Entrepreneurship in the Pacific House-Free-Samples -Myassignment

Question: You are required to Draw Up a Comprehensive Strategic Plan (Business Plan) for an Entrepreneurial Venture that you have Identified. Answer: Description of the organization The organization that has been chosen for this particular project is the Pacific House which is a food organization. It is situated in Melbourne in Australia. Pacific House is a restaurant that concentrates on the selling of foods like crabs, lobsters and many other sea-foods. The restaurant focuses on the sale of the sea foods. The restaurant initially started with sea foods but later it slowly started to focus on the beverages. The organization brought about beverages like coffee, different flavors of tea, chocolate lashes, and all types of soft drinks. It did not happen in one single day. It was the outcome of a year-long process. At present the company has a huge chain of customers. The company is situated in the suburb area of Melbourne. Mission of the organization The mission of the organization is to ensure good quality of food at reasonable prices across to cater to the needs of the global population. The organization aims at providing proper food to the families. It aims at providing healthy and hygienic food to the people and makes their food experience a loving one and a memorable one. The organization looks forward to provide comfortable dining experience to all the global customers. It also looks forward to provide various ranges of cuisines in to the foodies who love to have different variety of foods. The further mission of the organization is to establish long term relationship with the customers. Long term objectives of the organization The organization belongs to a food industry and therefore the long term objective of the organization includes the launch of more outlets. The organization majorly focuses on the Chinese cuisine and sea-foods. The company should therefore concentrate more on Chinese population and the population that loves to have sea foods like the people of the continental region (Thyil 2014). This can happen only through market research and market segmentation. To create a remarkable position in the market it is required for the organization to think about the long term goals and enhance long term relationship with the customers it is important for the company to maintain the quality of the food. It will ensure a good relationship with the customers in the future and will a long term placement in the market (Schaper, et al 2014). The Industry description The industry in which the organization belongs to is the food industry. The food industry is one of the biggest trends in the upcoming new ventures. The food industry depends completely on the taste of the customers of a specific region. For example, Rice is the staple food of a specific region; for example, in Asia people prefer to have rice. Wheat is the fixed favorite choice of food of a specific region (Siqueira, Webb and Bruton 2016). In many European countries bread is the staple food of many people. The pacific House deals with the sea food and the Chinese food. The people of Australia love sea food, this is the reason it is a unique concept and it is therefore making gradual progress in the competitive market. Compared to Australia this cuisine would be more popular in China as the people of China would love to enjoy this cuisine more. The unique thing about food industry is this is a industry that will never face set back as people will never change their habit of having foo d and with the growing work pressure in today`s world the need of quality time between the member of the family will not decrease but will increase. It is possible only they can spend some time outside in some restaurant while having food together (Schaper 2016). Source: (Taylor et al. 2014). Competitive analysis The restaurant should bring a change in the cuisine. The Chinese and the sea food cuisine are good but some innovation should be made in the menu in order to survive in the competitive market. The restaurant is located in the suburb and hence it should open more branches so that it can reach out to more people. In order to survive in the market the company has to maintain the quality of food and it should also concentrate on the interiors of the same. The restaurant should also concentrate on opening of new branches in some other regions to expand the business. It includes the strategy of making the restaurant more popular. Pacific Home should bring out strategies like offering special discount to the customers, offering combo foods at reasonable price in order to give competition to the other restaurants of the same region. The other competitive strategy includes the promotion through advertisements. The restaurant print pamphlets that will include the details of the offers of the r estaurant and they should be distributed in maximum areas. The restaurant is situated in the suburb. It should open more branches in the city to attract more customers. It should approach investors to launch a franchisee to expand the business in order to survive in the competitive market (Rose 2017). Company highlighting Pacific house restaurants Other restaurants of the same region Market information Food and all types of beverages In maximum restaurants there is only food and not beverage. All kinds of beverages are not sold in maximum restaurants. Product information Sea food and Chinese cuisine Typical Australian cuisines like baked foods, fruit bars and Chinese cuisine SWOTT information a. The main strengths of the restaurant are their exclusive nature of food that they offer, mainly Chinese seafood, which is a rarity for the region. B. weakness for Pacific House is that they are located in Richmond, the inner suburb of Melbourne, where the footfall is little less. C. the price of the foods is comparatively more which might be a big threat as this region is not developed and the people of this region might not afford it. D. through market research they can develop more on their price range and quality. a. The strength of other restaurants is their exclusive range of authentic Australian food. B. weakness for other restaurants in these regions is that they are not well developed as they have poor interiors and not exclusive cuisine. C. The variety of the cuisine is the biggest threat of other restaurants in these regions. D. the other restaurants can improve on their variety. It has the opportunity to bring more variety on the products and interior of their restaurants.s Identification of key success factors The key success factors of Pacific House, a seafood restaurant in Victoria are elaborated as under: The restaurant deals in quality Chinese seafood and BBQ dishes, which are a source of craving for people of that region and act as a factor for success. As Pacific House is located in suburban region, mainly known for places of shopping, so the restaurant would always attract customers, which would lead to increase in sale and hence generate revenue for them (Ban 2012). The ambience of the restaurant, cordial behavior of the staff and on-time delivery of services, all contribute a lot towards the success of this restaurant. Detailed SWOT analysis for Pacific House SWOT analysis refers to the technique through which an organizations strengths, weakness, opportunities and threats get identified, which ultimately helps in planning for the future. Internal Analysis Internal Analysis would look into the Strengths and Weaknesses of Pacific House. A short description of the two aspects is given below: Strengths One of the main strengths of the restaurant is their exclusive nature of food that they offer, mainly Chinese seafood, which is a rarity for the region (Bengtsson and Seddon 2013). Another significant strength for the restaurant is that, they provide prompt service without compromising on the