Business Plan for Small Business Entrepreneurship Overview

An entrepreneur is planning to start a new business of restaurant with the name of The Mango Restaurant in Australia. The company will be started as a sole proprietorship and the owner will take 100% stake in the restaurant company. The entrepreneur has the experience of restaurant as he worked in the restaurant company in the past. For starting the restaurant company, the owner will have the $10,000 and his own building.

Mission and Objectives:

The mission of company is “To provide delicious and fresh food with the high quality services to add value in the customer experience and lead the company in industry.” In addition to this, some goals and objectives will be as followed:

• To achieve 15% to 20 % market share in the restaurant industry in coming three years.
• To increase in customers by 40% in the end of the second year.
• To achieve sustainable market position and achieve competitive advantages over competitors within 3 years.
• To improve the customer satisfaction through day-to-day operations and activities.

Marketing Plan According to marketing case study assignment help tutor, The marketing plan for the restaurant company will be as followed:

Market Segment: For the restaurant company, the company will target all groups of people. In this, company will target children, families, business people and couples. The main focus of the company is to provide a better satisfaction level for the customers by delivering the products and services. For this, company will start the home delivery system for the customers. In addition to this, company will also provide its food for the different occasions, festivals and wedding parties. This will be support entrepreneur to identify the tastes and preferences of targeted customers. Through this, company will be able to make food products and services according to the needs and demand of the customers. The company will also focus and provide fast food products in order to meet the needs of the target market (Baraban & Durocher, 2010).

Marketing Strategy: The marketing strategy includes the marketing mix elements that will be as followed:

Product: The main product of the company will be food that will include fast food and lunch. The entrepenure will focus on the use of quality raw material, ingredients, packaging material, adequate cleanness and sanitation. To differentiate the products from the competitors, company will also improve the quality of products and Assignment Help services and include extra features in the product that attract customers in the market (Lamb, Hair & McDaniel, 2011).

Place: In the beginning, company will open as a single restaurant in the UK. As the company’s business will grow, company will expand the business and provide the products and services in the other areas of the location. For this, company will also focus on the designing a web page that will provide the information about the restaurant company and its food to the people. Through the web page, company will also provide an option for the customers to place an order (Walker, 2007). This will be helpful for the company to improve the customer satisfaction as well as increase in customer base.

Price: In order to achieve competitive advantage from the market and to attract customers, company will focus on the comparative price of the products. This will be helpful for the company to maintain an effective price that will provide profits as well as customer satisfaction (Best, 2010).

Promotion: In the promotion strategy, company will conduct a grand launching of the restaurant. In this, company will offer discount to customers on food and services. This will support company to attract customers and create an effective image in the market. Further, company will also use advertisements to promote the food products and services in the area, where the company operate its business (Walker, 2007).

Competitor Analysis:

The main competitor of the company will be the local small and medium size restaurants and restaurant chain companies. Old food services providers will also be the main competitors of the company in the local area. Old food service provider companies are the main competitors because they have the established brand image in the local area that will create problems for the Mango Restaurant in operating business effectively (Wong, 2010). To compete with the local competitors, company will use comparative price and promotion strategies.

Financial Plan:

Company will use comparative price strategy that will be helpful for the company to maintain the price low from the competitors. For the food product, company will offer the different price of different products according to their expenses and profits. For the home delivery, company will charge 0.5% of total purchase. In the company, the expenses related to the purchase of raw material, equipments and supplies in order to prepare food products. To determine the profits and losses, different figures will be assumed. It will be assumed that company increase its profits year by year because of the good quality of food and services and the less amount of investment after the first year (Godsmark, Garvey & Dismore, 2011).

References: Baraban, R. S. & Durocher, J. F. (2010). Successful Restaurant Design. USA: John Wiley & Sons. Best, T. (2010). Low-Cost Marketing Strategies For Bars And Restaurants. UK: The Butler Publishing Group. Godsmark, C., Garvey, M. & Dismore, H. (2011). Starting and Running a Restaurant For Dummies. USA: John Wiley & Sons. Lamb, C. W., Hair, J. F. & McDaniel, C. (2011). Essentials of Marketing. USA: Cengage Learning. Walker, J. R. (2007). The Restaurant: From Concept to Operation. USA: John Wiley and Sons. Wong, K. K. (2010). Approved Marketing Plans for New Products and Services. USA: iUniverse.

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