One of the key issues identified is the uniformity of the fast foods provided. Most of the leading fast foods companies, if not all, provided uniform foods that mostly included chips and pizza.
Objectives of the Business
The business wants to introduce new traditional green dish into its menu. This is a new idea as no other business offers this food. The dish will be prepared by the best cooks who have a great experience on the food industry for many years. This is to provide the customers who are on a diet with opportunity to also enjoy fast food services.
Differential Value
Customers might be turned away by the fact that the menus of most top restaurants are almost the same. If one was to focus on venturing into this promising business, then variety is one of the key things that should be considered.
With this new age, more people focus on healthy living. A successful new venture would be the one that would focus more on a variety of food served to customers. The company has a futuristic goal at providing a variety of foods in the menu like the traditional dishes which are not common in all other restaurants; it will be a boost as it will attract even those people on a diet.
Despite the fact that most people spend most of their time today on the internet, there is still a very huge gap of online ordering in the restaurants. Most of the restaurants require somebody to make calls to either order for the food or go there in person. This is a major loophole that the fast food companies have been unable to fill. If a company was to be introduced and be able to provide online orders, with low chances of wrong delivery, it would be a big opportunity to grow. This would enable people to place their orders when they feel comfortable while, at the same, time they are assured of convenience.
Pricing
Pricing of the products will determine the success of a business. Most restaurants will mark their price by using cost percentage to formulate their prices that will yield their target profit after all their stock has been sold. This is a major mistake as sales will fluctuate and sometimes it will be more than other times and hence it might lead to overpricing that will put the customers off or underpricing which will put the business at risk of failing. The most appropriate pricing strategy is customer focusing strategy, it focuses on a single customer and the amount of profit expected from each customer. With this strategy, there will be no chances of overpricing or underpricing the food offered.
Marketing Strategy
Marketing is one of the most important aspects that determine the growth rate of business especially fast food. It is easy to assume that great cooks who prepare great meals will be a major contribution to the business. As much as this is true to a certain level, it might not be absolutely true. This is because for a business to establish itself, it needs to build a reputation of which it cannot build if nobody has yet proven that it is worth trying. Advertisement through the media might be important, but it might bring little or no attention to new customers. The best way to market a food company is through a word of mouth as it creates confidence and raises expectations of new customers. Looking for new customers through word of mouth is only possible if the business focus marketing itself on the existing customers. If the existing customers are pleased, it means they will recommend their friends to try it, and the list will grow.
Marketing mix outline
Customer perception on the product will be put into consideration while determining the price. Price of rival products which include Chinese food will be put into consideration while settling for the price.
With advancement and continued demand for the food, more outlets on major shopping malls and busy streets will be opened
The restaurant will be involved in various promotional activities which will include food tasting for those who have not yet had a chance to taste the food after the launch.
References
CCH New Zealand Ltd. (2013). New Zealand Master Tax Guide, Differential Values. Wellington: CCH New Zealand Limited.
International Monetary Fund. (2010). Balance of Payments Statistics Yearbook. Wellington: International Monetary Fund Publishers.
Olnstead , S. (2009). Markets and the Environment. Wellington: Island Press Publishers.
Woodward, R. (2009). OECD Statistics on International Trade in Services 2009, Volume I, Detailed Tables by Service Category, Volume 1. Wellington: OECD Publishing.
