Discuss about the Project Formulation and Business Planning.
The study has been conducted on the Indian Restaurant industry. An organization is opening an restaurant in India and the report has been made on providing an idea about the Indian restaurant industry. Opening a business, especially in India, is not an easy task. The competition is very high, as there already exist big organizations like KFC and McDonalds (Rao & Parekh, 2016). It is essential for the organization to have the idea of the existing market and target audience. Based on the finding, the business plan of the restaurant needs to be designed.
The report consist of the description of the restaurant such as the history of it, markets it will serve, the service and product it will provide, financial status and many more. In addition to that, the analysis of the business environment has been conducted. In this analysis, a systematic review of the business model with the KFC and McDonalds has been done.
History of the Business: The business is at the startup stage. The idea of opening the restaurant is feasible and the business models are credible. The business models are adequate for delivering the services or products to the targeted market (Majumdar et al., 2013). The restaurant has already been taking good response from the investors and the ideas behind the business are very innovative.
Markets the Business Will Serve: In India, everyone is very particular about the food they eat. The market is full of opportunities but extreme precautions must be taken by the organization to attract the customer. The main target market for the restaurant will be families. The restaurant will serve both the vegetarian and non-vegetarian foods (Dutta et al., 2014).
Business Type: The restaurant is a service business. The services can be considered as the term that demonstrates function that sustains the restaurant business. However, it does not generate a tangible commodity. In order to upgrade the service, the restart will make use of information communication and technology assets (Dogan et al., 2016). The restaurant will provide the service to the target audiences in and out of the restaurant.
Service of the Restaurant: It provides fast casual, fine dining and casual dining services to the consumer (Axelsson, Malmberg & Zhang, 2015). For each type of service, the restaurant will have different staffs. The fast casual can be observed as the fast food services but the food quality is much better and healthier. The fine dining and casual dining are kind of same services but different foods of different prices (Downs et al., 2013).
The Reason behind Using the Service: The restaurant takes care of the consumer’s requirements in an adequate period (Bujisic, Hutchinson & Parsa, 2014). The consumers do not need to remind the servers about refilling their drinks or taking orders. The welcoming service of the restaurant is very friendly. The waiters, managers and other staffs are available while the consumer experiences services (Tiwari & Jindal, 2017).
Financial Status: The capital that is needed to be starting the restaurant is already been organized. It has been observed that the ROI or return on investment will be positive, except the first year of the opening (Wang et al., 2016).
Within this segment of the report the systematic review among the restaurant, KFC and McDonald has been conducted (Miller 2016). Within India, KFC and McDonalds are the biggest names in this industry. These two brand names are enough to catch the attraction of the consumers. In this situation, the industry must be able to define its brand in such way that it can attract its target audience and get a good hold in the market from the start (Jeong et al., 2016). In order to do the review the business models of the restaurant will be discussed first.
The business model of the restaurant is consist of unique value proposition, target consumer base, marketing strategy, menu choices, financial projections, an assessment of competing restaurants. The restaurant is determined to provide the diners what the other restaurants do not have (Bujisic, Hutchinson & Parsa, 2014). Even for getting hold in the market against big names like McDonald and KFC, the restaurant is destined to provide services to the consumer that they never experienced anywhere. In the next part, the menu of the restaurant comes up. As it has been already discussed that the restaurant will provide three kinds of services to the consumer, the total list of menu is very long (Tiwari & Jindal, 2017). The restaurant has includes some of the lists in the menu that are different from the other competitors like KFC and McDonalds. It is estimated that with the promotions, it will be easy to have regular customers from the starting day. It will assist the restaurant to fulfill the projections for the future revenues. The expenses associated with the host, a part of restaurant operation, will be collected from the regular business from one of the three services (Axelsson, Malmberg & Zhang, 2015). The potential future expansion of the sutra is very good. The marketing strategy of the restaurant will be very simple and consumer centric. The management will analyze the review of the consumers and marketing strategy will be developed on the findings. Begin discussions with nearby organizations in eatery’s territory. A considerable lot of them get cooking for uncommon snacks or gatherings all the time. Offering them a rebate with the goal that they arrange from restriction is an incredible technique (Majumdar et al., 2013). In addition, eatery needs to ensure that it give them its full menu physically. Giving individuals an additional motivating force to attempt eatery is surprisingly is an awesome approach to transform them into steadfast clients. Typically, an offer of no less than twenty percent off is sufficient. Eatery can likewise attempt two for one deal, free tidbits and whatever else the proprietor can think about that would bring more individuals into eatery (Dogan et al., 2016). The marketing strategy of the business consists of analyzing the target consumer, competition, brand-development method and many more.
Conclusion:
From the above study, it can be concluded that the restaurant is going to be hit as soon as it starts providing services. It is very significant that restaurant owner understands the restaurant industry of India. In order to get a good hold onto the market from the beginning, proper promotions of the business is required. Every aspect of the business has been clearly covered within the study. However, it lacked in mentioning the incorporation of IT assists into the business environment. The competitors like McDonalds and KFC for generating future buying patterns and forecasting the sales effectively and widely use the information technology. Restaurant must make use of an central IT system that can track and control all the separate three services that it provides to the consumers. The report also lack in describing the marketing strategy. Though the components of the strategy has been identified, the insight or significant of those components are not present in the report. The restaurant has made a great decision by dividing the vegetarian section from the non-vegetarian section. In India, it is very important that the vegetarian and non- vegetarian foods do not mix with each other.
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