Market Research In Khói's Barbecue Restaurant

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"If you fail to plan, you are planning to fail." (Benjamin Franklin) Market research is a vital business tool and is work in a competitive market; where there are so many products have to compete fiercely to win the acceptance of purchase and use of the customer. Through market research, the business will probably form the idea of new product development and strategic selection of correct positioning for that product in each specific market. The more understanding of the market and potential customers, the more business have a chance of success. The understanding of target customer groups in a local and their buying habits will help the business find appropriate measures to bring its products to market successfully. Khói's barbecue restaurant…show more content…
To create a business plan, there will require broad, general market research on many people towards foods, population demographics within Khói’s barbecue, investment and operation costs, and competitive capability to competitors in the Food and Beverage industry. Every business plan is built from a same basic structure: restaurant concept, business overview, market analysis, customer analysis, competitor analysis, SWOT analysis, marketing strategy, operation and management and financial plan. Data and information have to be collected to develop the marketing plan and financial plan. To begin a business plan, the products and services of the business must be described. For a grill restaurant, the specific of the foods style, beverages, decoration and concept background have to be clear and understanding to customers. To design and choose the dishes that will be offered to customers and food's suppliers that should locate in Vung Tau City will need to contact and negotiation to buy with lower price and maintain the quality of the…show more content…
The purpose of a SWOT analysis will be developed to identify the strengths, weaknesses, opportunities, and threats that the restaurant will face. The aim of SWOT analysis is to identify the key of internal and external factors that are necessary for achieving the goals if the owner. To determine if the restaurant will be able to earn and maintain a profit, a profitability study will be created. This study will base in the form of financial analysis requires an investment cost, a monthly profit and loss statement and a breakeven point analysis to determine if the restaurant is really potential in profitable. The data and information collected for start-up investment will be showed average in the months of the first year of these statements. A monthly profit and loss statement will be created to determine average profit and loss total cost of 12 months in the first year. To produce the forecasts an estimated unit value will be applied to meals, drinks, and other items (i.e. pre-bottled beverages) based on competitor

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