Topic: opportunity analysis report

Order Description
its based on my previous report,its with havard style refrencing with research and intext refrencing.its based on the marking criteria.
Table of contents
1. Executive summary

2. Innovation of Indo-Nepali Restaurant
3. Analysis of competition

4. Target market

5. Market Analysis
6. SWOT analysis

7. Marketing plan
Executive summery

This report is focused on the opportunity analysis of a new venture which is related in hospitality field. The business venture is an Indo-Nepali restaurant that is purposed to be opened in busy area Auburn. The report focus on the marketing plan and strategy of the venture along with its target market and customers. The Indo-Nepali restaurant has different competitors and difficulties to run in coming future so SWOT analysis of the venture is given below to identify the opportunities and threats in the market. Primary and secondary market research is done to know the in-depth ideas of innovation of the new venture.

1. Innovation of Indo-Nepali Restaurant

Auburn is a culturally diversified area in NSW Sydney Australia which has 56.9% residents who were born in overseas (Auburn City Council 2010). Basically people from China, Nepal, Sri-Lanka, Afghanistan, Vietnam, Korea, India and several other countries have a culturally verified environment. People of different nation with distinct language and food culture have made this area a unique place to stay for new arrivals from Asia. As a matter of fact people from this area like to eat indo Nepali cuisine; as the food has a unique taste of spices and variation in food items.
We are planning to open an indo-Nepali cuisine restaurant which will provide a basic fast food along with casual dining experience of lunch and dinner at Rawson Street, Auburn, NSW. People of this area will be served with take-away and home delivery service from this restaurant. The location near the Auburn railway station and selection of different food items including tandoor and breads will attract the people of Middle East too. As per our confidence the number of people visiting this restaurant will be high due to the selection of menu list and its affordable price for all kind of customer. Less investment with better sales will be our innovative idea at first stage of the restaurant opening. This idea of innovation is created due to the number of food seeker in the area of our venture with the requirement of indo Nepali cuisine (Auburn City Council 2010). Apart from dine-in we will also provide home delivery and take away service too. The main theme of the restaurant is casual dining experience dedicated to all kind of customer like family, teenagers, business and corporate people. It will be of 50 cover table with small bar counter which served limited wines, soft drink and juices.
The restaurant will be opened for breakfast, lunch and dinner. However, the breakfast menu will be fixed menu in English, American and continental breakfast style. Similarly, the lunch and dinner will be typical Indian food ala carte menu which include entrée, main course and dessert.
Name of purposed venture: Everest Tandoori Restaurant
Location: Rawson Street, Auburn, NSW
Owners: Keshav Chauhan & Arjun Dhakal
Business type: Hospitality & Service
Target customers: Asian food lovers basically Indian & Nepali cuisines along with Tandoor and Breads.

2. Analysis of competition :
Various Indian and Nepali restaurant provide service of same type of food in this area which can be our strong competitors. Himalayan fusion café and Tamanna Nepalese & Indian restaurant are the prior competitors of our business. Himalayan fusion café serve various Authentic Nepali cuisines from all the geographical areas of Nepal. It gives a unique taste of spices to enhance flavour of their food. Along with it is a reasonable price restaurant in Auburn (Himalayan Fusion Café 2015).
Tamanna Restaurant located at 67 Rawson Street, Auburn is the other competitor for our business. 25 years of experience in Newtown area this restaurant is opened just few years back in Auburn which serves various north Indian and Nepali food. This outlet also serves a unique typical Thakali food with various choices of curry and meat items. This is one of the affordable and delicious food provider as told in the Local News Plus (11 August 2015, p.14)

3. Target market:
Target market is the certain set of buyers who have tailored the business and marketing efforts of any company. Before classifying the target market, we need to understand the different segments of consumers in the market who are tailored by the business of our company. In order to achieve the marketing objectives, finding out the target market is one of the important things to do (Bowker 2011). For Indo-Nepali restaurant, there are two different target markets that need to focus on.

Geographic: People who live Australia and Auburn which consider as domestic visitors, and international visitors mainly from India, China, Korea, Nepal, Sri-Lanka and Afghanistan (Auburn City Council 2010).

