The purpose of this project is to provide exceptional food experience while providing delicious burgers, fast desserts, and shakes. The objectives imply 1) the achievement of the brand recognition by increasing the market share by 1% in the targeted area within a year, 2) the ability to reach the break-even point in units within three years after establishment, and 3) maintaining client loyalty by 80% within a year by exploring possible improvements with the customer’s satisfaction survey. In this case, Figure 1 presents the timeline of the project while portraying the key stages, and Figure 2 displays the costs and budgeting required for start-up activities.
Table 1. Start-up costs (“WebstaurantStore” par. 1; “CashregisterStore” par. 1).
As for the determination of price, it is vital to analyze the competition, as any fluctuations in the market might have an effect on the functioning of the organization. Competition is intense, and the market is divided into full-service, fast food, and casual restaurants, while offering a variety of national and international dishes (Schwaighofer 105). Prices vary, but on average, a budget meal costs $10 in a fast food restaurant (“PriceofTravel: Abu Shabi Prices” par. 5). Due to the operations in the casual segment and a substantial start-up investment, Burger ART will set menu prices at approximately $10 for a milkshake, $25 for the creative burger, and $10-15 for desserts. The restaurant can introduce a promotion strategy, offering a 20% discount for all dishes for the first week, and over time prices can be slowly increased by 30% after half a year of operations. With an average price of $34, the company will be able to break even by selling 970 units per week.
Based on the factors provided above, the maintenance of the restaurant requires software and hardware, a qualified team of IT specialists, a risk-assessment team, management, and service (waiters, cleaners, chefs). The presence of these elements ensures communication between the front and back office. To summarize the findings, Figure 2 provides an overview of all the stages and procedures required for the implementation of the project.
In the end, the feasibility study provides the understanding that factors related to competition and economic fluctuations might have a negative influence on organizational performance. It depicts the primary processes and stages, which are critical for the achievement of the established goals. In addition to the evaluation, from all angles, of the company’s possibility to reach success, it is vital to conduct a risk assessment on a regular basis to ensure compliance with fluctuations in the environment and economic cycles.
The Color Selection and Slogan
The logo has to combine the key principles of the brand, while attracting the customer to the brand with a colorful and creative image (Chernev n.pag). In this case, a potential client has to be able to find a connection between the art and burgers, while associating it with the imagery and the bright color. Figure 3 portrays the logo with the slogan beneath, which is the most applicable in the context of the business. Simultaneously, the logo creates an association with the place, while building the importance of architecture in cooking, and the uniform, menu, and interior must contain white, yellow, and red as the primary colors. Meanwhile, yellow can be utilized as the main color, as it creates a perception of a friendly and warm place for dining (Shimp 82). In this case, the slogan ”cooked by an artist” portrays the individual approach to each customer, and presence of creativity in the dishes.
Works Cited
CashregisterStore 2016. Web.
Chernev, Alexander. Strategic Brand Management. Chicago: Cerebellum Press, 2015. Print.
PriceofTravel: Abu Shabi Prices 2016. Web.
Schwaighofer, Verena. Tourist Destination Images and Local Culture: Using the Example of United Arab Emirates. New York: Springer Science+Business Media, 2014. Print.
Shimp, Terence. Advertising, Promotion, and Other Aspects of Integrated Marketing Communications. Mason: South-Western Cengage Learning, 2010. Print.
WebstaurantStore 2016. Web.