REQUIRED TASK -
Read these instructions carefully
Think about a business that you would like to start. It might be something you have wanted to do for a long time, or something you have just thought of. You might be making a product that has been around for a long time, or it might be something completely new. Be imaginative. It might be a product that is not yet on the market.
There are many different types of businesses. Some businesses manufacture products, while others provide services. The concepts covered in this subject are applicable to businesses generally, but in order to give practical examples we are going to focus on manufacturing businesses – businesses that make a physical product and sell it. Therefore, in order for this Assignment to be relevant to the rest of the subject, you must choose a manufacturing business for this assignment. I.e. Your business must manufacture a physical product.
You are to write a report about your proposed business. You should address the following questions in your report, but you should not structure the report as a series of questions and answers. That will achieve low marks for presentation. This is more like a short essay. You are telling a story. You want the reader to get an overall picture of the business you would like to start and why you think this business is a good idea.
Today, with increased globalisation and with advent of new technologies, there are several new opportunities available in the food industry market (Lancaster & Reynolds, 1994). With increase globalization, it has become easy for the new players to enter into the market as the threats of barriers have reduced. This report proposes a business plan for opening a new restaurant in the US. The trading name of the business will be - Dinner under the Sky.
The restaurant will be constructed in an open space and under the sky and hence this name is suggested in this report. It will be a sole proprietorship business as it is a new venture and will not require additional capital for the initial investments. The organization structure will be divisional as there will be several departments that will be linked with each other and each of them will be provided certain instructions. The final decision will be made by the owner of this restaurant considering the market scenario. The business will be into multi-cuisine food business that will be serving unique food dishes of different food cultures.
The products will be food items ranging from local food items to internationally served food items that will exceed the expectations of the customers. The target market will be majority all the people of different age groups. There will be no specific age criteria set for them as the ambience of the restaurant will welcome all these people.
However, the income group will be lower-middle class to upper-class people considering certain pricing of the food items served in this restaurant. The key focus of the restaurant will be the ambience, the exterior decoration, the services approach by the staff, and the overall experience.
It is important to deploy low-cost differentiation strategy considering the increased competition and increasing demands of the people. People, today, have become more aware of the different food cultures and hence they demand food dishes of different parts of the world (Kotler & Armstrong, 2010). They even choose for experimenting on certain food dishes despite the fact that they are not aware of the taste sand other preferences.
To setup this business, it is important to first follow the legal procedures and register the company name. Also, there is a need to obtain food license and follow other instructions of the government to ensure that all the legal formalities are completed. Second, there is a need to infuse the capital in the initial stages and construct the restaurant.
Third, is to hire the best chef and supporting staff so that they can prepare and serve the different food dishes as per the expectations of the customers (Stewart & Brown, 2012). Further, there is a need of monitoring mechanism through which both performance and satisfaction levels of the customers can be observed. It will help the senior management to modify the strategies as and when required.
This business will be a success as people today are preferring different restaurant outlets in any given location. They want to try new food items and thereby make sure that they can satisfy to their taste buds and other preferences. Also, by following the given marketing procedures and recommendations, it is assumed that this business will be a huge success.