Oilman's Inn Restaurant Chain in Baku - Assignment Example

Restaurant in Baku What is the story behind the business? The restaurant I’ve chosen is the Oilman’s Inn located near fountain square in Baku. The Oilmans Inn is a perfect fusion of a restaurant and a pub. It is one of the main attractions for the expat community living in Baku as they enjoy coming here to try the different cuisines offered which includes Indian, British, Chinese, Continental and international cuisine. They are very popular for their Indian dishes like Tikka and Kormas and their traditional European dishes like Steaks, Pork & Lamb Chops, Fish n Chips etc. are equally mouth-watering. How well does the entrepreneur fit the entrepreneurial profile? The entrepreneur is intellectual and fits well in this profile as he has hired chefs of different nationalities to produce a range of international cuisines which cater to the tourists/customers needs. It was his brilliant idea to keep Oilman’s Inn not only a curry house but also a pub where beers and other alcoholic beverages are served thus allowing customers to kill two birds with one stone, by receiving mouth-watering dinner and a chance to try out different beverages. Does his company have a strategic plan? A Mission Statement? (why or why not?) The strategic plan at Oilman’s Inn is to attract the expat community living in Baku as well as the tourist and foreigners visiting the country. Baku is the centre of tourism and hospitality in the Caucasus region and this is perfect for Oilman’s Inn business. Their mission statement is to ensure that every guest is well catered to by receiving prompt, proficient, gracious and courteous service. They strive to maintain a clean, comfortable and well maintained environment where high quality meals and beverages are sold at reasonable rates. Oilman’s Inn prepares meals using only the highest quality ingredients to ensure that all guests and staff have a wonderful experience. Oilman Inn takes pride in introducing a new dish in their menu on a weekly basis. How important are creativity and innovation in their business? In today’s highly competitive and dynamic food industry, innovation is unquestionably a huge factor for the success of any business. If the restaurants are unable to cater to the ever changing consumers needs then they could suffer huge losses as competition is extremely high in this industry. The innovation of Oilman’s Inn is inclusive of the following: 1. Acquiring the feedback of the customers through short surveys at the end of their visit which allows them to improve or replacing dishes in order to increase customer satisfaction 2. Oilman’s Inn considers innovation highly important as new cuisines are being introduced weekly to cater to the rapidly increasing consumer demands and needs 3. The creative idea of making Oilman’s Inn a Pub apart from a curry houses has resulted in adding value to their business as now customers looking for beverages find Oilman’s Inn their one stop solution to their needs. This has differentiated their business from their competitors and increased their perceived value in the markets What does the owner consider as the company’s strengths and weaknesses? What opportunities or threats does the owner perceive? The S.W.O.T analysis of Oilman’s Inn can help the owner evaluate their current position of the restaurant in the market and assess any potential internal or external influences on the business. Internal Influences: Strengths: Oilman’s Inn is considered to be within the top five restaurants in BAKU. They have an excellent staff which consists of highly trained and experienced chefs who are very attentive to the customer’s needs, likes and dislikes. Oilman’s Inn is known for their top quality cuisines and beverages which exceeds competitor’s offerings in quality, presentation, and price. Weaknesses The weakness lies in limited marketing efforts where their brand identity does not allow them to stand out and to continually appear to be cutting edge. External Influences: Opportunities As tourism to Baku is on the rise so are the opportunities to cater to the tourist which would boost their business. They can advertise to tourists online through various travel agencies and starting their own website which would create awareness and hence attract more customers. Marketing efforts should also be made to attract the locals to the restaurant other than the expat crowd. There are opportunities of including new cuisines and beverages in an effort to increase their customer’s satisfaction. Threats If the Pub fails, this could result in damaging the restaurants goodwill and the business would definitely suffer. There are many restaurants and pubs setup around Fountain Square, which has resulted in severe completion. Also, if the economic condition in the country deteriorates then fewer people would prefer dinning out, which would result in lesser profits. What image is the owner trying to create for the business? (And has the effort been successful?) The image the owner has been tried to create is to make Oilman’s Inn a one stop solution to tourists and the expat community living in Baku offering wide range of international cuisines and different beverages. This effort has so far been proven successful as Oilman’s Inn is amongst the top restaurants in the country and is gaining popularity rapidly. What type of business? (Ask them to describe the business- using their own words) The Oilmans Inn is a perfect fusion of a restaurant and a Pub where people stop by to enjoy Beer’s and other beverages and to try their delicious curries. European dishes are available here as well which is inclusive of pork chops, crispy Fish n Chips or traditional Bangers & Mash. They also offer Scottish delicacies such as Haggis, Scotch Broth etc. Their bar is open till quite late and they offer an extensive range of beers, wines and spirits etc. Though Oilman’s Inn has setup recently, they are now one of the most popular restaurants & pubs in Baku offering top quality services. What advice would you offer someone considering launching a business? It is important to firstly gain experience in the food industry before starting out your own business as you become much more aware of the challenges that need to be dealt with on an ongoing basis. Hiring a consultant can guide the entrepreneur in the right direction and most importantly before deciding to start the business it is essential to have a business plan and the right people in the business to carry the daily operations. Bibliography Farnham, Patricia (2008) Advice on opening a restaurant, retrieved from: http://www.restaurantpitfallsandprofits.com/Advice_on_Opening_a_Restaurant.htm Global Hangover Guide(2006) The Oilman’s Inn, retrieved from: http://www.hangoverguide.com/out/barfinder/start.html?display=seite&id=6997437661 My Travel Guide (2008) The Oilman’s Inn, retrieved from http://www.mytravelguide.com/restaurants/profile-82295506-Azerbaijan_Baku_The_Oilmans_Inn.html Read More