Demographic: People in form of family, friends, or couple with different age rage all can enjoy our food and service in the restaurant, especially couple and family. As the high quality of food standard service and affordable price will make the restaurant popular in market than other restaurant, the friendly atmosphere and environment of the restaurant will attract to customers to visit Indo- Nepal restaurant more often.
Other target groups can be peoples with different values of attitude, politics, lifestyle, religion, etc. Similarly we can also go through the buying behavior of the customers.
Along with this we can focus on the various categories of customers like:

Couples: This type of consumers can be classified into few aspects, such as boyfriend and girlfriend who want to enjoy a typical Nepali and Indian fusion food in a peaceful environment.

Family: In this group of consumers, parents would be the main decision maker. However, the willingness of kids in the family is important too. Thus, when target this market, the influence power of the kids in family need to put into consideration. Therefore, the restaurant need to ensure that there are other facilities that kids can enjoy during their visit beside the food like drawing kits, kids chair.

Business people: Business people such as companies, they sometimes need to do some celebration, like group dinner for their suppliers or employees. Not just company, people who would like to come in a group with their friend or work colleague can also be arranged with special banqueting menu at reasonable price. These types of consumer would mainly use our restaurant and they will always coming in large number of people.
So we will go through the market segments and select our target groups who will have a need for our service and product along with they must have an ability to pay (Bowker 2011).
4. Market Analysis
Marketing research is one of the most major tools in order to identify the customer needs and wants. It plays a vital role for a business organization to gather the information of the target customer as well as the market and competitors. However, there are various ways through which those information can be gather and accomplish the result that we need for better marketing which are as follows (Queensland Government 1995-2015).
a. Primary research method:-

It is a field research method which is done through direct observation with the customers and collects the original information rather than getting it from other published sources about the area of our new venture. Although it is more time-consuming & costly then secondary method but it provides the valuable information from the customer wants and thoughts.
Primary research includes:
 Directly face to face meeting with customer about the food and service they want.
 Making various surveys about the foods and services.
 Interview and focus group of customer who usually go for Asian foods.
b. Secondary research method:-
It is usually done through by gathering existing information through the available sources such as:
 Collecting information by internet and Social Medias.
 Referencing our own data base and stock list about the feedbacks.
 Through various agencies like library council, government and industry bodies who are concerned about the business of restaurant and hospitality.
By over viewing and understanding the above research method in the beginning period of time we are planning to focus more in secondary method rather than primary because of its low cost and easily availability of the information. Whereas, if we will are able to expand the business market then we will also use primary methods. While we will do the secondary research of our new restaurant through considering the following two points:-

 Quantitative research
It helps to gather the following information of the Auburn area such as:-
• Size of the market
• Areas of sales growth
• Demographic understanding of customer
• Value of business
• Buying behaviors of the customers of this area.

 Qualitative research
It can be used to gather the information of the business through the feedback and comments of customer by:-
• Reviewing and analyzing the nearby competitor product and customer service practice and behaviors.
• Doing some formal and informal conversation with the customer about how satisfied they are with our business after it starts.
• Identifying the needs and demand of the different kind of groups and potential customers.
• Feedbacks of the peoples.
• Knowing the purchasing behavior of the customers.

5. SWOT analysis:
SWOT analysis is the method to examine the use of strategic management tools; strength, weakness, opportunity and threats to know how the methods have been used so that they can be implemented or changed (Helms & Nixon 2010). We will do SWOT analysis of our purposed restaurant on the basis of the competitors and our weakness within us. As this restaurant will be focused on Indo- Nepali cuisines with in the area where there are others outlets which provide the same type of foods and services. It can also be an opportunity to start a restaurant with similar concept with the others so that we can get market competition in the area. The list of strength, weakness, opportunity and threats are listed below.

Strength:
 Location; Busy area of the customers.
 Low price restaurant.
 Seven days open for all.

