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“We offer specialty selection of quality food and services in a home-like setting at reasonable prices.”
The problem that the business is solving for customers
The primary target customer group fits the profile of a medium to high-income earner with a busy schedule who desires a healthy and fresh lifestyle orientation. Coupled with the growth in numbers of high-income families, there is a need for a family fine dining restaurant in the area.
The idea that quality food could be served in a restaurant that home-like appeals to a sizeable portion of the market; people engaged in a commercial capacity, students, those in the tourism and busy homemakers. The few examples indicate a significant and growing collection of "time poor" individuals that lack the time to prepare food at home owing to their busy schedules. This group of individuals Place an increasing value on every spare time of their day. The home-style restaurant has the ability to match the ravenous need for this group of people for convenience with the utility that the modern facility will offer.
The Family: a home style restaurant is the perfect place for a family dinner. Families will come for the friendly service and accommodative menu. The excellent value in meals will keep the restaurant in favor with the parents.
The Business Man: the businessmen work hard all day and often want a place to relax and have that home service that most restaurants lack to offer. The restaurant will also provide a cool, competent establishment that helps impress his prospects and clients.
Couples: The restaurant will provide an intimate, sophisticated and romantic ambiance that will encourage people to bring dates for a unique treat. The environment will be suitable to for the people meet and also develop networks.
High-end Singles: the restaurant will appeal to the high-end singles that use most of their time in careers advancements and work. Such will include students and working class people who find it difficult to prepare a homemade meal due to time constraint. The quality food, environment, décor, and layout will attract this class of customers.
What makes this idea special?
The ability to offer quality food in a home setting will be a unique concept in the variety of the restaurant business is a competitive industry with a variety of variations. The food restaurant will offer specialty selection for its customers including a children’s menu. The restaurant will stand out from the other restaurant businesses offering fast food concepts and services. The food menu will incorporate quality foods made from quality ingredients at reasonable prices. The restaurant will fill the void of home style restaurants in the market area. The ability to offer quality food in a home setting will be a unique concept in the variety of the restaurant business is a competitive industry with a variety of variations. A restaurant that will offer a much calmer homelike experience is a unique idea.
Why are you especially well-suited to address this problem?
General trend toward quality among consumers certainly plays a significant role in the growth of businesses offering such services. Additionally, such factors as desire for something more exotic and unique and for small indulgences provide a good selling opportunity for home-style restaurants. The restaurant is well suited to address this problem while maintaining its appeal within an increasingly health conscious market.
With the increasing need for a warm and friendly place with excellent food, the business will be well suited to provide this need. With an elegant lounge and a cozy dining room, comfy couches and antique love seats, it will make the perfect place to stop in for a drink, a bite to eat, or for a small business meeting. Compared to the services offered by competitors, the home-style restaurant will offer a tasty, fresh and nutritious alternative. The unique brand will also be identifiable with professional approach from staff and solid management.
What's the market you're trying to serve and is it big enough to matter?
The home style restaurant will offer affordable to the majority of the potential customers ranging from shoppers, families to students at surrounding locations. The food restaurant will offer specialty selection for its customers including children. The market is large enough since majority of people prefer not to cook at home for convenience. The lack of time to prepare meals, prompt people to go to the restaurant for lunch and dinners. The restaurant industry is competitive with customers given various choices depending on their taste and preferences and budget. From fine dine-in restaurants to more casual dine-in experiences and to take away foods and outside dine-in experiences, make the level of competition high. Restaurants tend to have a greater concentration in higher than average household income areas.
The business seeks to serve three main markets. First, people who work during the day that will be looking for quality food and convenience for lunch or late breakfasts. Secondly, we seek to serve members of surrounding businesses and institutions looking for lunch or a convenient place for formal or informal meetings. The third main market includes the employees, middle-class professionals and businessmen with families looking for takeout food for a family dinner at the end of the work day.
How will you reach the market?
Home based restaurant marketing strategy will mainly focus on making the existence known, getting new customers, getting them to spend more and return more often and retaining them. A grand opening party, mailers and flyers to local offices, internet marketing and use of radio will be the means for promotion. A grand opening party that will have a local radio station participate and air it will be the first step to reaching the market. In addition, the company is planning to use direct mailers and flyers, Billboards for the first six months to establish customer awareness. The promotional efforts will be to draw people into the restaurant and then seek to provide them with superior eating experience. Additionally, establishing a loyal customer base is of a vital significance since customers not only generate sales but also provide favorable referrals. By placing the home based restaurant in a strategic location will ensure that it penetrates the market rapidly.
What's your sustainable competitive advantage?
Our most important competitive advantage will be the location. The restaurant will be located closer to our potential customers than compared to others. In addition, our unique home based theme that will attract many customers looking for a relaxing dining experience. The home concept is a highly desirable concept in a table service market and, for this reason, a good investment in a moderately profitable industry
Carolyn Morgan is the author of this paper. A senior editor at Melda Research in nursing research paper writing service. if you need a similar paper you can place your order for a custom research paper from custom nursing writing service.
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