Target Market Segment Strategy
Yummy Resto will focus on attracting young adults and adults aged between 20-55 with an annual income ranging from $15000 to $50000. We will concentrate on high spenders who enjoy eating out in a fun atmosphere. Our clientele will be youngsters, adults, and retired, both female and male. The buying pattern will be people who like to spend money with good quality food dining out and joyful environment. We will not be successful waiting for the customer to come to us. We will focus on clientele that needs our products and services. We will develop aggressive marketing campaigns to have these customers
Service Business Analysis
The restaurant industry is highly competitive and risky. For a restaurant to survive there must be solid understanding of the market needs and management of employees. Restaurants make money by taking inexpensive ingredients and cooking them in a different style and sell them at a higher price. For a restaurant to be successful we need to look at the risks and financial conditions associated to it and its ability to work under pressure with good organizational skills.
Competition and Buying Patterns
Although the restaurant industry exists in a dynamic and competitive environment we need to improve profitability. Many companies need to find a location which is accessible to the targeted market. The price needs to be competitive with focus on the quality of foods. The main competitors for Yummy Resto are Little King and Ashoka Restaurant located in Rose Belle .Both the competitors will compete with Yummy Resto on certain meals. The products and services of Yummy Resto compared to the competitors are more of good quality and tasty. The employees at our competitors are no longer...
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...ings will start moving and we will make our advertising campaign and promotional offers compared to our competitors. We will hire employees and promote our brand image.
Table 3: Sales Forecast
Sales Forecast
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
Sales
Lunch $975,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000
Dinner $1,080,000 $1,100,000 $1,150,000 $1,200,000 $1,300,000
Take-out dishes $780,000 $790,000 $800,000 $820,000 $840,000
Total Sales $2,835,000 $3,090,000 $3,250,000 $3,420,000 $3,640,000
Direct Cost of Sales FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
Lunch $890,000 $1,000,000 $1,200,000 $1,300,000 $1,400,000
Diner $740,000 $800,000 $850,000 $900,000 $950,000
Take out dishes $486,000 $500,000 $510,000 $550,000 $580,000
Subtotal Direct Cost of Sales $2,116,000 $2,300,000 $2,560,000 $2,750,000 $2,930,000
Stephen Boos has worked in the food service industry for over 30 years. He started as a bus person and subsequently trained as a chef’s apprentice. Steve’s mother believed that a college education was something that everyone should receive. She felt that a college degree was a good investment in Steve’s future. In 1976 at his mother’s insistence, Boos moved to Northeastern Ohio to attend Kent State University where he earned a bachelor’s degree in business administration. After graduation, Steve began working for East Park Restaurant as a line cook. Using his education as a foundation, Steve made a point to learn everything he could about running a restaurant, from cutting meat to the bi-weekly food and beverage orders. His versatility, keen business sense, and ability to control costs resulted in Steve’s promotion to General Manager, as role he has held since 1995.
Understanding the number of competitors and their capabilities in a particular market is a key function of building strategy. If a company is competing against another company offering the same product or service, it faces limitation in regards to both supplier and buyer power. Customers will always tend to go to the place where they get the same product for a cheaper price, while supplier will tend to flock to places where the deal is considerably high. For CMG, a key differentiation in its competition within the fast food industry is designated I its ability to meet a one of a kind fast food experience where customers experience fine-dining similar to high0end hotels, but a low prices. CMG additionally differentiates totally with its rivals in the sense that they struggle to offer healthy and high-quality food that positively impacts the society.
Dave Thomas an American restaurateur and a philanthropist once said, “It all comes back to the basic. Serve customers the best-tasting food at a good value in a clean, comfortable restaurant, and they'll keep coming back.” (thomas). Everyone can agree on Dave Thomas, but I have a couple more criteria to add to his idea of a great successful restaurant. If I go out to eat I might as well pick a place that, though may be expensive, has scrumptious food because why bother going to spend money on food you can make yourself? A great restaurant has to meet three of my criteria’s: the Décor and atmosphere, impeccable service and cleanliness, and most importantly the food.
