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Table of Contents
Table of Contents. 2
Executive Summary. 3
Company Description. 3
Industry Analysis. 4
Product Description. 4
Mission Statement 5
Business Objectives. 5
Target Market 5
Competitor Analysis. 5
SWOT Analysis. 6
Marketing Mix. 6
Financials. 8
References. 9
Executive Summary of the
Business
The “7 Restaurant” will be a cheaply priced restaurant with a
total capacity of 120 seats. The restaurant will be offering
common Chinese foods. Some of the Chinese foods that will be
available in 7 Restaurant include; sweet and sour pork, Kung
Pao Chicken, Ma Po Tofu, Wontons, Dumplings, Chow Mein,
Peking Roasted Duck, and Spring Rolls. This list is however not
enough but it contains the most known Chinese foods but the
customers will be visiting, they will be presented with a menu
that contains all variety of Chinese foods.
The restaurant will be owned by me but I will hire a managerial
person alongside the kitchen staff members, waiters, and cashier
individuals. I personally, I have 5 years experience in the hotel
and catering industry. The proposed manager for the restaurant
will have relevant experience of 7 years and above in the
catering industry. The manager will then appoint the qualified
individuals to lease food on the three retail centers of the
restaurant. I chose the three retail centers because they were
previously used as hotels and they used to offer some Chinese
foods as well but they collapsed due to bankrupts. Since they
are well known, they will act as strategic points for our
customers. But it’s a fact that the centers will have to be
renovated first before they start operating (Chambers, &
Humble, 2017).
Introduction
My locality is generally a tourist attraction area with the
majority of the tourists being Chinese. When looking at the
existing restaurants, there is not even a single restaurant that
specializes in providing Chinese foods only. According to my
market research, I found that almost 60% of the tourists aren't
satisfied with the quality of food and services they get from the
existing restaurants. One of the popular claims from the tourists
is that they are served with poor quality cooked Chinese foods
if they happen to be available. Most of the time, they are forced
to eat western foods due to lack of Chinese foods in the existing
restaurants. Before joining college, I personally happened to
work in a Chinese restaurant for not less than 5 years and I am
fully acquainted with everything as far as Chinese food is a
concern. As a business-oriented student, I identified this as a
business opportunity. From my projections, other things
remaining constant, in my quarter fiscal year, I will be
generating a net profit of $500,000 and if all goes well, I will
pay back the restaurant starting loan in two years time so that
everything becomes my asset. My catering experience on
Chinese foods, my business and management skills and more
importantly the presence of the market made me decide to run
the Chinese food restaurant (Gordon, & Brezinski, 2016).
Business Objectives
· The main objectives of the “ 7 Restaurant” will be;
· To be the leading Chinese foods restaurant in the region
· To offer quality Chinese foods at cheaper costs with excellent
customer services.
· Achieve attain the maximum number of customers in our
locality that will be served in specific periods like lunch and
dinner when the season is at the peak point.
· To be the restaurant of preference to both local and
international visitors guided by the exemplary customer
services, delicious and quality foods at affordable prices.
Short Term Goal for my Chinese Food
Restaurant Business
My short term goal will be marketing and branding my
restaurant. The marketing will be done through local social
media in some days of the week. Marketing by the use of
billboards in major routes of the tourists will also help in
attaining the customer and tourists attention.
Long Term Goal for my Chinese Food
Restaurant Business
My long term goal will be to expand the capacity of the
restaurant with time through the opening of the branches in
major towns besides building accommodation facilities for the
visitors. I will also look at expanding my restaurant into
international standards (Gordon, & Brezinski, 2016).
Mission Statement
My mission is to provide an exceptional and comforting dining
experience to my customers that can be equated to home
dinning. I will endeavor to realize this target through;
· Provision quality and hygiene menu foods integrated with
quality ingredients at relatively cheap prices which can be
reasonable to my customers.
· I will be careful and alert on the well being of my working
staff by handling them with self-respect just like I would like to
be treated if I was the one working. It's through this that the
employees will provide their services to the customers with
competence and professionalism.
· Last but not least, I will ensure that the health of my
customers is held with high standards of esteem and priority by
ensuring that every food that is prepared in my restaurant meets
the health standards from cooking, packing and serving
(McKeever, 2016).
Competitors of Chinese food
restaurant
Gramma fish Oakley, address 1324 olive Rd, Fairfield, tel. CA
94525-324 email/websiteswww.hop things Chinese. Co.
Arlette Fairfield addresses 2312 Olive road, Fairfield, CA
95652-3521, email. [email protected] (Arlt, W. G. 2018)
Tootsie 1232016 3564, address, 1325 Olive road, CA 9532124-
5233, webwww.arletteC. Chinese restaurant. Co.
M F address, 1327 Olive Street, Fairfield, CA 95362-6325, web
www.mfrestuarants.co
Three scoop address, 1423 olive Rd, CA 96243-8654. Web
addresswww.threescoop hotels.co.
Solanodoug, address 1324 Rd. Ca. 95326-4525 web address.
Www.solanoduogrest. Co
Competing Restaurants within the
country
Motel 6 address, 3212 Shelby Dr. CA 96225-3652,
webwww.motel6. co
Courtyard Fairfield address, 5623, Olive Rd. CA. 95123-4521,
web address. www.courtyardfairfield.co
Extended stay address, 2321, Holiday lane, CA. 96452-4253.
Web Address. www.extendentstay motel. Co
Hilton Garden inn address, 1242street, CA. 95425-7854 web
address. www.hiltongardenrestuarants.co
Fuddruckers address, 4215 Shelby Dr, CA. 95321-4251. Web
address. www.fuddruckersrestuarants.co
CrepesNmore address, 254 street, Olive Rd. CA. 94325-9856.
Web address.www.crapesnmorerestuarantsfairfield.co.
The SWOT analysis is used in the strategic planning of the
business. It is mainly divided into two internal factors and
external factors, (Leiber & Harvey, 2018). Internal factors can
be controlled by the business while external factor cannot be
controlled by the business for example new Technology.
Internal factors are categorized into two strengths and
weaknesses. External factors are also categorized into two
opportunities and threats.
