Our strategy is to establish a restaurant located on a college campus in the food court or common area and focus on protein packed foods with a web based app to track their carbohydrate intake. This program would allow us to help our members plan their meals and pre-order on our app. An area of particular interest would be the Tivoli at Metropolitan State University of Denver. This provides access to our target market as well as high traffic areas for common commuters. The restaurant is designed to model a Starbucks coffee or Jamba Juice serving fresh made beverages but also allows our member to have the breakfast, lunch, or dinner ready for pick up.
What makes us different then the competitors? We will have an interactive relationship with our customers allowing them to place orders, track eating habits, and manage cost of eating from their phones. This service would add value to our customers by providing them real time reporting on how they spend their money, how well they fuel their bodies, and track fitness goals.
The menu will be a simple menu with less then 10 items. This allows the restaurant to focus on a handful of food and drinks favorites, at the same time reduces cost and shelf life issues. Our future/long term is goal of opening a 24 hour health restaurant.
Feasibility Study Assignment: (There are 3 parts to this assignment):
You will conduct a mini-feasibility study on the idea you find interesting, innovative AND creative.This study will not be as in-depth as you would do in practice, but it will give an idea of what should be included in a feasibility study. You will do this study in a three-part series. You may work with a partner OR you may do the feasibility alone. I suggest that you work with a partner to lessen the burden and to lighten the load a little. Ultimately it is up to you.
Proper research citations required. The total numbers of pages for this assignment SHOULD NOT EXCEED nine pages. A full letter grade will be deducted for every page beyond NINE.
TOTAL POINTS FOR THIS ASSIGNMENT: 100 Points
Section I of the Feasibility Assignment:
A. Description of the Business: Write two or three paragraphs explaining the product or services to be offered.
Things to include in the description of the business section:
• What product or services to be offered? Discuss in detail.
• How will it work?
• Benefits of product, differentiation strategy
• What are the competitive advantages and how will you stand apart from competition?
• What problem are you solving in an innovative and unique way?
• Why is this needed?
o Why do feel this is a good idea and how is it unusual compared to what is already on the market?
• How you will deliver the product to the customer, where they will find it, etc.
• Where will you be located? Get specific with city and location within the city.
• DO NOT ASSUME THE READER KNOWS ANYTHING ABOUT YOUR IDEA
B. Market Feasibility: Provide a 2-3 page write-up on your target market, the industry, and your competition.
Things to include in the Market Feasibility section:
• Description of the Industry (get numbers/stats, explain the industry you are in),
• Discuss the external environment
• Discuss the trends that are occurring to date, economic issues, etc
o General external environmental analysis
o What trends support your idea? Explain/discuss/analyze
• Current Market Analysis (describe the current market and what it is doing)
• How large in the industry and what is happening. Discuss the future projection and outlook for the industry
o Report key statistics for the industry and reference
• What life-cycle stage is the industry? Discuss how this is relevant to your idea
• Who are the market leaders? What percentage of market share do they own? How will this impact you?
• IBIS database is a great database to use for this section
• Competition (discuss three specific competitors)
• - look at direct competition and indirect competition
o explain what they are doing and how you will differentiate
o List names of competitors and discuss in detail each key competitor. What do they offer? How are they unique? What added benefit are they providing? How are you different? How are they priced? Why do you feel they are successful?
• Discuss what are people using now instead of your idea? What are the competitors offering similar to you (explain) AND how will you differentiate?
• Anticipated Future Market Potential –(generally…how large you think your market is and why).
• Potential Buyers
• Who is your target market? Describe in great detail who will purchase your product/service.
o Include a strong description of who the target consumer is.
Demographics, psychographics, behavior, geographics
Age, income, # people in household, where they live? What products/services they buy, attitudes/opinions/beliefs, etc.
• Sources of Revenues, revenue stream and revenue model.
• How will you make money? What stream? What are your sources of revenue? What are your cost drivers? Explain where customers will find your product/service
• Make sure you reference and properly cite your stats. APA format.
