Current Events in Business
October 25, 2012
Ms. Ana Sias
Research for business is important because it helps determine where and with whom a business competes. The business research process is helpful with how it develops the information used to find out how and what will be affective in allowing competiveness. In the restaurant industry, it is important to find a niche and know who your competitors are. Working in the fast casual side of the industry staying on top of what the customer wants and needs is imperative to a faster growing business and having retention among the guests.
The business research process involves indentifying the competitors, studying the consumer, using the strengths, weaknesses, opportunities, and threats of the competitor and consumer, studying the audience, and applying what the process learns. Using this process will allow any business to stay competitive within their market and with innovative ideas stay on top.
Newk’s Eatery has recently completed a focus group in three markets to identify who our target market is and how we can continue to stay competitive. In this research, we found our market is within the age of 30-50 and well educated. This market loves the customer service first, the atmosphere second, and the quality of food third. Newk’s has learned to use this market research to come up with better training programs to provide better service, re-vamp the name and log so the consumer can identify with Newk’s easier, and provide new menu items for the consumer to give the loyal Newk’s guest more choices.
The research information gained from these focus groups by Newk’s corporate was shared in a yearly general manager and franchise conference and shared with all that are influence makers in the business. This allows the influencers to take it back to their restaurant and coach hourly partners, develop marketing strategies...
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