Strengths. - The Owner or manager of the business has more
than 5 years of experience in Catering and specifically in a
Chinese restaurant. Therefore, the skills and experience will be
used to provide quality services to the employer, (Piercy &
Giles, 2016). The manager will employee experienced personnel
in fields such as Waiters, Kitchen Staff members, and cashier.
The restaurant will provide services such as quality food and
hygiene, take away service and home deliveries. The hotel is
located in a tourist attraction area this will improve the
profitability and sales level.
· The manager also has some knowledge of business
management. This knowledge will help the manager in planning
and evaluating business performance, (Casebeer, 2015). The
business has a competitive advantage because they have quality
food and a menu unique menu with the kid's sector. Taking care
of the employee by checking on their wellbeing will increase
collaboration and teamwork.
Weaknesses. - Since the hotel is located in a tourist attraction
area the restaurant should also concentrate on other types of
dishes because tourism has its peak and low seasons. This will
enable the business balance and not move from very high profits
to very low profits. The restaurant does not have enough
resources especially financial resources. The company needs
training in the effective and efficient management of resources.
This training will be beneficial because it will reduce cost and
increase efficiency.
Opportunities. - The business can use technology, for example,
mobile apps to offer door to door services. This will increase
their sale and profitability levels. The business can also target
the local community. The business has an opportunity to expand
on the variety of food they offer. They can also expand their
business internationally, (Novicevic et al., 2015). This will
increase sales, productivity and the overall performance of the
business. Most of the people spend time on social media using
this tool to market will increase sales.
Threats. - The business may face threats such as competitors.
Inflation is also a threat in business this means a sudden
increase in price which will lead to a rise in the price of the
food. Political instability may greatly affect the overall
performance of the business.
Part 5 and 6
Introduction
The business world currently is moving fast and demands are
fast growing. However, the demand can only be met by
providing the best fit product to fill the gap. This can be done
by thoroughly researching the market through the feasibility
study to find out the gaps in the market. the feasibility study
carried out in my locality has established that there is a gap in
the provision of quality Chinese food and restaurant services.
This prompted the planning and actions with the main objective
of filling this gap. Therefore, this paper will focus of the
products/services which the restaurant will provide, its price,
the promotional strategies to be used as well as the place that
the restaurant will be located within the locality.
Product
The feasibility study showed a gap in Chinese foods especially
the most popular ones. Provision of these type of foods will
serve the needs of the customers to their satisfaction. Currently,
the market lacks the best food and even the poor quality one are
rarely found in the restaurants (Chambers & Humble, 2017).
Therefore this restaurant will focus on the main major Chinese
food such as Kung-pao chicken, Dumplings, the sweet as well as
the sour pork, Spring rolls, Ma-Po-tofu, peking roasted duck
meat, the wantons and lastly the Chow Mein. The meals will be
made in a delicious and special with the help of the highly
qualified Chefs that will be available in the restaurant. The
chefs and waiters will be sourced from the previous existing
restaurants which because of one reason or the other are no
longer in business. Health is the utmost priority for the business
and therefore high hygiene in the preparation and serving of the
meals will be given a high priority (McKeever, 2016). Services
provided by the restaurant in addition to the food will be home
delivery of the ordered products for customers who cannot make
it to the restaurant and are located within three kilometres from
the restaurant. Speciality in light options, especially in small
portions for children, will be provided by the restaurants. Carry
away orders services will also be offered to the customers.
Price
The company carried out research on the prices charged for the
meals to establish the best prices for the meals and services.
The main aim of the research was to ensure that the prices of
the products and services were not too high nor too low and that
they represented the best picture of the restaurants as desired by
the company owner. The pricing strategy used paints a picture
of what kind of products are provided and can lead to success or
failure and therefore a critical point in the business (Nagle &
Müller, 2017, pp. 79).
Promotion
The company has set promotional activities as the short-term
goals of the restaurant. This is with the aim of establishing
ground, gaining familiarity and creation and expansion of the
market base for the restaurant. Social media from within the
country will be used in promoting the restaurant and its
products (Todor, 2016, pp. 55). The advertisement will be
scheduled for three to run three days a week for the consecutive
three months. Billboards in the target market will be used on
major roads with the aim of attracting customers especially the
tourists coming to the region. The company has chosen the two
promotional strategies because of their ability to reach a large
number of customers at ago and serve the purpose of
advertisement as they are visual and depicts the true picture of
the restaurant's products.
Place
The restaurant will be located in the centre of the town. This is
because many of the tourists converge in town after their tour to
have a meal and refreshments. Based on these facts, the town
centre will be the strategic place for company services. In
addition, the central location of the business will allow many
customers as well as potential customers to see the restaurant.
However, the business has considered the needs of the local
customer’s and will install three additional restaurant shops
three kilometres from the mother company. This will allows
easy access to the company services and thus an increase in the
customer base of the company (Burns & Dewhurst, 2016).
Thank you for coming. You are welcome again.
Conclusion
Fulfilling customer demands has been the desire for every
business. When a company fails to consider this factor, it easily
loses focus and research has shown that such businesses do not
excel. The restaurant industry has not fulfilled the desires of the
tourists as well as the local Chinese consumers within my
locality. This has opened a gap for the opening of this business
which will see the needs of the customers met at an affordable
price (Moghadam, & Sohrabi, 2018, pp. 556).
Parts 4 and 5
Introduction
This is a business plan for a new product Splash Flavor –a
sports drink produced and packaged by Splash Flavor
Manufacturers. This business plan thus highlights all the
necessary details about the drink and all the marketing
strategies that will be used to ensure that the product penetrates
the highly competitive market (McKeever, 2016).
Product Description
Splash Flavor is a new sports drink that has been developed
keenly in order to offer unparalleled customer experience.
Splash Flavor comes in four different flavors –Blue Raspberry,
Pineapple Mango, Strawberry Kiwi, and Orange Tangerine. The
main ingredients of this consumer product include natural
grape, salt, water, glucose-fructose syrup, monopotassium
phosphate, and sucrose syrup. Further, the product contains
Vitamin B6 and Vitamin C which are vital in keeping the sports
people active throughout the intense sporting activities. The
drink is packaged in a special container that can keeps it cool
for up to 6 hours in order to ensure that it is served while cold.