Section II of the Feasibility Assignment:
You will conduct a mini-research study to find out what customers think about your product, what they want, what they need, what they would change, etc.
This study will be a very brief version of what you would conduct in practice, and should give you insight to your target customer. In practice, you would need to conduct a very thorough study on your target market and on your product/service using a larger number of potential consumers.
You will EACH need to interview 5 potential target customers. These individuals must be people who would want to purchase your product/service. In addition, they should be individuals you would target to buy your product/service if you actually developed it. You will need to take notes during each interview and attach them to your feasibility assignment/report.
Report: In written, paper format you will need to summarize your findings. In other words, you will need to write a brief summary (2 pages) of your market research results. Summarize what your potential customers liked, and did not like about your product, who they are, what they do, what they buy, what competing products they are using, the price they are willing to pay and what they are paying now for a similar product, what they thought of your idea, etc. Also, you will need to include a paragraph on how you would tweak/change your product to better fit their needs. Conclude by discussing what you learned from talking to your target consumers.
Note: on this portion of the assignment each of you must interview 5 target customers (for a total of 5 interviews IF you are working alone or 10 total… if you have a partner).
Do not wait until the last minute.
Things to ask your target customer in the market feasibility section:
• Who are they, what they do, and what type of product/service they purchase that are similar to yours.
o What are they currently using and what does it cost them?
o What they like and do not like about the product/service they are using now?
• What they like about your product/service and what they do not like.
o How would they improve your idea? Suggestions
• What price they would pay for your product/service.
• Do they think there is a need/demand for your product/service in the marketplace?
• What type of products/services do they wish was on the market currently?
• You can create a questionnaire (survey) or you can interview them in person, focus-groups, one-on-one, etc. See Market Research Lecture 4 (Module 4)
Feasibility Section III: (Answer the Following Questions)
1. Select and discuss the legal form of business structure you would use for your new venture? Why do you feel this is an appropriate choice? Explain.
2. List 3 pros and 3 cons of the organizational structure you selected.
3. Who is the TEAM? What skills do they have relevant to the idea? Who is missing? Discuss the strengths and weaknesses of the team. If you were an investor would you feel confident that the team could execute? What concerns do you have? Discuss.
4. Do you need to secure intellectual property?
a. How will you protect your idea from theft?
i. If it is not patentable…how will you protect it?
ii. Explain in a paragraph or two HOW you will protect your IP.
1. Be specific and thorough
b. Summarize your feasibility analysis.
i. Do you feel your idea is feasible? Why or why not?
1. Summarize the strengths and weaknesses of the “idea”
2. Do you feel it could be successful? Explain.
3. Discuss the largest obstacle/challenge for the “idea”.
4. Discuss the concerns you have with the idea
ii. What are the key added benefits/ competitive advantage and will it meet these?
1. Analyze your idea through the 4 criteria of an opportunity
iii. Where do you go from here? What is the next step? Explain
• You must reference properly.
• A FULL letter grade will be deducted for not using proper APA.
• A FUll letter grade will be deducted for papers longer than 9 pages. The 9 pages EXCLUDES the cover page.
• YOU NEED AT LEAST 3 references for this project. The paper should be in written format (NO outlines), double spaced, in 12 pt font with 1” margins.
• NO outlines allowed..this is a paper and should be written as such
This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.Our strategy is to establish a fusion of a mini- restaurant/ convenience store: offering fresh, natural, and healthy food options grab-and-go style for people who are in a hurry, making it extra convenient to eat a healthier meal or snack. A small and cozy space with chairs and tables will also be placed inside for people who want to eat and stay for a just a bit longer inside the restaurant.
The said mini restaurant/ convenience store would be located inside a college campus in the food court or common area. Its focus would be offering well-balanced and properly proportioned meals (e.g. wraps with tuna and lettuce paired with a fruit juice of choice)....