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1. EXECUTIVE SUMMARY...............................................................................................4

1.1 Company Identification..........................................................................................................4

1.2 Mission Statement..................................................................................................................4

1.3 Business Goals.......................................................................................................................5

1.4 Keys to Success......................................................................................................................5

2. COMPANY SUMMARY...................................................................................................5

2.2 Legal Form of Ownership......................................................................................................7

2.3 location and Facilities............................................................................................................7

2.4 Management Structure...........................................................................................................8

2.5 Products and Services............................................................................................................8

2.5.1 Products...........................................................................................................................8

2.5.2 Services...........................................................................................................................9

3. MARKET ANALYSIS.......................................................................................................9

3.1 Target Market.........................................................................................................................9

3.2 Industry Analysis..................................................................................................................10

3.3 SWOT Analysis....................................................................................................................11

3.3.1 SWOT Analysis Explanation.........................................................................................12

4. MARKET STRATEGY...................................................................................................13

4.1 4Ps of Marketing..................................................................................................................13

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4.2 Price List..............................................................................................................................14

4.3 Promotional Strategy............................................................................................................15

4.4 Sales Forecast.......................................................................................................................15

5. IMPLEMENTATION STRATEGY...............................................................................16

5.1 Overall Strategy............................................................................................................................16

5.2 Monitoring Plan............................................................................................................................18

6. FINANCIAL STATEMENT AND PROJECTION.......................................................19

6.1 Forecast Profit and Loss Statement............................................................................................19

6.2 Forecast Balance Sheet................................................................................................................20

7. FINANCIAL REPORT...................................................................................................21

7.1 Financial Projections............................................................................................................21

7.2 Financial Position.................................................................................................................22

7.3 Estimated Capital/Investment Needs...................................................................................22

8. References.........................................................................................................................23
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1. EXECUTIVE SUMMARY

1.1 Company Identification

The Great Palace is a new restaurant that will be engaged in the preparation of food. To meet the

standard of the name of the business, new and improved diets will be provided with a range of

organic and non-organic ingredients used. Additionally, the restaurant will also consider the on-

table preparation of meals, whereby customers make their orders and get their meal prepared for

them after the order has been made. Since this will take time, beverages will also be incorporated

as part of the food products to be sold in this business to keep the customer engaged while

waiting for the meal to get ready. In as much as the products and services to be offered will be

aimed at meeting the customer expectation of palace services, the environment where the

business will be located will be serene and quiet, just a few kilometers away from the city with a

relaxing atmosphere which will be brilliant for the customers. With an unmatched level of

customer service, the sales in the first year are expected to be substantial.

1.2 Mission Statement

The Great Palace restaurant provides high quality, health-enhancing food services in a serene

environment. Traditional meals will be offered from Friday through to Sunday with some of the

global meals from key traditions being prepared. Being a local restaurant in a serene

environment, we are dedicated to ensuring that our customers enjoy their meals in a hassle-free

environment that is safe, attractive and filled with the melody of the gusty wind. With many

restaurants being mainly concerned with making profits, preparing fast foods, which mostly pose

health issues, concerns to the consumers, Great Palace is aimed at promoting prolonged life.
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1.3 Business Goals

The first goal of the business is to maintain an achievable level of customer satisfaction. This is

in line with the mission of ensuring customer enjoyment through high-quality meal service

delivery. Moreover, to achieve this level, employee satisfaction will be considered at first as they

will be the people to make the goal accomplished and also achievable. Secondly, the business has

the goal of promoting the local economy. With the location of the business and the employment

of the local people to serve in the restaurant at various levels, local employment pressure will be

reduced.

1.4 Keys to Success

 High-quality, safe food which provides competitive prices through enhanced long-term

partnership deals with suppliers.

 Enhanced customer-Great Palace communication which will ensure an attainment of the

highest level of customer satisfaction and for customer retainment.

 Continued expansion into the local areas of increased investor’s profits and the business

profitability through improved marketing channels used.