Product Life Cycle
Marketers will play a key role here in order to help in the
development, introduction, and survival of the product in the
market (Campbell et al., 2016). There are four stages that are
crucial here:
· Introduction stage – Marketers will ensure that they
participate in the introduction of the product in the market
including issuing free samples as well as explaining the
importance and usage of our new product.
· Growth – Marketers will ensure that they listen to the
consumer needs necessary for the product improvement.
· Maturity – In this stage, the product will have established
itself in the market but marketers will be required to continue
with promotional activities in order to counter competition from
other products.
· Decline – In this stage, the product will have reached its peak
and the sales might begin declining. From the information
collected by marketers, the company will begin producing
another product that will replace the Splash Flavor.
Product Line and Product Mix
Splash Flavor Manufacturers produces other energy drinks and
the company will utilize the same production and marketing
strategy for this sports drink. The company will explore direct
selling as well as using large scale merchandisers to stock our
product.
Packaging, Labelling and
Branding
The product has developed without caffeine that is found in
other sports and energy drinks that are available in the market.
The company has also used labels to explain to the consumers
the nutritional contents of our newly launched product. The
product is also packaged in a special container that can keeps
the drink cool for up to 6 hours –solely to ensure that the drink
is served while cold for maximum satisfaction.
Economic basis of pricing
The product has been produced to satisfy the consumer while at
the same time generate profit for the company. Above all, the
price of our drink has been set at $2 –a competitive price that is
lower than any other competing products in the market.
Pricing objective used by the company
The pricing has been set at $2 in order to ensure:
· There is profit maximization
· To beat competition and increase market share in the highly
competitive industry
· Attract consumers since the product is new in the market.
· To ensure survival of the product throughout the stages of its
life cycle.
Pricing methods used by the company
The company has used competition-based pricing in order to
ensure that the product is competitive. The price has been set
slightly below competitor’s prices in order to attract many
consumers since the product is new in the market.
Strategies used to set prices
There are two crucial strategies that will to set the prices of the
new product. They include:
· New-product pricing – the price will be set to while taking
into consideration the fact that the product is new in the market.
· Promotional pricing – the price will be set for special events
as we introduce the product in the market.
Types of pricing associated with the product
There are three types of pricing that are associated with our new
product. They include:
· Geographic pricing – the prices will be set so as to cover the
cost of transporting the product to consumers.
· Discounting pricing – consumers who will buy the drinks in
large amounts will receive discounts.
· Transfer pricing – the prices will set to cover the cost of
delivering the product to the consumers.
Four elements of management
There are four key elements namely planning, implementing,
organizing, and controlling (Goetsch & Davis, 2014). There are
various activities involved in each element as discussed below:
Planning
This involves setting the organizational goals and how to
achieve them. It involves decision making, that is, setting goals
as well as mechanisms of achieving them. Selecting goals that
are in line with the organization’s mission and objectives and
choosing the course of action needed in achieving them is vital
in planning (Lock, 2017). Thus, planning involves foreseeing
the future and planning for it. In order to plan effectively, a
manager should be aware of the organizational challenges.
Challenges identification can help in formulating the strategies
that will be help to counter those challenges. Planning is crucial
in guiding the management on how to allocate resources to
relevant projects that are crucial to an organization.
Organizing
After setting out the goals, organizing the necessary resources
required to achieve those goals is key. The manager is required
to determine the activities to be undertaken, who will undertake
them as well as the cost of undertaking such activities. The
manager is further required to identify all the man power
required and identify key people who will fill those positions.
Training and staffing is key in this step (Lock, 2017). The
resources in this case involve the human, physical, and financial
resources required to achieve the objectives. This element also
calls for coordination of authority and responsibility so that
employees can be guided effectively. A manager should also be
keen in ensuring delegation of duties based on the employees’
skills and areas of specialization. Basically, organizing involves
identifying the tasks to be undertaken and who will undertake
them.
Implementing
This stage involves actual implementation of the goals set in the
planning stage. The manager is tasked with directing,
motivating, and coordinating the employees to undertake
various activities aimed at achieving the organizational goals
(Noe et al., 2017). Employees are supposed to undertake the
roles assigned to them in the organizing stage. The
implementation calls for clear understanding job description so
that each and every employee knows is roles. Power should be
exercised here to ensure that employees are doing the right
thing in achieving the set organizational goals and objectives. A
manager should also ensure that each group of employees has
their leader who will be guiding them and reporting directly to
the general manager. In conclusion, the implementation stage
involves actualization of all the plans set out in the planning
stage while utilizing both the manpower and resources
identified in the organizing stage.
Controlling
This element involves measuring the performance of the project
to ensure that it is in line with the set goals and objectives of
the organization. It involves looking at the budget to ensure that
it is line with what was set during the planning stage (Noe et
al., 2017). Deviations are measured to ensure that adjustments
are made so that everything can go on as planned. Controlling is
a very crucial element of management since it helps the
manager to understand whether the project is headed to the right
direction. Here, organizational goals and objectives set in the
planning stage are revisited to ensure that they reflect the
progress of the project. All the tools of monitoring and gauging
the progress of the project are used to understand if the
objectives have been achieved or not. Basically, controlling
involves monitoring the progress of the activities being
undertaken to ensure that organizational goals are achieved.
Part #9 of Business Plan
Executive Summary
This is a business plan for Mountain Dew Mix –a newly
launched sports drink manufactured and packaged by Dew Cola
Inc. This plan seeks to highlight key marketing strategies in the
effort to build a brand and customer loyalty for our newly
launched product. Notably, the sports drink sector in U.S. is
highly competitive with key players such as the Coca-Cola Co.
and PepsiCo Inc. controlling 63 percent of the market share.
The two companies will present a major competition to our new
product hence the need to prepare a business plan that will be
use to execute Mountain Dew Mix’s promotional and marketing
activities. This business plan will help the marketers to market
and promote our product in the highly competitive sports drinks
industry. The business plan covers all the marketing and
promotional activities that will be undertaken to ensure that
Mountain Dew Mix establishes itself in the market. The
business plan has been divided into various sections including
company description, industry analysis, product description,
business objectives and goals, competitor analysis, mission
statement, target market, marketing mix, as well as financials.
