Fast Food Restaurant Business Plan

BRIEFLY describe the main product(s) you will be offering in one or two sentences.

Fast Food Restaurant will be offering French fries, chicken, and hamburger as its main product. Moreover, another section will provide beverages to our potential clients.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Discuss sources you will use overtime to come up with ideas for potential new products.

Research and development will be one of the sources to come up with ideas for potential new products in this business. Apart from ideas, it will improve our efficiency since it will enhance other important things. In addition, Web technology will be applied to get ideas from internal employees. The worker can share their ideas about new product and by picking the best idea and rewarding the employees can motivate them to be more creative and contribute more in future. Fast Food Restaurant will also gain excellent product development ideas from external sources. For example, customers who know best what they are looking for such as specific product or a unique feature in a particular item for consumption. The competitors are other useful sources since it is easier to note what to include in the business by researching competitors. Finally yet importantly, is distributers and suppliers; distributers works very closely with the market and they know customers problem and their needs. Suppliers also aid with the information that can be used to develop new products.

Identity TWO marketing reasons for new products failure and describe what your company will do to avoid each of them.

The product failed to deliver the desired outcome and buyers' expectation. The clients were not satisfied as it was projected. The products consumers were disappointed, and they were unable to consume the products. Remedies to this will be setting customer expectation level and achievable promise. It will satisfy clients and therefore enjoy taking a product from Fast Food Restaurant. Furthermore, a poorly executed launch is another reason why new products fail. The majority of the new products require a reasonable degree of promotional support to build their awareness and to accesses potential buyers. The proper new product launch will help to solve this setback.

Market product grid:

Students, staffs, and residents/others are the three market segments. It gives essential information when scheduling production. Providing staff need and satisfaction in this business will be vital because they are potential consumers in the Fast Food Restaurant Company.

Using either a head-to-head or a differentiation approach, construct a positioning statement for your company or product.

Fast Food Restaurant Company will use pricing positioning as one of the positioning strategies. In this, there will be two ways to approach price positioning. Use of high-end tank will exploit the psychological beliefs that products that are more expensive are more valuable. Hiring celebrities as spokespeople will create brand awareness. This will inspire buyers to follow celebrity basket of goods since consumer tend to trust them. Use of competitor-based positioning will also be addressed. Business cannot improve much without a competitor. Comparing the rates or services with our competitors will enhance improvement and development of the market.