Business plan for chinese restaurant Essay Example | Topics and Well Written Essays - 5000 words

Business plan for chinese restaurant - Essay Example The owners wanted to provide the market, students from the University and nearby places, with an option for a quick-service restaurant that offers quality food at an affordable price. As an added novelty, the owners will add a twist to the product line by fusing oriental Chinese cuisine with western food to give customers something to rave about and come back for. The main vehicle for its Marketing is online advertising, utilizing the internet as a main tool in engaging the potential customers and enticing them into sampling the products. Social media and search engine optimization tools shall be utilized to enable the company to have a wider reach and focused marketing. II. Market Opportunity/ Problem Definition 1. Customer Value Proposition Mr. Choi’s Kitchen will appeal to customers who are always on the go because the business will adapt a fast food concept and pacing. Clients will spend little time to wait for their ordered food. This set up is best for busy students, you ng professionals and young married couples who have the buying capacity and would want to enjoy classic Chinese food without the frills and fuss offered by the usual Chinese restaurants. Owners have already made initial implementation plans targeting university students. The initial plan was to bring the Chinese restaurant set up to the universities, which is our target market. This restaurant shall be complete with sit down and dine in amenities. Mr. Choi’s Kitchen targets the young crowd with its East meets west and fast food concept. These are people who are always on the go, and would most likely appreciate food being served fast. In this case, they can choose their dishes from among the wide array of food products to be served ala-carte. 2. Customer Landscape Our target market is college students who need a quick and healthy lunch or dinner during their busy school time and interested in Asian food. In the year of 2012, there are 39,236 students and 12,053 employees in t he University of Arizona. This is our primary target market. They are a busy group of people who would prefer the service of a fast food chain. They are constrained by time due to school work, and are highly mobile. They also have a penchant for quick service. This figure does not include other potential customers such as employees working in companies around University of Arizona or downtown of Tucson. The number of residents around the campus within one mile radius is about 20,000. 3. Industry Dynamics There are over 600,000 restaurants and food shops in the United States. Gross annual receipts total more than $ 172 billion dollars per year (National Restaurant Association 2012). It is one of the country’s largest grossing industries. The food industry also employs over ten million people, and generates an annual payroll of more than $ 34 Billion per year. In the article â€Å"How and Where America Eats†, more than 40% of American families eat out at least one night per week. Americans, on the whole, have also become much busier. More and more families now have two incomes and as such, the tradition of staying at home and cooking meals is vanishing. Among these establishments, a significant part offer Chinese cuisine as their food genre. 4. Competitive Landscape Our main competitors include Panda Express in the Student Union, Jimmy Johns on Park Ave., Chipotle Mexican Grill on University Blvd, and Bagel Talk in Park Student Union. They either have the similar business model or