Musical_Kitchen

Executive Summary: We four partners plan to open a new restaurant , “Musical Kitchen” to offer customers a unique and innovative line of dishes with live music, including sharma, Chicken parata, Pasta, Chicken steak etc. The restaurant will also have take out and delivery service and may in the future also offer prepared meals on a weekly or monthly basis to families and individuals. The company will reinvent the delicious dinning experience with the opportunity to enjoy live music for our customers by selling high quality,unique,innovative food products at reasonable price, in a tasteful and convenient location and providing industry-benchmark customer service. 2.Situation Analysis 2.1 Company: We are going to launch a new restaurant namely “Musical Kitchen” at sector:7, Uttara, Dhaka. We are four partners namely Shejuti Binte Shahnaz,Quazi Shamsul Islam,Abdalur Rahman and Amitav Ranjan Dewanjee.The tag line of “Musical restaurant” is “Experience the Rhythm of Taste” . From our tag line it is understandable that we are going to launch a music caffe which will give a different dimension in this industry. It will be an unique one in Dhaka city in both in its food quality and in its apperance. We will provide Quality and tasty food items to our customers. we will provide gourmet food as well as special food items of different countries. Customer can easily get their desired food taste as we follow a method-when the customer give order we will ask them about their choice(amount of chili, onion or even how the food will be fried). We will serve our product in a unique manner which will easily attract the customer. Music mania: Another feature of our restaurant is to give a rhythm of music to our customers. Many renowned artists of Bangladesh will regularly perform live music in our restaurant. We will try to focus on our own culture and promote beautiful songs of our country. 2.2 SWOT Analysis A Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis allows business management to formulate strategies to increase profits for a company. The SWOT analysis also helps a company and its employees to adapt to changing factors in the industry. The SWOT can be classified into internal and external factors affecting a company. The Strengths and Weaknesses of the SWOT analysis represent the internal factors that influence the viability of the company. The Opportunities and Threats, on the other hand, are the external factors that may affect the company's performances. Overview Matrix: | |POSITIVE/ HELPFUL |NEGATIVE/ HARMFUL | | |to achieving the goal |to achieving the goal | |INTERNAL Origin |Strengths |Weaknesses | |facts/ factors of the |Things that are good now, |Things that are bad now, | |organization |maintain them, build on them |remedy, change or stop them. | | |and use as leverage | | |EXTERNAL Origin |Opportunities |Threats | | |Things that are good for the |Things that are bad for the | |facts/ factors of the |future, prioritize them, |future, put in plans to manage | |environment in which the |capture them, build on them and|them or counter them | |organization operates |optimize | | The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing “Musical Kitchen”. Strengths • A place where people can enjoy delicious foods as well as enjoy live music performance by renowned artists of the country. • Customers can taste traditional food items as well as the gourmet food items. • Excellent staff who are highly trained and very customer attentive. • High customer loyalty among repeat customers. • High-quality food offerings that exceed competitors’ offerings in quality, presentation, and price. Weaknesses • “Musical Kitchen” name lacks brand equity. • A limited marketing budget to develop brand awareness. Opportunities • Growing market with a significant percentage of the target market still not aware that “Musical Kitchen” exists. • Balanced menu • Customer Focus. Threats • Competition from local restaurants that respond to Musical Kitchen’s superior offerings. • A slump in the economy reducing customer's disposable income spent on eating. • Changing Customer Demands and Taste. 2.3 Market Share Analysis: |Leader | |50% | |Challenger | |30% | |Follower | |10% | |Nicher | |10% | Leader: “Fire on Ice” and “Mainland China” are two established brand at Uttara, which already captured around 50% of the total industry. As they introduced the concept of music cafe in uttara, so they are capturing new customers everyday. Challenger: Restaurant like Sea Shell, Xinxian, Pizza inn, XYZ, Red fort are already famous for their food quality and if they can introduce live music and alternative decoration. Follower: Restaurant like UFC,BFC who are always try to copy other famous restaurant’s features. Nicher : “Voot-er-adda” is different in both food criteria and in presentation. 