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The hospitality sector is growing day by day. However, due to coronavirus, the UK hospitality industry had to face a lot of circumstances. All the bars, pubs, and restaurants are considered in the hospitality sector. This is one of the industries that has been hit the worst by the pandemic. The hotel industry's turnover has been significantly influenced by sales laws. The hospitality sector is a key supporter of UK government enterprise aid programs like the CJRS and capital grants. The government has also put in place welfare programs for the hotel industry (Seagraves, 2020). Therefore, considering all the measurable factors, it has been decided to start a new pub business focusing on Italian dishes and sports. East London has been selected as the location of the new pub. The new pub is supposed to be entitled ‘Ozora.'
The population mostly prefers Italian sports, and the Italian community is higher in east London. Considering this fact, Ozora will be solely focused on Italian dishes and enlisted as the Italian Sports Bar in the midst of East London. The following goals will be met by setting up a new pub in the East London area:
i)Allow it to develop naturally.
ii) Accomplishment of the company's goal, which includes increasing shareholders' value.
iii) Analysis of the Industry Despite the fact that the hotel business is very demanding, western life trends continue to promote its continuous expansion. People are increasingly short on time, finances, as well as skills, to prepare meals for themselves since the Coronavirus pandemic throughout the world (Santos, 2021). Trends matter, and yet this pub is ideally positioned to leverage the current interest in lighter, healthier fare at moderate to low pricing.
iv) Providing for the needs of the customers, including simple access to the pub and outstanding customer service.
v) Promote Italian culture with excellent Italian dishes and telecast Italian sports in the pub, which will provide a familiar atmosphere to the Italian community of East London.
Considering the post-Covid-19 world, the good hygiene and sanitizing measurement will be taken, and it is assumed that most Italian will love it because of its ambiance, sports culture, and authentic Italian dishes as they have not visited their place due to covid-19. There are lots of Italian pubs that serve Italian dishes are there in the east London; however, the major attraction will be the telecast of Italian sports which will enlighten the Italian culture among the Italian community, and the Italian sports freak is acknowledged as the primary customer of the pub ‘Ozora.'
The threat of new entry
New restaurant entrants may bring new capabilities and process innovations to the table, putting pressure on Ozora to drop prices and cut costs whereas offering new value propositions to customers, putting pressure on Ozora to lower prices and cut costs while trying to offer new ways to add value to customers. Ozora must overcome all of these challenges and create b barriers to keep its competitive edge.
Threat of substitutes
When a new product or service meets similar customer needs in different ways, industry profitability suffers (Abinsay, 2020). A replacement service poses a major threat if it offers a value proposition that appears to be considerably different from the industry's current offerings. Ozora could be able to counter the Threat of Substitute by focusing on service rather than just commodities.
Bargaining power of customers
Customers can be difficult to please. They want to obtain the best offer possible for the least amount of money possible. As Ozora's client base grows smaller and more powerful, customers' bargaining power and ability to demand higher discounts and promotions grows. Having a large customer base diminishes buyers' bargaining power while also helping the corporation to streamline its sales and manufacturing procedures (Kozlova et al., 2019).
Bargaining power of suppliers
The majority of pub owners like to get their raw materials from a variety of sources. The Services sector's power of suppliers utilizes their negotiation strength to get greater pricing from the companies in this industry. Higher supplier negotiating power decreases the total revenue of the pub.
Gloria and Santa are considered Ozora's most important rivals. Revenues would diminish and the corporation's financial condition will suffer if there is severe rivalry among present participants in this area. Ozora appears to be in the dining industry, owing to its emphasis on the demanding Italian sports culture. This competition has a negative effect on the organization's long-term operational viability (Hubbard, 2018).
Collective Foods, as well as a direct import from Italy, would be the firm's primary food supplier. Because these two vendors provide identical commodities, the bar management must select between them. Ozora will choose the provider who offers us a shop credit, has quick delivery, as well as offers the greatest overall pricing. OfficeMax or Staples will provide Ozora with office materials. The remaining pub supplies (pots, pans, silverware, and cooking utensils) will be purchased through an internet store. Utilizing touch screen devices located all across the bar area, supply chain, order placement, and process would all be accomplished. The giant HD television for telecasting sports will be supplied directly from the famous electronic store in East London, Nudlo Electronics. Ozora will focus on branded HD quality and excellent sound systems for the giant television.
Ozora will employ a certain type of software that offers the best dining operating system. This technological solution may be configured to suit the demands of Ozora. A point of sale menu, inventory control analysis, credit card sales, bar and fast service menus, office administration, and much more will be included in the program. Customer service and quality control will be aided by regular training sessions. Cooking food items, performance as well as food portion control, drinks or rather stock management, technology use, good hygiene, organization, and standard of living, advertising including media relations will all be covered throughout the program (Kim et al., 2021). The number of guests each day, the number of meals and drinks served, the value of suppliers, as well as the wastage proportion will all be measured and compared. It has been planned that, on the launch day, Ozora will provide free soft drinks to visitors and host a night party for the visitors. Apart from that, press members will be available on that day to cover the launch day of Ozora Italian Sports bar. Mr. Paolo Di Canio, a former Italian football player based in east London, will come to inaugurate the launch of Ozora on that auspicious day, which is considered the most attractive event. By leveraging social media, excitement among sports freaks and others can be possible to get the maximum number of visitors.