Weakness:
 Multitasking for the staffs
 Price management during the start phase.
 Quality manpower; chef who can give special food and product.
 New in the area

Opportunity:
 Selection for Asian food as this area is mostly populated by people from China, Nepal, Sri-Lanka, Afghanistan, Vietnam, Korea, and India (Auburn City Council 2010).
 Multi- cuisine restaurant which can be a dining area for all types of customers.
 Take way and home deliver facility during open hours.
Threats:
 Similar market nearby (Himalayan fusion café and Tamanna Nepalese & Indian Restaurant)
 Evolving consumer preferences
 Price turnover of raw materials
 Market value of competitors
6. Marketing plan
A marketing plan is an outline for success of any company which is focused on the goals, target and position of the market. Setting of the goals identifies the marketing efforts of the company along with the target market that has been focused to get the position in the market (Barrett 1992).
As we are going to open a small business restaurant for which we have chosen a simple marketing plan in order to avoid wasting time and control the cost. We are going to implement the following phases; initial phase and secondary phase. Initial phase of marketing plan will be on the time of operation during the first two months whereas second phase will be more focused on long term costumers during the operation of the restaurant which will be business oriented.
6.1 Initial phase of marketing plan:

This phase of marketing plan is
• Purchase or create the domain name for the restaurant.
• Create the website with nice picture of restaurant background including all the information of the restaurant such as name, location, menu, opening –closing hour or day and so on.
• Start making link with the local government, local business organizations, and all of the restaurant finder / list websites.
• Create the logo and graphics design of your own restaurant.
• Make the face book page and ask your family and friends to follow you.
• Set up twitter account and start following local business and identities
• Keep on reviewing the website and make sure the menu is up to date with the opening date and opening specials.
• Give training to the wait staff to collect feedback card, business cards, and birthdays of the consumer groups so that we can start building our data base from the beginning.

6.2 Second phase of marketing plan:-

• Evaluating the business performance and customer satisfaction with our product and service area.
• Reviewing or benchmarking on the customer service with the nearby competitor.
• Making changes on restaurant with some innovative and creative idea which attracts the customer and makes them to visit on regular basis.
• Creating new strategy to improve the standard & quality of the product and services as per the demand of the market & customer.
• Evaluate and implement the best strategy for the running of the business.

Similarly we can go through for our marketing mix for the regular plan and techniques in the future for smooth functioning of our business (Restaurant Engine 2015).

 Product/service
The marketing strategy of the product and service will be different from the competitors. We will have a unique name of items in the menu which will be as a brand name or a marketing tool of our restaurant. We can also promote our signature dish in the menu that can be a strong marketing technique in future.
 Place
This can be a question for us about where are buyers look for our product or service. So we will have a strong role play in Social Medias and in the customers mind. Ratings of our restaurant and feedback from the customers about the location and property will be regularly supervised.
 Price
This can be our discount techniques or price sensitive techniques for the regular customers. This tool can help us to get our long term customers who will be our loyal consumers. So we must compare our price with the competitors in terms of service and food quality to win the costumers satisfaction.
 Promotion
This will be a message to our target customers through different use of Medias and communication. So we will be effectively managing our sites and pages to gain the heart of the customers. Promotion of our restaurant in local news and channels with a way to gain long-term costumers will be our technique. Along with this we will focus on advertising our signature dish to create a brand image in coming future.
7. Appendix:
Everest Tandoori R

FOOD & BEVERAGE MENU

Starters
Momos – A famous Nepal dish
Steamed dumplings: choice of buff, chicken or vegetable
Bharrah kebab
Tender rack of organic lamb gently marinated with Indian spices and gently cooked in Tandoor oven
Chicken Sandeko
A Nepali specialty, tender chicken cubes marinated in Nepali spices
Vegetable singra samosa
Short crust pastry filled with spiced vegetable and served with tangy tamarind chutney
Tandoori Paneer
Homemade paneer marinated with spices and grilled in tandoori with tomato, capsicum & onion
Onion bhaaji
Golden fried onion fritters in spiced chickpea batter
Main course
Non - Veg
Machli Tamatarwali
Deep sea perch cooked with flavor of fresh Indian herbs and coriander
Lamb shank
Wine braised shank served with fresh crunchy vegetables, herb potato and finished with glazed and rich red wine sauce
Butter chicken
A delicacy chicken half cooked in tandoor and finish with traditional Indian wok.
Chicken tikka masala
A traditional Indian dish cooked with fresh onion, capsicum and tomato in tandoor and finished with spicy gravy
Bakra Rogani
A popular boneless lamb hailing from the north India from the time of Muglan Empire

