INTRODUCTION
BACKGROUND
MOTIVATION
VALVEI BENEFIT OF THE STUDY
The Thai Land Restaurant and Bar will be different from other restaurants in the area for at least four (4) reasons. What strategies should be implemented for Thai Land to establish a place in the consumer's mind and heart as well as maintain and grow market share.
PROBLEM STATEMENT
This study examines the feasibility and viability of establishing a Thai restaurant in the Morningside area and its effects. Thai Land restaurant and Bar hopes to occupy and satisfy a niche market, but the question that must be asked now is: "Will they become just another oriental restaurant?" Also what are customer perceptions and attitudes towards the establishment of another restaurant in the Morningside area.
OBJECTIVES OF THE STUDY
HYPOTHESES
RESEARCH METHODOLOGY
- DATA COLLECTION METHODS
- QUESTIONNAIRE DESIGN
- PILOT TEST
- SAMPLE
- SAMPLE SIZE
- Reliability
- Validity
- DATA ANALYSIS
- NATURE AND FORM OF RESULTS
- Appropriateness of Methodology and Data Collection
The focus will be on diners and owners or managers of restaurants in the Momingside area. Objectivity will be maintained at all times during the development and administration of the questionnaire and focus group session.
DEFINITION OF CONCEPTS
The results would be in the form of statistical conclusions, actionable findings, strategic plans and recommendations. The overall methodology used for sample selection and data collection was satisfactory and sufficient to draw results and conclusions.
STRUCTURE OF THE PROJECT / ORGANISATION OF THE STUDY The chapters in this study are as follows
Random sampling ensured that all diners and restaurant management had an equal chance of being included in the sample, regardless of demographics. However, it should be noted that the overall purpose of the sampling method was to ensure transparency and convenience in selection.
Overview
It can also be said that the sample size of 80 drawn, using EPISTAT software, provided substantial enough data to analyze and interpret. Data were coded after collection and SPSS helped the researcher to formulate descriptive statistics and perform various tests as well as multivariate analysis viz.
Theory Review
Company Overview
Research Methodology, Findings and Discussion of the Results Chapter 4 deals with the statistical results of the research, the methods of data
Recommendations and Conclusion
SUMMARY / CONCLUSIO
The main area that needs to be researched and has been highlighted is the feasibility and feasibility of opening an authentic Thai restaurant in the Morningside area. This study was motivated by the researcher's interest in the country of Thailand and the opportunity to establish an authentic Thai restaurant and bar.
INTRODUCTION
A BUSINESS PLAN
While the business plan serves as a roadmap for the future, it includes both financial and operational perspectives. Ideally, a business plan should be developed with 3 (three) perspectives in mind, namely the entrepreneur, the customer (marketing perspective) and the investor.
DEVELOPING A BUSINESS PLAN
- BUSINESS PURPOSE
- EXECUTIVE SUMMARY
- Mission Statement
- BUSINESS PRODUCT PORTFOLIO
This is the second step in this process and should be a few pages outlining the nature of the business. Achievable means that you estimate that you can complete the task within the constraints of the goal.
SITUATIONAL ANLAYSIS
The basis of the matrix is the degree of innovation of the products to be sold and the markets to be targeted.
MARKETING ANALYSIS
At each stage it is important to consider the impact of competitors and their goals, objectives and strategies, as well as the position and resources of your own industry. Essentially, this process is undertaken in a formal sense when the marketing manager develops the marketing plan.
MARKET SEGMENTATION
- Psychographic segmentation
- Socio-economic Segmentation
- Behavioural Segmentation
- Benefit Segmentation
Even when other bases are used for segmentation, demographic variables are still used in the description of the segmentation. Substantiality – what stage of growth is this target segment in, in terms of the product life cycle.
Target Marketing
- Undifferentiated marketing
- Differentiated Marketing
- Concentrated marketing
So you could say that a multi-point company had a UPS or unique selling proposition. Positioning is unique in that sometimes it is not the actual features that position a product in the minds of consumers, but the perceived features.
SWOT ANALYSIS
Product positioning is the complex set of perceptions, impressions and feelings that consumers have for a product, which creates a place for the product in their minds relative to competing products. A product can be a high quality product, but if consumers perceive it to be of poor quality, it will not sell.
LOCAL AND NATIONAL COMPETITION
INDUSTRY ANALYSIS
- INDUSTRY PARTICIPANTS
A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis should highlight the viability and feasibility of a new business venture. Market segmentation should identify the target population and customer base for which the new business venture would be aimed.