Company Description
Dew Cola Inc. is an American sports drink company that
manufactures, packages, and distributes sport drinks to
prospective consumers across the United States. We are located
at Harrison, New York, United States. Apart from the newly
launched product, our company produces other reputable sport
drinks in the market among them Mist Dew, SFU Energy,
Moonlight Tropical, Tropicana Cola, and Mountain Fruit Juice.
Due to high demand of sports drinks in the American market,
our company has decided to launch a new drink Mountain Dew
Mix to competitive with brands from other companies like
Coca-Cola and PepsiCo Inc.
Industry Analysis
The U.S. sporting industry is growing at a higher rate and is
expecting to grow by a margin of between 4 to 5 percent by the
year 2020 (Mitchell, Knight, Hockenberry, Teplansky &
Hartman, 2014). This potential growth in the sporting industry
means that there is an increase in sporting activities as well as
participants. Notably, sports people engage in intense sporting
activities that lead to dehydration as well as energy loss. Due to
this, there is high demand for a drink that will hydrate the
bodies of sports people as well as boost their energy in order to
endure prolonged sporting events. The country’s economic
growth which stands at 7 percent is also creating a favorable
environment for the growth of sports drinks industry (Mitchell
et al., 2014). Due to the favorable working environment, many
other key players may be joining the sector soon –leading to a
stiff competition in market. Thus, this business plan is aimed at
helping our company to lay down strategies that will enable it to
successfully introduce Mountain Dew Mix in the market and
promote for the purpose of beating the competition in the
market.
Product Description
Mountain Dew Mix is a newly launched sports drink that is
manufactured and packaged by Dew Cola Inc. The drink comes
in four different flavors: Strawberry Kiwi, Pineapple Mango,
Orange Tangerine, and Blue Raspberry. The main ingredients of
Mountain Dew Mix include water, sucrose syrup, citric acid,
sodium citrate, glucose-fructose syrup, natural grape, salt, and
mono-potassium phosphate.
Additionally, our drink is packaged in a unique 500ml container
that keeps it cool for up to seven hours. When people are
involved in intense training or sporting activities, their body
temperatures go high hence having a drink that is cool ensures
maximum satisfaction. Unlike other sport and energy drinks in
the market, Mountain Dew Mix is caffeine free in order ensure
that we protect the health of our potential consumers. Finally,
the drink is packaged in a container that is environment friendly
since can be recycled to avoid population.
Mission Statement
To become one of the top manufacturers of healthy sport drinks
both in the American market and abroad.
Our mission statement is guided and supported by core values of
accountability, responsibility, and value for our stakeholders.
Business Objectives
Our objectives include:
1. A 10 percent profit margin from every drink sold.
2. The company should record at least 13 million consumers
after its launch.
3. Customer satisfaction rate to be maintained at 80 percent.
4. After introduction, the drink should maintain an average of 7
million consumers every year.
5. An annual income of at least $200 million in the first year of
its launch.
Target Market
Our company will be targeting customers aged 10 years and
above –mostly sports people. In terms of demographics, our
consumers include both males and females. In terms of
economic status, our both will be affordable for both low and
middle class income earners.
Competitor Analysis
Our main competitors include:
1. Coca-Cola Co. –www.coca-cola.com
2. PepsiCo Inc. –www.pepsico.com
SWOT Analysis
Strengths
· Mountain Dew Cola is caffeine free unlike other sport drinks
in the market.
· The drink is affordable for both low and middle class income
earners
Weaknesses
· It will require much time to be recognized in the market owing
to the fact that there are other established brand in the market
such as Monster Energy and Red Bull.
Opportunities
· The growing sporting industry has increased demand for sports
drink hence the opportunity for our drink to sell in the market
· Dew Cola Inc. has a strong market base since it has been in
the market for long –hence our new drink will use our
reputation to sell.
Threats
· Competition from upcoming brands as well as the existing one
from companies like PepsiCo Inc. and Coca-Cola Co.
Marketing Mix
Marketing mix is a strategy that will be used to market
Mountain Dew Mix in the American Industry.
Product
Mountain Dew Mix is a unique product in many ways hence
giving it a competitive advantage. First, it is caffeine free
unlike other sport drinks in the market. Additionally, it is
packaged in a special container that keeps it cool for up to 7
hours for maximum satisfaction.
Price
Mountain Dew Mix is cheap since it goes for $2 for a 500ml
can. This makes it affordable to both low and middle class
income earners.
Promotion
The company will settle for direct selling and other promotional
activities like discounts, free samples, and celebrity selling.
Advertising will also be key in promoting the product. Social
media marketing, TV, Radio, and Print commercials will also be
used.
Place
The product will be stocked in all retail outlets like
supermarkets across the country. Moreover, availing the product
at various sporting events will be crucial.
Financials
Expenses
Income
Balance
Projected Balance= Total Revenue – Total Expenses =
$6,036,000 – $1,016,400 = $5,019,000
References
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and
entrepreneurship. Macmillan International Higher Education.
Chambers, I., & Humble, J. (2017). Plan for the planet: a
business plan for a sustainable world. Routledge.
Gordon, R. T., & Brezinski, M. H. (2016). The complete
restaurant management guide. Routledge.
McKeever, M. (2016). How to write a business plan. Nolo.
Arlt, W. G. (2018). Chinese outbound tourists: Food and
beverages. In Food, Wine, and China (pp. 59-71). Routledge.
Casebeer, A. (2015). Application of SWOT analysis. British
journal of hospital medicine, 49(6), 430-431.
Leiber, T., Stensaker, B., & Harvey, L. C. (2018). Bridging
theory and practice of impact evaluation of quality management
in higher education institutions: a SWOT analysis. European
Journal of Higher Education, 8(3), 351-365.
Novicevic, M. M., Harvey, M., Autry, C. W., & Bond III, E. U.
(2015). Dual-perspective SWOT: a synthesis of marketing
intelligence and planning. Marketing Intelligence & Planning,
22(1), 84-94.