Vegetarian Dishes
Stuffed Eggplant
Baked eggplant stuffed with ratatouille & served with tomato sauce
Khumbu- Shabnam curry
Mushroom and green peas cooked in spicy gravy
Aloo Gobi
Stir –fried cauliflower and potatoes cooked with onion masala
Mix Vegetable Jalfrezi
Fresh seasonal vegetable in a spicy dry curry base with touch of capsicum & fresh green chili
Palak Panner
A mix of spicy spinach and homemade spiced cheese
Sambar Dal
Lentil cooked in Indian style and tempered with mustard seed and dry chili

Breads & Rice
Naan – plain white flour bread
Naan makhini- Bread stuffed with clarified butter
Garlic Naan – White flour mix with garlic and coriander
Rice – Plain basmati rice
Zeera rice – Basmati rice mix with cumin & ghee
Accompaniments
Kacchumer (tomato & onion)
Pappadams
Mint sauce
Mixed pickle

Dessert
Sikarni
Fresh yoghurt flavored with cinnamon sweetened with honey
Fresh fruit salad
Mix seasonal fruits served with ice cream
Gajar KO halwa Nepali carrot pudding
Chiya WA kafi
Tea or Coffee
Beverage menu

Soft drink
Coco-cola
Diet coke
Lemonade
Lemon squash
Limca
Fanta

Lassi
Mango/rose/sweet/plain

Beer
King fisher (Famous Indian lager beer)
Crown lager
Cascade light
Apple cider

Fresh juice
Mango, pineapple, orange
Classic Cocktails
Mojito
(Mix of fresh mint leaves, lemon wedges, white rum, brown sugar & crushed ice with a splash of soda water on top)
Everest Margarita
(Cranberry juice, fresh lemon juice, vodka & Cointreau)
Tequila sunrise
(Orange juice, tequila & grenadine syrup)
Gimlet
(Gin & lime cordiale)
Hot rum punch
(Dark Nepali rum, lemon juice, honey, cloves, cardamom & sprinkle with cinnamon powder)
Pina colada
(Pineapple juice, coconut cream & white rum)
Blue Angle
(Vodka, sprite & blue curacao)

Mock tails
Mix Everest punch
(Mango, pineapple and orange juice)
Sunset Cooler
(Apple juice, Orange juice, lemon juice & splash of ginger ale)
Mickey Mouse
(Coco-cola, ice, lemon juice, vanilla ice cream and whipped cream)
Red Wines
Cabernet sauvignon
Merlot
Malbec
Pinot noir
Shiraz
White wines
Sauvignon Blanc
Pinot Grigo
Orveito
Chardonnay
Riesling

8. Reference list:

Auburn City Council, 2010, Cultural Diversity, viewed on 16 December 2015,http://www.auburn.nsw.gov.au/Community/CulturalDiversity/Pages/CulturalDiversity.aspx

Barrett, R 1992, ‘Marketing Plan’, A marketing Plan: Your Super Highway to Success, vol.13, no. 5, pp. 20.

Bowker, E 2011,‘know your target market before you begin to plan strategy’, Whitehouse Star, 11 November, pp. 24.

Himalayan Fusion Café, 2015 Himalayan Fusion café- The Best Nepalese Restaurant in the Sydney, viewed on 15 December 2015, http://www.himalayanfusioncafe.com.au/about-us.html.

Helms, M & Nixon, J 2010, ‘Exploring SWOT analysis - where are we now?’ A review of academic research from the last decade, vol. 3.3, pp. 215-251.

Queensland Government, 1995-2015, Business and Industry Portal, viewed on 16 December 16, 2015, https://www.business.qld.gov.au/business/running/marketing

Restaurant Engine 2015, How to Create a Restaurant Marketing Plan, viewed on December 16 2015, http://restaurantengine.com/restaurant-marketing-plan/.