This sample will let you know about:
- Discuss the potential of food and beverages.
- What is the impact of hospitality and tourism on revenue?
Background of the chosen restaurant
The Grapevine is a one of the best Italian restaurants and coffee shop in Shoreditch. It is situated in High Street which is a great place that attracts huge number of people. This location is so colourful and alluring that it has been converted into a shopping hub where people can chill and shop. It offers huge variety of food items for giving customers chance to choose from all those dished. It is located in East London and it treated as a place which provides high quality services. It has received good online ratings from the customers who have availed the services. The location where it is situated sees huge rush of people which can make it have high sales and profit. Furthermore, the menu is set by its chefs who are skilled and good at their work. Also, it continuous to offer the services till late night. In addition to this, there is a private space in the basement which is suitable for various events and it comprise of a library in that particular area. Get Assignment Examples.Talk to our Experts!
Food and beverage potential
Food and Beverage services include the activities which start from preparation of food to final serving to the customers. For a restaurant the main element is food and the drinks served by it. This attracts the customers however, the quality should be maintained (Meyers and et. al., 2016). The Grapevine Shoreditch offers fresh pasta made from variety of ingredients taken from the local market. It is mainly known for the quality and variety it provides to the existing customers. Furthermore, it offers coffee which is consumed largely by people living and visiting United Kingdom.
It also provides the food and drinks for breakfast, lunch, dinner and even brunch. This is to let the customers have the meals as per their convenience. This is one of the key factors in attracting the customers by giving so many options of the meals to choose from. It has received good reviews about the food items and drinks from many of its service users which show that it is offering good quality. The techniques and processed used in making the dishes comprise of both traditional and modern. Also, there are number of fusion in order to meet the demands of young generation.
There are experiments with the raw materials which are used to make nutritional home-made breakfasts, fresh pastries, salads and coffee with freshly Perky Blenders. Apart from this, there are selected wines which are served to the customers for providing them high satisfaction. These are served with freshly extracted items which can complement the tastes. However, there are many other food items which can be offered at the restaurant (Davis and et. al., 2018).
It can expand the variety of dishes by including other cuisines apart from the Italian pasta. It has huge opportunities for expanding the business by preparing the foods which are not in the current menus. This can be helpful in attracting existing as well as new customers who are looking something extra ordinary. In this way, it can achieve strong position in the market and among the competitors.
Review of current literature on key trends in the Food and Beverage sector in the hospitality industry and Impact of such trends on consumer choice and spending
Trends in the food and beverages can be seen in every year because of some addition or removal of some new or existing element to improve it. In this way, many new items in F&B sector are introduced for fulfilling needs of the customers. This provides high satisfaction to them and making changes in current menus is a continuous process. Some of the latest trends in food and beverage have been reviewed below:
- Healthy snacks- According to the survey in the year 2019, it has been observed that people living in UK greatly depends on the snacks. There are 95% of adults who consumes about 66% snacks on daily basis (Number of people who consume snacks on daily basis, 2019). Furthermore, this population consists of young people in majority, who can be targetted for such snacks. Also, it contribute to number of problems related to the health of individuals consuming the snacks. Apart from this, aged people also have snacks in a great quantity. Therefore, by considering the health issues with the consumption of such snacks, it becomes necessary to introduce some healthy snacks. This trend can be appreciated highly by the customers as they can have equally tasty snacks but with better ingredients which are rich in nutrients. Customers may demand some addition in the flavours which are strong and delicious and transform the snacks into a whole new food. This trend can see positive reviews with the acceptance of large number of buyers. On considering the spending by them, it can be said that people will not have much problem spending on such items because as per the data provided above, it is consumed hugely by the people living and visiting in UK. Individuals may not even mind spending premium amount on the healthy snacks as long as its going to keep their health good (Wyatt, 2014).
- Drive and Go take out foods- This trend in food and beverage sector has made it easy for the customers who just wish to take away the food instead of sitting at the restaurant and have it then and there only. The food is packaged in a convenient way so as to make it easy for the buyers to carry that till their destination arrive. Also, there is no limitation of time to have it. In other words, the buyer can consume the food according to their wish. It offers many benefits such as rush at the restaurant and other food joints can be avoided with this trend. Some of the most famous restaurants such as McDonald's, KFC, etc. has already adopted this trend. People have become busy in their life and they don not even get enough time to sit at one place and have the food other than weekends. In such a case, this can disadvantageous for restaurants and food joints which can lead to decline in profit. Therefore, providing this option will help busy people to collect their favourite and eat wherever they like. This also gives some privacy to the consumers. Furthermore, the prices are equal so the customers will not mind paying the prices. However, there may be some extra charges of nominal amount for packing and all. People may become willing to pay that much amount for their convenience.
