Market Research on the Restaurant Business Free Essay Example

When was the last time he has researched market trends In her area or did a comprehensive market study and write-up for his restaurant? Ha she ever? If not, he is not alone. Failure to establish that there Is a market for he r restaurant and the failure to stay abreast of market trends, are two of the most tragic mistakes a assistant owner can make, especially because these mistakes can easily be avoided.

Even something food stalling as simple as a stop and greet survey on the street can establish consumer likes and dislikes, perceptions, needs and demands.

Before opening their restaurant’s doors, restaurant owners should establish a demand for their cuisine or service, and an ability to capture a market share. Once those doors have opened, restaurant owners should analyze the direction of consumer demand and make changes and adjustments accordingly. Without a fact-based knowledge of he market, an informed decision is not possible.

According to By Army ABA-He safe (2008), there are some reasons why a certain restaurant were being closed and downfall among these are :Lack Of Attention To Detail,interdepartmentally, poor inventory management, lack of dedication and time commitment Inadequate emphasis on hilling and training, lack of consistency, ineffective marketing and advertising campaign, Developing and maintaining business.

Without customers, he has an empty restaurant, and an empty restaurant is a failed restaurant. No matter what other problems his restaurant faces, if he can consistently get enough people in the door, those problems ultimately will not matter.

High traffic will Highly likely lead to high profit.

A solid marketing and advertising scheme will create steady customer flow, but keep in mind that it is up to the restaurant team to ensure that the customers come back again. Top quality food and service is the key to fostering positive word of mouth and turning first time customers into repeat customers. Most restaurants try the shotgun approach when it moms to advertising, throwing money at radio stations and newspapers without purpose in the hopes of attracting a customer or two.

This approach will highly unlikely succeed without a well thought out marketing strategy. There is an endless supply of inexpensive and even free opportunities to promote herself and her restaurant. The average restaurant spends 3-6% of its revenues on advertising. But without a marketing plan, a restaurant will not maximize the value spent on advertising. It is crucial to establish the goals of the advertising campaign pinpoint re target audience and develop alternative ways to better reach her audience.

It is also incredibly important and helpful to be able to track the source of her business. Marketing and advertising is the first item on this list because the rewards of effective marketing and advertising will work wonders for a well-run restaurant and can even offset some of the effects of a poorly-run restaurant. Individual details of the operations of a restaurant may appear insignificant, but collectively.

Remember! This is just a sample.

You can get a custom paper by one of our expert writers.

Get your custom essay

Helping students since 2015