Market Research & Business Strategies Market Research & Business Strategies
3 Market Analysis 3.1 Identify the business customers, and the expected market segment in details In District 2, the population is more than 182.000 people The citizens in District are diverse in class and career Our target customers and segment are described by this chart Age Gender Stage Nationality Income Characteristi c Demand From 18 to 55 years old Female Male Citizen CUSTOMER PROFILE Dsitrict citizen - Female would be the main customer for breakfast because they care more about the food - Male would choose breakfirst in restaurant with their colleague Normally live in District with family Vietnam, Other Mostly coming from Ho Chi Minh city or other country such as Korea Over 10,000,000VNĐ Willing to pay 50,000VNĐ – 80,000VNĐ for Breakfast - Busy life - They not have enough time to prepare - Do not know how to breakfast for their family and willing to pay for fast cook service and good - They not have many bits of knowledge with food, but they love to have good meals which remind them about family meals - Fresh environment - Healthy food - Reasonable price - Hygiene space - Good Service 3.2 Identify and propose market research methods used to identify the market (Pending) I did the survey in Vietnamese as well as in English and was writing in a respectful way because the respondents were almost Vietnamese and Korean who are older and high class in society Although this is a paper project, I still want to seriously examine the real needs of District citizen when they chose Pho as a breakfast Besides that, I did inteview with five food vloggers to pioneer more about guest experience These survey results show to me the project's viability and, thanks to that, I will also edit the strategies to make the project more practical Fortunately, I am also one of the residents of District and I know a lot of people around here, which is a great opportunity for me to this survey Almost people I know who are living with their family with similar characteristics to our target customer In order to manage the quality of the survey, the people who get the survey should be Vietnamese and Korean because those people are our main customer Furthermore, I also filtered unqualified answers during the survey to deliver the most objective results Questionairre Question Age Under 18 years old 18 – 24 years old 25 – 34 years old 35 – 44 years old Over 44 years old Income No Income Under 10,000,000VND 10,000,000 – 15,000,000 15,000,000 – 25,000,000 Over 25,000,000VND Stage Officer Managing Director, Manager Businessman Freelancer Housewife Student Living place Binh An, District An Phu, District Thao Dien, District How often you have breakfast in restaurant? Once a week Twice a week 3-4 times/week More than times a week Never What time you get your breakfast? 5AM – 6AM 6AM – 7AM 7AM – 8AM Purpose Using Define customer demographic To limit the area of survey Analyze the characteristics: habits, interests, cares, etc -> Sales and Marketing -> Business Strategy Define customer demographic To know how many of them are willing pay for eating at a restaurant and what they are expecting -> Pricing Define the profile of customer To know what is the different of eating out habit of different occupation -> Business Strategy -> Sales and Marketing Define the profile of customer Food and beverage trends in their living area -> Sales and Marketing Strategy, Business Strategy Define the profile of customer Sales and Marketing Strategy Promotion Business Strategy Define the profile of customer To consider the opening time and define rush hour for breakfast 8AM – 9AM After 9AM Who you usually go to eat Pho with? By yourself Friends Colleague Husband or wife Family As a breakfast option, how many times you are able to eat Pho in a week? Once a week Twice a week 3-4 times a week More than times a week How much you often to spend for a bowl of Pho? From 40.000VNĐ to 50.000VNĐ From 50.000VNĐ to 60.000VNĐ From 60.000VNĐ to 70.000VNĐ Above 70.000VNĐ How long you take for breakfast? Less than 15 minutes From 15 to 30 minutes More than 30 minutes When you order Pho, how long are you ready to wait? Less than minutes From to 10 minutes From 10 to 20 minutes From 20 to 30 minutes Whether you choose to eat Pho for lunch or dinner? Yes No If Pho is chosen for lunch or dinner, you can eat it? Once a week Define the profile of customer Restaurant seating plan Business Strategy Define the profile of customer Business Strategy Seating plan Define the profile of customer To consider the policy of pricing tools Define the profile of customer Restaurant seating plan Business Strategy Define the profile of customer Business Strategy Define the demands in eating Pho Business Strategy Define the demand of customer Business Strategy Twice a week 3-4 times a week More than times a week Do you often order soft drinks (ice tea, water, coffee, smoothies ) when eating Pho? Yes No Sometime How much are you willing to pay for a refreshing drink? From 10,000 VNĐ to 20,000VNĐ From 20,000 VNĐ to 30,000VNĐ From 30,000 VNĐ to 40,000VNĐ More than 40,000 VNĐ Where you usually consume beverage after the breakfast? At the restaurant At coffee shop Do not consume Have you ever ordered food online (GrabFood, Baemin, Foody ) yet? Yes No If "No" you want to try this service? Yes No When choosing Pho as a breakfast, Please indicate your importance to the criteria below? Location Variety of meat Quality of Pho Taste of Pho Price Define the profile of customer Marketing and Sales Strategy Define the profile of customer To consider the policy of pricing tools Define the demand of customer Sales and Marketing Strategy Define the demand of customer Business Strategy Define the demand of customer Business Strategy Define the demand of customer Marketing Strategy and Business Strategy Quality of service Staff attitude Credit and reputation of the restaurant Hygiene Restaurant decoration Beverage menu Loyalty customer promotion As a customer, what are the criteria that an ideal Pho restaurant should be ……? To define the demand of customer Marketing Strategy and Business Strategy Survey analysis 1) Demographic The survey was conducted online from 30 June to July 2020, with the findings after 64 participants were filtered out 77% of the survey participants are from 18 to 34 years old in which 31.3% is from 18 to 24 years old and 45.3% is from 25 to 35 years old 15.6% are people from 35 to 44 years old and 7.8% participants are over 44 years old 70.4% of the survey participants are in stable jobs and able to pay for their own meals included 45.3% are office