MARKETING STRATEGY
- PRODUCT STRATEGY
- Product Classifications
- Branding
- POSITIONING STRATEGY
- PRICING STRATEGY
- Internal Factors affecting Price Setting
- Other External Factors
- GENERAL PRICING APPROACHES .1 Cost-based Pricing
- Competition-based Pricing
- NEW PRODUCT PRICING STRATEGIES
- PRODUCT MIX PRICING STRATEGIES
- PRICING STRATEGIES
- DISCOUNT PRICING AND ALLOWANCES
- DISCRIMINATORY PRICING
- PSYCHOLOGICAL PRICING
- PROMOTIONAL PRICING
- GEOGRAPIDCAL PRICING
- PRICE CHANGES
Basing the price solely on the cost of producing the product may not be optimal. Pricing plus costs involves adding a standard markup (either the rand or a percentage) to the cost of the product.
PROMOTION STRATEGY
- CHANNELS OF COMMUNICTAION .1 Personal communication channels
- Non-personal Communication Channels
- SETTING THE PROMOTION BUDGET
- SETTING THE PROMOTION MIX
- Type of Product and Market
- Push versus Pull Strategy
- Buyer Readiness Stage
- Product Life Cycle Stage
- ADVERTISING
- Setting objectives
- Selecting advertising media The three major steps to consider are
- Public Relations
- DIRECT MARKETING
- SALES PROMOTION
For example, advertising, direct marketing and PR are good at the introduction stage to produce high awareness of a new product. While the effects of sales promotion would be more pronounced in the introduction phase, and less in growth.
DISTRIBUTION STRATEGY
- SALES STRATEGY IN TERMS OF CUSTOMER SERVICE
- CHARACTERISTICS OF SERVICES
- MARKETING STRATEGY FOR SERVICES ("7P's")
People are customers of the organization, but also service staff and other customers. Physical evidence is what the customer can physically observe that contributes to their perception of the service.
SALES FORECAST
DESCRIPTION OF A VENTURE
It is necessary to take into account the legal consequences that may arise depending on the type of business form. Trading patterns and hours should be carefully considered and considered when examining the above as well as potential growth opportunities that may be available to the company.
PRODUCTION PLAN
The location of the new business as well as any renovations and costs that may be incurred during relocation. Other items to consider are any additional skills or staff that may be needed for the smooth running of the business as well as equipment.
MANAGEMENT SUMMARY
The business can take different forms, such as a sole proprietorship, a general partnership or even a private limited company. Management must consider the different implications that each type of business may bring, such as licenses or permits.
ORGANISATIONAL STRUCTURE
- Sole Proprietor
- Partnership
- Close Corporations
Business planning for a partnership involves discussing all aspects of the business and how it will operate. The two main options regarding profits are whether they are taken out of the business to be distributed among partners or converted back into the business.
MANAGEMENT TEAM
- MANAGEMENT SKILLS AND PERSONALITY
- FAMILY
- BANKER
Having a thorough understanding and working knowledge of these business cycles can prevent a manager from making costly mistakes. Management skills can be learned and strengthened, usually most effectively through an honest assessment of strengths and weaknesses.
A.SUPPLIERS
- MANAGING YOUR TIME
BUSINESS NEEDS ASSESSMENT AND CONSULTATION
- ZONING BY-LAWS
- THER BY-LAWS
- BUILDING REGULATIONS AND CODES
- AGREEMENTS WITH OWNERS
LICENSES AND PERMITS
PREMISES AND FACILITIES
- Physical Space
Other important aspects of business operations are sources, usually called suppliers, and terms of sale. In a sole proprietorship, it is especially essential to have enough insurance because the business owner will be personally liable for all debts.
Personnel Plan
KEY FINANCIAL INDICATORS
- ESTIMATING MARKET SHARE
- MANAGING THE BUSINESS FINANCES
- REGISTERING THE BUSINESS
- BREAK EVEN ANALYSIS
- PROJECTED PROFIT AND LOSS/ INCOME STATEMENT
- PROJECTED CASH FLOW
- l.Cash Receipts
- Cash Disbursements
- PROJECTED BALANCE SHEET
- MISSION STATEMENT Define core business
- INDUSTRY SYNOPSIS .1 Market size
- Scope of Rivalry Local! NationallInternational
- Factors influencing the intensity of rivalry
- Overall assessment of the strength of rivalry amongst competing product makers
- Presence of any forward or backward integration
- New technology or innovation in this or aff"iliated industries
- SWOT ANALYSIS
- Is this company attractively positioned to continue as the market leader based on
- Assessment of whether the company is enjoying a competitive advantage (CA)?
- PESTEL ANALYSIS
- PORTERS 5 FORCES
- RIVALRY AMONGST INDUSTRY PLAYERS
- SUMMARY
- COMPETITION FROM SUBSTITUTES
- What are the substitute products that this company faces?
