Sample Strategic Plan
Sample Strategic Plan
The Core Strategy
The restaurant plan to adopt the strategies of survival and harsh competition at the start as our core strategies, since the market is very competitive and attracts a lot of newcomers. For this purpose, our main focus would be towards creating an image well known to the customers through online and visual marketing. Prices of food would be put reasonable since there would be a lot of competition the restaurant cannot do price skimming and by penetration pricing, the idea of poor/ low-quality food is delivered. Customer care would also be our main preference since they would be giving our reviews and marketing us through word of mouth. Another startup strategy would be to get the good reviews from the food critics in order to get an initial boost of footfall in the restaurant.
The Competitive Advantage and Sustainability
Since the ethnic restaurants are relatively more successful in the market of the London, the restaurant has a lot of competitive advantage as compared to the other fast food chain. Currently, the trend towards the people towards being more health conscious would also help the restaurant to gain more footfall since it specializes in the freshly made whole meals rather than junk food. Being related to other cuisines like Turkish, Egyptian and especially with British cuisines would also give us a competitive advantage as well as sustainability since the restaurant will be targeting a lot of ethnicities in the multi-cultured city of London.
The resources that restaurant would need to start the restaurant would be mainly the capital employed by the owner along with the loan of 100,000 to be arranged from some bank. Apart from that, the restaurant would also need to hire specialists like accountant, lawyer, chef and other restaurant staff who would ensure to run the smooth and profitable running of the restaurant.
Initially, the business would also require the furniture and fixtures to be fitted at the restaurant that would provide the ambiance of the restaurant closer to the Cyprian culture.
Essential Networks and Partnerships
The restaurant would need to establish strong relations with its vendors and other beverage companies which are essential at every restaurant. For this purpose proper networks and contract would be needed to ensure that there would be deadlocks in the supply of the raw materials and other beverages, ensuring the smooth running of the restaurant with satisfied customers. Since the restaurant industry is well established in London, so it is easier to find such networks and make such types of contracts.