Business Strategies in Establishing a Restaurant - Case Study Example

Group assignment By student name Course code + Name Instructor Institution Date Introduction Food and culture are closely linked. People from different regions of the world have different food preferences. Not only do they eat different foods, but they also use different approaches to prepare their foods. The differences and diversities also exist within close nit communities since different people preferred different foods or different ways of preparing food. It is for this reason that different regions have different cuisines (Robertson & White, 2003). When cultures mix, their cuisines tend to mix and produce a new food fusion. Food fusion also occur when individual decide to incorporate their food preference into traditional cuisines (Wharton, 2014). Food fusion can be a source of new interesting cuisines and this is the basis for the development of the new restaurant. Our goal Our restaurant is driven by our passion for cooking. In particular we are interested in fusion cooking which combines food for different cultures with traditional Australian cuisines. It is evident that food is a cultural item and plays an important role in narrating the stories of different cultures. It is base on this knowledge that I intend to develop a themed restaurant based on traditional cuisines (Haden, 2009). The restaurant will celebrate the stories of my culture through food and the décor. Such a restaurant is a massive undertaking and will require financial support in order to develop it (Restaurateur, 2010). In this regard, I will be looking for a suitable investor to help in the funding of the startup. It is important to get a financier who is interested in the hospitality industry since he/ she will have a proper understanding of the industry. However, public financiers such as banks may also be able to fund this endeavor if presented with a convincing business plan. The funds will be necessary to rent a suitable location, install appropriate fittings in the restaurant, paint and crate the décor. It is also necessary to advertize the restaurant in order to get the prospective customers know of its existence. Funding will also be required to sustain the cash flow and working capital for the new venture before it starts generating its own revenues (Wazir, 2015). External funding may also be necessary when expand the size of the venture as well as opening up other chains round the country. Business strategies Various business strategies will be used to get the hotel started and moving. These strategies will aim both at advertising the hotel and moving the salves (Pride, 2012). The strategies include daily special deals, extensive marketing campaigns, and contributions to second bite. Daily special deals Daily deals approaches are more about winning new customers rather than making profits. Acquiring new customers for a new business can be very challenging and costly. However, this approach will provide the business with an opportunity to attract the new customers and entice them to come back for more service. Get customers to come back and develop loyalty can drive the sales in future. The main daily special deals will be student discounts and team color discounts. Student discounts will focus on students. Student buying specify meals on certainly will receive discounts. This strategy aims at making students choose Restaurant Revolution as the primary destination for food. As a result, they will develop royalty and keep coming back. Also, it is expected that they reach to the friend through word of mouth informing them of the new restaurant, meals and discounts. Team color discounts will also be available on different days and will target clients putting of jerseys of local sports teams. The aim of this strategy will be to make the fans and support of the teams consider the restaurant as their home. The fans will thus frequent the restaurant to buy meals and on match day they can watch the proceedings at the club. Extensive marketing campaigns Extensive marketing campaigns will also be conducted to extensively popularize the business. Extensive market campaigns are usually very popular art capturing the attention of the wider population thus informing many people of the existence of the restaurant and available services. The main extensive marketing activity will be “Tight-ass Tuesdays” (Rosso 1998). As the name suggest it will normally take place on Tuesdays and all the food on the menu will be sold at half price every “Tight-ass Tuesdays.” Basically, the “Tight-ass Tuesdays” will be every second Tuesday of the month. It will always be popularized through social medial and popular radio shows. Contributions to second bite SecondBite is an initiative aiming at providing access to nutritious and fresh food to the need people in Australia (Farmar-Bowers, Higgins, & Millar, 2013). The initiative collects and redistributes surplus fresh food though out Australia. The aim is to build community capacity and reduce food insecurity. By contributing to SecondBite restaurant revolution will be express its concern for the needy. This is a powerful corporate social responsibility initiative that also serves as a popularization strategy. The menu The restaurant’s menu will frequently change according to seasons. Since it is based on traditional cuisines it is will be necessary to take into account cultural shifts that occur with different seasons of the year (Atkinson, 2010). Among the main meals will be Teriyaki Pie. He customer will have the option of choosing chicken or beef Teriyaki Pie. The will be butter chicken pie, the Parma pie, lemon chicken, sweet chicken and sour chicken. Business