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Laura study guide prelim1 - TABLE DFIXE A LARIX HOTE P...

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PRIX FIXE App Main Dessert **Most control of restaurant TABLE D’HOTE App (1) Main (1) Dessert (1) **Price depends on the main course A LA CARTE: App Main Dessert **Guests control what they spend HA 305 PRELIM 1 STUDY GUIDE Restaurant Marketing In class we discussed the elements that are used to conduct a feasibility study for a restaurant within a market. You should be able to identify the key characteristics of the “grids” and the “feasibility framework” and relate them to our efforts to describe Taverna Banfi’s presence in the Ithaca market. Be mindful of the categories of loyalty and the key value drivers that we defined in class that were specifically relevant to the Taverna. What Do Restaurants Do? Service: adding something to make it worth more, turning the service into an experience Know your Market: F&B Feasibility Study: o A tool to help you breakdown a market o Format is standard for investors and consulting firms o Very relevant for those trying to open their own business and also relevant for people valuing assets in the marketplace The General Market (Macro-Market Analysis Checklist) o What is your market share? Direct Competition (Apple Bees vs. Chilis) Indirect Competition (McDonalds) Is competition growing? Is market share declining (literally, customers dying out because of old age) What is the general trend in the market? (health trends, going green) o Key changes in marketplace: Population Economics New Industry New Schools New Homes New Building Changes in lifestyle/eating habits Changes in demographics Market Analysis Tools- THE GRID SYSTEM Testing the Concept with the Grid System: o Demand generators o Concept generators o Competition o SWOT Analysis
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Demand Generators: Understand what is important about your concept Demand based on target market, day of week, type of meal
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Concept Descriptors: Example: breakfast convenient, fast, inexpensive Single Value Drivers that you need to determine value of product Target markets/descriptors Competition Analysis What are your competitors doing, what do you do differently, competitive advantage How successful are competitors in providing desired experience relative to your operation SWOT Analysis: Strengths, Weaknesses, Opportunities and Threats TAVERNA BANFI: What are the key value drivers?
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o Value: key location, in hotel right on campus, charm of the students, quality of the food (ex: fresh pasta), local ingredients, incredible wine program Competition? o ZaZa’s, The Heights, John Thomas Parking at Statler= issue Target Guests? o Parents, professors, hotel guests, perspective students, job hirers, locals What do Restaurants do? BRANDING: Must be promise behind the brand o Shift from agrarian to industrial o Asymmetric info o Technology Advances uncertainty o Info needs of consumers increased o Gov’t regulation introduced to protect consumers and fraud from producrs *favorite restaurants + why? Susskind’s= 4 Seasons and Tijuana Flats
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