Term Paper on "Restaurant the Creation of a Steak House"

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Restaurant

The creation of a steak house restaurant in the area of Charlotte, North Carolina appears to be a good business initiative taking into consideration the conditions of the market and not only. Charlotte is an extremely well developed region from an economic point-of-view. The restaurant business is profitable and the market appears to be expanding. In addition, the local authorities support the development of businesses in the area since they believe everyone will benefit from increased profits.

The competition is pretty harsh in the area, since there is a large number of restaurants covering all types of food, from exotic to local. There are other steak houses, but the one which is to be created will position itself differently, as a casual- elegant restaurant where people can enjoy high quality meals and an exquisite atmosphere.

Additional services such as cocktails, theme parties, business lunches and dinners can be organized on demand and the menu can be adapted to the requests of the clients. The restaurant will provide home delivery for the areas surrounding it.

The company will try to get involved in the life of the community, and will promote itself in the local media in order to increase its popularity and achieve the fidelity of its clients, fighting the threat represented by the competition.

Situation analysis.

When creating a marketing plan, it is highly important to have as much data as possible regarding the business idea which one wants to focus upon. From this point-of-view, one needs to know the key aspects which characterize the market. This kind of data pro

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vides one with the possibility of a better understanding of the opportunities which might come along, as well as of the existing threats. This is how the situation is in the case of the Charlotte area in North Carolina, the area which has been chosen as a location for the building of a steak house restaurant.

Market Summary. Target markets

The first thing that one needs to decide when starting up a business is represented by its target customers. Only by knowing what your potential clients would like to buy can you develop a product/service suitable for their needs and wishes. The target market in this case is rep[resented by the inhabitants of Charlotte as well as by the people traveling in this area.

Market demographics

Geographics

Charlotte is one of the largest cities from North Carolina. It is situated in the south-central part of the state and it has a surface of 629 square kilometers. As far as the climate is concerned, Charlotte is part of the humid subtropical area, which means that people living there enjoy mild winters and high temperatures summers. Ballantyne is an upscale area, located along the border between south and north Carolina.

Demographics

According to demographic data from 2005, there are about 610,949 people living in Charlotte. The population density is shown to be 861.9/square kilometer. There are 230,434 housing units and the average density is that of 367.2 / square kilometer. Almost 60% of the population is white, about 30% is black, while the rest includes people belonging to the Asian and Hispanic races.

Behavior factors

Charlotte is known to be a financial center of big importance in the United States of America.. The banking industry has recorded a significant development in this area, which has had direct consequences upon the development of the area, also influencing the factors related to consumer behavior. An increased level of living influences the standards which people expect from the services and products which they acquire.

From this point-of-view, it is safe to say that people expect good food when it comes to restaurants, including steak houses, paying an increased attention to quality. Another consequence of the development of the banking industry in the area was the increase of immigration.

It is also important to mention that in Charlotte, business is encouraged and sustained since it is viewed as a source of income and further development for the area. From this point-of-view, it is important to underline the existing collaboration between the public and the private sectors.

Market needs

As it has been mentioned before, the local authorities encourage the development of businesses in the area because they believe they represent a means of supporting the financial development of Charlotte. The restaurant market is already highly developed in the area, with a lot of restaurant types having already been open in Charlotte and the surrounding areas.

Market Trends

The restaurant market in the area has developed together with the area, from an economic point-of-view. This meant that the desires of the customers included all types of foods and a large variety of services. One can find anything from small restaurants serving traditional foods, to all sorts of fine dining locations.

Market growth

The market seems to be developing and has not reached maturity yet. This means that the growth potential exists for the newly created businesses as well. This can be considered an opportunity for the steak house restaurant. In addition, the business can also take advantage of the fact that the local authorities support the development of businesses in the area and the are is economically developed.

SWOT Analysis

Strengths

Setting up a steak house type restaurant is a business idea which benefits from various strong points. These aspects derive from the overall situation. One of the strong points that can be underlined in the case of this restaurant is represented by the types of foods it offers. Another one is represented by its location in a region which is highly developed financially.

Weaknesses

There are however weak points regarding the creation of a steak house restaurant in this area. The main weakness is represented by the fact that the restaurant is not well-known yet.

Opportunities

One of the most important aspect which need to be taken into consideration when discussing the setting up of a business, regardless of its nature is represented by the opportunities that the market provides. From this point-of-view it can be stated that the steak house restaurants benefits from the opportunity represented by its location.

Regions which are highly developed from a financial point-of-view attract people who can afford to spend a lot of money. Food is first and foremost a necessity. Thus, a restaurant, if well managed, has a strong chance of becoming a profitable business.