- Plant based foods- This is something new which allows vegan consumers to make choices from the plant-based nutrition in order to transform their lifestyle. It is a kind of particular diet which includes all the sources of protein in the food (Bennett, 2015). This is a healthy substitute which can be opted by people not just in UK but around the world as well. Many of the restaurants have started to switch to this concept by naming it as plant-based foods. There are many products which have been named as vegan diets. These are also available in the shops and supermarkets apart from the restaurants. This is a whole new concept which is specifically for those people who like vegetarian foods or have become vegan. This can see adverse reaction from the people who are hardcore non-vegetarians. Also, this may not be successful in a country like United Kingdom because more than 90% of the population eats non-vegetarian foods. Hence, it may not be a suitable option for a restaurant which is famous for its non-vegetarian dishes. Furthermore, with the limited restaurants providing plant-based foods, the costs of such items are going to be high. This can impact their spending in a negative way. People may not feel willing to pay high amount for such food items. Unlike, non-vegetarian dishes, the quantity of plat-based foods should be little bit larger than other meat products in order to fulfil the appetite. Therefore, this can add on extra charges as they might have to order again (Everett, 2016).
- Low; No and Less calories foods- This trend has come into existence after cardiovascular diseases, diabetes, increase of cholesterol level etc. have started to occur in a great amount. There are many people who search for food options which low in calories. Reducing the amount of calories make the products light which are in great demand by the customers. UK has many restaurants offering sweets, fast food and other items which comprise of high calories. Calories should be consumed to the suitable extent for the health. However, beyond the specific limit it should not be consumed. As it impacts the heart and other body parts directly. Therefore, customers will accept such food with great appreciation because young generation and well as aged people have become health conscious with the increasing cases of diseases. Such foods can be quite expensive because of the ingredients used in their formation such as sugar free etc. This can make the final product costly. The young generation who are gym freaks and totally into yoga or other exercises may not hesitate to pay premium prices of such foods.
- Street food- This trend brings different types of street foods to the plat of the customers. These are made from authentic recipes by including spices and methods that have been used from a long period (Henderson, 2017). This has gained popularity with the restaurants which provide such foods. However, the factor of hygiene has been included in this which is often neglected in authentic street food items. Street foods are liked by large number of population in the world because of their taste, texture and prices. This can seen huge purchase by the customers provided it is brought with some fusion. Furthermore, customers can have high range of options to choose from. Hence, consumers' choices can be impacted in a desirable way. Also, the prices are majorly going to be low this can attract customers to pay the prices without any issue.
- Ethical and sustainability- This trend reflects the demand of the customers to go beyond the food items which is being brought to the plates. It is an initiative taken by the service users in which they want to know about the origin of ingredients that are used in making the food items (Mokhtar, Othman and Ariffin, 2018). This is done to differentiate between the ingredients which can be upcycled in order to reduce the wastage and enhance biodegradability of packaging and other related materials. It is a whole new trend which may see great support from the customers because it something beyond the food. People always like new initiatives and when these are related to the environment, the support gets increased. This can see a clear victory from the customers if this concept is adopted by a restaurant. Individuals have become aware about the destruction that is being caused with the use of plastic and other material. People have become worried about the nature and they find occasions to contribute in something which can save the planet. Therefore, spending can be positive by the customers. They are willing to pay for an action which can help restoring the nature (Noel and Kumari KSloan and Adams Hutt, 2012).
The above-mentioned are the latest trends in Food and Beverage sector of hospitality industry which can opt by restaurants in coming years. The concept can be selected on the basis of cost and investment involve, time for implementation and ROI. Furthermore, the demand of customers should also be included with the intention to fulfil them. It helps in providing higher satisfaction to them. Order assignment help from our experts!
Identification of potential audience and market competition in the case of food and beverage offer The Grapevine Shoreditch
Audience should be there for every business to whom the goods and services are sold to make profit and meet the targets. This can depend on the variety of factors and demographics so that their demands can be met. The Grapevine Shoreditch has young generation and families as their main customers. If the restaurant adopts any of the above-mentioned trends, it can focus on millennials as they belong to the category which have jobs. The earnings can be spent on the food and drinks that are being served by the restaurant. On coming to the aged people, it can be said that they are health conscious individuals who can pay the prices for the foods which can meet their demands. However, the prices should be decided on the basis of disposable money, the rate of demand and willingness to pay. In this way, it can make a co-ordination among all the required elements for long lasting attraction of customers (Sima and Vogt, 2017).