2.4 c) Competitive analysis: Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context through which to identify opportunities and threats. We gathered information about competitors strengths and weakness based on some criteria: First, we identified the number of major restaurants are in Dhaka city. Then, we identified those restaurants that appeal to the types of customers (market segments) that we plan to serve. We also considered including bar and grills, catering services, food delivery services etc. |Items |“Musical Kitchen” |“Fire on Ice” |Mainland china |XYZ | |Hours/Days open |3 pm-1 am |5pm-12am |10am- 10pm |3pm-11pm | | |(Sun-Thursday) | | | | | |4pm-2am | | | | | |(Fri-Sat) | | | | |Price Level |Moderate |Moderate |High |High | |Specialty |Gourmet food, live music |Music |Inner decoration, spacious |Party centre | | | | |space | | |Reputation |Unknown |Excellent |High |Fair | |Years in Business |Start-up |2 years |1 year |5 years | |Discounts |Special Promotions |Senior |Senior |No | |National Chain |No |No |No |No | |Methods of Promotion |Newspaper, fm radio, Direct |Online, newspaper |Newspaper |Postering | | |marketing, online | | | | 2.5 Macro factor analysis: • Demographic analysis: Gender: Male and female Ages: 10-60 Specially the young professionals who work close to on. Have attended college and/or graduate school. • Economic analysis: Upper middle and upper class families. • Cultural and social analysis: We will arrange different special events on different festive like Pahela Baishakh,Friendship Day,Valentine’s Day, Bijoy Dibosh, Mother’s Day,31st Night, New year, Christmas etc. 3. Objectives: a) Corporate Objective: ➢ In our restaurant we are providing reliable and efficient services that meet customer expectations & need. Because we believe that satisfying our customers' needs is fundamental to our survival and our prosperity. ➢ We ensuring that we will provide quality foods, well-shaped services all time in future. ➢ Ensuring restaurant sustainability through excellent performance throughout the innovation, business improvement like introducing new foods, gives priority to customer likings & fulfill their demands. ➢ Our suppliers are partners in our efforts to develop market share by fulfilling our customers' needs. ➢ Our goal is to obtain the largest share of market segment where we serve. b) Market Objectives: The most important objectives are: • To acquire 40% market share in the Uttara region within year two of operations. • To position The Sub Shop as a local company, with strong ties to the community. • On average basis the objective is to gain business twice a month from a single customer, whether it's dined in or take away. • The objective is to aware people about the benefits of healthy food through website and other media   Financial Objectives • To end 2013 with a 15% increase in contribution margin. • To increase sales 10% per month the first year. • We will always try to reduce cost by capturing more customers. • Cash break-even by the end of Year 1 4. Marketing Strategy: 4.1 Segmentation: Targeting Target marketing strategies for “Music Kitchen” (options for “Music Kitchen”) |Undifferentiated(mass) marketing |Differentiated(segmented) |Concentrated(niche) marketing |Micromarketing | | |marketing | | | Differentiated Marketing: “Musical Kitchen” will follow the differentiated marketing. Our target customers are all male and female aged between 10-60. Our target customers’ are from upper and upper middle class society. Positioning: We will position our restaurant “Musical Kitchen” in such a way which will help us to become a leader in the industry. 4.2 Marketing Mix: The particular marketing tools under each P Product Place |Product variety | | |Channel | |quality | | |Coverage | |Design | | |Assortments | |Features | | |Inventory | |Brand name | | |Transport. | |Packaging |List Price |Sales Promotion | | |Sizes |Discount |Advertising | | |Services |Allowances |Sales force | | |Warranties |Payment period |Public Relations | | |Returns |Credit terms |Direct marketing | | ▪ Place: We choose Uttara as the place of our new restaurant. The main reason behind choosing Uttara as our place- a) High Economic solvencies of the residents in uttara. b) College,University,Medical students c) Lake-side view. d) Located in a convenient place. ▪ Product: Our products are food items. We will provide Quality and tasty food items to our customers. we will provide gourmet food as well as special food items of different countries. Customer can easily get their desired food taste as we follow a method-when the customer give order we will ask them about their choice(amount of chili, onion or even how the food will be fried). Our strong point is that the ingredients we use in making foods are all fresh and hygienic. We will serve our product in a unique manner which will easily attract the customer.Like,we will serve Chicken Sharma in a such Attractive foil pack which will increase the customers apatite! ▪ Price: As our target customers are high earners and conscious about the taste and quality of foods so we will expense a significant amount to justify the food quality which will make the final product price a bit higher. There is sample of our food menu: We will give special discounts in special event(valentines’ day, Pahela Baishakh, 31st Night, etc). Like we will give 14% waiver in all our food products in the event of 14th February(Valentine’s Day). We will give special membership card to our regular customer to enjoy different exclusive features. Like, the special card holder will get quick service as well as discounts. ▪ Promotion: Our main promotional strength is the “good word of mouth” by our regular and loyal customers. Advertising: We will give advertisement in daily newspaper, Fm radio, Pestering, billboard ad etc. Direct Marketing: Our well trained staffs will run different operations in front of university, shopping mall etc to convince potential customers to visit “Musical Kitchen”. Sponsor: We will sponsor different popular events in Uttara where our target customer may visit. Even we will arrange different concerts and festival-Like, we will arrange program on “Pohela Boishakh”. We will also promote our restaurant through