BUSINESS PLAN Business Plan Part 1 CJ’s Restaurant ✓ Solved

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Mission Statement: CJ’s mission is to give the customers the best customer experience through quality food and exceptional customer service. The company will exist to serve the customers with delicious and quality food every day. CJ’s has the following values:

  • Customer experience and satisfaction are at the core of the business. All the business operations are geared towards giving the customers an exceptional product or service they will not find in any other company.

  • Ethics - The business is committed to respecting individuals, honesty, integrity, and ensuring that the organization's operations focus on the impact on other people and businesses.

  • Communities - The business will participate in community development projects such as helping the needy and infrastructure development.

  • Continuity - The business intends to improve its products and services continually.

Industry Profile and Overview: The restaurant industry is highly competitive, and it is hard for a new business to get into the industry due to various entry barriers. One of the barriers is strict health requirements, where a business will be put to an end if they do not meet the requirements during an inspection. Getting into the industry is hard for businesses with insufficient capital. The big restaurants enjoy economies of scale and buy materials at a lower price, and hence they are in a better place to offer lower prices to consumers. The various trends in the industry include the fast-food trend where many restaurants of all sizes are starting up fast food joints selling fries, burgers, tacos, chicken, among other foods, enhancing competition in the industry. The key to success in the industry is quality; if your food is quality, then customers will be willing to buy from you and vice versa.

The packaging of the food provided will be biodegradable to ensure that it does not pollute the environment. Additionally, the business will ensure the waste of the company is filtered before disposal to avoid contaminating and polluting the environment. Environmental laws are very important since if the business does not abide by the laws, there are legal consequences, including fees and termination of the business.

Competitor Analysis: The fast-food restaurants in the company are numerous in the industry, and this will be the source of competition for the business. The current competitors include McDonald’s, Burger King, Wendy’s, Dunkin’, among others (Brody, 2017). The industry is growing, and new large-scale fast food restaurants may pose competition to the business. CJ's will offer affordable and high-quality products to differentiate the brand from the competitors. Delivery will be available for the products at a lower cost and for free for customers near the restaurant.

Business Strategy: This company is a fast-food company owned by shareholders; the business is a separate legal entity from the shareholders. The business model for this company is a retail chain store where the company shall own a series of stores in the country. The business will have company-operated stores that will account for 70% of the revenue and licensed stores that will account for the 30% of the company revenue.

Business Plan and Its Components: A business plan is a written document that usually entails a breakdown and presentation of a company’s core business activities, objectives, the plans that the company has in order to ensure it achieves preset goals and objectives (Masciocchi, 2019). A good and detailed business plan should include an executive summary, the company’s products and services, the marketing strategies and analysis, financial planning and the budget.

Executive Summary: Often written as the last part, the executive summary comes on the first page. It is usually a general overview of the entire business plan. It summarizes the plan, capturing the attention of the reader.

Products and Services: This section outlines the products or services that the intended business intends to deal in and produce, including why the market needs the product and how it will compete with other businesses dealing with similar products. This part includes the products or services that the business intends to venture into in the near and long term future.

Marketing Strategy and Analysis: This section presents a general description of the business’ product, price, place, and promotion. It explains the product that the business wants to venture in coupled with pricing considerations, target market, and promotional strategies.

Financial Planning and the Budget: This section deals with the financial aspects of the business. It acts as the financial roadmap for budgeting and is often used by the business to seek financing from vendors or financial institutions, covering current and growth financial projections for the business.

New Business Idea: The business plan will be based on a fish processing business idea. The demand for white meat is increasing with changing life demographics, representing a lucrative business opportunity. The plan includes outsourcing raw fish, processing it to produce various fish products, and selling it to the middle-income and lower-income populations. Door delivery procedures and logistics for products to customers will also be provided.

Market Analysis: The marketing strategies and financial planning included in the idea assessment will ensure that the business plan is economically practical and feasible (Jukova et al., 2019).

References: Brody, A. S. (2017). Supersizing Urban America: How Inner Cities Got Fast Food with Government Help. Jukova, E. E., Ilina, I. Y., Gundarin, M. V., Potekhina, E. V., Misanova, I. N., & Zotova, A. I. (2019). Planning a new business: typical mistakes of a business plan in the service sector. Journal of Environmental Management & Tourism, Masciocchi, B. (2019). How to make a business plan. In Studies in Surface Science and Catalysis (Vol. 179). Elsevier.

