Project Formulation and Business Planning

Question: Discuss about the Project Formulation and Business Planning. Answer: Introduction: The study has been conducted on the Indian Restaurant industry. An organization is opening an restaurant in India and the report has been made on providing an idea about the Indian restaurant industry. Opening a business, especially in India, is not an easy task. The competition is very high, as there already exist big organizations like KFC and McDonalds (Rao Parekh, 2016). It is essential for the organization to have the idea of the existing market and target audience. Based on the finding, the business plan of the restaurant needs to be designed. The report consist of the description of the restaurant such as the history of it, markets it will serve, the service and product it will provide, financial status and many more. In addition to that, the analysis of the business environment has been conducted. In this analysis, a systematic review of the business model with the KFC and McDonalds has been done. Business Description: History of the Business: The business is at the startup stage. The idea of opening the restaurant is feasible and the business models are credible. The business models are adequate for delivering the services or products to the targeted market (Majumdar et al., 2013). The restaurant has already been taking good response from the investors and the ideas behind the business are very innovative. Markets the Business Will Serve: In India, everyone is very particular about the food they eat. The market is full of opportunities but extreme precautions must be taken by the organization to attract the customer. The main target market for the restaurant will be families. The restaurant will serve both the vegetarian and non-vegetarian foods (Dutta et al., 2014). Business Type: The restaurant is a service business. The services can be considered as the term that demonstrates function that sustains the restaurant business. However, it does not generate a tangible commodity. In order to upgrade the service, the restart will make use of information communication and technology assets (Dogan et al., 2016). The restaurant will provide the service to the target audiences in and out of the restaurant. Service of the Restaurant: It provides fast casual, fine dining and casual dining services to the consumer (Axelsson, Malmberg Zhang, 2015). For each type of service, the restaurant will have different staffs. The fast casual can be observed as the fast food services but the food quality is much better and healthier. The fine dining and casual dining are kind of same services but different foods of different prices (Downs et al., 2013). The Reason behind Using the Service: The restaurant takes care of the consumers requirements in an adequate period (Bujisic, Hutchinson Parsa, 2014). The consumers do not need to remind the servers about refilling their drinks or taking orders. The welcoming service of the restaurant is very friendly. The waiters, managers and other staffs are available while the consumer experiences services (Tiwari Jindal, 2017). Financial Status: The capital that is needed to be starting the restaurant is already been organized. It has been observed that the ROI or return on investment will be positive, except the first year of the opening (Wang et al., 2016). Business Environment Analysis: Within this segment of the report the systematic review among the restaurant, KFC and McDonald has been conducted (Miller 2016). Within India, KFC and McDonalds are the biggest names in this industry. These two brand names are enough to catch the attraction of the consumers. In this situation, the industry must be able to define its brand in such way that it can attract its target audience and get a good hold in the market from the start (Jeong et al., 2016). In order to do the review the business models of the restaurant will be discussed first. The business model of the restaurant is consist of unique value proposition, target consumer base, marketing strategy, menu choices, financial projections, an assessment of competing restaurants. The restaurant is determined to provide the diners what the other restaurants do not have (Bujisic, Hutchinson Parsa, 2014). Even for getting hold in the market against big names like McDonald and KFC, the restaurant is destined to provide services to the consumer that they never experienced anywhere. In the next part, the menu of the restaurant comes up. As it has been already discussed that the restaurant will provide three kinds of services to the consumer, the total list of menu is very long (Tiwari Jindal, 2017). The restaurant has includes some of the lists in the menu that are different from the other competitors like KFC and McDonalds. It is estimated that with the promotions, it will be easy to have regular customers from the starting day. It will assist the restaurant to fulfill the projections for the future revenues. The expenses associated with the host, a part of restaurant operation, will be collected from the regular business from one of the three services (Axelsson, Malmberg Zhang, 2015). The potential future expansion of the sutra is very good. The marketing strategy of the restaurant will be very simple and consumer centric. The management will analyze the review of the consumers and marketing strategy