Another opportunity that the restaurant has, is to promote itself intensively enough to become popular among the locals. A further opportunity that it could grab is represented by the various offers it could offer to customers, in terms of dishes and special recipes. A final opportunity is represented by the support that the local authorities are willing to offer for the development of the business. A further advantage could be represented by the prolonged schedule that the restaurant could have. In this way, it could attract customers who are travelling at night or wish to have a late night snack.

Threats

The main threats are represented by the competition. There are numerous restaurants in the area offering a large variety of products and services. There are more than ten restaurants included in the fine dining category, such as Carpe Diem or Noble. There are several restaurants aiming to offer services for the entire family (children included), while others offer Japanese food. There are also numerous restaurants offering typical cuisine.

Competition

The competition is represented by the numerous restaurant which already exist in the area. They can be divided into two categories. On the one hand, there are the restaurants offering typical cuisine. On the other hand, there are those restaurants where one can eat a variety of foods, from Japanese, to seafood or all sorts of fine dishes. The direct competition comes from the restaurants offering typical dishes. However here are ways through which the new restaurant can impose itself on the market.

Product offering

The restaurant offers will include mainly dishes based on steaks. People will also be able to enjoy various types of appetizers, as well as salads, entrees, vegetables cooked after special recipes and also deserts. People will be able to make reservations there, by phone and also by using the internet.

The restaurant will have a private room where people can have business lunches and dinners, in an environment providing them with a bit of extra privacy. Parties can also be organized in the restaurant, at people's request. A karaoke night could also be organized if it proves to be attractive for the customers. Special nights with stand up comedy or various events could also be organized, so that the restaurant will get involved in the life of the community. For example, the restaurant could mark various events which are important for the community by organizing a special night dedicated to it.

Key to success

There are several factors which are important for the successful functioning of the restaurant. The first one is represented by the quality of the products and the services. There are numerous restaurants, many… READ MORE

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Quoted Instructions for "Restaurant the Creation of a Steak House" Assignment:

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Marketing Project

The project will be to create a Marketing Plan for a steak house type restaurant in the Charlotte, North Carolina area, preferable the Ballantyne, which is located in the south section of Charlotte along Interstate 77.

The plan should be feasible, meaning that there will be costs for anything that is planned and you will need to list a dollar value to any implementations. For example, if you decide on an internet presence, please assign an annual cost to this as well as defining what makes up this cost. With respect to the internet presence, are you going to have in-house personnel handle this? If so, there are costs such as payroll to have someone maintain the site, or are you just going to have a *****static***** site that will provide information only. Please remember to assign costs for the various other proposed plans.

Additionally there should be appropriate demographics and other pertinent information as part of your marketing plan. For example if you decide to open up a toy store then you need to make sure that it will be feasible with your location. Having a toy store on Wall Street in New York City might not be the appropriate location.

This marketing plan should not only address your first year in business but unlike accounting your marketing plan needs to be larger than that. Another example, the name of your entity should not be so narrow that it may not allow for long-term growth. (Federal Express was the name of the business. Imagine the name if it would have been called Smith Express or Chicago express.)

Your plan at a minimum needs to include:

1. Defining your product or service.

2. Define your organizational structure

3. As we learned in chapter 2 there are key components to a marketing plan. They are:

4.

1. Executive Summary

2. Situation Analysis

2.1. Market Summary

Target Markets

2.1.1. Market Demographics -

Geographics

Demographics

Behavior Factors

2.1.2. Market Needs

2.1.3. Market Trends

2.1.4. Market Growth

2.2 SWOT Analysis

2.2.1. Strengths

2.2.2. Weaknesses

2.2.3. Opportunities

2.2.4. Threats

2.3 Competition

2.4 Product Offering

2.5 Keys to Success

2.6 Critical Issues

3. Marketing Strategy

3.1 Mission Statement

3.2 Marketing Objectives

3.3 Financial Objectives

3.4 Target Markets

3.5 Positioning

3.6 Strategies

3.7 Marketing Mix

3.8 Marketing Research

4. Financials

4.1 Break-even Analysis

4.2 Sales Forecast

4.3 Expense Forecast

5. Controls

5.1 Implementation

5.2 Marketing Organization

5.3 Contingency Planning

Remember your marketing plan must not forget to address:

i. Who your competition is

ii. Don*****t forget to list your location, where your plan will be implemented

iii. Don*****t forget to have a well defined mission statement for your entity

iv. Don*****t forget your distribution channels.

v. Don*****t forget to define who your customer is (target market)

a. Including demographics

b. Life cycle demographic

c. Positioning of product or service

d. Government, business, or consumer

vi. Is this a *****growth industry*****, *****mature industry*****, *****declining industry***** provide data and define.

vii. Is your marketing plan addressing issues such as:

a. Follow-up

b. Will you have repeat business by previous customers- if so, when?

Financials are also needed for this project. (I can do the financials)

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