FIN 375 WEEK 1 VENTURE CONCEPTS PAPER 2

Topics: Venture capital, Restaurant, Marketing Pages: 5 (1090 words) Published: July 25, 2015


Venture Concepts Paper
Fin/375

Venture Concepts Paper
The venture that I chose is not conceptual but reality. The venture that my family started three years ago is SaMi's Place Mexican American Restaurant. This paper is to describe and analyze the startup of a business venture. The startup process would be to plan and develop this business by listing such details as 1) number of employees 2) type of facility/equipment needed 3) target customer demographics and 4) marketing channels. Research will also be conducted on one current company that is an appropriate benchmark to my venture, describing similarities and differences. Description of products

In today's fast-paced lives, there are people that do not have time to cook and need a good restaurant to eat at with reasonable prices. SaMi's Place will offer a variety of Mexican-American food that can appeal to all ages and food palates. Our cuisine ranges from grilled pork chops to traditional homemade tamales with fresh salsa, chips, and an array of dips/sauces. Number of employees

The number of employees that we began with was 13 employees, which included a dining room manager, servers, hostess, cashier, chefs, and a bus boy. Several employees are needed to make sure that each customer is attended to properly so as not to wait for drinks, refills, and their food (M.S. Segars, personal communication, July 6, 2015). Type of facility/equipment needed

A building will need to be chosen that would accommodate the size restaurant we envision in our business plan. We will need grills, ovens, microwaves, commercial dishwashers, cooler, freezer, and an assembly buffet for the kitchen. For the dining room, table, chairs, menus, silverware, plates, glasses are a few items that will need to be purchased (M.S. Segars, personal communication, July 6, 2015). Target customer demographics

There are several Mexican restaurants that are already open so competition will be great and the need to target customers will be a part of the strategic plan. Analyzing target markets and competitive markets are essential to knowing what type of developments will need to be made (Fuerst & Geiger, 2003). "Eating" is something that every person has to do, but it depends on your business plan of how you will run your business that will determine if your restaurant is one that the people pick. You want to make sure to have a restaurant that all classes of people will feel comfortable in. Menu pricing will need to be researched and compared to not only the competitor but with the cost of food (M.S. Segars, personal communication, July 6, 2015). Marketing channels

The most common and successful channels of marketing are with mail-out coupons, hand-outs, newspaper coupons, and social media. In the business plan, keeping your menu fresh with new "Daily Specials" and discount pricing days for our senior citizens and military customers is a great way to attract new customers. Implementing customer loyalty programs and asking your customers spread the news of your great restaurant. Another marketing channel would be radio commercials. The commercial will broadcast over thousands of people, letting everyone know you are open. We, the owners, will be accountable for building the business relationships with the food service companies, the advertising/marketing organizations, and the area city business developer (Briere, L., 2015).

Benchmark Company
One restaurant, which I know is directly competitive with us, is Camino Real Mexican Restaurant. This restaurant has been in business for 24 years. They were one of the very first Mexican restaurants that opened in our town. The restaurant started out having 12 employees and now has expanded to having 20 employees and is still very successful. The restaurant opened in 1991 and had remodeled and expanded by adding a back patio for customers to eat outside. They have been...


References: Briere, L. (2015). 14 Restaurants marketing tips for success online and off. Retrieved from
http://vision-advertising.com/restaurant-marketing-tips-success-online-and-in-the-restaurant/
Fuerst, O., & Geiger, U. (2003). From Concept to Wall Street. Upper Saddle River, NY: Prentice Hall.
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • FIN 534 Quiz 1 Week 1 Essay
  • 375 Week 1 paper
  • FIN 550 Discussion Questions Week 1 11 1 Essay
  • FIN 370 Week 2 Team Study Guide Ethics and Compliance Paper
  • Week 1 2 Disappearing Languages Essay
  • Venture Budgeting and Forecasting Paper
  • FIN 375 Week 2 Venture Budgeting and Forecasting Paper
  • Essay about FIN 370 Week 2 Discussion Questions DQ 1, DQ 2, and DQ 3

Become a StudyMode Member

Sign Up - It's Free