will be developed on the findings. Begin discussions with nearby organizations in eatery's territory. A considerable lot of them get cooking for uncommon snacks or gatherings all the time. Offering them a rebate with the goal that they arrange from restriction is an incredible technique (Majumdar et al., 2013). In addition, eatery needs to ensure that it give them its full menu physically. Giving individuals an additional motivating force to attempt eatery is surprisingly is an awesome approach to transform them into steadfast clients. Typically, an offer of no less than twenty percent off is sufficient. Eatery can likewise attempt two for one deal, free tidbits and whatever else the proprietor can think about that would bring more individuals into eatery (Dogan et al., 2016). The marketing strategy of the business consists of analyzing the target consumer, competition, brand-development method and many more. Conclusion: From the above study, it can be concluded that the restaurant is going to be hit as soon as it starts providing services. It is very significant that restaurant owner understands the restaurant industry of India. In order to get a good hold onto the market from the beginning, proper promotions of the business is required. Every aspect of the business has been clearly covered within the study. However, it lacked in mentioning the incorporation of IT assists into the business environment. The competitors like McDonalds and KFC for generating future buying patterns and forecasting the sales effectively and widely use the information technology. Restaurant must make use of an central IT system that can track and control all the separate three services that it provides to the consumers. The report also lack in describing the marketing strategy. Though the components of the strategy has been identified, the insight or significant of those components are not present in the report. The resta urant has made a great decision by dividing the vegetarian section from the non-vegetarian section. In India, it is very important that the vegetarian and non- vegetarian foods do not mix with each other. Bibliography: Axelsson, L., Malmberg, B., Zhang, Q. (2015). On waiting, work-time and imagined futures: Theorising temporal precariousness among Chinese chefs in Swedens restaurant industry.Geoforum. Bujisic, M., Hutchinson, J., Parsa, H. G. (2014). The effects of restaurant quality attributes on customer behavioral intentions.International Journal of Contemporary Hospitality Management,26(8), 1270-1291. Dogan, H., Guney, D., Goller, V., Dogan, ?. (2016). Tourism Students environmental Concerns And Willingness To Pay More For Green Products In The Restaurant Industry: A Comparison Between Turkish And Portuguese Tourism Students.Publication name, 88. Downs, S. M., Thow, A. M., Ghosh-Jerath, S., McNab, J., Reddy, K. S., Leeder, S. R. (2013). From Denmark to Delhi: the multisectoral challenge of regulating trans fats in India.Public health nutrition,16(12), 2273-2280. Dutta, K., Parsa, H. G., Parsa, R. A., Bujisic, M. (2014). Change in consumer patronage and willingness to pay at different levels of service attributes in restaurants: A study in India.Journal of Quality Assurance in Hospitality Tourism,15(2), 149-174. Jeong, E., Jang, S. S., Day, J., Ha, S. (2014). The impact of eco-friendly practices on green image and customer attitudes: An investigation in a caf setting.International Journal of Hospitality Management,41, 10-20. Majumdar, D., Chintada, A., Sahu, J., Rao, C. C. (2013). Emissions of greenhouse and non-greenhouse air pollutants from fuel combustion in restaurant industry.International Journal of Environmental Science and Technology,10(5), 995-1006. Miller, C. (2016). An Analysis of the International Expansion of Burger King. Rao, G., Parekh, K. (2016). Impact of Quick Service Restaurants (QSR) such as McDonalds, KFC on smaller Indian eatery joints such as Udipi.Reflections-Journal of Management,2. Tiwari, P., Jindal, R. (2017). Job Satisfaction in Food and Beverage Industry.International Journal of Innovative Research and Development|| ISSN 22780211,6(1). Wang, Z., Mathiyazhagan, K., Xu, L., Diabat, A. (2016). A decision making trial and evaluation laboratory approach to analyze the barriers to Green Supply Chain Management adoption in a food packaging company.Journal of Cleaner Production,117, 19-28. Project Formulation and Business Planning Question: Discuss about the Project Formulation and Business Planning. Answer: Introduction Report on the market analysis includes various important aspects that are required in almost every type of industry or a company, especially when someone new is entering into the market of the country. Market analysis consists of various unique characteristics regarding a particular market in which the company wants to carry its business. All these factors included in the market analysis helps in taking several decisions for the sake of the business and all this is possible due to the collection of data done through this method. All the information collected through this method will help in determining various appropriate values related to the figure and the pricing of the product in the current situation of the market (Team, 2017). Description and Outlook ResMed is the Australian based manufacturing company. It manufactures a large variety of products