The Lord of the Fries Restaurant - Business Strategies - Example

Name: Course: Tutor: Date: Table of Contents Table of Contents 1 Executive summary 2 Marketing 2 Operations 3 Finance 4 Background 5 Mission 5 Company History 5 Business goals and ideas of the restaurant 5 Marketing research 6 SWOT analysis 7 Market Segmentation 8 Strategy and Implementation 9 The Competitive Edge 10 Operations and production 10 The Menu 11 Interior and Exterior Surroundings of the Restaurant 11 Place 11 Financial projections 15 Works cited 17 Executive summary The Lord of the Fries restaurant is a globally sized restaurant, which will be located in the heart of Newcastle at a stylish pert in Charlestown. Just as the name suggests, The Lord of The Fries restaurant will emphasize on offering the quality of flies in the state. By quality, one simply means that the restaurant will offer the best fries at an affordable price. The emphasis on quality and price comes from the restaurant’s mission statement. The restaurant is aiming at being one of the greatest restaurants in town, which provides quality service and food to everyone who walks through the restaurant’s doors (Lay 19). Business goals and ideas The Lord of The Fries restaurant will endeavor to create a stylish social environment where all people can relax. The goal of the restaurant is to provide an environment in which customers visiting the restaurant will having been fully satisfied with the services offered. The Lord of The Fries restaurant believes that two of the most valuable things to accomplish in order to offer a quality services are safe. This means that the customer's safety is paramount, and cleanliness from the inside to the outside of the environment top level will be observed. High-qualified chefs who have mastered the art of cooking in order to achieve quality food services will run the restaurant. Marketing While marketing the restaurant, the marketing team will be focused at targeting everybody in the society. The marketing team will mostly focus on using the social network site, Facebook, NXFM which is a popular radio station and pamphlets to market the restaurant. The Lord of The Fries restaurant believes that the best way to identify its self with its client is by targeting young people with a manageable income. The restaurant projects to have over 150,000 loyal customers who will be visiting the restaurant in regular bases. However, the restaurant is not static about the choice of clientele it has the restaurant will endeavor at offering the best service for whoever who walks into the doors of The Lord of the Fries restaurant. This simply means that while the restaurant might have a target customer it will not shut out anybody else. This will be achieved by the exclusive environment that the restaurant will offer to any potential client (Whitaker 62). Operations The Lord of The Fries restaurant will be managed by a highly qualified manager. The manager will be in charge of the seven permanent employees that the restaurant will employ. The work of the manager will be to make sure that the company achieves its goal by constantly keeping his eyes and ears on what is happening around the restaurant. However, the manager will not interfere with the daily running of the kitchen, which will be left to the highly qualified chefs that the company has (Potter 234). The manager will be in charge of seeing to it that the best services are offered to anyone who walks in the restaurant. With seven employs who work in shifts of fours, the manager will be able to handle and serve the company to the best of his knowledge. The manager will also be in charge of seeing to it that the company achieves sound financial success. Sound financial success will only be achieved if the manager makes sure through constantly interacting with the customers that the services that they receive Is of a high quality. The chef will also play a part in the financial success of the company by making sure that the food sold to customers is of high-end quality. Success within a company can only be achieved by attaining customer loyalty through the type of service that the restaurant offers. Finance A large amount of the startup capital of the restaurant will be self-funded. This is an initial $50,000 will be self-funded to act as the startup capital of the business. However, as the business grows, more money through bank loans will be injected to help sustain the growth of the restaurant (Kroc 134). The Lord of The Fries restaurant is aimed at generating up to $50,000 to $70, 000 at the end of the first financial year. This means that top management will have to be a priority I order to achieve the goal set forward for the company. Background Mission The mission statement of the restaurant is uncluttered and straightforward. The Lord of The Fries restaurant’s mission is to provide high quality, best fries in town with excellent and exceptional best customer service which will ensure that the customer has the best experience (Maxwell 123). By effectively addressing the mission statement of the restaurant, the company stands to earn customer loyalty, which will see that the restaurant grows. Company History The Lord of The Fries restaurant had its first humble beginning 2004. Initially the company was based on a truck hat aimed at providing a late night snack for people who worked late or ate late. The track the restaurant was stated in was in Melbourne (Kroc, 78). 