Piercy, N., & Giles, W. (2016). Making SWOT analysis work.
Marketing Intelligence & Planning, 7(5/6), 5-7.
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and
entrepreneurship. Macmillan International Higher Education.
Chambers, I., & Humble, J. (2017). Plan for the planet: a
business plan for a sustainable world. Routledge.
McKeever, M. (2016). How to write a business plan. Nolo
Moghadam, A. A., & Sohrabi, S. (2018). U.S. Patent
Application No. 15/747,556.
Nagle, T. T., & Müller, G. (2017). The strategy and tactics of
pricing: A guide to growing more profitably. Routledge.
Todor, R. D. (2016). Blending traditional and digital marketing.
Bulletin of the Transilvania University of Brasov. Economic
Sciences. Series V, 9(1), 51.
Armstrong, G., Kotler, P., Buchwitz, L. A., Trifts, V., &
Gaudet, D. (2015). Marketing: an introduction.
Campbell, J. D., Jardine, A. K., & McGlynn, J. (Eds.). (2016).
Asset management excellence: optimizing equipment life-cycle
decisions. CRC Press.
Goetsch, D. L., & Davis, S. B. (2014). Quality management for
organizational excellence. Upper Saddle River, NJ: pearson.
Kotler, P., Burton, S., Deans, K., Brown, L., & Armstrong, G.
(2015). Marketing. Pearson Higher Education AU.
Lock, D. (2017). The essentials of project management.
Routledge.
McKeever, M. (2016). How to write a business plan. Nolo.
Meir, R., Lu, T., Tennenholtz, M., & Boutilier, C. (2014). On
the value of using group discounts under price competition.
Artificial Intelligence, 216, 163-178.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M.
(2017). Human resource management: Gaining a competitive
advantage. New York, NY: McGraw-Hill Education.
Mitchell, D. C., Knight, C. A., Hockenberry, J., Teplansky, R.,
& Hartman, T. J. (2014). Beverage caffeine intakes in the US.
Food and Chemical Toxicology, 63, 136-142.
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  • 1. Table of Contents Table of Contents. 2 Executive Summary. 3 Company Description. 3 Industry Analysis. 4 Product Description. 4 Mission Statement 5 Business Objectives. 5 Target Market 5 Competitor Analysis. 5 SWOT Analysis. 6 Marketing Mix. 6 Financials. 8 References. 9 Executive Summary of the Business The “7 Restaurant” will be a cheaply priced restaurant with a total capacity of 120 seats. The restaurant will be offering
  • 2. common Chinese foods. Some of the Chinese foods that will be available in 7 Restaurant include; sweet and sour pork, Kung Pao Chicken, Ma Po Tofu, Wontons, Dumplings, Chow Mein, Peking Roasted Duck, and Spring Rolls. This list is however not enough but it contains the most known Chinese foods but the customers will be visiting, they will be presented with a menu that contains all variety of Chinese foods. The restaurant will be owned by me but I will hire a managerial person alongside the kitchen staff members, waiters, and cashier individuals. I personally, I have 5 years experience in the hotel and catering industry. The proposed manager for the restaurant will have relevant experience of 7 years and above in the catering industry. The manager will then appoint the qualified individuals to lease food on the three retail centers of the restaurant. I chose the three retail centers because they were previously used as hotels and they used to offer some Chinese foods as well but they collapsed due to bankrupts. Since they are well known, they will act as strategic points for our customers. But it’s a fact that the centers will have to be renovated first before they start operating (Chambers, & Humble, 2017). Introduction My locality is generally a tourist attraction area with the majority of the tourists being Chinese. When looking at the existing restaurants, there is not even a single restaurant that specializes in providing Chinese foods only. According to my market research, I found that almost 60% of the tourists aren't satisfied with the quality of food and services they get from the existing restaurants. One of the popular claims from the tourists is that they are served with poor quality cooked Chinese foods if they happen to be available. Most of the time, they are forced to eat western foods due to lack of Chinese foods in the existing restaurants. Before joining college, I personally happened to work in a Chinese restaurant for not less than 5 years and I am fully acquainted with everything as far as Chinese food is a
  • 3. concern. As a business-oriented student, I identified this as a business opportunity. From my projections, other things remaining constant, in my quarter fiscal year, I will be generating a net profit of $500,000 and if all goes well, I will pay back the restaurant starting loan in two years time so that everything becomes my asset. My catering experience on Chinese foods, my business and management skills and more importantly the presence of the market made me decide to run the Chinese food restaurant (Gordon, & Brezinski, 2016). Business Objectives · The main objectives of the “ 7 Restaurant” will be; · To be the leading Chinese foods restaurant in the region · To offer quality Chinese foods at cheaper costs with excellent customer services. · Achieve attain the maximum number of customers in our locality that will be served in specific periods like lunch and dinner when the season is at the peak point. · To be the restaurant of preference to both local and international visitors guided by the exemplary customer services, delicious and quality foods at affordable prices. Short Term Goal for my Chinese Food Restaurant Business My short term goal will be marketing and branding my restaurant. The marketing will be done through local social media in some days of the week. Marketing by the use of billboards in major routes of the tourists will also help in attaining the customer and tourists attention. Long Term Goal for my Chinese Food Restaurant Business My long term goal will be to expand the capacity of the restaurant with time through the opening of the branches in major towns besides building accommodation facilities for the visitors. I will also look at expanding my restaurant into international standards (Gordon, & Brezinski, 2016). Mission Statement My mission is to provide an exceptional and comforting dining
  • 4. experience to my customers that can be equated to home dinning. I will endeavor to realize this target through; · Provision quality and hygiene menu foods integrated with quality ingredients at relatively cheap prices which can be reasonable to my customers. · I will be careful and alert on the well being of my working staff by handling them with self-respect just like I would like to be treated if I was the one working. It's through this that the employees will provide their services to the customers with competence and professionalism. · Last but not least, I will ensure that the health of my customers is held with high standards of esteem and priority by ensuring that every food that is prepared in my restaurant meets the health standards from cooking, packing and serving (McKeever, 2016). Competitors of Chinese food restaurant Gramma fish Oakley, address 1324 olive Rd, Fairfield, tel. CA 94525-324 email/websiteswww.hop things Chinese. Co. Arlette Fairfield addresses 2312 Olive road, Fairfield, CA 95652-3521, email. [email protected] (Arlt, W. G. 2018) Tootsie 1232016 3564, address, 1325 Olive road, CA 9532124- 5233, webwww.arletteC. Chinese restaurant. Co. M F address, 1327 Olive Street, Fairfield, CA 95362-6325, web www.mfrestuarants.co Three scoop address, 1423 olive Rd, CA 96243-8654. Web addresswww.threescoop hotels.co. Solanodoug, address 1324 Rd. Ca. 95326-4525 web address. Www.solanoduogrest. Co Competing Restaurants within the country Motel 6 address, 3212 Shelby Dr. CA 96225-3652, webwww.motel6. co Courtyard Fairfield address, 5623, Olive Rd. CA. 95123-4521, web address. www.courtyardfairfield.co
