What is the current governments take on overall industry

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Reference no: EM133389321

Assignment:

Royal Bangla is a restaurant that can be found in Oshawa, Canada. The restaurant will provide a selection of local Bangladeshi food along with wide ranges of Asian teas. In addition to that, it will provide diners with a variety of main course, snacks and desserts to choose from. The young professionals and college students in the surrounding area will make up the bulk of the target audience. The restaurant will also serve as a gathering spot for the community, providing an opportunity for people to get to know one another.

Royal Bangla will differentiate itself from its rivals by providing a warm and welcoming ambiance together with an exceptional range of halal and local food for Muslims with cheaper price. In order to cater to the needs of its patrons, the restaurant will include both indoor and outdoor sitting arrangements. The upcoming restaurant will have a location that is both convenient and easy to reach in the city, making it the ideal place for residents to stop in for a quick cup of coffee or tea and a light meal.

Royal Bangla will be an excellent choice for a business venture because it will supply the neighborhood with a product or service that is not already available. It is going to be an excellent spot for neighborhood residents to congregate and get to know about local food from Bangladesh while enjoying one-of-a-kind range of snacks and meals, its warm and inviting ambiance, and its handy location.

Royal Bangla will differentiate itself from its rivals by providing a local and different ambiance together with an exceptional range of food and beverages that is rare in Oshawa. In order to provide the greatest possible experience for its clientele, the restaurant will feature staff members who are cordial and helpful, as well as service that is prompt and effective. In addition to that, nowadays people love to experiment with food and Asian cuisines are rich in flavor and taste. My goal is to introduce my culture to a land of diverse people and I can assure that they will be delighted with the food and service.

Additionally, the restaurant will provide catering services, giving customers the opportunity to have private events or meetings within the establishment itself.

POLITICAL

How governments can and will intervene in the economy.

What is the current government's take on the overall industry? Promises/KPIs they want to achieve? Do you fit in their narrative?

Are there support programs to take advantage of? Tax credits, grants, expertise etc?

ECONOMIC

What is the state of the economy?

What are the macroeconomic conditions?

Look at consumer income (gross income, disposable income and discretionary income).

Inflation and interest rates - are they stable? Fluctuating? Will this impact marketing efforts?

SOCIAL

What are the general demographics, social trends and cultural factors to take into consideration?

Demographics: postal code, age (age cohorts), income & purchasing power, gender identity, education

Social Trends: green conscious? Privacy conscious? Time-poor conscious?

Are there regional cultural aspects to be aware of?

TECHNOLOGICAL

What are the current technological aspects you'll need to utilize? Are there newer emerging technologies that could also benefit your product/service?

Think of the technology planning on being used. Are there new forms of communication or retail channels available to consider implementing?

LEGAL

Taking political element into consideration, are there specific regulations current governments have promised to implement? Are there potential regulations that would most hinder your business?

There is an increased emphasis on ethics & socially responsible behaviour. General areas of consideration to research: regulations protecting companies from one another, regulations protecting consumers from unfair business practices, regulations protecting the interests of society.

ENVIRONMENTAL

What are the dynamics of acceptable norms specific to environement, sustainability & governance.

Are your consumers likely to be educated and therefore conscious when purchasing?

Would strategic decisions around creating an environmentally-sustainable product/service benefit the company?

Reference no: EM133389321

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