Assignment #24

All Around the World Fast Food

Opportunity

·     Individuals that want to choose a place to eat that people of all different backgrounds can enjoy. My potential customers mainly are people seeking something unique and different to add to their everyday lives. 

·     The nature of this need is somewhere along the lines of changing the way people live their lives and measure their standards. My business proposal seeks to catch the attention of individuals and groups by creating an entirely new way that people can enjoy ethnic foods.  

·     The changes in the environment that are creating this opportunity are the desire for inclusivity and diversity. As people are becoming more accepting and willing to try new things, eating at a restaurant that serves different culture’s foods allows a place where people can embrace their nationality and others’ as well. 

·     In the beginning, I will restrict the geographic aspect of the market to just the continental US, then gradually expand globally once funds are available. Demographically, people of all ages, races, genders, and cultures can enjoy eating at my restaurant. One thing that that may limit someone in my demographic could include people with special dietary needs. 

·      I believe this opportunity has the chance to be successful globally if we market it in a successful way and portray to our market all the good that will come from this. 

·     This window of opportunity could be open for a long time, as I think my business idea is very innovative. Once people start to increase their standards, people will desire a change in the way they eat. 

Innovation

·     My product is innovative in several different ways. For one, my restaurant will have to have a kitchen that can cook foods of that have many different preparation processes. Creating and developing new machines will probably be one of the hardest challenges we need to overcome. In order to be successful, these machines must be able to optimize production and be useful for many different dishes. 

·     Another way my product is innovative is how it is changing the way people are going to want to eat. With all the options, I will be providing them, my market will never want to eat anywhere else. Whatever they are in the mood for, they will get!

·     Depending on what my customers order, I am selling my different meals and employee’s labor for around $5-$20. 

Venture Concept

·     My innovation will address the opportunity by allowing customers to choose what type of food they want to eat that day. 

·     Customers would switch to this new product because it is something that they have never seen before. It might be hard at first to get them to switch because some people may not initially like the idea of eating different cultures’ foods in one location. However, once they see what a great opportunity this is and how society is continuously changing, they will fall in love with the idea. 

·     My competitors include current food restaurants. I know it is such competitive competition, but I believe that my restaurant will stand out. The competitors’ weaknesses are mostly that they don’t provide different types of ethnic foods in one location. Everyone has seen Mexican restaurants, Chinese, Italian, Brazilian, and more, but no one has seen a restaurant where all those cultures blend together and provide the best meals from all around the world. 

·     Price points, distribution, packaging, customer support, business location, and customer experiences are all very important factors when defining my business concept. All of these factors will play a big role when starting and developing my business. 

·      I will start my business with one location, after I have concept tested each market. I think around 50 employees would be a good start. Different roles include a kitchen staff, front of house employees, accountants, managers, team leaders, and definitely a few more. 

Three Minor Elements

1.    My most important resource is the variety of options to consumers. It may be hard to copy this because we will have an algorithm system to determine the best set of choices for consumers to choose from. We will definitely have a head start in the business which will help us develop ways to improve our variety to consumers.

2.    Next for the venture would be to actually start developing the innovative products that my business will use. Possibly creating a customer input inbox to allow customers to recommend foods that they would like us to put on the market, especially people that are from different countries so they can help us truly embrace the great foods of each culture. 

3.    In five years, I see this restaurant as the go-to restaurant all around the world. I am going to be super successful and keep improving the restaurant to help customers get what they want.