Paper For Above Instructions

The business plan presented for CJ's Restaurant outlines a focused mission to elevate the customer experience through high-quality food and exemplary service. The primary goal is to develop a fast-food company that not only competes effectively within the existing market but also stands out in terms of quality, service, and community involvement.

Mission and Values

The mission statement clearly articulates the commitment to customer satisfaction as the cornerstone of the business. This involves not just providing quality meals, but also a complete customer experience that fosters loyalty. Furthermore, the identified values of ethics, community involvement, and a focus on continuous improvement will help solidify the brand's identity in a competitive landscape. By prioritizing ethical practices, the company aims to build trust among consumers, which in turn can enhance customer loyalty and community support.

Industry Profile

As explored in the industry overview, the restaurant sector is notoriously competitive, with high barriers to entry. CJ's Restaurant must navigate strict health regulations and the capital requirements essential for starting and sustaining operations. Nevertheless, identifying market trends, particularly the rising popularity of fast food, provides a clear path for competition. Attention to product quality and sustainability in packaging can differentiate CJ's Restaurant from other players in the market.

Competitor Landscape

Understanding competitor practices is crucial for effective positioning. By analyzing major industry players such as McDonald’s, Wendy’s, and others, CJ's can uncover gaps in service or product offerings that can be leveraged to attract consumers who seek higher quality and affordability. Effective strategies might include a unique pricing structure, emphasis on fresh ingredients, and enhanced customer service protocols to create an appealing alternative to fast-food giants.

Business Strategy

The dual model of company-owned and licensed stores is a prudent strategy that can provide both stable revenue and avenues for expansion. By having a larger portion of company-operated stores, CJ’s can maintain quality control and brand integrity, while continued licensing could allow for swift scaling. The emphasis on delivery services at lower costs will cater to today's convenience-driven consumer, further enhancing the restaurant's appeal.

Product and Service Offering

CJ’s Restaurant aims to offer a range of popular fast-food items that appeal to a broad demographic. The menu will include items that are not only tasty but also reasonably priced. A focus on fresh ingredients and possibly organic options could attract health-conscious consumers. Extensive research into customer preferences will ensure that product offerings align with market demand and trends.

Marketing Strategy

The marketing strategy should incorporate a mix of traditional advertising and modern digital approaches. Social media platforms can be powerful for engaging potential customers, providing promotional offers, and gathering feedback. A detailed demographic and psychographic analysis of potential customers will guide targeted marketing efforts, ensuring that promotional content resonates with the audience's interests and values.

Financial Projections

A robust financial plan is critical for the successful operation of CJ's Restaurant. Forecasting revenues, understanding fixed and variable costs, and establishing a pricing strategy that aligns with the product lifecycle are essential tasks. Early-stage investments must be carefully structured to ensure profitability while simultaneously allowing for marketing and operational expenditures. Various financial models may be explored to project growth while attracting necessary capital for expansion.

Conclusion

In conclusion, the successful execution of CJ's Restaurant business plan requires a meticulous approach that balances operational efficiency, customer satisfaction, and market differentiation. By implementing strategic initiatives rooted in clear objectives and values, CJ's Restaurant can establish itself as a reputable player in the competitive fast-food industry.

References

  • Brody, A. S. (2017). Supersizing Urban America: How Inner Cities Got Fast Food with Government Help.

  • Masciocchi, B. (2019). How to make a business plan. In Studies in Surface Science and Catalysis (Vol. 179). Elsevier.

  • Jukova, E. E., Ilina, I. Y., Gundarin, M. V., Potekhina, E. V., Misanova, I. N., & Zotova, A. I. (2019). Planning a new business: typical mistakes of a business plan in the service sector. Journal of Environmental Management & Tourism.

  • American Restaurant Association. (2021). Restaurant Industry Overview.

  • Market Research Future. (2020). Fast Food Market Research Report - Global Forecast till 2027.

  • Pew Research Center. (2019). The Future of Food: Analysts Predict More Fast Casual and Health-Driven Menus.

  • Statista. (2021). Fast Food Market Value Worldwide 2010-2025.

  • Smith, R. (2020). The Rise of Plant-Based Fast Food: What’s Cooking? Food Insight.

  • Urban-Survey. (2022). Consumer Demographics in Fast Food: Insights and Trends.

  • Wong, P. (2021). New Trends in Fast Food: Health and Sustainability. Food Business News.

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