Business Executive Summary
The aim of this document is to outline the organization’s plan to introduce a profitable product and or service to the market. The document covers the product development processes, the actual product, marketing processes, and lastly the distribution process. The business being proposed is bistro. This means that it would offer both a line of products and services. Bistro food would be the main product. Services offered would be similar to a typical fine dining restaurant.
One of the major variables that the members of the planning team considered is the location of the store and the theme that they are going to feature. As far as location is concerned, the goal was to plant the store in the busiest location possible. By busy, they meant the most congested when it comes to foot and vehicular traffic. For that, they chose to situate the store in any of the available plots of land or indoor locations in Manhattan, New York .
The target market would be the high to low middle income earners. This was supposed to be a fine-dining restaurant after all. As of the moment, no official list of product offerings is available for the members of the members of the low income earning group. In the morning, the bistro offers breakfast and brunch menus. Starting 1:00 in the afternoon, the menu gets changed by including lunch and afternoon snack items. By 6:00 in the evening, the bistro starts to offer dinner food and food services.
Marketing, Advertising, and Promotional Activities
The patrons also have the option to stay in the lounge area where they could order drinks and other alcoholic beverages. This makes the business stable and flexible enough so there would be no dull moments as far as day to day operations are concerned. The number of customers in the restaurant hall may be small for a certain day of the week (mostly during weekends) but we expect that that would be offset by other areas in the establishment (the lounge area for example, because people go into parties and order drinks frequently during weekends).
What the management team members were after was the efficient and maximum possible utilization of the floor. Rents in Manhattan are among the highest and so it only made sense for them to find a way to maximize profits. When it comes to marketing, advertising, and promotion, the plan was to air newspaper and social media advertisements aggressively for the first year . Promotional activities such as happy hour events during randomly selected periods of the evening on similarly randomly selected days of the week would be used as well. Discounts on frequenters would also be offered by means of an in-house membership card system.
Budget and Themes
The theme would be a combination of Italian and Mediterranean. The food choices would follow the theme of the restaurant as well. The main reason behind the selection of the theme was uniqueness. The management team members wanted to create a uniquely-themed bistro, one that people would love to visit even during the busiest days of their way and most especially after the busiest times of their day. The initial budget for capital expenditures would be $500,000. An overspending limit of $700,000 would be used. The source of funds would be out of pocket investments from the owners plus bank loans that would be applied as a corporation.
References
Deal, L. (2013). 3 Marketing Secrets of Manhattan Business Owners. Marketing Cafe.
Gunelius, S. (2016). 10 Laws of Social Media Marketing. Entrepreneur, Retrieved from https://www.entrepreneur.com/article/218160.
Nest Seekers International. (2016). Commercial Lease Manhattan. Retrieved from https://www.nestseekers.com/commercial-lease/manhattan/.