- Reasons
- THREAT OF NEW ENTRANTS
- l.Competitive threat posed by potential new entrants into this product category or business
- The most important barriers to entry are
- SUMMARY
- Bargaining Power of Suppliers
- Reasons
- SUMMARY
- BARGAINING POWER OF CONSUMERS I BUYERS A very strong competitive force
- REASONS
- SUMMARY
- OVERALL CONCLUSIONS: 5 FORCES
- Therefore it can be concluded that the competition in this industry can be considered
- DRIVING FORCES AT WORK IN THIS INDUSTRY
- OVERALL THESE DRIVING FORCES will tend to intensify competition
- KEY SUCCESS FACTORS
- STRATEGY ANALYSIS What is this company's strategy?
- SUMMARY
- FACTORS THAT MAKE THE INDUSTRY ATTRACTIVE Good profit margins
- FACTORS THAT MAKE THE INDUSTRY UNATTRACTIVE Growing bargaining power on buyers part due to more informed choices via
- HOW WELL IS STRATEGY WORKING?
- EVALUATION OF FINANCIAL POSITION What problems do you foresee financially?
- LEADERSHIP CAPABILITIES (linked to product life cycle)
- COMPETITIV GENERIC STRATEGIES
- WHAT PROBLEMS DO YOU TIDNK THAT MANAGEMENT NEEDS TO ADDRESS?
Strong competitive force because many companies are likely to enter this market and compete aggressively for market share, barriers to entry are low Moderate competitive force because industry and competitive conditions can make this an attractive industry for outsiders to enter. A weak competitive force as an industry and competitive conditions do not make it an attractive industry for outsiders.
SUMMARY
INTRODUCTION
- SERVICES
- CUSTOMERS
- MANAGEMENT
Garth's financial control skills will be invaluable in keeping Thai Land Restaurant on track and profitable. This relationship will be of such a quality that Thai Land Restaurant and Bar will gain a real and defensible competitive advantage in the markets in which they operate.
EXECUTIVE SUMMARY
Thai Land Restaurant and Bar will also be the only Thai or Asian restaurant catering to true vegetarians. The restaurant logo would be Thai Land Restaurant and Bar - we are innovative, we are very Thai and we are here.
OBJECTIVES
MISSION
COMPANY SUMMARY
COMPANY OWNERSIDP
START-UP SUMMARY
The place is not equipped as a restaurant, so the management thinks it would need a total of one million rand (R1 000 000) in capital. Assets required for startup Cash balance on startup date Other current assets- Inventory Total current assets.
SERVICES .1 The Menu
- Authentic Ingredients
- Ethnic Ingredients and Recipes
SITUATIONAL ANALYSIS
MARKET ANALYSIS SUMMARY
Thai Land has a wide range of vital information about their target market and the market in which they hope to operate. Thai Land Restaurant envisions having tables where women gather to discuss different issues while feeling good about the food they eat.
MARKET DEMOGRAPIDCS
- Geographic
- Demographics
- Behavioural Factors
Thai Land is aimed at people who enjoy a high-quality meal without the fuss of making it yourself. Since only the freshest and most authentic ingredients are used in the preparation of Thai Land food, there is value attributed to the appearance and presentation of the food.
MARKET NEEDS
According to the Durban Chamber of Commerce, male and female patrons aged between 25 and 50 will contribute up to 92% of the Durban market. Accessibility: The patron can enter the restaurant with minimal waiting and then have the option to dine in or take out.
MARKET TRENDS
Customer Service: All Thai Land staff will be highly trained and knowledgeable about all items on the menu, and the result should be a satisfied and enthusiastic patron. Competitive Pricing: All products/services will be priced competitively and comparable to other premium specialty restaurants.
MARKET GROWTH
SWOT ANALYSIS
The competitive advantage of being the only authentic Thai restaurant allows Thai Land to stand out. Thai Land will not be able to spread general management costs among many stores, and therefore will not be able to reduce fixed costs per store.
COMPETITION .1 National Competition
- Local Competition
Baan Thai is an upscale Thai restaurant that has a decent selection of authentic dishes, which are expensive but less consistent in quality.
SERVICES
- Strategy and Implementation Summary
- Competitive Edge
- Sales Strategy
MANAGEMENT SUMMARY
- PERSONNEL PLAN
FINANCE PLAN
BREAK EVEN ANALYSIS
PROJECTED PROFIT AND LOSS
The forecast financial statements have been prepared on a historical cost basis and include the following accounting policies, which have been consistently applied. Inventories are valued at the lower of cost or net realizable value on a first-in-first-out basis.
SUMMARY
More than half of the respondents believe that the introduction of a new Thai restaurant would not change their attitude. 90% of restaurant owners/managers believe they have experienced reasonable growth in the past five (5) years.
CONCLUSIONS
The Thai Land brand should be so successful that people prefer them to ordinary products. Thai Land Restaurant and Bar must be careful not to dilute their brand.
CONCLUSION
17.What do you think needs to be done in this area to ensure that business operations remain at optimal levels? 18. What surrounding areas around the Morningside area do you think offer the most competition for your business.
