RIVERSIDE RESTAURANT• THE RIVERSIDE RESTAURANT PROVIDING HEALTH AND TASTE. Establishing a seafood restaurant that offers variety of sea food.The interior will be designed in such a way that the customers feel as if they are having dinner or lunch on a riverside with a soothing atmosphere and customers will feel good and pleasant in such an atmosphere.
PRE LAUNCH RESEARCH• Research will be conducted tosee as to what is the traffic at theplace where restaurant will beopened. If it’s a crowdy placethere are chance of getting morecustomers.• Questionnaires will be filled tocheck whether there is sufficientdemand for the seafoodrestaurant in the area as well ascity.
MARKET SEGMENTS GEOGRAPHICCITY: Baroda DEMOGRAPHIC• Age: from 12 yrs to 60+, under 12 yrs will also be my customers as they will accompany with their parents.• Gender: Male, female.• Income: From 2 lac p.a
PSYCHOGRAPHICLifestyle: culture-oriented, taste-oriented. BEHAVIORALOccasions: regular, special
TARGET AUDIENCE• People who are taste lovers especially lovers of sea food from middle class to high income group will be my target customers.
PRODUCT CATEGORY• Restaurant comes under service category. CUSTOMER VALUE• Providing healthy food with taste, ensuring to serve fresh and best tasted sea foods. Hygienic and pleasant atmosphere that attracts customers.
IDENTIFYING COMPETITORS• My competition will be directly with other restaurants offering sea foods. ENTRY BARRIERS• LOCATION• Restaurants live and die by location. Excellent locations are visible, easily accessible traffic, and surrounded by businesses that complement the restaurant well. They also offer plentiful and cheap parking. Even if I do manage to find a good location, there will be sizable rent or mortgage costs, which can be difficult to cover during the initial months of business
• COMPETITION When a new restaurant opens, it is in immediate and direct competition with nearby restaurants, which might already have loyal customer bases. Winning these customers over might be difficult in the initial stages, especially if my restaurant offers fare similar to restaurants that have a lock on that niche.• LACK OF START CAPITAL Lack of sufficient start-up capital is one of the biggest barriers to entry in the restaurant industry. EXIT BARRIERS• Exit barrier is free as it is monopolistic market. There are numerous firms waiting to enter the market each with its own "unique" product or in pursuit of positive profits and any firm unable to cover its costs can leave the market.
INTEGRATION BACKWARD INTEGRATIONTo grow various vegetables, wheat, rice required in own farm which ensures healthy and unorganic vegetables. This can help to provide customers taste with health. FORWARD INTEGRATION:There can be no forward integration as the product of my restaurant goes to end users.
PRODUCT LEVELS • CORE BENEFIT: Restaurant- taste with health. • BASIC PRODUCT: sea food served with variety of dishes in an unique way. • EXPECTED PRODUCT:Good ambiance, healthy food with taste, clean. • AUGMENTED PRODUCT Live music, garden space, all kind of sea food available. POTENTIAL PRODUCT Expansion of restaurant into resort and expanding in terms of different place.
SERVICE DIFFERENTIATION• DELIVERY: Free home delivery within 20 kms, discounts available online with snap deal.• MAINTENANCE AND REPAIR: maintaining utensils and plates, service of various equipments used for cooking.• CUSTOMER CONSULTATION: training the employees in dealing with customers.
SERVICE DISTINCTIONSPeople based: As restaurant is service industry so it is people based as people are needed for making food as well as deliveringService processes: fast service, free service within 5 kms. CATEGORIES OF SERVICE MIX: Restaurant comes under HYBRID category as equal proportion of both service and product is required.
REFERENCE PRICING• There will be 10% discount in the initial period of opening and then original price will be charged.Going rate pricing: Pricing will be decided on the basis of rate on going in the restaurant sector of my class of restaurant. Price will be kept on the basis of quality and type of sea food served.