2. COMPANY SUMMARY

2.1 Industry History

There has been a vast growth of cuisines in restaurants, especially those from Asian culture and

Mexican fast foods such as tacos, tortillas, burritos, and tamales among others which have taken

over America (Lo 2011, p.399). Of the Asian food, including Chinese sushi, Vietnamese

asparagus, and Thailand’s cilantro among many more. The sharing and spread of food cuisines

have been attributed to the migration of people whereby the immigrants into a country carry with
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them their local ingredients and start preparing their meals. These have been adopted by many

food outlets and restaurants in the food industry. These food trends that have resulted in mixed

cuisines have brought about a food fusion. Restaurants have moved from the preparation of local

meals which are native to the country to the east and west mashup.

The cooking techniques and ingredients’ over the years have been further improved by an

adopting country to look like what the original country of origin makes but differentiated. For

instance, the tacos, according to history are Mexican, but in America, they are referred to as Tex-

Mex. This is because the American taco is a little bit smaller than the Mexican and the

ingredients used are also slightly different, thus making it American (Table A.39, 2017). The

increase in the number of restaurants in the industry has also been faced with issues of quality

and health concerns whereby the FDA has put regulations which will ensure the food industry is

more concerned about the health outcomes and illnesses associated with the meals being

prepared.

With this competitive industry, strategic operations are crucial to the success of the business. In

as much as people will always be eating, the industry is aimed at providing something more than

just food which is the experience that the customers receive (Townsend et al. 2010, p.200). The

food industry is vital a country, especially those which attract highest tourist visitations. Rather

than nature, these people expect to meet at home regarding the food. In as much as it is easier to

understand the food fusion, it is not easy to cook a different meal to perfection. Having this

knowledge, the Tex-Mex restaurants in America at first engaged in the business, but employed

Mexican women who were residing in the country to cook the meals.

With the debate on whether GMO products are good for health, the industry has been forced to

consider alternatives which will bring less harm and destruction to the people but also enhance
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profitability. For one, organically produced products are expensive as compared to conventional

products (Curtis 2013, p.157). In this regard, healthier products and services in the industry have

been changing its history based on consumer demand and availability of the products. In short,

based on the history of the food industry, the business will operate in a competitive and ever-

changing environment which is open to new entrants but with a ready market.

2.2 Legal Form of Ownership

The principal investors will own the business which implies that it is a limited liability company

(LLC). Since this form of ownership provides the owners with protection, it is a separate legal

entity. By separate, it means that the business is independent of its members, thus debts cannot

be carried over to them and in case of being sued, those involved in the business cannot take its

assets (Dignam & Lowry 2014, p.15). As such, the founders serve the purposes of overseeing the

daily operations of the business as the manager.

2.3 location and Facilities

The business will require a quiet location probably a little bit far from the hassles of a big town

setting. This means that the location will be serene; parking space will be enough to serve the

customers regardless of the day of the week, and also safe. With an estimated 300 square meters

size of the restaurant, it will have internet servers installed and a 24hour communication system

which will enhance the answering of customer needs and questions.

The facilities required by the business include a building with all the kitchen facilities installed.

Currently, the building to be used is almost as complete as it is in the final stages of completion.

Payment for the building will be made on an installment by the owners according to the

agreement between the owner and the construction company. The kitchen facilities will be

bought on cash term basis and also the internet server installation will be paid immediately.
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The company also needs a traffic control facility which should be organized by the local

administrator since the business will open more opportunities for the development of the area

through the attraction of more investors in the region. Additionally, it will also boost the

economy of the region, which implies that many people will be visiting the area; thus traffic will

have to be controlled to avoid destruction of movement into and out of the area.

2.4 Management Structure

Since the business is just starting, it will initially depend on the founders as part of the

management team. However, as it continues to gain root and expand the business will need a

marketing team, research team for expansion purposes and development team. The key positions

available are the CEO and CFO who is the chief financial officer. Key responsibilities of the

CEO making major decisions for the business, manage the operations of the business and its

resources (Diser & Schhfer 2017, p.12). In addition to that, the CEO of Great Palace has the

responsibility of being the center of communication in the business. For the CFO, his or her

primary responsibility in the business includes financial planning to ensure smooth operations of

the day-to-day activities. Specifically, the CFO is charged with the responsibility of record

keeping, managing financial risks and carrying out financial reporting (Diser & Schhfer 2017,

p.16).

2.5 Products and Services

2.5.1 Products

The business’ main products include traditional cuisines such as those from China, Mexico,

Vietnam, Thailand, and Japan. Snacks will also be offered and beverages for customers to relax

with as they talk and wait for the main meal to be served. In addition to that, different types of

soups will also be offered as part of the products at the restaurant. Gift boxes will also be part of
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the product since many people like taking special moments of their lives in a serene environment

like Great Palace.

