Marketing Plan for a New Restaurant Research Proposal

Marketing Plan for a New Restaurant - Research Proposal Example The main aim of hotel and restaurant industries is to maximize their profits. However, the competition has made it difficult to maintain their position in the market. Due to more and more new investments in this sector, the existing hotels are in danger to lack behind in innovations and creative utilization of resources. The new techniques to manage the operations and the use of new machinery which reduces the labor cost are difficult to be adopted due to the existing managed workforce and working environment. The hotel industry has now reached to a highly competitive stage and all restaurants are adopting the branded restaurant concept in order to meet the requirements of continuous innovations and creative approach (Casper, 1995). It has also been observed during the research that restaurants and famous hotels are working in collaboration to maximize their returns for example, the partnership of Marriott and Pizza Hut, Holiday Inn and TGI Friday's etc (Boone, 1997). This paper woul d further discuss the aspects which are required to be considered before starting a new restaurant and a marketing plan to be followed for a successful launch of a new restaurant. Restaurants have become an integral part of most of the people around the world. The working population prefer having their breakfasts and lunches in the restaurants. Owing to this importance given by the people to the hotels, more and more people are involving in this sector. It can be evaluated from the current findings that hotels are highly profitable and money-making. It can be true but not necessarily. The successful running of a hotel is not as easy as it seems to be. There are many factors which require to be achieved flawlessly. Increasing competition means increasing risk to the business from the competitors. Any new product, package or creative advertisement may grab the attention of a large number of customers. Hence more and more finance is required to be spent on innovative techniques. The uniqueness and brand name attract most of the customers (Tepeci, 1999). However, it is not an easy task to create a brand name. In food service businesses the development of brand na me has been increasing. A number of food chains have increased their business in the international market. The globalization of food chains has resulted in strong development of brand identity for the travelers and local visitors (Wexler, 1994). These food chains have become successful in winning the satisfaction of their customers all around the world. These international food chains conduct surveys and researches to find out the likings and demands of the people living in a particular region. They ensure that the quality of food and tastes is according to their demand (Davis, Lockwood & Stone, 1998). They also consider the cultural and religious aspects of people and give special attention to things which are against their religion or culture (for example, the use of alcohol in Muslim countries). Hence we can say that the evaluation of the demand of people and their opinions are of paramount importance in successful running of a hotel. The first goal of our restaurant is to create a distinguishing identity and become popular because of its unique presentation and high quality food. The second goal is to provide customers with an environment where they can enjoy the food without any kind of disturbance. The last goal is to maximize profits without harming the quality

Market Equilibration Research Paper Example | Topics and Well Written Essays - 500 words

Market Equilibration - Research Paper Example The point that balances the compensation packages for the benefit of both the demand and supply sides typically refers to a state of equilibrium. It is important to note from the outset that equilibrium is just but a pedagogical device (Boyes & Melvin, 2012, p. 57). The reality is that markets [free markets inclusive] are always in the process of working, and that there are no static equilibrium prices and/or quantities as suggested in theory. Nonetheless, the process always tends towards an equilibrium point. The market equilibrating process in a free market works exclusively through the forces of demand and supply. Thus, no group of buyers or sellers holds a domineering influence in setting market prices. Accordingly, all consumers are considered rational decision makers with parallel objectives of maximizing their utility, and that demand accurately measures the quantity that buyers would be willing and able to acquire at a unit price (Gandolfi, Gandolfi & Barash, 2002, p. 17). Simply put, demand is majorly influenced by lower pricing; such that, any increase in the price of a commodity in a free market structure lowers the number of people (buyers) willing to buy the product; an inverse relationship that sums up the law of demand. Apart from commodity prices, other factors such as income, prices of substitute goods as well as tastes and preferences among others that occasionally come into play not only to alter quantity demanded, but shift the demand curve altogether (Boyes & Melvin, 2012, p. 59). A sample shift in demand curve due to a decrease in income is shown in the diagram below. While buyers/consumers try to maximize their utility by pulling prices downwards, sellers (businesses/firms) endeavor to maximize profit through an upwards price pulling effect. In other words, suppliers strive to make available goods and services in amounts that best help them get the highest