  • 5. Extended stay address, 2321, Holiday lane, CA. 96452-4253. Web Address. www.extendentstay motel. Co Hilton Garden inn address, 1242street, CA. 95425-7854 web address. www.hiltongardenrestuarants.co Fuddruckers address, 4215 Shelby Dr, CA. 95321-4251. Web address. www.fuddruckersrestuarants.co CrepesNmore address, 254 street, Olive Rd. CA. 94325-9856. Web address.www.crapesnmorerestuarantsfairfield.co. The SWOT analysis is used in the strategic planning of the business. It is mainly divided into two internal factors and external factors, (Leiber & Harvey, 2018). Internal factors can be controlled by the business while external factor cannot be controlled by the business for example new Technology. Internal factors are categorized into two strengths and weaknesses. External factors are also categorized into two opportunities and threats. Strengths. - The Owner or manager of the business has more than 5 years of experience in Catering and specifically in a Chinese restaurant. Therefore, the skills and experience will be used to provide quality services to the employer, (Piercy & Giles, 2016). The manager will employee experienced personnel in fields such as Waiters, Kitchen Staff members, and cashier. The restaurant will provide services such as quality food and hygiene, take away service and home deliveries. The hotel is located in a tourist attraction area this will improve the profitability and sales level. · The manager also has some knowledge of business management. This knowledge will help the manager in planning and evaluating business performance, (Casebeer, 2015). The business has a competitive advantage because they have quality food and a menu unique menu with the kid's sector. Taking care of the employee by checking on their wellbeing will increase collaboration and teamwork. Weaknesses. - Since the hotel is located in a tourist attraction area the restaurant should also concentrate on other types of
  • 6. dishes because tourism has its peak and low seasons. This will enable the business balance and not move from very high profits to very low profits. The restaurant does not have enough resources especially financial resources. The company needs training in the effective and efficient management of resources. This training will be beneficial because it will reduce cost and increase efficiency. Opportunities. - The business can use technology, for example, mobile apps to offer door to door services. This will increase their sale and profitability levels. The business can also target the local community. The business has an opportunity to expand on the variety of food they offer. They can also expand their business internationally, (Novicevic et al., 2015). This will increase sales, productivity and the overall performance of the business. Most of the people spend time on social media using this tool to market will increase sales. Threats. - The business may face threats such as competitors. Inflation is also a threat in business this means a sudden increase in price which will lead to a rise in the price of the food. Political instability may greatly affect the overall performance of the business. Part 5 and 6 Introduction The business world currently is moving fast and demands are fast growing. However, the demand can only be met by providing the best fit product to fill the gap. This can be done by thoroughly researching the market through the feasibility
  • 7. study to find out the gaps in the market. the feasibility study carried out in my locality has established that there is a gap in the provision of quality Chinese food and restaurant services. This prompted the planning and actions with the main objective of filling this gap. Therefore, this paper will focus of the products/services which the restaurant will provide, its price, the promotional strategies to be used as well as the place that the restaurant will be located within the locality. Product The feasibility study showed a gap in Chinese foods especially the most popular ones. Provision of these type of foods will serve the needs of the customers to their satisfaction. Currently, the market lacks the best food and even the poor quality one are rarely found in the restaurants (Chambers & Humble, 2017). Therefore this restaurant will focus on the main major Chinese food such as Kung-pao chicken, Dumplings, the sweet as well as the sour pork, Spring rolls, Ma-Po-tofu, peking roasted duck meat, the wantons and lastly the Chow Mein. The meals will be made in a delicious and special with the help of the highly qualified Chefs that will be available in the restaurant. The chefs and waiters will be sourced from the previous existing restaurants which because of one reason or the other are no longer in business. Health is the utmost priority for the business and therefore high hygiene in the preparation and serving of the meals will be given a high priority (McKeever, 2016). Services provided by the restaurant in addition to the food will be home delivery of the ordered products for customers who cannot make it to the restaurant and are located within three kilometres from the restaurant. Speciality in light options, especially in small portions for children, will be provided by the restaurants. Carry away orders services will also be offered to the customers. Price The company carried out research on the prices charged for the meals to establish the best prices for the meals and services. The main aim of the research was to ensure that the prices of the products and services were not too high nor too low and that
  • 8. they represented the best picture of the restaurants as desired by the company owner. The pricing strategy used paints a picture of what kind of products are provided and can lead to success or failure and therefore a critical point in the business (Nagle & Müller, 2017, pp. 79). Promotion The company has set promotional activities as the short-term goals of the restaurant. This is with the aim of establishing ground, gaining familiarity and creation and expansion of the market base for the restaurant. Social media from within the country will be used in promoting the restaurant and its products (Todor, 2016, pp. 55). The advertisement will be scheduled for three to run three days a week for the consecutive three months. Billboards in the target market will be used on major roads with the aim of attracting customers especially the tourists coming to the region. The company has chosen the two promotional strategies because of their ability to reach a large number of customers at ago and serve the purpose of advertisement as they are visual and depicts the true picture of the restaurant's products. Place The restaurant will be located in the centre of the town. This is because many of the tourists converge in town after their tour to have a meal and refreshments. Based on these facts, the town centre will be the strategic place for company services. In addition, the central location of the business will allow many customers as well as potential customers to see the restaurant. However, the business has considered the needs of the local customer’s and will install three additional restaurant shops three kilometres from the mother company. This will allows easy access to the company services and thus an increase in the customer base of the company (Burns & Dewhurst, 2016). Thank you for coming. You are welcome again. Conclusion