2004 saw the company growing at a remarkable rate with success marked by the opening of a new store in Melbourne by early 2005. This saw a rapid success of the restaurant take place, in that within no time the restaurant had opened several new branches of the restaurant in Victoria. At present, the restaurant is aimed at opening a new branch in Charlestown, Newcastle. Within success of this branch, the company will open branches all over Newcastle (Lundberg 44). Business goals and ideas of the restaurant The goals and ideas set forward for the business include first and for most meeting the operating coast of the business. The business will be in charge of paying its own expenses without any other money being injected in to do so. The restaurant will also see to it that it has seven people employed on a full time bases. This means that the restaurant is in the field of creating job opportunities. Seven positions will be opened up to qualified hotel workers. Lastly, the restaurant aims at opening two more stores in the end of the 2011-2012 financial years in Newcastle. This means that the company is aimed at expanding it standings and dominance in Newcastle (Berry 71).A sole proprietor acting as the main beneficiary of the restaurants success will own the Lord of The Fries restaurant just like the other branches. Marketing research An extensive marketing research will be done before the restaurant is opened. The restaurant will make use of its positioning. Market research shows that Charlestown is an extraordinarily popular place where people meet and have something to eat. Being that the place is fresh and newly opened attracting customers will be remarkably easy (Langdon and Orange 59). In addition, the company will use its prices as a marketing tool. With the cheap affordable prices, the customers will be more inclined to use the restaurant as their favorite. The restaurant will put all this into consideration in order to have a potent marketing plan (Levinstein 94). For the restaurant to pick up, it is going to advertise its products via NXFM. By use of NXFM, the company will look at making its self a name within the streets, which will see it attain market equivalence (Heather 62). The restaurant will also be advertised via face book and other social sites. Research shows that advertising via Facebook will guaranteed the company a positive response from the customers because most of them use the social network (Yang 140). Employees of the restaurant will also be taught to treat everyone who walks through the doors with utter most respect. This will start with how they approach the customer, how they talk to the customer, and how they engage with the customer (Haley 26). Additionally, The Lord of The Fries restaurant will make use of pamphlets to market the restaurant. Pamphlets will be spread to all places with an aim of making a name for its self. The restaurant will employ direct contact with the customer through the pamphlets. The restaurant will maintain its growing reputation by using the fact that The Lord of The Fries restaurant is a registered trademark that has already made a name for its self in the restaurant business (Kroc 31). SWOT analysis Strength Weakness The restaurant biggest strength is it is already a registered restaurant with many loyal clients. The other strength the company has is that it is offering quality food and services at a very affordable price (Juran and De Feo 19). The restaurant will also use its positioning as strength to its pert since most people meet around that position where the restaurant is based (Luxenberg 78). The fact that the restaurant is new will give it a cutting edge people love t see new things because if something is new it means that it is offering something the others are not. As much as it is strength, being new can also be considered as a weakness. Other restaurants offering the same have already establish themselves. The fact that other restaurants such as KFC and McDonalds have already established them can be a weakness on the part f The Lord of The Fries restaurant since the market that the restaurant is getting at is already saturated. Opportunity Threats The company biggest opportunity is that The Lord of The Fries restaurant has is the ability to expand in the market depending on how well this one picks up. The restaurant has opportunity to make a name for its self in the world because it is going head to head with big restaurants like McDonalds and KFC. The restaurant has an opportunity to expand the name The Lord of The Fries restaurant The biggest threat The Lord of The Fries restaurant has is that it is going head to head with restaurants such as McDonalds and KFC and other restaurants. Market Segmentation The market segmentation performed for the restaurant shows that the restaurant should be aimed at young middle-aged people. This is from 21 to3 5 years of age (Spang 263). The reason why the restaurant targets such an age group has to be traced back to its roots. When the restaurant was started in a track, its main targeted was people who work late into the night. These target customers can be described as being young middle-aged people because the young middle-aged people work late in the night (Gernet 59). This target then went ahead to identify itself with the market of the company. Because the restaurant has already sought to satisfy the target customers, it will be on the best interest of the company to maintain its vigor. This goes as far as showing company loyalty to its customers. The target customers are apparent correct for business and s the restaurant should toil to provide an environment that sees to it that this is affected (Juran and De Feo 27). From the feedback received from the research, twelve students visit the restaurant once a week, five some few times a month, while two only come once a month. Therefore, the marketing strategies will seek to attract such a category of customers to visit more regularly. This will result in the improvement in the number of students visiting up from the daily two, and those of several times