our website as well as through different social networking site like facebook. We will also follow other 3 Marketing mix factors: ▪ Physical Environments: Our restaurant will be in a three storied building. At the ground floor there will be arrangement of music as well as the arrangement of sitting. Customers sitting in the first floor will enjoy live music in a big screen performing in ground floor by renowned artists and musician. Second floor will be used for party purpose. There will a separates place as kids zone. ▪ People: People consists of Employee, Management, Culture, customer service. Employees: Our staffs will give service in such a superior way that will give higher customer satisfaction. Employees of “Musical Kitchen” will wear blue (identical to our logo color) t-shirt and blue jeans and blue golf cap. Management: We are four partners and we will manage the Four major functions namely Marketing, Finance and accounting, Management, Human resource Management. Customer Service: we will provide customer service(Service time:3pm to 1am) for restaurant booking purpose, home delivery etc. Culture: We will maintain a fusion culture inside our restaurant which will show the glory of Bengali culture and the Excellency of western culture. ▪ Process: As restaurant provide both the product and service. We will give quality service to our customers in serving foods. 3. Branding: With our kind of offering, branding is a slow process of word of mouth and repeat business. We do however need to use the logo on our website and on promotional brochures which depicts that listening music & enjoy foods simultaneously. We also need to always work towards establishing ourselves as the acknowledged experts in our field. 5. Brand Elements: Brand elements consists of- a) Brand Name: “Musical Kitchen” b) Slogan: “Experience the Rhythm of Taste” c)Logo: The brand has built so strong image that when people talk about the brand, they automatically create a picture of tasty, nutritious and healthy food and the environment where they can enjoy the rhythm of music live! d) Packaging: We will also serve foods as parcel, for these we need to be concern about packaging. Usually packaging considers these facts: ➢ Tamperproof: We will use paper box as a container. Foods will be rapped by a foil paper initially which will preserve the foods from excessive heat or from being rotten. ➢ Easy to hold: The container will be easy to hold because we will give a heavy paper bag also to contain the initial packet. ➢ Size & shape: There will be different sizes of packet for different foods. ➢ Graphics: Our logo will be printed on the top of the packet as well as with the image of our restaurant’s inner decoration. There will be our restaurant’s address as well as other information. e) Website: We will also give support to our customers through website and Social networking site in ways as- a)Customers can book our party centre using our website. b)They can know about the new foods, discount offer. c) They can also know the list of performers. d) Through Social networking site as like in facebook, customers can share their opinion, comments as well as query in our facebook fan page and group. 7. Action Program: Product Launch: We will launch our new restaurant “Musical Kitchen” in te eve of our Victory day, 16th December, 2011.The reason behind choosing 16th December because it’s a special day and we want to celebrate this occasion with our new friends (customers). In this inauguration we will invite many well known faces from the media. As it is our victory so we will invite few heroes (freedom fighter) of the nation and will give them proper tribute. Loyalty program: To make our regular customer as our loyal customer we will offer different types of benefits like membership card, discount card etc. These sorts of program increase the satisfaction of our customer. Brand awareness program: As Musical Kitchen is a new brand so it will take time to establish itself as a strong brand. So that we have to take brand awareness program which are stated in the promotion area. 8. Implementation and Control: Implementation Plan “Musical Kitchen” is a new business so it will have a relatively short-term implementation plan. The following activities have been scheduled for the start up of the restaurant: |Activities |Dates | |Define site Location |March,2011 | |Gather Require Licenses and Permits |April,2011 | |Finish Construction |August,2011 | |Marketing campaign |September,2011 | |Define Publicity Events |October,2011 | |Grand Opening |16th December,2011 | |Press Release |December,2011 | Evaluation and control: Goals: “Musical Kitchen” is an innovative concept that targets a new, growing market. We assume that the market will respond, and grow quickly in the next 5 years. Our goals are to create a reputation of quality, consistency and security (safety of food) that will make us the leader of a new style of dining. Strategies: Our marketing efforts will be concentrated on the areas of most promising growth. After the restaurant opens, we will keep a close eye on sales and profit. If we are on target at the end of year 2, we will look to expand to a second unit. Risk Evaluation: With any new venture, there is risk involved. The success of our project hinges on the strength and acceptance of a fairly new market. After year 2, we expect some copycat competition in the form of other independent units. Chain competition will be much later. ----------------------- Target market Marketing Mix Tools Price Promotion