related to the treatment of various sleep disorders. The company is the global manufacturer of CPAP, BI-PAP machines, masks, etc. being used for treating the people having any type of sleep disorder. The company also manufactures a large variety of respiratory products, etc. MR. Michael Farrell is the CEO of the company and MR. Robert Douglas is the president of the company. The company is delivering its services in more than one hundred countries across the world. Target Market With the help of the market analysis the data is collected from the different- different markets across the world. The data collected shows that the Sleep Apnea market is expanding rapidly and it is expected that the market will worth approximately $20 Billion by the year, 2017. The market of the U.S. is the largest market as if compared to many other markets across the different countries on a world-wide level, which uses the maximum products related to sleep disorders. ResMed is the leader company, which is manufacturing and delivering the best quality of products as well as services to its customers. ResMed holds approximately 70% share of the market by providing a large variety of products at a reasonable price along with the better monitoring devices and software for treating the patients. 65% to 70% share of the sleep apnea mask is occupied by the ResMed (Parmar, 2012). The company is expanding its business in almost all the countries and this complete process is dependent on v arious facts, which are as mentioned below. Characteristics: - The Company is providing a variety of products to its customers, depending upon the requirement of an individual. The company is manufacturing a variety of devices depending upon the age, sex, location, etc. of the patient. Breathing and the respiratory machines, masks, etc. all are available in different- different sizes and functioning. Therefore, one can select according to his/her requirement (Franklin, 2012). Market size: - As we know, the company is rapidly expanding its business world-wide. Various facilities like professional clinics and home health providers are being provided by the company, which are very beneficial for the people facing any type of sleep disorder. People across the world are availing all types of services being provided by the experts. The data collected recently shows that, approximately 20% people have been tested at their own place and rest of the people at the labs being operated by the professional of the company. Approximately six thousand professionals are working for the company across the world. Competitive Analysis In this section of market analysis the complete information about the competitors of the company is provided. It also includes the information about the variety of products being manufactured and delivered by other companies across the world. As we know, the market of the products being manufactured by the company is very high. The company has to face a large number of difficulties for competing with others those, who are delivering similar type of products in the market. The success of the company is dependent upon the reliability of the products, the support of the customers, reputation of the company in the market, etc. ResMed has a large number of competitors like Phillips, De Vilbiss, Nellcor Puritan Bennett, Fisher Paykel, etc., which are providing similar type of products in the market. The faith of the customers on the ResMed is one of the biggest supports for the company due to which more and more people are interested in buying ResMeds product. Covering the maximum share o f the market across the world the ResMed is providing high quality of products for providing solutions for the problems being faced by the people related to disorders of sleep (CSIMarket Company, 2017). The competitive analysis of the company consists of various factors which are as mentioned below: - Market: - ResMed holds a large share of the market by providing a large variety of products in the different markets of the world. Strength: - The best quality of products, i.e., CPAP, BI-PAP machines, masks, respiratory machines, etc. being manufactured by the company. Services provided by the company helps in generating faith among the customers, which is one of the largest strengths of the company. Target market importance: - The management of the company keeps on surveying about the latest technologies for the machines and about many other requirements of the people, which is not being provided by many other companies. Barriers: - The Company is facing many difficulties in enhancing its products or providing remote solutions to the customers for monitoring their devices easily. These are some of the barriers for the company responsible for slowing down the expansion of the company. These are the only factors responsible for affecting the future of the company. Environmental Analysis Environmental analysis is a tool used for the identification of various internal and the external factors affecting the working of the company. The environmental analysis consists of various factors but the four main factors are Technological environment, Regulatory environment, Economic environment and the last one is social environment. All these factors are as mentioned below. Technological environment The Company is using latest technology for the manufacturing process