ROBERTS BUSINESS PLAN

  • Category:
    Management
  • Document type:
    Article
  • Level:
    Undergraduate
  • Page:
    1
  • Words:
    450

2Roberts Business Plan

ROBERTS BUSINESS PLAN

Question 5

Understanding Customers

Robert needs to understand customers in new location hence a determinant factor if the location requires a new restaurant. Roberts should engage in customer research in new location and present the findings so as to alleviate the father’s concerns. The art of customer profiling is important at this phase because the current modern marketing pose a highly competitive environment (Badenhorst 2013, p. 5). Robert need to work closely with the new targeted customers through collaboration in an apprenticing approach so as to identify their daily needs and expectations in a restaurant industry. As such, Robert needs to collect big data that showcases customer’s purchases in that location, analyse the customers purchase pattern and understand what kind of products are people buying. The information gathered need to be curated and organized giving a complete view of the targeted customer responses for presentation to his father. The data collected from the new location needs to include the demography characteristics and the non-identifiable personal information that can be used in marketing and ad campaign for the new restaurant.

Promotion

Robert need to have a positioned strategy on how to issue freebies with an event of issuing free products and services in their current restaurant to attract the attention of consumers. In the event, Robert can issue press release about the idea on opening a new restaurant through pamphlets and small flyers. As such, the customers will be able to give feedbacks and testimonials regarding the new to be restaurant (Lei 2014). Based on the testimonials, the feedback gives some percentages if it wise to open a new store or not.

Identify Market Size and Size up Competitors

Robert business plan need to embed in-house research so as to assess the market, identifying the new customer base and sizing up competition. Though the technique can provide hypothetical conclusions because the field research either confirms or changes, conversely it is important for Robert to do in-house research (Mack 2015, 22). In the process Robert needs to conduct a market assessment of the new location based on its growth and the interesting segments. If the market is addressable, Robert can easily alleviate Franks decision. The next process is to identify customers and targeting. Robert need to target consumers that prioritize their values of the Franks restaurant. Lastly, engaging into voice-of-the-customer interviews to collect data.

References List

Badenhorst, J 2013, ‘Competitive Advantage of Independent Small Business in Soweto,’ Southern African Business Review, vol. 18, no. 3, p. 5.

Lei, S, 2014, ‘Content Analysis of TripAdvisor Reviews on Restaurants,’ p.2

Mack, N 2015, ‘Qualitative Research Methods,’ A Data Collector’s Field Guy. Research Triangle Park, North Carolina, p. 22.