Market Research on the Restaurant Business

Topics: Marketing, Marketing research, Competitor analysis Pages: 3 (834 words) Published: October 6, 2014
This chapter presents both foreign and local studies and literature that will give enlightenment to the conduct of the study. It includes reviewed studies literature, relevant to the present study. Foreign studies Literature

Many people are reluctant to enter the restaurant business, and for good reason--the numbers are daunting. According to the most recent figures, 60% of restaurants fail within their first three years of operation. And, other statistics indicate that the figure may be as high as 90%*. Those are unsettling odds by any standard, but are they just odds? Is the success or failure of a restaurant just a matter of pure chance and luck or is there some skill involved? The answers might surprise him. Through extensive market research and by speaking with both accomplished and struggling restaurateurs, the researchers have come up with the top ten reasons why restaurants fail and he can decide for herself if there is a formula for success as a restaurant owner. LACK OF CREATIVITY

This is a major problem. Every restaurant will inevitably encounter problems that seem to have no solutions. The ability to come up with creative solutions to these problems must be a routine part of running a restaurant. No matter what the situation is, when something goes wrong, there is Highly likely a solution. Finding that solution requires imagination, communication and persistence. One of the most untapped resources for innovative ideas is a restaurant’s employees. Don’t be afraid to build up a rapport with her employees. They can be a wealth of information and new perspectives. Whether solving problems or coming up with fresh ideas, restaurant owners should constantly challenge themselves by asking the question at the beginning of each day: “In order to improve my business, what am I going to do today that I haven’t tried before?” INSUFFICIENT MARKET ANALYSIS

When was the last time he has researched market...
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