The business that has been proposed is a multi-cuisine vegan restaurant as this has been seen in the recent markets that people are more inclined to buy foods that are harmless and is good for their body. The restaurant would be open for 7 days a week and it would specialise in the vegan dishes, especially the European style and Asian style vegan dishes. The restaurant would be serving the lunch and dinner courses during multiple shifts and it would be opened for 24x7 so that the people of the cities can have their meals at any time of the day. The restaurant would also have a separate sports pub and that would be operating for the same time as the restaurant.
The restaurant would be located in Cairns, Queensland and this place would be chosen for its beautiful countryside and the availability of counties all over. This in turn would increase the demand of the products and services of the restaurant. This would be a fine dining restaurant and would offer some premium services like dining on the shore of the Barron River, and buffet on the boats of the rivers. The name of the restaurant is decided to be “Maniaque Végétarien” and the business is expected to commence from the first week of January 2019. The company have purchased ample service storages from Japan so that the food can be stored easily and there is no deficit of food during service time. Finally, a photography floor would be created in which the customers can take a photo of theirs free of cost or take a “selfie” in a designed set.
Business opportunity can be defined as the sale of the products in such a way that it enables the purchaser-licensee to commence a business. The merchant of a business opportunity proclaims that it will anchor or help the purchaser in finding an appropriate area or give the item to the buyer licensee. This is not quite the same as the offer of an autonomous business, in which there is no proceeded with relationship required by the vender.
The restaurant business in Australia is vast and unique and is one of the major businesses in the country. There are diverse opportunities in this sector and generally, most of the businesses in Australia flourish after a certain point of time. The restaurant industry forecasts to accomplish about AU$500 billion at the end of 2020. On a typical day in Australia, about 12 million people visit the restaurants each day and contribute to the profitability of this sector in huge amounts. This industry includes foundations occupied with giving food services administrations to supporters who arrange and are served while situated and pay after eating. These foundations may give sustenance administrations to benefactors in blend with offering mixed refreshments, giving complete administrations, or introducing live nontheatrical diversion. It has been seen that the people of the markets are generally inclined to consume foods that are good for their health. For this reason, people have turned down the fatty foods and started consuming vegan foods. This idea has been taken and the restaurant would offer the customers with low to premium quality food that would have a great taste and would be healthy.
The demand in the market for the restaurant Maniaque Végétarien would be determined with the help of a primary survey and the responses of the first 100 respondents would be considered. For this survey, the administrators and the owners of the company would conduct a survey on the street of Queensland handing a survey sheet to random people.
Philip Kotler and Kevin Keller have described marketing strategy as "The marketing strategy lays out target markets and the value proposition that will be offered based on an analysis of the best market opportunities."
The 4P’s would be analysed for determining the fundamentals of the restaurant:
Product: The Company will be focusing on high quality vegan foods, which will include recipes from all over the world. The focus will be on the Mediterranean and the Asian-influenced dishes as their vegan recipes are the most famous in the world. Moreover, some Indian and Chinese foods would also be there in the menu. The pub will serve all kind of drinks and the pub will have access to all kinds of food from the restaurant. The people can enjoy the facilities of a sports pub along with the vegan foods from the restaurant. Finally, the restaurant would also provide the customers with some premium services as the Barron River locates the restaurant. The restaurant would offer special dinners and fine dining at the shore of the river and private dinners on fixed boats over the river. The restaurant is a fine-dining restaurant and provides the customers with entertainment services too.
Price: The prices of the products depend on the types of services provided by the restaurants. Normal a-la-carte would be cheap and the premium services will be generously priced. The products and services of the pub will be cheaper than the prices laid by the competitors in the market. Thus, the company would provide the customers with a high quality food at a low price than that of its competitors so that it can grab the market soon. Relatively, the company will use penetration-pricing strategy.
Place: Maniaque Végétarien is a premier home-style dining restaurant and it will be constructed on the shore of the Barron River in Cairns, Queensland. This place would be chosen as this place has a beautiful countryside and there is a huge demand for this kind of products. Moreover, there is a hub of the counties and the tourists from different places come to this place for enjoying the beauty of the place. Finally, yet importantly, as there would be a versatile menu and the restaurant would be open for 7 days a week, it will attract the people of the nearby locations too.
Promotion: Firstly, the restaurant will promote the products and services with the help of pamphlets and newspapers initially. Secondly, a database would be created so that existing customers can be used to attract and grow the business. Email marketing would also be a good option for the restaurant. Finally, an event can be held, which would be advertised for a short time on the television, so that the people from far away can know about the products and services offered by the restaurant.
Bryman, A., & Bell, E. (2015). Business research methods. Oxford University Press, USA.
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan International Higher Education.
Ekanem, I. (2017). Writing a business plan: a practical guide. Routledge.
Hubbard, L. J. (2018). Small Business Restaurant Marketing Strategies for Sustainability.
McKeever, M. (2016). How to write a business plan. Nolo.
McKenzie, D. (2015). Identifying and spurring high-growth entrepreneurship: experimental evidence from a business plan competition.
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