2.5.2 Services

Great Palace offers enjoyment and business conference rooms due to the large size of the facility.

Concurrently, swimming pool services will be provided and also acapella band entertainment,

especially on Friday and Saturday nights.

3. MARKET ANALYSIS

3.1 Target Market

The main target market for the business is the business people near the town where the restaurant

will be located. This decision was arrived at after analysis indicated that most of these people

have cars and they spend much time trying to get a parking space in the restaurant that is the city

where they work. Moreover, time spent in waiting for the line to be served ends, lunch hour has

already elapsed, making them resolve to fast foods and drinks like coffee, which does not serve

their purpose per se depending on the need for satisfaction (Potter 2012, p.81).

Other than the working population, the business also targets students from the nearby college as

most of them prefer having their food outside of school. Concurrently, this also provides them

with a serene environment to bring their friends and loved ones for a special treat in a quiet place

that is beautiful and brilliant for talks. Lastly, the local community is also a target in as much as

they provide most of the services in the business because they also need to get exposed to other

cuisines that they are not used to.

Focusing on the demographics of the target market, male and female consumers is both being

targeted with a majority of them being of ages 18 and above? The business founders have a
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vision of also incorporating geographical demographics in that it markets its services even to

immigrants and tourists, thus expanding the scope of their boundaries and operations to get to a

higher standard.

3.2 Industry Analysis

In the United States, the food and drinks restaurant industry as of 2015 had reached 745.6 billion

dollars (Eife 2009, p.390). With a forecast that the figure is expected to rise, the number of

people being employed in the industry is also forecasted to grow as well. This means that

educational institutions will also get high enrollment numbers from students who desire to

pursue careers in this field and line of work. With the explosion of diversity and the need for

customer satisfaction still growing in the industry, the niche opportunities for entrepreneurs are

still available.

Regarding revenue, fast food generates over $570 billion making the industry grow at an annual

rate of 2.5% (Potter 2012, p.79). Based on statistics conducted in the industry, about 50 million

Americans eat in these restaurants and especially fast food outlets. The main reason behind this

high number of consumers is because most of them consider price, taste, and quality which some

cannot make at home on their own. This has made the fast-food sector generate a total of 50%

when it comes to sale in the industry.

Since most locations have the same items such as menu, music, simple look and condiment table

services, consumers enjoy recognizable menus. This will make them visit any restaurant

regardless of where it is, so long as the quality is the assured (Hua 2014, p.403). On the other

hand, there are certain perceptions associated with the industry, which include low wage

payment to the employees, poor working conditions, unhealthy meals, and cultural degradation

all of which could tarnish the name of a restaurant. In order to respond to these perceptions,
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healthier menus are being developed, efficient operations adopted, diversification of franchise,

and effective use of technology which will ensure low cost through online service delivery.

3.3 SWOT Analysis

Strengths Weaknesses

 Health conscious preparation of meals  Insufficient capital to launch the full

 The environmental atmosphere is scale of the owners’ vision

brilliant and inviting  Lack of awareness of health issues

 Availability of long-term strategic associated with GMO and

target market and population conventional food which makes the

prices to be contested

 Expansion of businesses in the

industry with many brand names

Opportunities Threats

 The importance attached to brand  Taste of the food and excellent service

loyalty provision

 Incorporation of balanced nutrition  Shortage of employees with

and dining environment knowledge of traditional food

 Exploration of other traditional food preparation of other countries other

more than Chinese cultural foods than Mexican and Chinese

which are common  Retainment of customers

3.3.1 SWOT Analysis Explanation

The strengths of the business such as health consciousness will be achieved through the

utilization of ingredients and food stuff which are produced organically. This means that most of
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the locals in the area will also get more opportunities to start engaging in agriculture as the

restaurant will be their market (Bilgin 2017, p.34). The cultural environment which appears more

like a rural area is brilliant for those who want to enjoy a peaceful meal in a quiet place which is

free of noise and air pollution. The long-term strategic customer target of tourists will ensure that

the business moves from local to international target consumers who will enhance its brand name

growth and profitability.

However, every business has weaknesses and for this business insufficient funds is one of them.

