An Analysis of the Hospitality Industry
Added on 2020-04-01
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AN ANALYSIS OF THE HOSPITALITY INDUSTRY: GOOD TIMES CAFÉ AND BAR1An analysis of the Hospitality industry: Good Times Café and bar.Student Name:Institution of affiliation:Professor:
AN ANALYSIS OF THE HOSPITALITY INDUSTRY: GOOD TIMES CAFÉ AND BAR2Table of ContentsIntroduction....................................................................................................................................3Good Times Café and bar.............................................................................................................3Industry positioning...................................................................................................................3Business segment............................................................................................................................3Market analysis..........................................................................................................................4Demographics and segmentation..........................................................................................4Target market.........................................................................................................................4Competition.............................................................................................................................5Barriers to entry.....................................................................................................................5Regulations:............................................................................................................................6Concept development....................................................................................................................6Mission statement.......................................................................................................................7Menu and wine list.........................................................................................................................7Coffee by Code Black: Breakfast..............................................................................................7Wine list......................................................................................................................................8Style of service............................................................................................................................8Sustainability initiative..................................................................................................................9Purchasing production and storage.............................................................................................9Production...................................................................................................................................9Service systems...........................................................................................................................9Storage.......................................................................................................................................10Keeping Track of purchasing and storage................................................................................10Marketing strategy......................................................................................................................10Budget and staffing......................................................................................................................13List of people in the business...................................................................................................13List of skills...............................................................................................................................14The Award My Employees will fall under.............................................................................14The expected budget................................................................................................................14How I will acquire the funds...................................................................................................15The duration will take before I start making a profit..........................................................15Conclusion....................................................................................................................................16References.....................................................................................................................................17
AN ANALYSIS OF THE HOSPITALITY INDUSTRY: GOOD TIMES CAFÉ AND BAR3IntroductionThe Hospitality industry in Australia faces a lot of competition. This is because there aremany restaurants, entertainment joints, bars and cafes which offer similar services. However, if acompany devises innovative operational strategies, then it may remain competitive in thisindustry, (Ren et al., p. 13). In this report, the development of a new Café and bar called GoodTimes Café and bar have been discussed.Good Times Café and bar.Good times Café and bar will be located in Federation Square, in Melbourne town. It willprovide delicious meals, coffee, tea and snacks for people living in Melbourne. The café willmajor in providing customers with delicious meals and drinks at high prices. This will make thecustomers derive a value for their money.Industry positioning.Positioning refers to the place a specific brand occupies in the mind of the customers,(Nunkoo et al., 2013, p. 269). To develop a market position, Good Times’ meals will be differentfrom those of their competitors, as they will be delicious and unique. The café will develop a keyposition in the hospitality industry as it will be known for providing nice delicious mealsprepared by highly qualified cooks.Business segment.
AN ANALYSIS OF THE HOSPITALITY INDUSTRY: GOOD TIMES CAFÉ AND BAR4Segments are positions that businesses occupy in the society, (Brotherton, 2012, p. 24). Aparticular segment must align with the nature of the business, (Borland & Lindgreen, 2012, p.174). Good Times Café and bar will provide both foods, coffee, wines and beer. It will,therefore, occupy two business segments- bar and café.Market analysis.The cafes, coffee shops, and bars have grown over the years in Australia. The growth hasbeen necessitated by Australia's love for quality coffee, beer and wines and a vibrant coffeeculture. The Café industry revenue is therefore expected to grow by 7% annually, amid highcompetition between several cafes, coffee shops, and bars, (Esi, 2014, p. 32). This means that fora company in this sector to be competitive, it must major on its strengths, improve on itsweaknesses, eliminate the threats and execute any opportunity for improvement. A properanalysis of the Australian market can be achieved by adopting the following plan:Demographics and segmentation.According to the results of the 2016 Census, the Australian national population was 24.4million people. Out of this population, 19.05% lives in Melbourne, which is 4.5 million people.Since Good Times Café and bar will target customers living in Melbourne, it has an advantage asthe large population acts as a potential market for its beverages and foods. The café will alsotarget customers of all age brackets, from youths to adults. People who love coffee and wines arethe best targets for this firm.Target market.
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