Project.

Mgm327

Professor: Peter Hornberger

Chengda You

2/28/16

Idea

After careful consideration of the eating habits of those within and outside the school, I have decided to come up with a fast food restaurant which specializes in ethnic fast foods. One of the key quantifiers of fast food consumption is ethnicity, and it is from this concept that I have carefully mapped out how I will open and run the restaurant. Because there are students of various nationalities within the locality of the school, I have found it best to set up the restaurant to cater for the needs of all students. The restaurant will give the students a feeling as though they were in their respective countries enjoying some of their most loved delicacies.

Gap in the market

What most people with restaurants nearby have failed to internalize is the fact that not all people are the same, especially those who are from foreign countries. Despite people’s ability to adapt to new meals, not everyone enjoys the change of taste. Furthermore, such a restaurant will give other individuals who have long dreamed of enjoying some of the foreign fast foods the opportunity to do so. Also, no solitary democratic mannerism gives the kind of signal that is provided by ethnicity in terms of food and restaurant preference. Such kind of fast food is a business opportunity that has remained untapped for a long time, simply because people fail to recognize the extent to which our ethnicities divide us. Everyone has their unique homes with special fast foods which they would love to see availed to them.

Opportunity

It is the location variations that bring about variations in food and this is what the restaurant aims to take advantage of. Because this is a relatively new business venture, the probability of winning over a substantial consumer base is high. The restaurant will focus its efforts to drawing in undeserving groups considered as the minority consumers.

Purpose of the business

The restaurant aims to specialize in ethnic cuisines while at the same time emphasizing on speed of service delivery.

Business model

Despite restaurants being simple as compared to industrial firms and companies, the business is quite competitive. The four Ps that characterize my ethnic fast food restaurant’s model are product, placement, pricing, and finally promotion. These are the key spots that the business will focus on while meeting the required food hygiene and safety standards. It is all but simple. Products will be prepared for what most of the available groups of people want, put it on sale where most of people are likely to visit, and price the products at the levels that match the value which the consumer feel they get from it. For the product we ask ourselves; what do the consumers want? What satisfies them the most? What is the maximum it can cost to provide the product while still making profit? As for the place we’ve asked ourselves; where do the customers go in search for what we are going to offer? What do the competitors, if any, do? With the price, the food is to be priced depending on its value to the public. To promote the product, marketing messages will need to be passed on to the potential customers within and outside the school.

Industry

The industry to which the proposed business belongs to is the ‘Restaurant Industry’. There are two kinds of restaurants, each of which offers its own unique experience. They can exist as either full service restaurants or limited service restaurant. More specifically, my proposed ethnic fast food restaurant will fall under the limited service restaurants.

Trends

As for trends within the industry, it has become apparent that the low income populace is the biggest customer for the fast food industry (Jones, 2014). Among the biggest players in the fast food industry is McDonald’s, which has a global market share of 17.8%. Others key players are such as the YUM brands and Burger King. With regards to household expenditure, economic research conducted by USDA revealed the fast food sales to account for approximately 42%. Though my proposed restaurant will be among the first few of its kind, it is my hope that one day it will become one of the key players in the fast food industry.

Resource limitations

Owing to the fact that the ethnic fast food restaurant is a small entrepreneurial concept which has multiple start-up options, I choose to raise the business from the ground rather than taking over an already existing business. Among the resources to be used to start up the business will be a general contractor who is an expert in constructing restaurants. Also, setting up the business will require that I take up a loan from the bank which supports small businesses through offering loans with a low interest return rate. Equipment to be used such as stoves, ovens, fryers, booths, table seats for those who would prefer to eat in, and one or two refrigerators will also be purchased. Ingredients for the fast food will have to be outsourced from reputable vendors. To keep track of the business, a bank account will have to be opened which will also establish an accounting and payroll system. Just to start off, the menu will begin small while taking suggestions from the customers on what they feel should be added (Kimmons, 2016).

Work Experience

I worked at SUBWAY fast food restaurant located in Beijing china for a period of two years as a stock control supervisor.

Bibliography

Jones, A. (2014). Must Know: Why Restaurants are Important to Investors. 1.

Kimmons, R. (2016). Things to Consider Before Openning a Fast Food Restaurant. Small Business .