Question:
Discuss factors essential to the delivery of a quality dining experience to the Food and Beverage Consumer.
Overview of the Project
The food and beverage industry is one of the most prominent and fastly growing in today’s world. Out of the many variations that this industry offers one of the most sought after is the quick service restaurants that offer finger foods and snacks items. These are easy on the pocket and people can consume the same on a go without having to spend much time. This is one of the biggest advantageous that quick service restaurants offers that they are easy on pocket and very consumer centric. There is no need to spend a large amount of money on creating great ambience for the customers and they can operate from small kiosks (Harrington, Ottenbacher, & Fauser, 2017). One such quick service restaurant is to be opened in the suburbs of Sydney, which is the biggest city of Australia. The name of the suburban area is Carlingford, New South Wales. It is a small area that is situated 22 kilometers from north western end of Sydney. The area is a developing one and there are not much outlets that offers such quick food services. It will be ideal to open such outlet in that part of the country. Thus briefly following points can be highlighted from the introduction-
The present state of the food and beverage industry is in alignment with the selected style of service. People all around the world are looking for healthy hygienic food at affordable prices. Dinning out is a thing that all people cannot afford, moreover they don’t have that much time that they can wait and eat at a restaurant. Nowadays it is more of a luxury and less of a need. When people have lot of free time, and they want to enjoy some good food and are ready to spend some good money on the same, the go for dine out. Thus the need and the demand for quick service restaurants have improved over the years, and that is very much apparent from the high rate at which it is growing in today’s world. Most of the top countries now boast of a huge percentage of their revenues from these quick service restaurants and there are many startups that are operating in alignment with the same. So if the company goes forward with this proposed idea of opening a quick service restaurant in a growing suburban area then that will be very profitable for the same. The company will be to en-cash on the growing demand for tasty quick bites at cheaper prices. They are similar to brands like MacDonald’s and dominos but will serve comparatively more healthy food (Visinescu, Jones, & Sidorova, 2017).
The menu will be proposed based on the analysis done and on the basis of the target market that has been selected. As it has been stated that Carlingford is a growing area, and there are huge plantations of fruits and vegetables so people over there prefers to have their natural healthy stuff and if the company is able to twist the same and present the same in a different form , then that will attract a lot of people. The main item thus on the menu can be fruit salad combos that will consists of different fruits that have been garnished with special sauces. Other items will all be based on fruits like fruit tarts, fruit cakes, fruit juices and also the company can incorporate vegetable salads, vegetable chats etc. In beverages there can be fruits drinks at cheap prices and natural ice creams can also be served. Overall the menu will cover the healthier option of food that people can avail easily and for which they do not have to struggle too much. The rate can be kept minimum and the plus point is that the company can procure these raw materials for the food items from the local markets at very low prices (Elimam, 2017). There has been many factors that has influenced the development of this menu, the main being the lack of good quick service restaurants in the area, the growing demand for healthy food options as people have become very health conscious and also the availability of natural products in that area. People in this suburban area are very much habituated to have these natural products in their raw form, so if the company is able to add some variations to it and provide them with new food items incorporating these natural products, it will attract a lot of people. Also the fact that there was no such quick service restaurant previously played an important role for the company (Laursen & Thorlund, 2016). It is very much based on providing healthier option of authentic food items at cheaper prices using the most readily available resources in the area. These are the few factors have played an important role in influencing the overall menu. And depending on the initial sales and response of the people the company can keep the menu changing and can incorporate new items in the same. In this way people will not get bored of the same and this will be helpful for the business also
The company needs to propose a particular financial plan for the project, so that it is able to analyze how and when it can invest and what are the areas that might need special attention. It helps in defining a proper path for the company as per which it should spend its money and achieve maximum amount of revenue. An extract of the proposed budget for the given project is given below:
In this budget it is proposed that the initial start up cost of the project is $100000, and then the other operating costs that are incurred throughout are divided into three segments: Food costs, beverage costs and wages cost. It is proposed that the ratio is calculated on the basis of the total operating cost that is incurred in the initial year (Laursen & Thorlund, 2016). The maintained ratio is 5:3:2. The cost of the food items is the maximum because it takes more raw materials to get all the ingredients and food menu is comparatively high. The beverage menu is a little less in comparison to the food menu and will incorporate lesser amount of raw materials. Also the cost of wages will be high, because the company will require the same to prepare the food; staff will be needed to maintain the desired level of cleanliness and also to serve the food item at the kiosks. So keeping the start up cost different, all the other costs will be treated as operating costs and decisions will be taken accordingly. The prices for the products will be fixed in an order so that break even is achieved and also in the initial few months the total amount of sales can be anticipated so that a bench mark can be identified. The company will also spend some money on advertising and promotion but that must be considered as a part of the initial start up cost, and once the company break even the same can be equally deferred throughout the coming years (Alexander, 2016).
The main supplier that is required in this project is the supplier of the raw material for preparation of the food and beverages. Other suppliers that would be required will be the one that helps in formation of the kiosks and all supply some other products like furniture and utensils that is needed. But most of these will be one time investment, the major cost will be of the supplier of the food ingredients and the company should make sure that they are able to avail the same at some discount (Bromwich & Scapens, 2016). Effective supplier management services can help the company in reducing the total amount of cost that might be incurred. The company must do a proper market research and then should select those suppliers that provides discount on bulk orders. For one time investments the company can go for lease products that are very easy on the pockets and can be used for a longer period. In this way the company will be able to reduce the total cost effectively and break even early (Mayntz, 2017). The company can also hire experts that can help them in doing such market research and help them procure data about the various suppliers in the area.
References
Alexander, F. (2016). The Changing Face of Accountability. The Journal of Higher Education, 71(4), 411-431.
Bromwich, M., & Scapens, R. (2016). Management Accounting Research: 25 years on. Management Accounting Research, 31, 1-9.
Elimam, H. (2017). The Role of Small Businesses (Small Scale Economic Projects) in Alleviating the Acuity of Unemployment. International Business Research, 10(3).
Harrington, R., Ottenbacher, M., & Fauser, S. (2017). QSR brand value: Marketing mix dimensions among McDonald’s, KFC, Burger King, Subway and Starbucks. International Journal of Contemporary Hospitality Management, 29(1), 551-570.
Kohtamäki, M. (2017). Real-time Strategy and Business Intelligence: Digitizing Practices and Systems. Finland: Palgrave Macmillan.
Laursen, G., & Thorlund, J. (2016). Business Analytics for Managers: Taking Business Intelligence Beyond Reporting (Second ed.). CANADA: Wiley Publisher.
Mayntz, R. (2017). Networked Governance. Springer.
Visinescu, L., Jones, M., & Sidorova, A. (2017). Improving Decision Quality: The Role of Business Intelligence. Journal of Computer Information Systems, 57(1), 58-66
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