Our mission is to provide our customers with the best products and services that we have created a new market space for. We strive for 100% customer satisfaction and taking what used to be multiple purchases of software into one operation system. That can increase many aspects of the important sectors within the restaurant industry. I.e. decrease employee-training time, increase outputs, real-time record keeping ‘including inventory’, and more.
The restaurant business is a challenging industry and if a company has a strategy that works for them as well as their employees, it should stay the course and tweak as needed.
Restaurant manager is a responsible position and career which has several opportunities to accomplish. The manager has to manage the whole restaurant staff, has to be flexible in approach and promote motivation and performance among them for better restaurant productivity and profits. Complete dedication is essential to reach highest position in management and for this the person has to settle certain goals and improve the skills, values and qualities with time and market demands (Brawer eta l., 2012).
Target markets their products to a variety of market segments when speaking about their clothing lines. The top three segments are Age-Related Segments and Gender-Related Segments. Targets approach to development, marketing and advertisement is based on seasons, genders, age in the terms of wants and needs and styles while also staying true to their brand imagine. Target has positioned itself as one of the biggest retailers with a brand imagine that can connect to the consumers, and the ability to develop and deliver high end products that come at an affordable price.
When different kinds of menu for lunch and dinner are included, there is an opportunity for attraction of more clients in the new outlet
Editorial. Nations Restaurant News 11 Nov. 2005: n. pag. MasterFILE Premier. Web. 5 Mar. 2013.
This proposal is aimed at conducting a research on the market potential for Fast Food Restaurants Services in India. It will be mainly focusing towards understanding the importance of various factors affecting the choice and the need of fast food outlets by Indian young consumers. Also, it aims to study the consumption pattern towards fast foods particularly with respect to the frequency of visits and choice of fast food outlets. It aims to study the impact of hygiene and nutritional value of fast foods on consumer purchase decisions. These services may provide an opportunity to develop a niche market. This proposal aims to study the feasibility and practicality of implementing this idea.
We served best quality food to satisfaction of buyer. Our main weakness is we provide better than other cafe but other competitor in lowest price.
A fast food restaurant will have to have a good pricing strategy in order to ensure that competition does not push the firm out of business. This will ensure the restaurant remains competitive. For effective management of cash inflows, the management will require to create an environment whereby each item has been priced conspicuously and reflecting the cost of bringing the same to the table as well as the profit margins targeted by the restaurant (Mark 1998).
...ded once they see that the sales will be increasing and tips will be larger. Good staff will increase good public relations which will result in better business. Marketing a restaurant is the most important part in running a restaurant. If a restaurant is not marketed, no one will know about the restaurant causing it to lose money to operate forcing it to close down. Prices on the menu should always be appealing to the restaurant target market and set towards the products on the menu. It is essential that a restaurant develops its staff to the fullest, for a strong staff creates better sales and the public is pleased .
In America, many are not aware of the inequalities that exist in the Food Service. The food service sector has at least 125,951 companies and approximately 12 million employees with almost 7 million foreigners. This sector includes individually owned restaurants, mid-priced chains, quick service (fast food), hotels, and beverage establishments. Food service plays a major role in institutional establishments like schools, hospitals, prisons and meals on wheels. They cater to the tastes of their particular customers and are often leaders of food innovation. In the food service, we find: bartenders, wait staff, hosts, busboys, chefs, cooks, managers, and dishwashers .The food service workers perform a variety of customer service, food preparation and cleaning tasks, all that which are very important to keep a business running. More concerning , some of the major working conditions that foodservice workers face with daily is no health benefits and significantly low wages. These employees working in the food industry make it possible for millions of people to enjoy food in restaurants but are not being treated or appreciated fairly.
There is a larger number and types of entrants in the market Fine Dining Restaurants-Casual Dining Restaurants-Quick- Service Restaurants. Landscape of primary location is also a threat; there is a lack of customer parking which could possibly result in lower numbers of customers. Climate may also affect the businesses in general, low peak season and bad weather can cause problems for the business market if bad weather is expected, customers are more reluctant to go outside if not necessary. Potential entrants and encroaching concepts are also a concern due to factors such as low consumer switching and brand not being well known. Cost is also a threat although the primary target market is higher-wage earners consumers with less income will not frequent Rooms for Dessert they will seek substitute