The photo shows a sign outside a restaurant in Santorini advertising a traditional full English breakfast, which really stood out to me.
Despite inflationary pressures and uncertainty from the COVID-19 pandemic, many Britons are still visiting expensive holiday destinations such as Santorini. As such, this restaurant exploited the exponential rise in British holidaymakers by differentiating their meal options to appeal to British travellers. For example, they offer a widely consumed full English breakfast option to induce a comforting and familiar sentimentality in British consumers and gain consumer satisfaction. Furthermore, the restaurant cleverly markets the individual food components; on a weekly basis, these breakfast elements may be typically purchased by British consumers in accustomed supermarkets such as Aldi.
The restaurant may face high costs due to the importation of ingredients from British supermarket chains to suit the preferences of British consumers, but these costs are covered by the willingness of Britons to pay premium prices. However, by operating in a niche market, they are far more likely to attract consumers than their competitors in this saturated market. Therefore, the restaurant can gain a monopolistic competitive advantage and higher profit margins because it offers differentiated elements not offered by other restaurants.