Apart from this, every business has their competitors who provide the same food and drinks at almost same or prices close to one particular organization. The Grapevine Shoreditch is a popular restaurant which offers variety of food items of Italian cuisine. Also, it provides coffee and other drinks which can make the customers highly satisfied. Also, it has good ratings due to which it holds a strong position in the market. The main competitors of this restaurant are Popolo Shoreditch, Bottega Preliabto, Savure London, Passo Shoreditch and many more. All these restaurants are in the same league and provides Italian cuisines. In order to reduce the competition, it should conduct analysis by which the position of the organisation among the rivals can be determined. It is important from the perspective of the entity as it helps in keeping a strong position in the marketplace.
A business should have strategies and plans for surviving the competition in the market. Without a suitable approach, no organisation can sustain for a long time. Furthermore, various obstacles can come in the way for the success of the business. These can overcome with the implementation of appropriate solution and approaches. A feasible proposal for The Grapevine Shoreditch has been provided below:
The Grapevine Shoreditch may opt ethical and sustainability and drive through trends in its restaurant. Both of these concepts are going to attract customers who are more into saving the nature. Basically, the millennials are going to be its target audience as they are into experimenting the food and drink items. They do not hesitate to spend on their food items if they are worth making investment into. It is likely to impact the business in a positive way. Furthermore, by introducing the concept of drive through, this will increase the number of people who do not have adequate time to sit and have meal. This can simply increase the sales as take away will also going to be a part of it.
In addition to this, the target profit for this proposal is about 15% for first 6 months which The Grapevine Shoreditch will gradually try to increase at the rate of 2% per month. The time Furthermore, it is going to use social media platforms for the marketing of its services which are entirely new in the market. It is cost-effective way to reach large number of population who the restaurant wish to target. It will create a page on Instagram and Facebook where a person can get all the information about the services along with pictures of the place. This will make it easy for them to decide whether to visit the place or not.
Along with this, it is going to make promotional offers for people to attract them. It has found that, individuals especially, the young generation has shown great interest in ethical activities. They can also be made convince for contributing to their by sharing their ideas. This is going to be done with the help of feedbacks from every individual visiting The Grapevine Shoreditch. It is significant in reviewing the performance in the current circumstances. Furthermore, the drive through concept is suitable for the millennials because they have hectic schedule at their work so they can suggest the ways in which this service can be improved. Struggling with your dissertation, get dissertation writing services from our experts!
From the above report, it has been concluded that hospitality industry contributes majorly in the revenue and growth of an economy. There are many sectors which operate under this industry and are equally important for carrying the business of organisations exist within this field. Furthermore, this report has witnessed that consultancy is required for the survival of business in the fierce competition. There can be some major changes in order to improve the existing plans and strategies for the success of restaurants and other entities in hospitality industry. The restaurants should monitor all its operations on a regular basis for tracking the profitable and non-profitable areas. Furthermore, there are various trends for the future which may be opted in order to bring something new for the customers. This requires a proposal with all the necessary objectives and targets to help the restaurant achieve them.
Also read- Managing Food and Beverage
Books & Journals:
Brotherton, B. ed., 2012. International hospitality industry. Routledge.
Meyers, S., and et. al., 2016. Energy efficiency, carbon emissions, and measures towards their improvement in the food and beverage sector for six European countries. Energy. 104. pp.266-283.
Davis, B., and et. al., 2018. Food and beverage management. Routledge.
Noel, A.N. and Kumari, K., Trends in the Food and Beverage Sector of the Hospitality Industry.
Sloan, E. and Adams Hutt, C., 2012. Beverage trends in 2012 and beyond. Agro FOOD Industry Hi Tech. 23(4). p.8.
Wyatt, S.L., 2014. The state of the snack food industry. In SNAXPO Snack Food Association Annual Meeting, Texas, USA. Availabe at: http://tinyurl. com/y8a7z5o7.
Bennett, A., 2015. Innovation trends in food and beverage filtration applications. Filtration+ Separation. 52(2). pp.28-33.
Everett, S., 2016. Food and drink tourism: Principles and practices. People. 10.
Henderson, J.C., 2017. Street food, hawkers and the Michelin Guide in Singapore. British Food Journal.
Mokhtar, R., Othman, Z. and Ariffin, H.F., 2018. Brand Equity and Revisit Intention towards Food Truck Business. International Journal Of Engineering & Technology. 7(2.29). p.241.
Sima, C. and Vogt, F., 2017. The symbiotic relationship between unusual venues and street food commercial events: The case of Street Feast in London. In Exhibitions, Trade Fairs and Industrial Events (pp. 93-106). Routledge.