Executive Summary on Vegan Restaurant in New York City Research Paper

Executive Summary on Vegan Restaurant in New York City - Research Paper Example Whereas the restaurant is highly sensitive to market trends and can face many issues due to the change in market. The strengths of the restaurant are Strong market research, internal management system, Focused team, affordable prices, Location, Restaurant ambiance, Quick service, and Quality of food. Whereas the weaknesses are new in the market, time\cost, lack of experience, Lack of strong backward integration and not so highly educated customer services staff. The opportunities available for the restaurant are growing vegetarian food industry, growing modern life style, rising awareness of meat related diseases, rising awareness of global warming through the production processes of meat products, political influence on healthy environment and speedy growth in tourism at New York City. As the restaurant going to be located in New York City, the direct competitors are restaurant and cafes which are offering variety of veggie food, whereas the indirect competitors are ready to eat and tin pack veggie foods which are much cheaper. Our Vegan restaurant is intended to provide wide variety of customized veggie food at one roof, so people from different cultures can come and enjoy the food according to their tastes and preferences. The target market consists of local inhabitants, immigrants in New York and tourist. Last year witnessed 50.6 million domestic and international tourists, whereas immigrants to NYC make up 40% of population in the city whereas remaining 60% are locals (NYC statistics, 2010).). Customization is basic strategy to meet the expectations of target market and social networks, magazines, newspapers, coupons, billboards and brochures contributes to healthy media mix for this restaurant to flourish. The restaurant is positioned to be known for its healthy delicious customized veggie-food, delightful ambiance and quick delivery service all over the city and to sustain the image this restaurant will conduct informal research and surveys. Final step o f marketing plan is to check return on investment of each media channel and re-allocate the budget if needed. Also revise the budget allocated for human resource in terms of their productivity. In the last check controls on performance and market trends, than implement the plan successfully. 2.0 Situation Analysis Macro environmental risk analysis In recent years, competition in catering industry has become intense and large international food enterprises have captured a prominent share in the market. In vegan food chain, presences of Chinese and big popular vegetarian restaurants seize the market share in US food market. Our vegan restaurant would be largely impacted by these macro economic factors. Management risk analysis The restaurant industry needs an internal management system to manage all its operations as the quality of employers is not that high in comparison to other industries because of the educational factor therefore to cope up with low performance risk, presence of internal management system is very important. Market risk analysis Market trends changes with time, competition and consumer preferences which may impact the product life cycle of companies (Lehmann, 1985). Therefore the market risk of the restaurant would be: In the start up phase, presence of homogenous restaurants would