The founders desired to have everything and the facility fully functioning before they start

operations, but with limited capital, some of the facilities such as garden dinner locations will

have to wait and be installed later. Most of the talented chefs being employed are most proficient

in American, Mexicans and Chinese meals with a few or none having knowledge of Thai,

Vietnamese and Japan cuisines which limits these possible consumers from getting that

traditionally experience (DeMicco 2015, p.436). Additionally, many brand names have emerged

in the industry with some of them destroying the reputation of start-up businesses due to poor

quality. This weakens the rate of consumer adoption of the business.

Subsequently, there are opportunities available for the expansion of the business such as brand

loyalty being emphasized among businesses. This loyalty ensures that the customers’ views are

considered and that the business strives to set its standard and stick to it (Hua & Templeton 2010,

p.57). Imported cuisines when not properly prepared cause health issues such as obesity and

other coronary diseases. As such, the business has the opportunity of ensuring it provides a

balanced diet for its consumers and also dining environment which is fit for family dinners.

Taste is a threat, especially in a business dealing with cuisines which are not local. This is

because the taste gives the consumer an experience which they have either missed or wished to
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have (Maari 2018, p.29). With the shortage of employees being proficient in these cuisines, the

taste could be interfered with, which means that consumers will lose faith in the restaurant thus

will not come again. Moreover, if they do not return, retaining consumers will become a threat as

word of mouth spreads faster than internet reviews of a restaurant.

4. MARKET STRATEGY

4.1 4Ps of Marketing

In order to maintain customer satisfaction, quality delivery, and value addition a business should

consider some crucial concepts in marketing. One of these is the marketing mix 4Ps which stands

for product, price, place, and promotion. A product is the good or service that a business offers

and as such, business owners often develop products which will achieve the goal of customer

satisfaction (Hill 2015, p.295). Knowing what to sell and to who is one question in any business

that requires the 4Ps research. In this start-up restaurant, the first P relates to the food which is

the main product to be offered at the Great Palace.

The second P which stands in place refers to the location of the business, suppliers, distributors,

the internet and logistics at times. Positioning strategy, understanding has to be good in start-up

business since it is all about giving the business a beautiful view of how you would want the

customers to view it (Hill 2015, p.296). The place is a catchphrase relates to the business as it

will attract customers to come and enjoy the diverse cuisines that the restaurant has to offer in the

serene environment.

Thirdly, there is the price P which focuses on the amount customers have to pay for the products

and services being offered. In pricing of goods and services, discounts, credit, cash and price

setting are key things to consider. This ensures that stellar results can be defined and achieved
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before investments are made (Hill 2015, p.296). This is because setting the price too low may cut

out some customers as they will doubt the quality while setting it too high may limit those who

are on a budget from purchasing the goods and services.

Lastly, there is the promotion P which mostly covers communication to the customers about the

products and services being offered, the value they will get from consuming them and also the

benefits of choosing this particular business. Publicity relates to this business as it enhances

public relations which put the business ahead of the competition (Hill 2015, p.297). Effective

communication fosters promotion of the business as word will spread faster about the business

which will attract potential customers from far and wide to visit the business and accrue the

benefits of a quiet environment where one can enjoy a delicious meal.

4.2 Price List

Taco $5 Mee Korb $300

Sausage gravy $7 Thai rice with chicken dumplings $120

Lobster $180 Chinese Sushi $70

Steak $65 Vietnamese Porridge rice $69.9

Chicken soup $4 Burrito $5

4.3 Promotional Strategy

Task Responsibility Target Date

Display Head Chef 3/10/2018
Discounts and Gifts CEO 24/11/2018
VIP Card Issuance CEO 15/12/2018
Newspaper advertisement CEO 27/19/2018
Mail advertisement CFO 27/19/2018
Internal publicity CFO 1/10/2018
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4.4 Sales Forecast

With the expected good season for the restaurant industry, the sales in the first year of operations

are expected to grow. This is due to the increasing number of consumers for fast food and also

the good climatic conditions which have fostered agricultural productivity. From the opening, we

expect that all the products and services on the menu will be purchased at least every day.

Additionally, the market is also expected to have grown more competitive in the town, thus

brand promotion, and improved quality through promotion and competitive prices will have to be

considered. In the light of this competition, the business will engage the use of corporate social

responsibility (CSR) to enhance its competitive advantage in the market.

