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The document summarizes insights from interviews and surveys about the food service industry in India. It discusses objectives like understanding challenges entrepreneurs face and learning about competitors. It provides key findings from primary data with entrepreneurs and customers, such as most entrepreneurs experiencing sales reductions during Covid-19 and customers preferring Indian cuisine. Secondary research highlighted the importance of customer satisfaction, digital marketing, and promotional strategies. The challenges, opportunities, trends and skills needed for long term success in the industry are also summarized.
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- 1. Food Service Industry Under MSME PRESENTED BY GROUP - 45: 1. Preet Anand. Chawhan (JU2021MBA16150) 2. Muskan Dugar (JU2021MBA17734) 3. Abhinav Kumar (JU2021MBA14403) 4. Venkat Sandeep (JU2021MBA14845) 5. Dhakshina Moorthy (JU2021MBA16700) Guided by: 1. Dr. V Y John 2. Dr. Rakesh Yadav
- 2. Objectives To get insights on how the restaurant business works. To understand the variety of challenges faced by an entrepreneur. To know about various competitors in the foodservice industry. To study the impact of Covid-19 on the food industry. To understand variability in individual responses to diet and foods.
- 3. Introduction Food service outlets are facilities that serve meals and snacks for immediate consumption on site. Commercial foodservice establishments accounted for the bulk of food-away-from-home expenditures.
- 4. Reasons for choosing the topic Attracted towards their promotional strategies To know more about food fusions and innovations To know about their work culture It is dynamic industry We all are crazy about food
- 5. Primary Data Number of entrepreneurs interviewed – 11 Number of individuals take part in survey – 110 Interpretations from 1st set: Satisfaction of the entrepreneurs with their restaurant. All age group customers are targeted. Chosen the location by seeing customers comfort. Financed through personal savings and loans. Covid times, reduction in sales were seen in most of the entrepreneurs. Passion, reason for starting a restaurant. Innovation – Reason for sustainability. Social media- Advertising strategy. Daily sales- Rs.10000 approx. for most of the entrepreneurs.
- 6. Interpretations from 2nd set Satisfied with restaurants, individuals visited recently. Satisfied with restaurants, individuals visited recently. Price- main factor while deciding the choice of food. Average amount of Rs.500-1000, spent on daily basis by individuals Weekly visits are mostly preferred. Indian cuisines – Favoured by individuals. Zomato- Highly likeable online ordering platform. Most individuals are excited to open their own restaurants- Café.
- 7. Secondary Data Promotional, marketing, and advertising strategies should be developed based on customers’ needs. Customer satisfaction is the key for successful business, followed by price and quality. Digital marketing channels like social media are used to attract potential customers. Right promotional strategies- to attract new customers and satisfy loyal customers.
- 8. Challenges Working capital crunch Tough competition Lack of expertise Challenging trends Changes on infrastructure Skilled staff Digitalisation Health consideration
- 9. Opportunities Health and immunity Tech enabled transparency Packaging Plant based innovation Exciting flavours
- 10. Restaurant Industry Trends The rise of vegan cuisine. Adding Healthy Tasty Organic Food to our menu trends. Adding home chefs with homemade unique cuisines and combinations across all seasonal ethnicities. QR Code Usage Takes Off. Ghost Kitchens. Open Kitchen Concept. Robotics and Automation
- 11. Ways to make Food Service Industry Sustainable Invest in Eco-Friendly Disposables Easy Energy-Efficient Product Installations Donate Left over Food Cook what’s in season Prioritize customer satisfaction above everything else Take customer feedback and use it for improvements
- 12. Leadership skills Required to fulfil the business in Long Term They know how to set goals. Flexibility and Adaptability. Spread positivity. Inter-personal skills. Ability to bring out the best performance. Attention to detail. Emotional intelligence. Creativity and resilience.
- 13. Innovation and Quality Products Affecting Price Online and Mobile Ordering. Creating Combo Meals. Meal Progress Bars. Digital Point-of-Sale System. Customer-Facing Tabletop Tablet. Scheduling Software. Dedicated Mobile Apps. Waitlist Management. Dish Sanitizing Technologies. Remote Temperature Monitoring.
- 14. Learning’s from the Interview Customer is the “KING” Leadership skills Fund portfolio management Creative thinking Camaraderie between the co- workers Sustainability during uncertain external situations.