Mission Statement – 5 pts (8.3%)
A successful business must have a stated purpose or direction. This statement should be brief – one to two sentences and should explain: Why does your restaurant exist? Who do you hope to serve? What are you trying to accomplish?
Market Research – 20 pts (33.3%)
A successful restaurant must not only provide good food, but it must fully understand its image and what its customers want. Think carefully about where you put your restaurant (not Omaha or Lincoln). The city/location and environment should match the food the restaurant is serving and the customers it attracts. Be sure your restaurant will fit with the community. This section of the report should not only describe the city/ location you have chosen, but it should also include a clear vision of the residents and your restaurant image. Describe what characteristics the city should have for your restaurant (demographics, main industry, urban or downtown or industrial, etc.) think about the cities that already have themed restaurants. (i.e., Rainforest Café, Hard Rock Café, Lenny and Joes, Ninja, Jekyll and Hyde, Outback, Crab Shack, etc.)
This section should include:
Why is this city the best for the location
How the demographics of the city/area support this decision (avg age/income)
How does the climate support this themed restaurant
Is population a factor
Is the location easily accessible for the demographic needed? (main roads, public transportation, subway)
Primary Competitors 5 pts (8.3%
Identify the other restaurants that customers may consider when they are deciding to have such a dining experience. What do your competitors (direct and/or indirect) offer that would induce diners to dine at their restaurant(s)? Is there anything that diners might dislike about any of the dining experiences offered by competitors? Explain how you will differentiate your restaurant from your competitors.
External factors (opportunities/threats) – 5 pts (8.3%)
Explain how any of the following factors might impact your business.
Economy market trends
Environmental and economic regulations
Costs (inflation, restaurant supplies/food, etc)
Marketing Strategy – 25 pts (42%)
Give details on your segmentation, targeting, differentiation, and positioning strategy.
Describe the four P’s of your restaurant
How is your Product unique?
What is the basis for your Price?
How will you Promote your product?
Why is your chosen Place the best?
What media channels will you use for marketing your restaurant? Direct mail, billboards, social media, print ads, web site? How will you best reach your target audience?
What are your marketing goals? (new clients, product sales, profit, customer satisfaction, average check increases, etc)
How will you measure success? (surveys, tracking, how well you know you are ‘winning’)
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