Month Unit sale (number of dishes Total sale amount

sold)
December 2018 29 $1,225.00
January 2019 54 $1,404.80
February 2019 129 $1,674.00
March 2019 174 $1,828.14
April 2019 212 $1,955.00
May 2019 311 $11,174.00
June 2019 350 $11,940.10
July 2019 394 $12,543.76
August 2019 643 $13,740.00
September 2019 770 $13,849.75
October 2019 864 $13,780.00
November 2019 936 $13,855.00

5. IMPLEMENTATION STRATEGY

5.1 Overall Strategy

Competition in the restaurant business is increasing and rivalry as well. However, the market

share still increases as new inventions in dishes and cuisine mashup is making the population to

prefer these restaurant foods (Lo 2011, p.401). As such, the business will use a multiple-target
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market strategy. This strategy implies that the business will target as initially agreed upon people

of different income levels. This means that in as much as they eye the high- income earners, the

middle-income earners who can afford their prices are not left out. With this in mind, special

interest will be paid to customers who demand business conference services and leisure catering,

which will enhance the promotion of the business.

After the establishment of a firm word of mouth marketing, the following phase will use a cost

reduction strategy. In as much as the business would wish to increase its profit rapidly, cost

reduction has its advantages. For one, effective collaboration with the technical team and the

suppliers of the restaurant could make them provide the goods and services at a bargained price

(Curtis 013, p.155). This, in turn, will reflect on the restaurants’ menu in that food and services

prices will be reduced. As a result, there will be a customer inflow at the restaurant so long as the

taste and quality are maintained. Moreover, while increasing the quality at affordable prices, the

business will also be able to abide by all the rules and regulations in the industry, thus

establishing a unique business culture which can be considered to be first class.

To strengthen the business launch in the consecutive years, new markets will be ventured in by

establishing new distribution channels to enhance its reputation. The focus will also be

concentrated on advertisement to ensure that even those customers who are price sensitive have

the information concerning the new prices that the business uses which can also accommodate

their budget (Hua 2014, p.398). Concurrently, this penetration strategy is feasible in enhancing

customer loyalty and attracting more to the business.

Through low-cost franchising, the business will integrate a unique brand strategy which is

essential in adding value to the products and services being offered by the company (Maari 2018,

p.33). By unique, the business will be engaged in finding out the negative reviews and comments
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about their products and services and as such correct them in time. Moreover, by obtaining the

information from the customer and inviting the customer again to experience the correction

consolidate the business relationship with the customer.

Since the business is a start-up after the multiple-target marketing strategy which will be

launched immediately the business starts the other strategies will be implemented after every six

months of operations to allow for assessment and monitoring of the growth and development of

the business (Table A.39, 2017). The main goals for implementation are to establish a brand

name, enhance customer loyalty and engagement in the business, increased profitability and

penetration into new markets with opportunities for restaurant business growth.

5.2 Monitoring Plan

To evaluate the success of the company in meeting milestones, a monitoring plan will facilitate

the process. Since the founders still run the company, the milestones will be evaluated by the

CEO and CFO. With time, as the business grows and incorporates other personnel to run the

various departments, then the monitoring plan will change to fit the management structure. Since

growth is financed through cash flow, then the financial impact monitoring is critical in

indicating the growth of the business. On the other hand, this will also facilitate quality control

based on the financial performance of the company thus enhancing customer satisfaction.

Milestone Start date End date Manager Department

Financial Impact 1/2/2019 6/2/2019 Chief Financial Finance

Officer
Quality Control 15/4/2019 20/4/2019 Chief Financial Finance

Officer
Customer 7/8/2019 8/8/2019 Chief Executive Management

satisfaction Officer
Monitoring 1/1/2019 28/4/2019 Chief Executive Management
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schedule Officer

6. FINANCIAL STATEMENT AND PROJECTION

6.1 Forecast Profit and Loss Statement

Forecast Year 1 Year 2 Year 3

Cash Received
Cash from operations $135,817 $150,769 $190,503
Additional cash $102,000 $125,450 $130,120

received
Expenditures Year 1 Year 2 Year 3
Expenditures from $171,397 $200,000 $215,870

operations
Additional cash spent $58,162 $71,349.95 $100,405
Sales tax $17,412.60 $20,102 $25,360.50
Cash spent
Cash from sales
Bill payments $43,640 $56,000 $58,230
Dividends
Cash from

receivables
Total $528,428.60 $623,670.95 $720,488.50
Expenses $259,613 $309,845 $398,530
Net Cash $268,815.60 $313,825.95 $321,958.50

