Primary Research- survey
In order to make a primary market
research for my restaurant I produced a survey which is linked to my
organisation. Below is the link to my survey which is will help me to identify
my target market and to identify who my potential customers will be?
Secondary Research- Competitor’s website
I gathered my secondary research for
my restaurant by looking at my competitor’s websites.
In order I needed to know about my
competitors’ prices , product and services which they are offering to the
customers. The two main competitors I found in Southall are Madhu’s and Spice
Village. These two restaurants are close
by to where the location of my business is. Therefore they are my main
competitors’ so I will be looking at the prices that they have set and what
they are offers.
Sales forecast
The formula
to work out the sales forecast is Annual Sales Revenue/ estimated average
amount spent per customer. So by using this formal it will allow me to work out
the sales for my restaurant in the future. The average amount which the person
spends will be depending on what they want to order.
The table
below shows the target market of my business in terms of the acorn
classification. So the 5 customers below will be my potential customers who
will visit my restaurant and make it success. Therefore my regular customers
will be skilled workers, mature couples, young and home Asian families.
Type ID
|
Type
|
Group ID
|
Group
|
Category ID
|
Category
|
8
|
Mature couples,
smaller detached homes.
|
B
|
Affluent Greys
|
1
|
Wealthy
Achievers
|
17
|
Young educated
worker, flats
|
E
|
Educated
Urbanities
|
2
|
Urban
prosperity
|
21
|
Singles &
sharers, multi-ethnic areas
|
F
|
Aspiring Singles
|
2
|
Urban
prosperity
|
31
|
Home owning
Asian family areas
|
H
|
Secure Families
|
3
|
Comfortably Off
|
41
|
Skilled
workers, semis and terraces
|
M
|
Blue Collar
Roots
|
4
|
Moderate Means
|
Strengths and weaknesses of Madhus
restaurant
Strengths
|
Weaknesses
|
Products- Madhus
offer Indian food such as rice, breads, dessert and vegetarian food. So it
attracts lots of Asian people.
Price- the meal
in average cost around £20 per dish including drink.
Added value- they provide a special hall for wedding do people can rent it and
what is good about it is that if you have more that 15 people they will offer
you a discount
|
They only
specialised in Hindi food, so they don’t have a wide range of products. Also
they don’t offer a halal food which means Muslim people cannot eat into their
restaurant.
Other
weaknesses for Madhus restaurant is that they charge a big amount of money
for meal which is mean low income customers cannot afford it.
|
Strengths and weaknesses of Spicy
Village
Strengths
|
Weaknesses
|
Products- the Village offers
traditional tandoori cuisine such as chicken, meats and Biryani.
Price- the meal in average it cost around
£15 per dish includes bread and drink. Therefore they attract so many
customers
Value- they provide halal food for
Muslim people.
|
One of their weaknesses is that they don’t
provide vegetarian meals, so they could have fewer customers.
Also their prices quit high so not all people
could afford it.
|
My business idea
Strengths
|
Weaknesses
|
I have a good business idea that is aimed at Arabic
restaurant. As my location is an Asian community I believe that people will
like to have an Arabic restaurant.
It will be open every day from afternoon till
midnight. Also I will provide halal food and vegetarian meals to attract more
customers.
Furthermore, my prices will be reasonable so I can attract
more customers to visit my restaurant.
|
There are competitors close by who are already well-
known and have loyal customers.
People could take times to try my restaurant and to
be well known.
|
Market Trends
Each
business has a market trends and have recent developments in every sector of
business. The market trends for my business continuing to change throughout the
years. Therefore my business needs to be up to date with new trends and the
needs of my business with the customers wants.
Environmental issues
Environmental
issues for my restaurant include making my restaurant carbon footprint lower.
The restaurant needs to ensure that it is the best to protect the environment
by using energy-efficient cooking machines and light. This is will help the
environment if my restaurant using lighting and temperature control, so the
money is not wasted and the environment is not damaged. At the same time my
business needs to ensure that water is not wasted in the kitchen, so the floor
is appropriate for the customers and the environment. Making the gym eco-friendly
is not easy and needs to work hard for it but it will benefits the community/
environment.
