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You are now in the Restaurant business in Texas. You have used Porter's Generic Model of Competition (1985) to pick a box. Who eats out and why? Remember my Wedding cake discussion? Purpose The purpos
You are now in the Restaurant business in Texas. You have used Porter's Generic Model of Competition (1985) to pick a box. Who eats out and why? Remember my Wedding cake discussion?
Purpose
The purpose of this assignment is to examine if you can actually make money in this business. Now you need to figure out how to compete against all the other Restaurants in the area. It is possible to have higher profit margins than the Industry average. My question to you "Is how?" The answer is to find a demographic group that likes what you have to offer and will pay for it. You can create any Restaurant you wish, even one for bikers, cat people, Vegans, AARP, etc. Each of these groups spend money on something. Be sure to look at the library resources located at https://guides.library.unt.edu/mgmt3850/4220(Links to an external site.).
Example
I have a friend from Michigan who holds a MBA. His family purchased a Motel and cabins on a mountain top property in Costa Rica. The property is surrounded by an eight foot tall fence and they employ an armed guard at the front gate. The marketing plan describes baby boomers and Gen X with money to spend and want to feel secure. The advertising is directed at snow birds in the USA and Canada. They do not advertise in Costa Rica except in vacation trade magazines. The people in Costa Rica already have a bed.
Assignment
Start by reading chapter nine and pages 158-161 of the textbook. (Please submit assignment as Lastname.Firstname.Product.docx.) Everyone is in the Restaurant business in Texas. You pick the city. This is where your understanding of the Industry comes in. You have seen holes in service not covered by the big players. Use Porter’s Generic Model of Competition (1985) and pick your box. Keep in mind that each box has different customers, costs, pricing, expectations of quality and services, etc. This is the perspective you will have for the four remaining assignments.
Mechanics
You will notice that much of this is covered in section eight of the business plan template. Your written report should be key boarded, utilize the American Psychological Association (APA) citation format, and be 4-5 full pages in length (including exhibits, tables and appendices). Use 12 point Ariel font, 1/4 inch indentions, and single line and character spacing. I am expecting a professional report that (a) demonstrates a command and understanding of the topic, (b) uses sound presentation logic and well thought through justifications, (c) displays use of appropriate graphs, charts, and tables, and d) conforms to the norms of good writing (grammar, spelling, word use, sentence structure, paragraphs, punctuation, etc.). Turn in your Word files to Canvas for submission to www.turnitin.com. Late submissions will not be accepted. Please view the videos below and answer the following questions in paragraph form.
Sources: Industry report, URL list on page three of the report, class notes, and browser searches.
Product/ Service Feasibility Analysis (Level one heading)
Target Market (Level two heading)
Problem to be solved or benefit to be offered. (Level three heading)Demographic profile.Other significant customer characteristics.
Customer’s Motivation To Buy
Market Size And TrendsHow large is the market?Is it growing or shrinking? How fast?
Personal Selling Efforts - Who?Wait staff force size (if any), recruitment, and trainingWait staff force compensation (if any)Number of sales per dayAmount of average sale
Advertising And PromotionMedia used (reader, viewer, listener profiles)Media costsFrequency of usagePlans for generating publicity (free-of-charge)
PricingCost structureDesired image in marketComparison against competitor’s pricesDiscounts (coupons at initial introduction?)Gross profit margin
Distribution Strategy (if applicable)Channels of distribution used i.e. direct via sales counter or table service, catering, take away.Sales techniques and incentives for intermediaries
Test Market ResultsSurvey(s) (copy of blank survey)Customer feedback on prototypes or survey(s)Focus groups
Conclusion. Is it possible?
Grading: In Industry, I never had a supervisor give me an assignment with a rubric. You did the job or be replaced by someone that will do the job. However, this is what I am looking for:1. 20 points- satisfactory work as evidenced by thoroughness and effort. May not be complete correct, but a high level of effort is evident.2. 15 points- lacking or missing minor elements. (i.e. citations)3. 5 points- unsatisfactory. Displays little effort, thought, or initiative.4. 0 points- Did not even try.