quality. Weaknesses A major weakness for Pacific House is that they are located in Richmond, the inner suburb of Melbourne, where the footfall is little less. The items offered by the restaurant are specific to the needs of a particular region, with no variety (Frost and Laing 2016). With Australia having people from all across the world, catering to the needs of the customers in a wider scale is a must. External Analysis External Analysis would take care of the Opportunities and Threats for Pacific House. The two aspects are discussed as under: Opportunities Pacific House has ample of opportunities to attract more customers in their restaurant if they can expand their base of items. Through proper market research, they can aim understand the type of customers residing in the region and accordingly customize food items for them. Threats Sea food items and BBQ dishes, which are mainly offered by Pacific House, is a major threat for the restaurant as they might lose out on their potential customers due to lack of variety. People out of the suburban territories are not aware of the fact that Pacific House exists and what they offer to their customers. Hence, they might lose out on a major amount of the revenue (Salzberg 2016). The Growth Potential Strategies Identification of potential strategies Every organization aims to design certain strategies which would help in growth. The strategies are framed out as follow: Pacific House can introduce bakery items into their menu through which they can attract more and more customers, who might be interested in having cakes and pastries (Strickland 2013). The restaurant can advertise in leading newspapers, journals to inform people about the additional food items and opening of outlets in other locations. Evaluation of potential strategies The growth potential strategies are evaluated below: Bakery items have great potential for making any restaurant grow as they are generally quick bites and people can have them on the go. This would also lead to promotion through word of mouth (van der Meer 2012). Advertisements in leading newspapers and journals would help make people aware of the best offers on certain items, thus reach out to the customers on wide scale (Kim Kim and O'Neill 2013). Business plan Pacific House is a restaurant for Chinese and sea food that would be serving authentic Chinese and sea delicacies. These would be made to arrange in ensuring the Chinese and sea food would be authentic and of best quality made for every customer out there. Pacific House aims at providing delightful Chinese food and different types of beverages made with special care and in. There has been a considerable amount of growth in the amount of Chinese ready-made foods are being provided by the convenient stores and supermarkets in the recent years and many food stalls in different shopping malls (OMahony and Lobo 2017). The opening time of Pacific House store was being determined by several factors, this takes in the higher interest volume on the service of the lunch and dinner during the time of the primary research. It was being suggested by numerous of the participants that the business should release during the lunch time that is after 12 noon and in the evening after people return back from their work. Pacific House also took into consideration the opinions of the interviewees related to the busy opening hours for both the businesses in determining proper hours of trading for the same. It was being decided that the business would remain open from 11 A.M to 11 P.M. It would remain open for lunch and dinner that is from 12 Noon in the afternoon and after 7 in the evening when people will come to have their evening snacks and continue to stretch for dinner. The owners of the Pacific House started this business as a part time job initially. There are three founders of the restaurant. They planned that one would look into the accounts, one would look after the legal matters and the other would look after the availability of the raw materials that is necessary for conducting the business. This was their initial planning. From their gradual planning in the past, today they brought the restaurant to a good position (N. Bolton, et al 2014). Once the business has started trading, Pacific House has intent in establishing positive relationships with the confined community along with the local business. This is for the fact that the sea foods like crabs, lobster and different fishes would be prepared newly and daily. The products which would not be sold have been decided to be donated to the local food bank and to other neighboring homeless shelters. Pacific House would also be working with the domestic business for sourcing the components needed in manufacturing the core products of the business (Moodie, et al 2013). The only paid form of advertisement tool would be the business cards and the flyers and the pamphlets that would be used in giving the essential information of the business to the general public along with the initiatives like the loyalty schemes and discounts. It would be distributed in every household with newspapers in early morning. One of the key strategies of marketing for the restaurant has been deciding on the use of the social media as it would be facilitating the business in communicating with the customers and are also able to retort to any of the unexpected circumstances. It has been found that online adults ageing from 18-35 would in all probability be following a brand via the social networking sites. Around 80 per cent of the consumers having good service of social media knowledge with a brand are in all possibility be recommending the same to others. It has become important even for the small stores and organizations to go for the visual content which is stated to be 30 times more expected in getting shared on the social media platform than the other sorts of content (Mialon, et al 2016). Pacific House would be operating as a sole trader and would be in the segment of micro industry as one employee would be engaged. Due to the comparatively low start-up expenses involved within the business, the key resource of finance at the commencement would be the individual savings of the owner which is 5000 AUD and family investment of 6000 AUD would not have to be repaid. The owners investment and his family would be covering the total costs meaning the business would not be requiring any outside loan like that from banks (Meyer, et al 2017). Available Resources 70,000 AUD Requirement for Borrowing 20,00 AUD First Year Sales figures: 90,000 AUD First Year Net profit: 30,000 AUD Business Planning Structure: The sort of ownership in which Pacific House would be adopting is the set-up of a sole trader or as known as the sole proprietor. The owner is exclusively accountable for the business actions and if it runs into difficulty then the owner would be completely accountable for the liabilities (Bolzani, et al 2015). Offering of employment would also be improving the local economy as more of the local residents could enter into employment. The restaurant would be operating as a micro business as it would be highly implausible that the business would be employing above 15 employees, especially within the period of the first two years. The business would only be focusing on employing two members of the part-time staff once it has been off and running for five months (Jones, et al 2016). Business Name: The business name has been one of the significant factors as it is important for the customers in remembering the name. The name needs to be brief and attractive ensuring that it would be pertinent to the sort of the product or service in which the business would be making a contribution (Chaston 2017). After exclusive research work and taking into consideration, the name Pacific House has been selected for this business. 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