Eagle Group Restaurant Ltd Business Analysis - Case Study Example

?Go confidently in the direction of your dreams. Live the life you have imagined. ~ Henry David Thoreau Eagle Group Restaurant Ltd. Business Plan _______ Business Plan Copy Number 1 December 2012 [Owner/Founder] Founder and CEO [Box 2000] [Bloomfield Ave West Caldwell] [NJ 07006] [tel: (973) 439-8739] [fax number. (973) 439-7345] [www.eaglegroupltdinc.com] Contents Contents 2 Executive Summary 3 Company Profile 3 Mission Statement 3 Market Research 4 Marketing and Promotion strategy 4 Pricing Strategy 4 The Target Market 4 Target Market Segmentation 4 Target Market Lifestyle 5 Target Market Demographics 5 Competition 5 Location 6 Managing Team 6 Organization Structure 6 Position Description 6 Executive Summary Eagle Group Restaurant Ltd is a new company whose aim is to offer a new experience in dining to the residents of Montclair in New Jersey. The reason for picking this line of business was due to the nature of the service sector in returning profits on investment. However, the investment has to undergo intense planning in order to ensure that the factors that guided the operations and running of the restaurant will ensure returns on investment. The main reason of picking the Montclair region is due to the availability of a facility that the owner of the business inherited from their father. In effect, this facility shoulders some of the burden that comes with leasing property to conduct business. The company venture into this area due to the lack of another restaurant to offer two differentiated products at the same time. In this case, the restaurants, fast foods, and other franchises operating in this area operated along one segment without considering combining two segments in order to offer differentiated products. Company Profile This new company will be unique from any other restaurant in the area chosen to establish the restaurant. In addition, the restaurant is going to be a sole proprietorship, which means that the owner will own the facility and be responsible of any profits and losses or profits that the business might incur. The idea to start the idea was born when the facility to establish the restaurant was offered to the owner by his father who operated a restaurant in the same location. Tentatively named, Eagle Group Restaurant, the restaurant will serve a dual service role in that it aims at providing families dining services as well as provide these families with an experience of intimacy. To achieve this, the restaurant will offer customers a diverse menu that will come along with portions that were generous at reasonable prices while adopting a Texan Midwestern theme. In order to recreate this theme, the restaurant will provide the dining area with a smaller unique menu that will continuously be changing depending on the season in time. The decor of the restaurant will include beige colors, tubing made of black metal, and a fountain garden styling with the walls constructed of bricks. In order to ensure that the decor remained unique in nature, the restaurant will feature an entertainment platform that focused on live cooking for a section of the clientele. Mission Statement The mission of the company will be to aim at exceeding the expectations of a customer by providing the appropriate ambience for the perception of all their senses. In order to achieve this mission, the restaurant will ensure that the atmosphere was pleasing to their senses of touch, smell, sight, hearing, and tasting by being provided with an exciting environment that was creative in nature. In addition, the restaurant will train their employees and equip them with the exceptional skills for customer service that will ensure that they made decisions based on business philosophies. Market Research Montclair, New Jersey has recently witnessed an influx of restaurants with many of these restaurants being franchise operations such as the Acappello (Acappello). However, the industry appears to be stable, which indicates that there is room for growth in the future with the economy of the area set to be maintained since the area is a suburb whose median income is estimated to be about $140,000 (“Tony NYC”). Marketing and Promotion strategy The restaurant will develop a promotion strategy modeled towards the theme of the restaurant in offering a cool ambience and relaxing environment. This strategy will be promoted to potential customers through the radio, newspaper advertisement, poster, and using the yellow pages of the city. In order to attract families to the restaurant, the company will use coupons and give them to families during meals in order to encourage future sales. On the other hand, the company will erect visible signage on the local roads and highways in order to attract customers. Realizing the importance role of the word of mouth, the company will affiliate with community leaders in order to make use of them and promote the company to the people. In addition, participating in community activities and using 15% of profits in community service will be another promotion tool used. The company will open a Facebook page and use other micro-blogging sites such as Twitter with an aim of ensuring that the company’s presence online was felt by its customers. In the short-term, the company will launch its own website that will offer its products to potential travelers and tourists. The company’s use of social media in advertising and promotions will pivot around three key strategies. The first strategy, an Internet website will enhance the company’s prospects for new customers. Secondly, the other aspect regards public relations. Finally, strong customer relations will form the foundation for advertising and promotions. Pricing Strategy The restaurant is going to provide a strategy that was two-pronged in order to attract customers. In this case, there