Laffayette Restaurant

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  • Topic: French cuisine, Chicago, Millennium Park
  • Pages : 13 (1656 words )
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  • Published : March 10, 2013
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The Lafayette Restaurant-Francais



PRESENTATION OF PRICING AND MARKETING A DINNER MENU



Who we are


Introduction
Lafayette Restaurant-Francais is a cozy French cuisine restaurant situated a few hundred yards away from Chicago Millennium park. We offer a specially selected variety of French & European dishes and wines to the citizens of Chicago and the World.



Explore the fabulous regions of France. The light and landscape which has inspired grand masters and modern artists today. Discover Roman and Medieval history in our menu. Experience and appreciate French culture, cuisine and wine. Our chef, a true French gentleman from the Grande Champagne region of France, will meet your highest expectations for a divine experience of French delicacies. Thinking of engagement, reengagement, and love story – come to us!







Problem broken down

Problem definition

 The Lafayette Restaurant-Francais, a major up-scale

restaurant, is opening in four weeks.
 The manager of the restaurant needed to set the prices

of the dinner menu that would be in place for at least six months.



We assume the following

Assumptions (1)
60 85 85 85

 Clients visiting restaurant:
Sunday Monday Tuesday Wednesday

Thursday
Friday Saturday

85
150 150

 Clients ordering meals:
Appetizers 90% Soups 90% Entrees 80% Deserts 80%

 Working hours: 60h / week



We assume the following

Assumptions (2)

 Number of served meals
160 140 120 100 80 60 40 81 81 7272 60 85 77 77 68 68 85 77 77 68 68 85 77 77 68 68 85 77 77 68 68 150 135 135 120 120 150 135 135 120 120 Total Appetizers Soups Entrees Desserts

20
0 SUN MON TUE

WED

THU

FRI

SAT



Opportunity (1) There is a great opportunity for the fine French dining  

The Millenium park is a major sight-seeing and recreation location in downtown Chicago. The surrounding area is packed with expensive office buildings, many of which serve as premises to Fortunate 500 companies. The Millenium park is within the walking distance from The Magnificent mile. The Magnificent Mile contains a mixture of upscale department stores, restaurants, luxury retailers, residential and commercial buildings, financial services companies and hotels, and caters primarily to tourists and the affluent. The area also has a high concentration of the city's major media firms, such as the Chicago Tribune newspaper, and advertising agencies.





Opportunity (2) There is a great opportunity for the fine French dining 

The Magnificent Mile includes 3,100,000 sq ft (290,000 m2) of retail space, 460 stores, 275 restaurants, 51 hotels, and a host of sightseeing and entertainment attractions to more than 22 million visitors annually (Source: www. Wikipedia.org )




The United States is home to an estimated 13 to 16 million people of French descent (source: www.wikipedia.org) There are 4 000 of people of French descent living in Chicago area




Chicago is home to French-American Chamber of Commerce with over 3000 members (source: http://www.facc-chicago.com/ Love is #1 international language (source: as experienced by the team)



Know your market & competitors (4K)  

Market & Competitors

Our market is the Millenium park area, a popular sightseeing & recreation place in downtown Chicago. Tens of thousands of highly skilled people work in in a 1-mile radius from the Millenium park


  

Millions of visitors go through the Millenium park and the nearby Magnificent mile each year There is only one French restaurant in a close proximity to the Millenium park – Henry Chicago http://henrichicago.com At the same time, there are around 10 French restaurants & cafes within 1 mile walk from the Millenimum park Competitors average check for dinner: $45 - $55.



internationally exposed, 35+ years old, married, in love, white-collar, earning over $50K annually

Segment definition

...
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