Introduction
Bite Blessings will be a 60 seat fine-dining hotel & restaurant with approximately 20 seat lounges. We will mainly focus on modern Chinese and African dishes. We will be located in the booming, stable and developed city of the United Kingdom, London. It will be situated along Marylebone High Street, North of Oxford Street. Marylebone is a 10-minute walk to the high street from Bond street station, nearby Chiltern Street frequented by women shoppers.
Product Concept & Situational analysis
After a careful survey of the location, it was discovered that it would be favorable and quite profitable to sell beverages and various kinds of light foodstuffs. The restaurant is expected to offer the best among its immediate competitors bearing in mind that there are several restaurants nearby that offer equally competitive services. In addition, the restaurant is expected to have a state-of-the-art lounge and serene dining room with adequate furniture. The room is also expected to be spacious enough to meet the high number of visitors during the peak season. Furthermore, the contents of what will be sold in the restaurant will be chosen after careful review of customers’ tastes and preferences.
The menu will be dynamic, changing according to the choice of clientele (Kendall, 1996). There will be a caution to keep the favorites. Prices will be competitive since Bite Blessings is not a standalone restaurant in the street. However, it is the desire of our restaurant to offer better and quality services than our competitors.
Marketing objectives
Bite Blessing’s objectives are:
- To keep employee labor cost between 24-29% of total revenue.
- To stay in the market and offer excellent services.
- To average sales between £3000, 000 – £5000, 000 per year.
- To expand our marketing and advertising in Africa and Asia at large.
Strategies, financials and implementation
Our anticipation is that our menu will cater to various categories of customers. A wide array of catering services will be offered. As a matter of fact, the revenue plan is such that catering sales will generate fifteen percent of the sales while the remaining 85 percent will be generated from sales made right from the main restaurant activities. On the other hand, 33 percent will cater for production costs and the remaining 67 percent will be part of gross profit. These financial projections are based on our knowledge and experience of the area within which our premises stand. It is also in our conviction that, with a startup expenditure of £3 million, we can generate £5 million in sales at the close second year of onset).
We will employ the Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis method under the situation analysis. This will examine the Strengths and Weaknesses of our company (Kendall, 1996. It will also scrutinize Opportunities and the dreaded business Threats within the market. Our SWOT analysis will look at both current and future situations (Jeffrey, Lonnie & Kevin, 1998).
Conclusion
Focus is about knowing what business we are in and what as a business we do best. This includes knowing our customers, and how to serve them well. Planning helps improve business performance because it is result-oriented, focuses on priorities, concerns the best use of resources, is about problem-solving in relation to threats and opportunities.
References
Jeffrey, L., Lonnie, D. & Kevin, C. (1998). System Analysis and Design Methods (5th ed.) New York: McGraw-Hill Companies.
Kendall, P. (1996). Introduction to System Analysis and Design: A Structured Approach to Business Planning. New York: McGraw Hill.