of the machines. The various devices being manufactured in the company are equipped with the latest technology, which is helpful for curing the patients (Research, 2014). Regulatory environment The management is responsible for adopting all the instructions given by the government of the country for the safety of the customers. Various regulations are being followed within a scaled Agile framework. The complete manufacturing process is done according to the guidelines of the countrys government and according to the stakeholders of the company. Economic environment Various steps have been taken by the management to control various economic factors affecting the overall working of the company. All these steps taken are responsible for minimizing the use of natural resources and helps in creating awareness among the employees of the company. Various policies are being introduced for the improvement of the economic factors. Social environment Tt describes various factors affecting the physical conditions of the company. It affects both the company as well as the people using the devices being delivered by the company.in this phase, the company is focusing and developing machines according to the requirement of the people belonging to different- different categories or groups. Projections Projection of the company is completely dependent upon the two main factors, i.e., the pricing and the market share of the company. In the market share we can say that while occupying the maximum share of the market the company is completely focused on the future growth of the company by enhancing their devices with the latest technology, so that each and every person can use and monitor his/her device easily. In the pricing section, the products of the company are easily available in the market at a very reasonable price, so that each and every person can avail them as per according to their need (Research, 2014). Regulations In this section, the safety measures are considered for the safety of the people using the variety of devices manufactured by the company. The products of the ResMed are adherence to FDA quality system regulation and are manufactured according to the manufacturing standards. The regulations fixed by the FDA are responsible for the safety of the people, using all those devices which are being manufactured, labelled and marketed by the company. All these regulations help the people in making an effective and efficient use of the device they have purchased from the company (Graves Lee, 2017). Data collection In this step, the complete information about each and every action of the company is recorded. Various purchases and sells made by the company across the world is collected in this phase. The successful accomplishment of this phase is dependent upon various factors which are as mentioned below. Customers: - Customers play an important role in collecting various types of information about the market. By making good and long lasting relations with the customers helps the company in the expansion of their business. Getting feedbacks from the customers also helps in making several important changes. Employees feedback: - In this step, the information is collected by the employees of the company about the various problems being faced by them and many other important changes required for the sake of the companys business. Internet: - With the help of the internet and many other social media channels, company can easily get connected with more and more customers, because this will help the company in attracting more and more people towards them, which directly influences the business of the company. Conclusion According to this report, we can say that, market analysis is must for the success of any type of business. With the help of the market analysis the company can easily fetch any type of detail from the market. This helps in representing the current status of the company in the market as well as it also expresses the current position of the market. All these factors are responsible for the success of the business. ResMed is the company providing the best quality of products and services to its customers, while keeping in mind about all the necessary requirements of the people. References CSIMarket Company. (2017). RMD Sales vs. its Competitors Q4 2016. Retrieved from https://csimarket.com/stocks/compet_glance.php?code=RMD Franklin, D. (2012). ResMed Secure in CPAP Position Despite Increased Challenges. Retrieved from https://blueshiftideas.com/reports/101209ResMedSecureinCPAPPositionDespiteIncreasedChallenges.pdf Graves, A., Lee, A. (2017). ResMed Named Global Leader in Remote Patient Monitoring. Retrieved from https://www.resmed.com/us/en/consumer/newsandinformation/news-releases/2017/resmed-named-global-leader-in-remote-patient-monitoring.html Parmar, A. (2012, July 26). Sleep Apnea Market to Double in 5 Years. Retrieved from https://www.medpagetoday.com/practicemanagement/practicemanagement/33924 Research, P. (2014, November). ResMed Inc (RMD: NYS): Analytics, Extensive Financial Metrics, and Benchmarks Against Averages and Top Companies Within its Industry. Retrieved from https://www.researchandmarkets.com/reports/3035404/resmed-inc-rmd-nys-analytics-extensive#rela7 Team, R. (2017). ResMed official website. Retrieved from https://www.resmed.com/: https://www.resmed.com/us/en/consumer.html