To open a restaurant in my town, I need to go through the following steps of the strategic retail planning process. First, I have to define the mission of my restaurant, i.e. to develop a statement, which describes the function and advantages of my organization, such as the following. In my restaurant, a customer will be offered high-quality food products prepared in a short period of time with professional staff in a comfortable place with good music. Second, I need to perform the situation audit. This step will include market attractiveness analysis, which is the analysis of my possibilities to receive profit in this market. I have to assess the number of people, who may be interested in visiting my restaurant and the popularity of the restaurants of such kind (with a certain menu, interior design, and music) in this region. On the same step, I should fulfill the competitor analysis, which is the examination of all the restaurant businesses that may be my rivals, their advantages and disadvantages.
Additionally, the self-analysis is needed: I have to evaluate my personal abilities as a manager and a leader. Next, I should identify the strategic opportunities of my future business, i.e. to find the ways to attract people to my particular type of restaurant. Then, I have to evaluate the strategic alternatives, which requires choosing the ways to secure my restaurant business from severe losses. Since my business is new, I will focus on price to make my restaurant more competitive. Then, I need to establish precise objectives, such as 1) open the restaurant, 2) attract customers, 3) hire professional staff, and allocate resources for these objectives. Finally, I will develop a marketing mix to make my restaurant successful. For the mix, I will introduce the products that are popular within my target market, choose a convenient place for my restaurant to ensure the high number of visits, establish attractive prices, and develop and appropriate advertising policy, making stress on good prices and comfortable atmosphere (Levy et al. 107).
Works Cited
Levy, Michael, Barton Weitz and Dea Watson. Retailing Management. 4th ed. 2014. Toronto, Canada: McGraw-Hill Ryerson. Print.