a week up to a better number from the meager eight. Achieving this would play a critical role in the realization of its targets and goals. Strategy and Implementation The restaurant main strategy is providing its customers with quality service in terms of the food and services it offers. As unpretentious as it might sound, the company would like to think of it as a master strategy. By providing quality services and food in the best surrounding, the company will be able to achieve the outcome that will see it identify with its clients. The strategy will involve the restaurant offering delicious fries (Wansink 108). Secondly, the fries will be of quality in terms of how they are prepared and offered. The packaging will ensure affordability whilst compromising on the quantity. The use of this strategy will see that the restaurant implements a killer tactic aimed at achieving a success of the company (Chopra 345). The restaurant will be opened from 9am up to 5pm all day where all this strategy can be implemented. The Competitive Edge The Lord of The Fries restaurant main competitive edge is the food and quality services it offers at an affordable price. Most restaurants offering the same service usually offers it at extremely high price. As much as the restaurant is aimed at making profit, most of its products are not highly priced (Potter 69). The restaurant understands that the world is going through an economic downfall, and seeks to provide quality service to customers at an affordable rate. This shows that the company is willing to listen to its customers and not dig deep into their pockets. Moreover, the services and food offered by the restaurant is worth paying (Berry 79). In addition, another competitive edge that the company has is the fact that the company is surrounded by beauty. Its surroundings give the restaurant a cutting edge in the food industry since customers are able to identify themselves with the environment (West 72). The Lord of The Fries Restaurant can identify itself through the environment it operates. The restaurant looks at this as very important for the daily survival of the company. Its surroundings offer the customers something more something more than what the other restaurants offer (Bardi et al 26). Operations and production The restaurant will be fully licensed by the state and will also meet the required legal issues needed to run the restaurant. The restaurant will be managed by the owners who are the proprietors of the business. The restaurant will have seven workers and one general manager to look after the company. The supervisor will be considered to be the professional adviser for the restaurant. The supervisor will be in charge of giving the general advice and over view to the owners. The restaurant is self-insured meaning that if anything was to happen to it the owners will incur the cost. The security will be covered in that the restaurant will employ a 24-hour service from a security company from the town. The restaurant will be located in the heart of the city. Plant and equipment required The Menu The menu offered by the restaurant will be as straightforward as possible. The menu will remain constant, and the restaurant will offer what it has specialized in. The name "The Lord of The Fries Restaurant" speaks volume on what the restaurant offers. The restaurant will endeavor to stay true to what it name suggests. The menu of the restaurant will be more include other specialized meals that the company will provide (Gernet 357). Most of the meals will be ready for customers to order any time visit. The restaurant does respects the customers’ time and so will serve ready to eat meals. However, the meals will be as fresh and delicious as any other meals. Interior and Exterior Surroundings of the Restaurant Place A lot of work will have to go in the interior of the restaurant. The interior of the restaurant will be a reflection of what the restaurant stands for or what the restaurant offers. In addition, when designing the interior of the restaurant one will consider what the people of Charlestown selection would want to see (Pyzdek 73). Production processes to be used The restaurant plans to provide an environment through the services it offers to its customers. Art paintings will be used to design the interior of the restaurant. In addition, the color chosen will also be of attar most importance in that the color chosen to represent the restaurant will reflect on what the restaurant stands (McGinley 234). Every color painted in the inner walls of the restaurant will be a combination of elegance and beauty in order to satisfy the customers wholly. The interior decoration will be one way used to offer a quality surrounding of the restaurant. The target customers of the company will be able to identify themselves with the color of the restaurant (Lebhar 38). Other than keeping the outside of the restaurant clean, it will also be of paramount importance that the outside of the restaurant looks attractive. The outside of the restaurant should be able to attract the eye of a potential customer. Again, just like in the case with the interior, the exterior of the restaurant will be set in such a manner that it provides a conducive environment for the target customers by the environment (Stopford 49). This is of vital importance since customers identify themselves with a set surrounding. From the outside, the restaurant will be able to stand out amongst others in the other restaurants in the city. The restaurant will have a prime advantage once it introduces beauty into the surrounding environment. Research carried out shows that customers love a restaurant that identifies to their needs through the surroundings it offers. The beautiful surrounding, the customers will