structure The business will be a partnership with four partners. Each partner will have 19% share of the business. The investors will take 24% of the business. All this structures and sharing shall be stipulated in the partnership deed. The responsibilities of the partners shall also be stipulated in the deed. At the first the partner shall be actively involved in the daily running of the business, but we shall seek to hire a specialist qualified in hospitality management of hotel management to manage the facility. A little shop in Hawthorn The hotel will start at little shop in Hawthorn. At first it will target at serving the residents of Hawthorn and those visiting the town. However, we will seek to expand the business since restaurant business is booming and attract many clientele from diverse walks of life. The expansion will seek to increase the size of the restaurant at Hawthorn and later create other outlets in major cities in Australia. Grand Final day for the AFL AFL is major attraction for many sports fans. Hawthorn town team, Hawthorn Football teams is a major competitor on this league. The grand final day of the AFL is usual the greatest sporting event day in Australia (Bertram & Murray, 2006). As a result, AFL is also a major attraction in the town. Restaurant Revolution will seek to create a spectacle around the final day of the AFL. It will create a Grand AFL spectacle on the final days of the league’s annual competitions. On this day, fans will be treated to local meals and drinks. Sports are an important part of culture. Like food, sport is usually accompanied by celebrations in this regard introduce a new food spectacle into sports celebration will be a good way of introducing the restaurant to AFL fans. The grand final day for AFL would be a good day for extending team colours discount. Every fan who is putting on Hawthorn Football club colours will qualify a team colours discount. AFL grand final day parties are usually held in many places across the country. Therefore, the event faces a lot of competition from other restaurants and hotels in Hawthorn and other cities in the country. For this reason it is important to find way to make Restaurant Revolution’s grand final party for AFA the greatest attraction of the day in order to attract a large number of jubilant customers. The restaurant will use themed parks and street carnivores. On the streets and selected park, large screen will be erected to fans to watch the final games of the season. In addition to large screens, it important to have section dedicated for children activities such as bouncing castles, face painting and others. Table football will also be available for those who love to play it or those who would like to try it. Those who win such games will receive team color t-shirts and caps. There will be other zone such as movies zones, music zones and betting zones. Finally, there will be a section for food where meals and beverages papered by the restaurant will be served. Buyer will have team color discounts. Grand final celebration can last a week before the final day and Restaurant revolution will be seeking to make a last impression of its customers during this period. In addition, the restaurant will relay on media to popularize the event before and after it have taken place in order to get many people talking about the restaurant. Conclusion Establishing a restaurant take aspects of culture into account is the main selling point of the Restaurant Revolution. Gastronomy is a great tourist attraction that promotes both in-bound and outbound tourism. Serving great meal from the Australian cuisine will attract many food lovers. Fusing the traditional Australian cuisines with other food will aim at creating a new localized cuisine the will attract more food lovers. It will also aim at making Restaurant revolution one of the best gastronomy destinations in Australia. After the success of the fast restaurants more restaurants will be opened around the country in order to serve customers in different location and also increase sales. Out marketing and business strategies will also get refined gradually in order to resonate with our clients and drive up sales. The strategies will incorporate unique features of the Australian national cultures such as student discounts, team colors discounts, tight-ass Tuesday, and SecondBite. These strategies will also aim at making the Australians identify with the restaurant. In particular, holding grand final day of AFL parties will popularize the restaurant among football lovers and make it a prime fans destination. References Atkinson, L. 2010, Frommer's Australia 2010, Hoboken, NJ: Wiley. Bertram, N., & Murray, S. 2006, 38 south: Urban architecture laboratory 2002-2004, Melbourne, RMIT University Press. Farmar-Bowers, Q., Higgins, V., & Millar, J. 2013, Food Security in Australia: Challenges and Prospects for the Future, Berlin [etc.: Springer. Haden, R. 2009, Food culture in the Pacific Islands, Santa Barbara, Calif: Greenwood Press. Pride, W. M. 2012, Marketing 2014 + Marketing Coursemate With Ebook Printed Access Card, South-Western Pub. Restaurateur, R. L. (2010). Everything Guide To Starting And Running A Restaurant: Secrets to a Successful Business!. Cincinnati: F+W Media. Robertson, R., & White, K. E. 2003, Globalization: Specialized applications and resistance to globalization, Lonfon, Taylor & Francis Rosso, M. 1998, Tight Arse Tuesday/Hello Australia, Milsons PointAustralia, Random House Australia. Wazir, R. 2015, Restaurant startup: A practical guide, S.l., CreateSpace. Wharton, R. 2014, Don't Call It Fusion Cuisine, Available from http://www.wsj.com/articles/SB10001424052702304610404579404951993253512 Read More