A business plan gives a brief background on the nature of a business. In coming up with such a plan, there are factors which must be considered. The most important issues are product, place, price and promotion (Kotler & Keller, 2016). A good plan has to address all these factors in order to come up with the right measures to address any eventualities which could work against the given business. The following discourse focuses on Galaxy Restaurant’s business plan in reference to the aforementioned factors.
Product
Galaxy Restaurant’s main business is hospitality. The main product, therefore, is food. The facility promises to offer an unrivalled dining experience. The foods offered at the restaurant will be prepared by some of the best chefs in the country. The menu will include seafood, chicken, steaks, as well as a diversity of side dishes such as fries, vegetable medley, and baked or mashed potatoes. The restaurant also seeks to offer different drinks such as beers, wines, whiskey, brandy, vodka and spirits (Feldman, 2015). The facility also plans to provide a variety of services such as valet, dating, and general entertainment. Some of the other services service that would be provided at the restaurant would include stand-up comedy and spoken word nights.
The brand of the organization is Galaxy Restaurant. Its logo has several stars which represent how brightly it shines within the hospitality industry. The restaurant is determined to offer an unrivalled dining experience. Any complaints from the customers will be addressed in time. The company has a competitive advantage when it comes to the services it offers. For instance, the dishes served at the facility will be prepared by the finest chefs in the country. Furthermore, the food will be quite healthy; fresh vegetables will be sourced from the local market on a daily basis.
Place
Galaxy restaurant’s location is quite strategic; it is placed next to the sandy beaches of Destin which creates an extremely romantic and beautiful environment (Destin Information, 2010). Besides, the clients will enjoy the cool breeze from the sea as they savor they favorite dishes and drinks. The beautiful scenery created by the palm trees lining the ocean front also serve to the facility a relaxing ambience. Furthermore, the restaurant is located only a few meters from the local fish market.
Sea food is the main dish consumed by most customers. Therefore, the restaurant has an agreement with most of the local fishermen to supply it with fresh fish every day. The area also has local farms which grow fresh vegetables such as onions, tomatoes and cucumber. The restaurant thus will have a supply of fresh organic foods which guarantee that its customers eat healthy foods. Another advantage of the location is that the area gets many tourists who come to spend their time there while on holiday. The visitors who come to enjoy the sandy beaches and sea life provide a good target market for the restaurant. Normally, they go to restaurants where they can enjoy tasty seafood. With such a trend, Galaxy restaurant is bound to be a success.
Pricing
Galaxy restaurant seeks to provide a memorable dining experience to its clients. The pricing, therefore, has to be competitive enough to meet their expectations. In addition, the pricing must reflect the stature of the business. The chefs who would prepare the food are world-class. In fact, most of them have attended some of the best culinary schools in the world (Taylor, 2014). The chefs have also worked in some of the most popular restaurants in Europe, Asia, and North America. Due to the experience, and standards set by these chefs, the foods on offer have to be priced accordingly. The prices should also take into account the setting of the restaurant which is a mark of luxury and serenity. At the facility, customers will be able to eat next to the ocean under palm trees.
The restaurant has a competitive advantage on its pricing strategy. The location will make it an ideal choice for fine dining. The intention is to create the perception that the facility is for those seeking luxurious experiences. The size of the restaurant will also set it apart from similar facilities in the area. It can hold large events, such as weddings, at fair prices. The pricing, which will be pegged on the number of guests, will be discounted to attract more customers.
Promotion
Galaxy Restaurant has embarked on a rigorous endeavor to promote their products through traditional and social media marketing. Product promotion is an important part in the success of a company since it lets the target market know where to find the services, products offered and their services. The company has advertised the opening of the restaurant on different platforms. On the first day, the restaurant will offer food at reduced prices. In anticipation of the grand launch, advertisements have been placed on television and radio. The commercials about the company have catchy phrases to reach a wider target audience. Flyers and posters have also been printed for distribution around the town. All these efforts are meant to create awareness about its services. The objective is to have as many people as possible attend the grand launch. In line with emerging trends, the company has an online campaign going on. Online marketing reaches a targeted market niche thus are more effective (Kotler & Keller, 2016). The company advertises itself through most of the popular social media websites such as Twitter and Facebook. Other than that, the intention is to offer the best services so that those who attend the launch can give positive reviews about it. Such testimonials are likely to attract more customers (Loredana & Cristina, 2017).
- Destin Information (2010). “Destin Restaurants and Information”. Retrieved September 28, 2017, from http://www.destininformation.com/destin-restaurants-and-dining/fine-dining/
- Feldman, E. (2015). Why the Restaurant Industry is the Most Important Industry in Today’s America. Retrieved Sept 28, 2017, from https://medium.com/@EliFeldman/why-the-restaurant-industry-is-the-most-important-industry-in-todays-america-6a819f8f0ac9
- Kotler, P., & Keller, K. L. (2016). Marketing management. Boston: Pearson.
- Loredana, T., & Cristina, M. (2017). Trends On the Market of the Restaurants Chains Worldwide. Agricultural Management / Lucrari Stiintifice Seria I, Management Agricol, 19(1), 229-234.
- Taylor, S. (2014). “Defining Your Restaurant’s Target Market”. Exakt. Retrieved September 28, 2017, from http://exaktmarketing.com/defining-restaurants-target-market/
