HRIM381 Lecture Notes - Lecture 5: Business Cycle, Foodservice, Cooking Oil
27 Mar 2017
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Step 1: understand the industry unique characteristics of the industry: diverse, operating hours (ex. Needs refinement and innovation (almost constantly) to stay competitive (and even then may not be successful) Environmental analysis location: economical situation (enough disposable income?, demographics (enough people?, access to resources. Labor costs, suppliers, other businesses: competition, visibility, accessibility, others. Help to id gaps in the market. Dimensions typically used: average check, quality of food, quantity of food, type of cuisine, and restaurant size. Core competitive advantages: what are the values you are providing to your customers, a value proposition is a clear statement of the tangible results a guest receives from engaging the services of the enterprise. Should always be clearly communicated to your customers. Designing a concept: define it precisely, fit and appeal to your target market, there must be a market gap (the need , learn from others (copy and improve) The market: level of service offered (seat turnover, average check.
