• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14
  15. 15
    15
  16. 16
    16
  17. 17
    17
  18. 18
    18
  19. 19
    19
  20. 20
    20
  21. 21
    21
  22. 22
    22
  23. 23
    23
  24. 24
    24
  25. 25
    25
  26. 26
    26
  27. 27
    27
  28. 28
    28
  29. 29
    29
  30. 30
    30
  31. 31
    31
  32. 32
    32
  33. 33
    33
  34. 34
    34
  35. 35
    35
  36. 36
    36
  37. 37
    37

Would the opening of a fast food restaurant on Riddy lane (Luton) represent a sound business proposition?

Extracts from this document...

Introduction

Would the opening of a fast food restaurant on Riddy lane (Luton) represent a sound business proposition? Contents- Terms for reference.........................................................................pg. -Introduction....................................................................................pg.3 -Aims and objectives........................................................................pg.3 Methodology.................................................................................pg.5 Market Research Methods..........................................................pg.5 Questionnaire Design...............................................................pg.5 Sampling...............................................................................pg.6 -Findings.............................................................................pg.7 Questionnaire..................................................................... pg.7 1. Competition......................................................................pg.14 2. Fast food Market................................................................pg.16 3. Location...........................................................................pg.18 4. Target Market....................................................................pg.20 5. Product...........................................................................pg.22 6. Price...............................................................................pg.22 7. Promotion........................................................................pg.23 8. Demand...........................................................................pg.24 9. Business Structure...............................................................pg.25 -Conclusions................................................................................pg.26 -Recommendations........................................................................pg.29 -Bibliography...............................................................................pg.31 -Appendices.................................................................................pg.31 Summary of Questionnaire........................................................pg.31 Blank Questionnaire...............................................................pg.33 Menu's........................................................................................................pg.35 Street Map...........................................................................pg.36 Terms of Reference...............................................................page 1 Introduction.................................................................................. Aims and objectives........................................................................ Terms of reference- The person who has asked me to put this report together is my business studies teacher. The main decision I am trying to reach through the completion of the report is whether the opening of a new fast food business is appropriate to invest in. The date in which the report must be handed in to my teacher is Friday 17th July 2009, 1.50pm. Introduction- What I am trying to find out through the completion of the report is weather a fast food restaurant is a sound business proposition on Riddy lane (Luton). I also am trying to find out the target market and who would be the rivals if a new fast food restaurant is set up on Riddy lane. Finding out the target market would result in knowing who actually consumes the product. Knowing fast food rivals in the area would help comparing pricing for the product. The fast food restaurant is planned to be located on Riddy lane which is located in Luton and the county is Bedfordshire. If the fast food restaurant is to go ahead, my research will have to show high demand for it to be considered a sound proposition. As if there is no demand then the product will suffer a loss which will result in the fast food restaurant being unsuccessful. Aims/objective Aim- The overall aim of this report is to find out if a new fast food restaurant on Riddy lane would be a sound business proposition. ...read more.

Middle

0% said they would travel buy Taxi, 0% said cycle. The most popular way of transport was buy walking and the least was car and taxi. So if a investor would considering opening a new fast food restaurant on Riddy lane they could take in consideration that most potential customers would walk to the fast food restaurant, so they would not have to provide customers with cycle stand which would help them keeping there cost low. They would not have to provide potential customers with parking space as there is already parking space available as well as my results showing not a lot of people would travel buy car. Actual features are what exist in the product itself, such as design, colour, shape, size. From the evidence I have collected I have realised the actual features provided buy the new restaurant might be the takeaway, as it was the most popular result. A subjective feature would create an image that is created in the mind of the consumer. From the evidence I have gathered, I have realised that leaflets is the most popular result. A leaflet is a great way of creating an image of the business in the customers mind as you can describe the business in a way which will attract the customers 6. Demand- The business concept I will use is demand. For a new Fast Food business to succeed it must shows sighs of profit. Potential customers must show demand for the product which is going to be up for sale. Using the demand concept will allow me to identify the consequences if demand is too low or high. If demand is too low, not enough sales will be achieved to cover cost resulting in the business making a loss which could lead to failure. If demand is high this will help the business succeed as potential customers are willing to purchase the product, this will minimise cost and increase profit. ...read more.

