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Whether there is a scope for an Egyptian Restaurant on Edgware Road.

Extracts from this essay...

Introduction

Coursework Title: Whether there is a scope for an Egyptian Restaurant on Edgware Road. Edgware Road is one of the most popular restaurant locations in North London, catering for mainly Arabs its restaurants sell fine Arab cuisine and are very busy throughout the year. My business proposition would be to open an Egyptian restaurant which would sell famous Egyptian cuisine as well as a range of Arab desserts, Arab and Turkish tea, hookah, ice cream as well as other light take away snacks such as sandwiches and rolls. All food would be available in Hallal and kosher, the café would also cater for vegetarians. I came about this idea when I noticed that on Edgware road there were predominantly Lebanese Restaurants and I felt that this proposed restaurant would give me a Unique Selling point. The restaurant would mainly be targeted at those who go to restaurants regularly in the area. The restaurant will have a very authentic Egyptian-Arab feel towards it, it would be luxurious and comfortable with a friendly and welcoming atmosphere. I am hoping that this will be a very unique restaurant and with the right marketing strategies would become very well known in and around the north London area. There will be quite substantial competition as there are many similar restaurants located in the surrounding area; however as my proposed restaurant should have a slightly different edge to those already there it should prove to be popular. I would have to carry out some basic competitor analysis to find out more information about any possible threat. The main USP of my restaurant will be that it is an Egyptian one with an Egyptian feel and a very unique style food which is not available in the area. Upon noticing the thriving Restaurants on Edgware Road and realising a creative USP; my coursework is to establish whether it is feasible to open an Egyptian Restaurant on Edgware Road.

Middle

Increased responsibility leading to Job Enrichment * Better Pay - This would be entirely dependent on the situation of the company i.e. whether or not a wage increase could be afforded. What has been mentioned above can only be seen as a rough guide of what I intend to do, it will be unlikely that I will be able to follow this plan to the exact, changing situations would have an impact on the way that I manage and run the business. Internal as well as external factors would play a part. Questionnaire. Regarding the chosen area, in this case Edgware Road, the questionnaire would be conducted surrounding the ever-busy Edgware Road Station, which is situated on the Circle, District and Hammersmith and City Lines as well as outside the main restaurant area. I have chosen to question 50 people on a Friday Night in early January - this is a very busy time for many of the restaurants as many customers are still on Christmas holidays. By holding my questionnaire on this night I hope to get a balance of many different age groups as well as a fair mix between male and female restaurant goers. I must conduct my questionnaire in an appropriate manner by not offending anyone with embarrassing questions or bother those who do not want to answer the questions. I will begin my questionnaire at roughly 7pm and hope to finish by 10pm. Before I start my questioning someone, I will first note his or her gender and likely age group. I will do this to avoid asking personal questions about a person's age. Once these 2 criteria have been established I will proceed with my questionnaire. I will have the following age groups. 15-20 20-25 25-35 35-45 45-60 60+ Q1- Do you regularly eat out at many of the of the Arab restaurants in the area? This question is to determine whether the person questioned eats at any of the restaurants in the area.

Conclusion

Competitor based A suitable location on Edgware road Researched on the internet - see location/premises section What type of promotion strategies should I use? Leaflet Distribution The costs involved in starting such a business See Cash Flow forecast Staff Apropriate Chefs and waiters have been located and costs of staff defined Areas of threat/competition SWOT Analysis of Proposed Restaurant Strengths * The business would have the USP of being the only restaurant in the area catering specially in Egyptian food. * The Cash Flow Forecast shows that the business will begin to make a profit in July, 6 months after its opening. * The proposed promotional strategy (Palestinian Charities) is a strong one and plays on people's often-emotional views. * My secondary research shows that the restaurant market in the UK is growing quite steadily and that ethnic food restaurants are the most popular. Weaknesses * Despite the encouraging figures in the Cash Flow Forecast, consideration needs to be made that the sales figures are optimistic and only an estimate. They do not guarantee sales in that number. Opportunities * As stated earlier, he restaurant industry is growing fairly steadily. * The option of opening in other locations in London if the restaurant proves to be successful. * If the restaurant proves to be popular we can sell our name as part of a franchise allowing other people to benefit from the success that would also raise our profit margins as well as create more awareness of our restaurant. * Possibility to create a fast food division within the store further exploiting market trends and 'cash rich, time poor' consumers. Threats * The number of well establoished restaurants in the surrounding area, which could use tactics such as predator pricing to eliminate my restaurant. * If this USP or Niche is successful it may encourage other restaurants to adopt a similar strategies in order to take market share. * It may be hard to attract customers form the more well established restaurants that have a loyal customer base. Final Recommendations - Is it feasible to open an Egyptian Restaurant on Edgware Road?

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