ACCT1101 VBE Business Plan Emerald Takeaways ACCT1101 VBE BUSINESS PLAN EMERALD TAKEAWAY PREPARED BY: ANDONIS KHOO 43169351; MASON RAWLING-JONES 43590955; AIDAN VAN WYK 43938605; REED MARTIN ADAM PETERS 44096605 Page 1 of 31
ACCT1101 VBE Business Plan Emerald Takeaways Page 2 of 31
ACCT1101 VBE Business Plan Emerald Takeaways Description of the Business Plan Emerald Takeaway is a competitively priced takeaway restaurant aiming to satisfy customers with delicious food and friendly service. There is a large variety of meals available as we strive to cater to all budgets and we pride ourselves on ensuring that customers receive the quality products they have come to expect from Emerald Takeaway. The business operates under a sole proprietorship, the owner being Andonis Khoo, and is operated by three managers at the business’s location in Virtual Island. Store Manager Mason Rawling-Jones, Assistant Store Manager Aidan van Wyk, and Operations Manager Reed Peters have a total of over 60 years’ combined experience in hospitality and senior management positions. With an ever changing customer base and financial and ecological challenges, Emerald Takeaway must become dynamic in its services in order to remain profitable. To address the dynamic business environment Emerald Takeaway is considering methods such as a home delivery option in order to provide more convenience for our customer’s busy schedules. We believe the significant investment required for the implementation of this service will reap substantial financial rewards for our business in the long run and may even be able to provide enough capital to consider future expansion by franchising the business. Page 3 of 31
ACCT1101 VBE Business Plan Emerald Takeaways 2 Marketing strategy Market Conditions Demographic Trends Emerald Takeaways operates in the immediate geographical location of Virtual Lakes which is a growing middle-class community with 25,000 residents (51.3% females and 48.7% males). The area is expected to have an annual population growth rate of 10%, increasing the potential customer base for the Emerald Takeaways. The majority of the residents of Virtual Lakes are families of four and the average age is 37.3 years, which is found to be the same as the Australian median age. (Univerisity of Queensland, 2015) Economic Conditions Consumer buying power refers to the capacity of an individual customer or a specific market to buy certain quantities of goods and services and can be reflected by comparing the relative income of residents to the state average (Kokemuller, 2015). Within Virtual Lakes, the median income for an individual is $750 per week compared to the state average of $584 per week in 2011. (Queensland Government Statistictian's Office, 2014). With the median weekly income for individuals within Virtual Lakes being close to 30% higher than the state average, consumers will have an increased disposable income. Thus consumers are more likely to spend more and this is likely to boost Emerald Takeaway’s sales growth. (Boundless, 2015).
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