a variety of U.K. cuisines such as burger, chips, pizza, french fries, tea, and coffee among other delicacies (Euromonitor International Par.4). Our foods will be s erved within the business premises, and customers will have a chance to have a take-way. Since the business will be located within one of the busiest streets in London, we believe that we will have many customers, both local and international tourists who visit the city and who will come to our restaurant. With the high sales expected throughout the season, we are optimistic that the business will generate high returns. In addition, we intend to offer the best-prepared cuisine in London as a whole. Market Research To understand the suitability of Cambridge Street as a good place for fast food restaurant, we conducted research through direct observations, interviews and the use of questionnaires with the residents of the London city. Findings showed that a majority of the London residents eat a lot of fast foods prepared in restaurants, as noted by Kuhn (Par.3). Findings also showed that a majority were young people between the ages of 10 to 60 years. At the same time, we found out t hat students also like eating fast foods, particularly those we intend to offer. In this regard, about 95 % of those interviewed stated that they prefer eating fast foods in restaurants because of lack of enough time to prepare food at home (Ruddick Par.6). Furthermore, they stated that fast foods are cost-effective and delicious. Others argued that eating in a restaurant also gives them opportunity to socialize with their friends and families, as noted by Boella (84). Pricing and promotion Based on the feasibility study, we discovered that our business would face stiff competition from other restaurants in this area. However, the good thing is that the closest restaurant will be within a mile from where we intend to locate the business. However, to beat the probable competition, we will carry out an intensive marketing and promotion campaign throughout London and the U.K. at large to create awareness about our company and the cuisine we offer. We also intend to ensure that we use t he latest technology to ensure high quality in the foods we serve. At the same time, we shall ensure that we maintain the highest standards of hygiene within and around our business premises. In addition, our resaurant will charge reasonable prices, which we believe, will keep our customers coming. This will