Reference no: EM132258698
Below is a strategic plan for my new venture. Please help me come up with additional information for the venture. Below is what I need. Own words please.
1. Create a introduction for the business in complete sentences. 2. What are some Challenging Achievable Goals? 3. What is the market void/opportunity are we filling? 4. What is the marketing plan? 5. How will we receive funding?
The venture I would start is a fast food restaurant which focusses on Asian cuisine in a healthier way. The location of the same would be near a college. Adjoining the restaurant I would setup a gaming café with multiplayer connectivity for RPG and other games. I will also setup PlayStation and other recreational gaming facilities like snooker, foosball etc. for the younger public. The idea will be to bring the young crowd and make it a preferred hangout for them.
Summary:
As mentioned previously, the venture would be a fast food restaurant near a college premise. The fast food joint will also have a separate space for attracting the younger folks who are focused on gaming and other related activities. The fast food restaurant itself will be a huge addition to the neighborhood. The food served here will be Asian cuisine with provision of burgers, hot dogs and other snacks.
Overall description:
The fast food restaurant will have a seating capacity of 25-30 and will be focused on groups. There will be food challenges and other methods to make the time and money spent a memorable one for the students and other customers. There will be provision for free wi-fi and the specialized cuisine would mean attracting crowds who would want to taste something different from the normal routine. If someone prefers the usual snacks the same will be also be available. The entire menu will be based around Pho, Rolls, Banh mi. It can have multiple offering for people who prefer chicken/beef over other, or a combination of both. Banh Mi is a ready to eat on the go food which will help the customers eat while walking/doing other work. Another option I would keep is rolls. Rolls can be rice paper wrapper based which can include healthy portion of noodles along with meat, eggs, Asian spices, and with minced meat/bun cha. It can be served with varieties of Nuoc Cham.
Exploiting opportunities:
The food setup should be focused on areas which are close to business parks/corporate houses/colleges and which do not have Asian cuisine based restaurant in proximity. The advantage will be the pull of customers who want a variety in their daily routine food with a healthier twist. We can promote this service using local food bloggers who can share their experiences on social media and gather the younger generation to try out the new hangout. Also there will be less ventures which provide both food as well as space for recreation and relaxation. This will definitely bring lot of customers from the vicinity to the restaurant.
Business strategy and analysis:
Primary target customers will be based on following segmentation.
• Demographics based on Age and Gender
• Cuisine preference
• Fast food vs high end restaurant goers – to understand payment preference/ability
• Lifestyle preference – Healthy food vs unhealthy junk food, waiting time for food, readiness to eat from food trucks etc.
• Frequent outside eaters
Based on research and segmentation the best menu and changes can be done in the food chain. When starting any business it is crucial to understand the value it brings and the impact it can create in the eco system. Suppose we start a product or a service which is in close proximity with a well-established player, there are high chances that customers will prefer going to the established venture over the new one. In order to differentiate ourselves from the market and the standard products and services, our deliverables should be better than rest. To this effect, every organization does a business environment scanning to understand where the company stands with respect to others and what the company can do differently from others.
To identify this, there are multiple techniques that are used. Few popular tools are:
• SWOT Analysis
• Pestle Analysis
• Five forces
• Balanced scorecard etc.
I would also use these tools to identify the existing players in the market and methods to differentiate myself from others in the industry.
Governance mechanism:
There will be a team who runs the restaurant on the daily basis. The will include one person who will be in charge of restaurant and one who will be in charge of the gaming and recreational aspects. There will be staff under both of them as required to suffice the needs of the customer and provide them an augmented customer experience. They will report to the board including me which will comprise of other who will do the funding and start other initiatives. All operational P&L will be shared the person who looks after the financial aspects. Marketing and branding campaign will be done by another who will have a network with food bloggers and others who can spread awareness and branding of the outlet.
Future expansion and M&A:
Based on the impact it creates and the interest shown by customers, I may take a decision to start a similar venture in other areas. The short term future plan would be to add more tables to the outlet and make this an exclusive Asian cuisine outlet. Long term the plan would be to open additional outlet and create a chain of healthy Asian cuisine outlets for customers at multiple locations. I would also look at opportunities to acquire smaller or non-profitable outlets and make them focused on another cuisine. Having a brand name will ensure I can draw more customers to new outlets.