6.2 Forecast Balance Sheet

Year 1
Current Assets
Cash $70,140
Other current assets $32,050
Total assets $102,190
Long-term assets
Long-term assets $1,254,600
Accumulated depreciation $12,000
Total $1,266,600
Liabilities
Current liabilities Year 1
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Accounts payable $31,650

Borrowing $10,000
Other current liabilities $1,120
Subtotal liabilities $42,770
Long-term liability $1,802,145
Total liability $1,844,915
Paid capital $251,862
Earnings ($13,117)
Total capital $238,745
Total liability and capital $2,083,660
Net worth $238,745

7. FINANCIAL REPORT

7.1 Financial Projections

These financial projections are expected to grow slowly on an annual basis with the core factor

being cash flow. The assets of the company which is regarding its facilities, products, and

services are expected to grow as the market share grows. Since clients cannot be pushed hard to

maintain loyalty to the business, they are attracted through the various strategies and also quality

delivery. Quality can only be attained if there is enough cash inflow to ensure that the operations

of the business are not stagnated. The projections over the first three years are based on the

availability of the market, ready goods to be used in the production phase, which meets the

required quality and availability of employees who are loyal to the brand.

There were assumptions made during these financial projections, which include:

1) Collection of required products will be conducted on time

2) All the collections will come in full quantities

3) The healthy growth trend in the industry and specifically in the business

4) Continued local economy strength, growth in the location of the business

5) Develop the business I line with technological developments and advancement in the

industry and beyond

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These underlying assumptions show the growth of the business and the industry to be consistent

throughout the year based on the annual projections of financial growth and balance sheet

outlook.

7.2 Financial Position

From the financial projections, it is seen that at the end of the year the company is running on

positive figures. This implies that the business financial position in the market is excellent as the

revenues accrued are more than $100,000. Considering the size and nature of the business, this

return in value is feasible for growth. At the end of the financial year, most of the expenses are

paid in full and taxes, as well showing that the business is abiding by the rules and regulations of

the industry for successful operations. Additionally, it can also be said that the marketing strategy

employed by the business has placed, it is a good position in the market.

7.3 Estimated Capital/Investment Needs

The capital need for the business is estimated to increase because the business requires more

personnel in the management department, finance department, marketing, research, and

development. All of these personnel require different payments, thus the need for increased

investment in the business. On the one hand, the capital need will be required to pay off some

debts which the business owes and also clear the construction cost which is being paid in

installments. Concurrently, the estimated future installment percentage is expected to increase

the initial value to be paid since the land value also increases.

On the other hand, investment needs are required to ensure that the burden of the business does

not solely lie on the founders but also investors. On the brighter side, increased future investment

will facilitate growth in other parts of the market thus increasing the profitability of the business.

With an estimated $1 million in capital needs to cover for the technological advancement, facility
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establishments, and employee retainment, the future need for capital and investment is evident.

Moreover, from the projected finances, it is clear that it will take the business for about five years

or more to save enough money to carry out these activities.

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East and West, 61(2), 399-402. doi:10.1353/pew.2011.0024

Maari, K. Z. (2018). Model of obtaining competitive advantages by the companies of the

restaurant industry in the Russian market. Business Strategies, (7), 27-29. doi:

10.17747/2311-7184-2018-7-27-29

Maari, K. Z. (2018). Model of obtaining competitive advantages by the companies of the

restaurant industry in the Russian market. Business Strategies, (7), 27-29. doi:

10.17747/2311-7184-2018-7-27-29

Potter, A., Murray, J., Lawson, B., & Graham, S. (2012). Trends in product recalls within the

agri-food industry: Empirical evidence from the USA, UK and the Republic of Ireland.

Trends in Food Science & Technology, 28(2), 77-86. doi:10.1016/j.tifs.2012.06.017

Table A.39 Selected management practices - Strategic plan, business plan and service delivery.

(2017). doi:10.1787/tax_admin-2017-table97-en
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expectations in the decision to start a new venture, Journal of Business Venturing, 25,

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