Revenue management seems to be a type of supply and demand management that is more advanced. Its main goal is to increase earnings by regulating domestic consumption through variable pricing and capacity management. The following are the four strategic revenue management variables (Abad et al., 2019).
Scheduling (reservations, appointments), availability (demand averaging), as well as pricing (duration restrictions, turnover charges). Revenue management enables businesses to deliver the correct offering at the correct time to the appropriate consumer at the optimum price by leveraging information technology, value proposition, as well as process improvement (Bisson 2022).
With its comparatively limited capacities of obtainable tables, fresh produce inventory, rapidly changing requirements, limited changes to fixed financial ratios, as well as services distributed for free in the brand in advance through bookings and reservations, financial management is well suitable for the hospitality industry, Ozora can minimize their prospect loss. In order to prevent loss of revenue, Ozora needs to look into a few important factors. Regarding those facts, Ozora must acknowledge that something must be incorrect and also be concerned about it. It must establish a commitment to fix the situation and detail exactly what should be done. If the company is in the midst of a major crisis, the company's top executives must demonstrate that they are in control of the situation and cooperate with any accountable organizations to ensure that it does not occur repeatedly.
A comprehensive marketing strategy will be developed and maintained, including local news media including food business models. Since it will be used at the pub while keeping close communication with the consumers, in-store advertising campaigns are thought to be more successful. Table tents, an in-store visit offered to each and every potential customer, promotional materials, annual birthday celebrations, as well as a grand inauguration ceremony would all be components of this. Because once Ozora expands, additional publications will be contacted. Numerous major advertisements would be placed in the magazine throughout the month to describe the Italian Sports bar idea to clients (Rohlfs, 2020). The pub would engage more visitors by serving high-quality, healthful meals in an interesting and entertaining atmosphere.
Product: Ozora is an Italian Sports bar. Ozora aims to be the best sports-themed restaurant throughout the East London area. This would be the area's only sports bar. The owners of this sports bar would like to have their guests have much more pleasure throughout their leisure and dining hours. Numerous screens with much more sports activities would be available at the sports bar, unlike anyplace else in the neighborhood. Every table-top at the sports bar will have state-of-the-art table-top acoustic monitoring, allowing customers to enjoy their preferred show without even being distracted by the noisy environment. To achieve our aim of total quality in a food and entertainment environment, the sports bar would blend food choices, setting, lighting, as well as assistance to generate a feeling of optimism.
All of the food items are reasonably priced. The typical client spends containing foods and beverages anywhere between $5 and $15. For game-day guests, the bill will be much more. The purpose of the Ozora administration is to make customers pleased so that they would invest more money in the end. Consultants at Ozora feel this is because they create an environment that stimulates visitors to remain longer as well as invest more money while still leaving enough table availability owing to their prolonged hours of operation.
There will be three types of promotional strategies to leverage maximum customers to Ozora as follows.
To communicate their notion to the local community, they can run a newspaper campaign with numerous major ads throughout the period.
Complete the radio program with broadcast remotes inside their parking garage. Ozora will choose three of the top broadcast channels to air their brief yet snappy commercials. They will also hold radio call-in competitions with complimentary Ozora food vouchers as a reward (Cardinelli 2020).
Promotional letter with inside photos of the bar, rates, "Theme Nights," as well as a description of their idea.
Posters on the walls advertise promotions and food items.
There will be VIP gatherings accessible.
Biweekly changes were made to the outside comment board.
Celebration of the Launch Event.
Ozora birthday celebrations will be held once a year to commemorate the accomplishments of the previous year.
Public relations in the local area:
Regional softball teams would be sponsored, and Ozora's logo would be on the jerseys.
Ozora will be based in the East End of London. Bedford was selected as the pub's site because it includes higher-income areas where customers might be more willing to spend for a more costly meal or supper. There is indeed a large Italian community nearby, which might also assist in marginalizing Ozora's target customer. The pub will be built in a modern design that is both basic and stylish.
Sources of funds: where would you be getting funds from?
This project was budgeted using Zero-based spending, which entails identifying tasks to be completed and afterward financing resources to finish the work regardless of present capacity. This ensures that resources are being utilized effectively. On this basis, the work budgets were created for each expenditure justified in terms of its use in the program. It has been decided that most of the funding budgets will be acquired from the stakeholders, and the rest will be reimbursed from the sponsorship. For example, two famous radio stations will be broadcasted in Ozora, and the HD giant television will be from an eminent brand also, who will respectively sponsor Ozora to set up properly.
Use of funds
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