  • 9. Fulfilling customer demands has been the desire for every business. When a company fails to consider this factor, it easily loses focus and research has shown that such businesses do not excel. The restaurant industry has not fulfilled the desires of the tourists as well as the local Chinese consumers within my locality. This has opened a gap for the opening of this business which will see the needs of the customers met at an affordable price (Moghadam, & Sohrabi, 2018, pp. 556). Parts 4 and 5 Introduction This is a business plan for a new product Splash Flavor –a sports drink produced and packaged by Splash Flavor Manufacturers. This business plan thus highlights all the necessary details about the drink and all the marketing strategies that will be used to ensure that the product penetrates the highly competitive market (McKeever, 2016). Product Description Splash Flavor is a new sports drink that has been developed keenly in order to offer unparalleled customer experience. Splash Flavor comes in four different flavors –Blue Raspberry, Pineapple Mango, Strawberry Kiwi, and Orange Tangerine. The main ingredients of this consumer product include natural grape, salt, water, glucose-fructose syrup, monopotassium phosphate, and sucrose syrup. Further, the product contains Vitamin B6 and Vitamin C which are vital in keeping the sports people active throughout the intense sporting activities. The drink is packaged in a special container that can keeps it cool for up to 6 hours in order to ensure that it is served while cold. Product Life Cycle Marketers will play a key role here in order to help in the development, introduction, and survival of the product in the market (Campbell et al., 2016). There are four stages that are crucial here: · Introduction stage – Marketers will ensure that they participate in the introduction of the product in the market
  • 10. including issuing free samples as well as explaining the importance and usage of our new product. · Growth – Marketers will ensure that they listen to the consumer needs necessary for the product improvement. · Maturity – In this stage, the product will have established itself in the market but marketers will be required to continue with promotional activities in order to counter competition from other products. · Decline – In this stage, the product will have reached its peak and the sales might begin declining. From the information collected by marketers, the company will begin producing another product that will replace the Splash Flavor. Product Line and Product Mix Splash Flavor Manufacturers produces other energy drinks and the company will utilize the same production and marketing strategy for this sports drink. The company will explore direct selling as well as using large scale merchandisers to stock our product. Packaging, Labelling and Branding The product has developed without caffeine that is found in other sports and energy drinks that are available in the market. The company has also used labels to explain to the consumers the nutritional contents of our newly launched product. The product is also packaged in a special container that can keeps the drink cool for up to 6 hours –solely to ensure that the drink is served while cold for maximum satisfaction. Economic basis of pricing The product has been produced to satisfy the consumer while at the same time generate profit for the company. Above all, the price of our drink has been set at $2 –a competitive price that is lower than any other competing products in the market. Pricing objective used by the company The pricing has been set at $2 in order to ensure: · There is profit maximization · To beat competition and increase market share in the highly
  • 11. competitive industry · Attract consumers since the product is new in the market. · To ensure survival of the product throughout the stages of its life cycle. Pricing methods used by the company The company has used competition-based pricing in order to ensure that the product is competitive. The price has been set slightly below competitor’s prices in order to attract many consumers since the product is new in the market. Strategies used to set prices There are two crucial strategies that will to set the prices of the new product. They include: · New-product pricing – the price will be set to while taking into consideration the fact that the product is new in the market. · Promotional pricing – the price will be set for special events as we introduce the product in the market. Types of pricing associated with the product There are three types of pricing that are associated with our new product. They include: · Geographic pricing – the prices will be set so as to cover the cost of transporting the product to consumers. · Discounting pricing – consumers who will buy the drinks in large amounts will receive discounts. · Transfer pricing – the prices will set to cover the cost of delivering the product to the consumers. Four elements of management There are four key elements namely planning, implementing, organizing, and controlling (Goetsch & Davis, 2014). There are various activities involved in each element as discussed below: Planning This involves setting the organizational goals and how to achieve them. It involves decision making, that is, setting goals as well as mechanisms of achieving them. Selecting goals that are in line with the organization’s mission and objectives and
  • 12. choosing the course of action needed in achieving them is vital in planning (Lock, 2017). Thus, planning involves foreseeing the future and planning for it. In order to plan effectively, a manager should be aware of the organizational challenges. Challenges identification can help in formulating the strategies that will be help to counter those challenges. Planning is crucial in guiding the management on how to allocate resources to relevant projects that are crucial to an organization. Organizing After setting out the goals, organizing the necessary resources required to achieve those goals is key. The manager is required to determine the activities to be undertaken, who will undertake them as well as the cost of undertaking such activities. The manager is further required to identify all the man power required and identify key people who will fill those positions. Training and staffing is key in this step (Lock, 2017). The resources in this case involve the human, physical, and financial resources required to achieve the objectives. This element also calls for coordination of authority and responsibility so that employees can be guided effectively. A manager should also be keen in ensuring delegation of duties based on the employees’ skills and areas of specialization. Basically, organizing involves identifying the tasks to be undertaken and who will undertake them. Implementing This stage involves actual implementation of the goals set in the planning stage. The manager is tasked with directing, motivating, and coordinating the employees to undertake various activities aimed at achieving the organizational goals (Noe et al., 2017). Employees are supposed to undertake the roles assigned to them in the organizing stage. The implementation calls for clear understanding job description so that each and every employee knows is roles. Power should be exercised here to ensure that employees are doing the right thing in achieving the set organizational goals and objectives. A manager should also ensure that each group of employees has