employees, 14.1% are CEO and directors and 9.4% are businessmen Besides that, I also choose surveyors who are house wifes and University students because those customers still have demand for my product and afford to buy As mention, our target customer income is over 10million VNĐ/month The results of the survey shows there are more than half surveyor are our potetial customers who afford to pay for our products The chart shows that 51.6% usually pay for a bowl of Pho is 40.000VNĐ to 50.000VNĐ However, we are selling a product with higher quality of product and service so we not descrease our price of product because that is not our segment 40.7% of participant usually pay over 50.000VNĐ are a part of my target customer because they not care too much about the price but the quality of Pho should be considerable value for money Fortunately, most of people in District like beef Pho which is our main product There is only person over 64 participants chose chick Pho as his favorite The importance to the criteria that affect to customer choice: (1- Completely not important, – very important) In District 2, almost our target customers are people who have high income and want to have a good and nutrious breakfast It is not surprise that the results of the survey are the same what I expected As we can see, 82.8% paricipant agree that the quality of Pho is very inportant to decide everything Even the price, location, popularity, promotion is nothing if Pho taste is not good as our customer want to eat Besides that, breakfast is very important for a long working day It should be nutrious, clean and positive in the mouth So there are 84.4% of participants want to enjoy their breakfast in a hygiene place People will feel more delicious when eating in a clean place Furthermore, staff attitude is what we want to invest more in this criterion because this is our strength that the competiors not have The result shows that promotion is not very necessary I will not apply any promotion in my restaurant to show that we always want to bring the most quality of Pho with the most valuable price There are a part of the surveyor comments which is the evidence to show the most things for a ideal Pho restaurant are: Quaility of Pho, Hygiene and Quality of Service 3.3 Business strategies In our restaurant, what we are aiming for is a sustainable business model at our restaurant The sustainable business model focuses on three main objectives with the criterion of leaving no consequences for the next generation: economy, society and environment Although our restaurant is a new, young and small-scale enterprise, we believe this will be the first step and the foundation for the development of business If I have to rank these criteria as important, I would like to give you the following: environment, society, and profit Environment The first thing we are concerned about here is the environment We've suffered a lot of environmental pollution impacts in recent years To avoid this effect from generation to generation, we have to start from today, from the smallest actions The first thing we is reduce the use of disposable plastic, or cut it off completely All tableware is made of eco-friendly materials like ceramics, porcelain, glass, wood, acetate, etc In addition, during processing, we will work with the kitchen team to compost organic fertilizers from waste products, and customer residues They will deliver this compost to the garden in the back of restaurant to grow vegetable We are also going to work with the staff on this ideology of zero waste Over time the entire restaurant will be researched and built from sustainable long-term materials Equipment will also be bought from the best brands in the restaurant to reduce the depreciation costs Society The most important thing at our restaurant is food To cook decent meals we use clean and fresh ingredients as much as possible We choose Pho which is a traditional Vietnamese dish, because these are the things that have raised us daily My grandfather and my mom have worked a lot in the environment of Western cuisine, we recognize that we know the most about Vietnamese cuisine What I find most memorable when I was in Australia for years is the meals my mother was taking care of We cook at our restaurant just like we for our family member: no dirty food, no industrial products, no flavorings, and no additives All of this begins with the most primitive materials Further expanding our vision, we wish to affirm Pho's appetite Inherently healthy, Vietnamese cuisine is a balanced combination of taste, yin, yang and texture So we want to raise people's awareness of Vietnamese cuisine's perfection This is what we dedicate most to working at our restaurant Work productivity is all we are looking for when recruiting staff Productivity of employees is also important in our restaurant but above all hard work and learning Experience or knowledge are all things that can be learnt if you want to learn, observe, and be proactive What's more, employee attitude is something we care most about It shows by the actions, behaviors, and concerns they are giving their work Employees in our restaurant are the face of the restaurant Positive attitude will yield good products No violence, no insult, honesty with yourself and your surroundings are the keys to our human development Customers look forward to having meals in civilized space, for now From my experience, I saw many customers complain to us that they feel disrespectful when they come to restaurants where managers are unable to manage the quality of the product, the quality of the service and the most important thing, customers It's a very difficult thing to explain the concept of a civilized space, for us this is a sense of respect because most of our clients are Vietnamese and Korean Economy I have learned Cost Control in Vatel University that to make a business survives and developes, we have to maximize the profit To make more profit, we have to reduce cost and increase sales How to reduce cost ... different occupation -> Business Strategy -> Sales and Marketing Define the profile of customer Food and beverage trends in their living area -> Sales and Marketing Strategy, Business Strategy Define... Restaurant seating plan Business Strategy Define the profile of customer Business Strategy Define the demands in eating Pho Business Strategy Define the demand of customer Business Strategy Twice... Hygiene and Quality of Service 3.3 Business strategies In our restaurant, what we are aiming for is a sustainable business model at our restaurant The sustainable business model focuses on three