Conclusion

However this may not be needed for a franchise is unable to meets its debts the franchisor usually pays the debts. 11. Consumer Spending- From the secondary research I have collected it states that the "consuming spending in 2002 quarter 4 has increased by 1.5 % on the previous year. Leading on to year 2007 quarter 4 has increased by 2.8% on previous year", this shows customers are willing to spend, therefore a new fast food restaurant on Riddy lane would benefit from this as if customer are willing to pay it will increase the chances of demand as well profit, leading the business to be successful. 12. Would the opening of a fast food restaurant on Riddy lane Luton Represent a sound business proposition?- From all the information I have collected and analysed I believe a new fast food restaurant would be a sound business proposition. The main reason for why I have reached this decision is because of the high amounts of demand the business will gain as it will have over 7000 people in the target market. Also I believe as the business is going to be a franchise it would benefit highly from that, as it will have help all the way until the business is successful. I believe that a new fast food restaurant on Riddy Lane would be a profitable business as I have identified the products the competitors provide and have found a gap in the market for providing more of a healthier option as no rival business dose so. However due to the competition the business may not be as successful but I believe the only threat for a new fast food restaurant on Riddy lane would be chicken as it is the only business that is taking advantage over the location it has. Riddy Lane is an ideal place to locate the business as there are a large number of schools, colleges and local residents in the surrounding areas. Also, the easy access to the main road resulting on deliveries being delivered on time and customers are finding it easier to access the restaurant. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Case Studies section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Case Studies essays

  1. Peer reviewed

    organisational structure

    3 star(s)

    which have to be controlled by supervisors or managers, who in turn are controlled by their deputies or department managers. An example would be that a supervisor would want to know how much span of control they have over his/her employees, so they would check the structure of the business

  2. Peer reviewed

    McDonal's "seniors" Restaurant

    3 star(s)

    Well, establishing relationships with the customers is also an advantage because they can do product positioning with the customers and establish also loyal customers.

  1. Business studies Coursework - Study of a small established local business

    Explain Why? Yes, I do think that there are overpriced items in my store. The reason why some items are overpriced is because we are open at times that the nearby shops are not and offer services that are unique to our store in this area.

  2. Panasonic Creates a Single Version of Truth from Its Data

    This removed a lot of the manual element of the product information management process. It enabled Panasonic Europe to consolidate data, as well as systematize the business processes related to the data. The new solution give the ability for manufacturing plants input information directly into WebSphere Product Center or it can be imported from SAP, i2 and other applications.

  1. EVALUATE THE EFFECTIVENESS OF APPLES APPLICATION OF THE MARKETING MIX WITHIN THE UK MARKET

    The iPhone 3G - The new member of the family On July 14, 2008 Apple announced it sold its one millionth iPhone 3G on Sunday, just three days after its launch on Friday, July 11. iPhone 3G is now available in 21 countries; Australia, Austria, Belgium, Canada, Denmark, Finland, Germany,

  2. MAZDA CARS IMC PLAN

    the marketing budgets of communication and promotion, greater emphasis on accountability and the promotion of the application new technologies and interactive communication. And it is that some people in local companies as hell, because instead of the division of communications in the superposition of several ministries, organizations use a strategy, making communication with a coherent message and strategy .

  1. Task 4: What is the most important factor for generating repeat purchase at the ...

    Therefore a better business and more profit. However this factor might not be seen as very important when it comes to generating repeat purchase because people might not care what the food looks like or the way it was made.

  2. Primark and Blockbuster Describe the main aims and objectives of the business and the ...

    Primark will achieve this by having an objective to making everyone in the store feel individual and also by making everyone feel like they are ?special' and no different from one another. Primark aims to target young, fashion-conscious under the age of 35?s, offering them high quality and fashion basics

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work