  • 13. their leader who will be guiding them and reporting directly to the general manager. In conclusion, the implementation stage involves actualization of all the plans set out in the planning stage while utilizing both the manpower and resources identified in the organizing stage. Controlling This element involves measuring the performance of the project to ensure that it is in line with the set goals and objectives of the organization. It involves looking at the budget to ensure that it is line with what was set during the planning stage (Noe et al., 2017). Deviations are measured to ensure that adjustments are made so that everything can go on as planned. Controlling is a very crucial element of management since it helps the manager to understand whether the project is headed to the right direction. Here, organizational goals and objectives set in the planning stage are revisited to ensure that they reflect the progress of the project. All the tools of monitoring and gauging the progress of the project are used to understand if the objectives have been achieved or not. Basically, controlling involves monitoring the progress of the activities being undertaken to ensure that organizational goals are achieved. Part #9 of Business Plan Executive Summary This is a business plan for Mountain Dew Mix –a newly launched sports drink manufactured and packaged by Dew Cola Inc. This plan seeks to highlight key marketing strategies in the effort to build a brand and customer loyalty for our newly launched product. Notably, the sports drink sector in U.S. is highly competitive with key players such as the Coca-Cola Co. and PepsiCo Inc. controlling 63 percent of the market share. The two companies will present a major competition to our new product hence the need to prepare a business plan that will be
  • 14. use to execute Mountain Dew Mix’s promotional and marketing activities. This business plan will help the marketers to market and promote our product in the highly competitive sports drinks industry. The business plan covers all the marketing and promotional activities that will be undertaken to ensure that Mountain Dew Mix establishes itself in the market. The business plan has been divided into various sections including company description, industry analysis, product description, business objectives and goals, competitor analysis, mission statement, target market, marketing mix, as well as financials. Company Description Dew Cola Inc. is an American sports drink company that manufactures, packages, and distributes sport drinks to prospective consumers across the United States. We are located at Harrison, New York, United States. Apart from the newly launched product, our company produces other reputable sport drinks in the market among them Mist Dew, SFU Energy, Moonlight Tropical, Tropicana Cola, and Mountain Fruit Juice. Due to high demand of sports drinks in the American market, our company has decided to launch a new drink Mountain Dew Mix to competitive with brands from other companies like Coca-Cola and PepsiCo Inc. Industry Analysis The U.S. sporting industry is growing at a higher rate and is expecting to grow by a margin of between 4 to 5 percent by the year 2020 (Mitchell, Knight, Hockenberry, Teplansky & Hartman, 2014). This potential growth in the sporting industry means that there is an increase in sporting activities as well as participants. Notably, sports people engage in intense sporting activities that lead to dehydration as well as energy loss. Due to this, there is high demand for a drink that will hydrate the bodies of sports people as well as boost their energy in order to endure prolonged sporting events. The country’s economic growth which stands at 7 percent is also creating a favorable environment for the growth of sports drinks industry (Mitchell et al., 2014). Due to the favorable working environment, many
  • 15. other key players may be joining the sector soon –leading to a stiff competition in market. Thus, this business plan is aimed at helping our company to lay down strategies that will enable it to successfully introduce Mountain Dew Mix in the market and promote for the purpose of beating the competition in the market. Product Description Mountain Dew Mix is a newly launched sports drink that is manufactured and packaged by Dew Cola Inc. The drink comes in four different flavors: Strawberry Kiwi, Pineapple Mango, Orange Tangerine, and Blue Raspberry. The main ingredients of Mountain Dew Mix include water, sucrose syrup, citric acid, sodium citrate, glucose-fructose syrup, natural grape, salt, and mono-potassium phosphate. Additionally, our drink is packaged in a unique 500ml container that keeps it cool for up to seven hours. When people are involved in intense training or sporting activities, their body temperatures go high hence having a drink that is cool ensures maximum satisfaction. Unlike other sport and energy drinks in the market, Mountain Dew Mix is caffeine free in order ensure that we protect the health of our potential consumers. Finally, the drink is packaged in a container that is environment friendly since can be recycled to avoid population. Mission Statement To become one of the top manufacturers of healthy sport drinks both in the American market and abroad. Our mission statement is guided and supported by core values of accountability, responsibility, and value for our stakeholders. Business Objectives Our objectives include: 1. A 10 percent profit margin from every drink sold. 2. The company should record at least 13 million consumers after its launch. 3. Customer satisfaction rate to be maintained at 80 percent. 4. After introduction, the drink should maintain an average of 7 million consumers every year.
  • 16. 5. An annual income of at least $200 million in the first year of its launch. Target Market Our company will be targeting customers aged 10 years and above –mostly sports people. In terms of demographics, our consumers include both males and females. In terms of economic status, our both will be affordable for both low and middle class income earners. Competitor Analysis Our main competitors include: 1. Coca-Cola Co. –www.coca-cola.com 2. PepsiCo Inc. –www.pepsico.com SWOT Analysis Strengths · Mountain Dew Cola is caffeine free unlike other sport drinks in the market. · The drink is affordable for both low and middle class income earners Weaknesses · It will require much time to be recognized in the market owing to the fact that there are other established brand in the market such as Monster Energy and Red Bull. Opportunities · The growing sporting industry has increased demand for sports drink hence the opportunity for our drink to sell in the market · Dew Cola Inc. has a strong market base since it has been in the market for long –hence our new drink will use our reputation to sell. Threats · Competition from upcoming brands as well as the existing one from companies like PepsiCo Inc. and Coca-Cola Co. Marketing Mix Marketing mix is a strategy that will be used to market Mountain Dew Mix in the American Industry. Product Mountain Dew Mix is a unique product in many ways hence
  • 17. giving it a competitive advantage. First, it is caffeine free unlike other sport drinks in the market. Additionally, it is packaged in a special container that keeps it cool for up to 7 hours for maximum satisfaction. Price Mountain Dew Mix is cheap since it goes for $2 for a 500ml can. This makes it affordable to both low and middle class income earners. Promotion The company will settle for direct selling and other promotional activities like discounts, free samples, and celebrity selling. Advertising will also be key in promoting the product. Social media marketing, TV, Radio, and Print commercials will also be used. Place The product will be stocked in all retail outlets like supermarkets across the country. Moreover, availing the product at various sporting events will be crucial. Financials Expenses Income Balance Projected Balance= Total Revenue – Total Expenses = $6,036,000 – $1,016,400 = $5,019,000 References Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and
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