will be family dining that will provide large portions, quality service, and entertainment. The other strategy will be fine dining for gourmet foods, elegant ambience, and entertainment experience that was unique in nature. The Target Market Target Market Segmentation On the other hand, the suburbs population of approximately 38,000 people will offer a ready market for the products that the restaurant will launch. Offering a dining experience for the whole family, the restaurant targets the potential customers as: Seniors Families Businesses Executives (aged between 25 and 60) Travelers (all ages) Target Market Lifestyle The target market will buy the products that the company intends to introduce to the market since the set-up of the town contains 62% whites and 27% black community, which is indicative of an integrated community (“Tony NYC”). In line with this, the restaurant identifies the needs of the target market by providing a family dining menu and a fine menu. The families’ lifestyles will be crucial in serving them the Western style dishes for breakfast, lunch, and dinner while the executives will enjoy the fine menu that was accompanied by fine entertainment and fine liqueurs and wines after and during meals. Target Market Demographics This restaurant’s uniqueness is that it tries to lure all members of the public despite their age or even their appetite. However, the most significant demographics that the restaurant aims at are the aging population and the families that have school going children. Approximately, this demography comprises of more than 67% (“Montclair CDP”). In addition, the restaurant aims at targeting potential market among the travelers and tourists hence the positioning along the highway. Competition Three groups of competitors that the restaurant will deal with as listed by Groupon are explained in the section below: The first set of competitors in the industry. These include the major franchises that have already set and established shop in the region that the company seeks to establish this restaurant. In this case, the main strength of these fast foods is their reliance on people who are on a hurry. In addition, the fast foods also relied on people whose budgets were tight, such as schoolchildren. Hence, this will not eat into the targeted client base by the restaurant since the restaurant expects such children to come along with their parents. Another key group of competitors is the family restaurants that have identified this segment as their line of operation. This segment relies on families and people whose incomes were moderate. In effect, these restaurants have already established a foothold in the neighborhood, although they served families whose incomes were moderate. Therefore, they will not pose a major risk to the company’s targeted clientele. Finally, the fine dining category of restaurants will also pose a challenge to the company’s targeted clientele. Like the company, these restaurants focus on occasions and families whose incomes were high-end. In a similar way, the restaurant focuses on this client base although it also another menu to attract a client base whose incomes were low-end. Location The restaurant will be located along Bloomfield Avenue, at the intersection of the suburbs of Montclair and Verona. As earlier mentioned, the company already has a facility within this location with the facility being an inheritance passed on to the owner. The company is a sole proprietorship and the company’s tentative address will be Box 2000 Bloomfield Ave West Caldwell, NJ 07006, telephone number. (973) 439-9729 fax number. (973) 439-6885. The company is also going to open a website in order to ensure that it had its presence online after registering the domain www.eaglegroupltdinc.com. In effect, an online presence will ensure that the company was able to meet the needs of the customers who wanted to book their tables online. Managing Team Organization Structure The top management will contain any person responsible for the overall management of the company, operations, and training process. At the top, I [YOUR NAME] will be the CEO of the organization with the role of overseeing the daily running of the organization. On the other hand, there will be a restaurant supervisor who will be hired for overseeing the smooth operations of the company’s restaurant. On the other hand, the supervisor will hire service staff, schedule front-end operations and inventory, and conduct training of the staff members hired while working with the management. Finally, a kitchen supervisor will be overseeing the kitchen staff and schedule operations in the kitchen. In addition, the kitchen supervisor will carry out kitchen inventory and train kitchen staff in conduction with management. Position Description The following positions will be available in the restaurant: Chefs: they will be in charge for designing the specific design of style in the restaurant Waiters: They will be responsible of serving clients and offer clients services that were quality to the customers’ satisfaction. Hosts: Hosts will be responsible for the seating arrangement in the restaurant. In addition, they will be responsible for listing house events and initiate public relations with the customers before the customers had a dinned experience with the restaurant. Bussing: They will be responsible for clearing tables in an efficient manner and provide additional service to customers based on the customer’s requests. Works Cited Accapello. A True Taste of Italian Cuisine. N.d. Web. 6 Dec. 2012. . Groupon. Montclair Restaurant Deals. N.d. web. 6 Dec. 2012. . Montclair CDP, New Jersey Statistics and Demographics (US Census 2000). 2012. Web. 6 Dec. 2012. < http://montclairnj.areaconnect.com/statistics.htm>. “Tony NYC suburb welcomes NJ's first pot dispensary.” WFAA.com. 24 Oct. 2012. Web. 6 Dec. 2012. . Read More