feel safer and more relaxed because the surrounding provides an ample environment (Kiefer 56). The Lord of The Fries restaurant executive decision maker will be the manager. He will be in charge of making the hard decisions regarding the restaurant. A supervisor who will be answerable to the owner will supervise the manger (Morrison 45). Six employees plus the manager will make up the team for the company. However, as much as the manager will make the executive decision most of the decisions concerning the menu will be left to the chef who is one of the six decisions (Kroc 92). The executive decision will entail the daily running of the restaurant, this being the day to day decisions regarding the restaurant. The manger in The Lord of The Fries restaurant will also be in charge of sucking and hiring new workers. This will give him array of awareness. Most of the restaurants success will depend on how well the manger runs the team. In order to have a tight team that will ensure success within the company; the manager will have to create a bond between the employees (Cooper 47). Service processes and standards Teamwork is extremely essential facet for success because the team will work together as a common purpose, which will then translate on the quality of services and food offered. The supervisor in charge of the manager will act as he overall decision maker on long-term issues that may affect the restaurant. The supervisor will have to communicate with the sole owner of the business before making any decision (Hayward 17). The supervisor will also need to visit the restaurant frequently in order to make sure that everything is running smoothly. As much as the manger is in charge of the daily running of the place, the supervisor will be the one answerable to the sole owner if anything goes wrong in the company. The employees will also have the right to say what they think through a representative of the employees (Hogan 183). Since people are already familiar with the name, marketing the restaurant will not be so hard. The restaurant will also advertise the restaurant by use of a local newspaper known as Newcastle Herald. Statistics shows that the most people in Newcastle love reading the newspaper, which means that it will work to the advantage of the restaurant in that the restaurant, will use the newspaper to advertise (Spang 263). This, the restaurant plans to use to its advantage its advantage. The restaurant plans to combine the use of radio and newspaper as its main campaign strategy. Marketing The Lord of The Fries restaurant is projected to cost the restaurant almost $5,000. The money will be used in the expansion of the restaurant in order to reach the society and promote its popularity. The Lord of the Fries restaurant will not at the time being endorsed by anybody. However, as it grows in the city, the restaurant will offer endorsements to local and international celebrities. This will see the restaurant earning a reputable place in society (Gernet 56). Critical risks The restaurant main critical risk is the fact that it is getting into an already saturated industry the company is planning on using its already made fame to survive. However, since the restaurant is a small store it will have no contingency plan other than try to make a profit. If all fails the owners of the restaurant will look for a better position to place, see it. Financial projections $50,000 will be injected in the company at the beginning of it. The money will be used to set up the restaurant. This is the $50,000 that will be injected into the restaurant will be used to buy furnisher, utensils and other essential things that a restaurant entails. It will also be used to furnish the restaurant and transform it to a modern one that is appealing to customers. The design of the restaurant will be mainly focused in getting what the target customers of the restaurant want (Hogan 183). A substantial loan will also be borrowed in order to ensure continuity in the pert of the restaurant. Through this, the restaurant will seek to generate total revenue of between $50,000 and 70,000. The restaurant when set up will also be in charge of paying its own bills in that the restaurant. Once the restaurant is operational, it will be in charge of paying the workers and maintaining its day-to-day expenses. The Lord of The Fries Restaurant is projected to grow fast and will need no extra injection of funds (Sickels 82). Financial forecasts The restaurant is projecting having a 30% return by the end of the first half of the financial year. The restaurant is also projecting to have a cash flow of 30% increase from the original cash flow that will be put in at the beginning of the financial year. The restaurant's is projecting a profit of 25% in the first half of the financial year. During this same period, the restaurant is looking on cutting on losses by increasing the strong areas that the restaurant will achieve in the first half. Balance sheet None current assets premises 25,000 furniture and fittings 5,500 motor vehicles 5,000 total 35,500 Current assets 8,500 Opening stock 4,000 cash in bank 2,000 cash in hand Net current assets 14,500 Net assets 50,000 Capital 50,000 Implementation table task start date duration(days) end date Task 1 1/1/2012 5 1/6/2012 Task 2 1/21/2012 48 3/9/2012 Task 3 1/30/2012 15 2/14/2012 Task 4 2/10/2012 23 3/4/2012 Task 5 2/25/2012 20 3/16/2012 Task 6 3/6/2012 5 3/11/2012 Task 7 3/12/2012 15 3/27/2012 Task 8 3/18/2012 1 3/19/2012 Task 9 3/28/2012 9 4/6/2012 Works cited Bardi, Edward; John Coyle and Robert Novack. Management of Transportation. Thomson South-Western. 2006. Print Berry, Leonard L., Kathleen Seiders, and Dhruv Grewal. "The Journal Of Marketing." JSTOR. JSTOR, 2002. Web. 17 Oct. 2011. Read More