Business Strategy Development
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Business Strategy Development
The viability of a business venture is defined by the level of investment risk versus the return on investment over a specified financial period. An investor must set a clear pathway for selecting a business opportunity and appropriate goals and objectives for the business. Fundamentally, an ultimate goal is set and then broken down into objectives, which are detailed procedures for achieving the company goal within a specific time frame. The ideal business opportunity of focus in this paper will be a specialization in consulting and setting up restaurant businesses on behalf of investors within the most efficient budgets and timelines. The goal will be to open ten restaurant shops in the first six months and then double it by the third quarter of year two. The purpose of this paper is to develop overall strategic steps on research and information on hiring, marketing, demand forecast, technical validation, equipment supplies, and follow up plans necessary.
The first professional research personnel is crucial to help identify market gaps existing in consulting, conventional restaurant designs, and construction plans. Highlighting the gaps will facilitate in determining a suitable point of entry into the market, develop hiring stages, and also pricing for consultations and builds. The market entry strategies help to pinpoint the underserved and undiscovered customer segments as well as propose the best initial marketing plan (xxxx). The entry strategy guarantees the first few customers before or after a grand launch. Further, preparing the hiring stages is imperative and determines the collecting resumes and conducting interviews for the senior management as well as positions of expertise. Also, the third item is pricing and refers to the formulation of a service or a product’s monetary worth(xxx). A target and perceived value-based pricing method will be selected, and it will include the payment plans customized for the clients to suit their goals. The processes before the opening date will take eight months maximum.
Demand forecast
Demand forecasting refers to the prediction of the market responses regarding business goals (xxxx). The restaurant construction and consultation venture are driven by the organization and industry demand due to the nature of the market gap in the hospitality industry. The industry demand is the aggregate desire and the ability to buy similar products or services from different providers. The restaurant opening industry participants are relatively few, and they often focus on the high end and five-star hotel establishments, thus overlooking the middle and the lower class (xxx). Therefore the market response is expected to be average as projected below.
The graph projects a prediction of 2 contracts for new restaurants and night clubs to be built within the first two months resulting from initial soft launch and an optimal market entrance plan. The first six months will conclude the construction and setting up of restaurants and three clubs. The survey on buyer’s choice is an approach that promotes and involves talking to customers directly to know what they intend to buy to make short term decisions in businesses (xxxx) hence. It will be the most appropriate forecasting method since the decision necessary will be within 6 to 12 months. The projections will relieve the 20% of financial, budgetary pressure on the business through the down payments from the clients. The will be an increase in customer responses due to the profile that will have developed, thus facilitating the accomplishment of the long term objectives.
Conclusion
The overall goal will be the setting up of the company’s foundation by formulating the initial fundamental structures with minimum requirements for starting the business. The objectives will be set within timelines to articulate daily actions with the overall goal. Additionally, the procedures will help form and forecast and select the first few clients, which will help develop a performance profile for the company.