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Environmental and Marketing Analysis of Small Family Business

Info: 1752 words (7 pages) Essay
Published: 17th Mar 2021 in Business Strategy

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Executive Summary

KJ’s Wine & Grill is a small family owned business which is in its first year of business. The business will employee 25 permanent employees and 10-15 seasonal employees during the summer months between late May & early August. The business has started off with an amazing boost; the business is a year-round business; but certain items on our menu are seasonal items. 

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Environmental Analysis

Founded in the summer of 2019 the company was started by my grandfather Percy L. Wilbur and with his full-time commitment the business has gotten off to a great start and I don’t see it slowing down anytime soon. In the next couple of years my grandfather plans to hand the business down to one of his sons to carry on the family legacy.

A. Marketing Environment

1) Competitive forces: The competition is local restaurants such as TGI Fridays and Chilis who have made their name and drove their business off their specialty bars and their causal family dining atmosphere. Their name is well known around the world, they have proven their selves to be on top of their game in terms of proving a customer centric environment.

2) Economic Forces: Due to the coronavirus many businesses have seen a drop-in customer traffic due to the CDC warning citizens to limit their social interactions in big groups.

3) Political Forces: There is no political forces that can affect the business operations

4) Legal & Regulatory: KJ’s Wine & Grill will abide by all FDA regulations. We will always remain and continue to stay up to date to ensure we are providing a safe environment for our customers.

5) Technological forces: A major technological trend is the portable ordering systems and the automatic payment systems in many restaurants like our competitors. While dining in customers no longer have to wait for their waitress to bring their food, they can the portable system on their table. This portable tablet will allow them to view their entire order and pay their tab using a debit or credit card.

6) Sociocultural forces: In 2019 the city of Little Rock, Arkansas had a population of 398,606 with the median resident age of 25.7. The median income for resident of Little Rock, AR $75,000. This research allows KJ’s Wine & Grill the ability to understand its market and make appropriate prices for their products.

B. Target Markets

KJ’s Wine & Grill will use a structured marketing strategy through marketing segmentation. The initial target market will be located within 40 miles radius of Little Rock, AR. It will include but no limited the cities of North Little Rock, Sherwood, Maumelle, Conway, Pine Bluff, & Alexander. 

Colleges & Universities in close proximity:

University of Arkansas at Little Rock

Philander Smith College

Baptist College

University of Central Arkansas

University of Arkansas at Pine Bluff

Arkansas State University

The second targeted market will be college students who are looking a hangout spot after class or etc. We will partner with the local universities to ask if they allow us to advertise on their campus and provide a small monetary donation, we are willing to provide a student discount to students that attend those universities. The final marketing strategy will be local community. Local citizens will have the hugest impact on of the overall success of KJ’s Wine & Grill. The business will appeal to the local’s entertainment and family needs.

C. Current Marketing Objectives and Performance

The mission of KJ’s Wine & Grill is to provide exceptional customer service and produce and provide high quality foods. Within the next 3-5 years KJ’s Wine & Grill will look to expand, in order for a down payment for our new location to be made and new technology to be purchased we will acquire a business loan. The startup of our new location will cost approximately $65,000 according to the Arkansas small business estimator. 

SWOT Analysis

A. Strengths

I. Trained Team: The owners and family have the skills and knowledge to run the business without any third parties. The owner has several business degrees and understand how to fully operate a new business.

II. Familiarization with the local area:  Since the owner was born and raised in the area, he won’t have a problem with finding the perfect location for his business.

III. Product: All KJ’s Wine & Grill food is made from scratch and served hot and fresh at all times.

B. Weakness

I. There has been a slight delay with updating the businesses technology due to the coronavirus a lot of the POS systems are made internationally.

II.

C. Opportunities

I. Healthy Options: Since all the food is made from scratch and is hot and ready upon purchase, we will be able to slightly adjust the recipes in order to give our customers healthier options.

II. Expanding our products  

Once we have a general idea on what menu items the customers love, and which ones are their least favorite we will be able to make adjustments to add/delete items.

D. Threats

I. Local restaurants

Established restaurants such as Chili’s & TGI Fridays those two restaurants alone will make it harder for KJ’s Wine & Chill to compete in the market. 

E. Matching Strengths to Opportunities/Converting weaknesses to Threats

I. With knowledge of the area and a trained team creating a customer eccentric establishment will not be a challenge.

II With a trained team expanding out menu items won’t be a challenge.

III. Visibility is key to the overall success of KJ’s Wine & Grill. We will have to advertise using the right method in order to gain the attention of the specific targeted market in order to compete with our competitors.

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Marketing Objective

Becoming known is the first marketing objective. In order to achieve this KJ Wine & Grill will create a social media page unitizing Facebook and/or Twitter. This will allow us to network and reach new customers.

Next we will select and adequate location, selecting a prime location is the key to the overall success of the business. The location will need to accessible and visible to all customers.

Marketing Strategies

A. Target Markets

Target Market 1: College students- Attracting the attention of college students will be vital for business. TGI Fridays and Chilis attract most of their business from college students who hang out to socialize with their friends.

Target Market 2: College campuses- KJ’s Wine & Grill could contract with college campuses to offer colleges students a safe hangout location and also offer them student discounts on their meal in exchange for donations and campus marketing.

B. Marketing Mix

I. Products: KJ’s Wine & Grill will be an American restaurant focusing on casual dining. Serving everything from seafood to soul food to American food. Products will include different wines from all over the world.

II. Price

All of our prices will be determined solely on many factors. We will make those decisions when we determine what’s best for the market.

III. Distribution

To begin KJ’s Wine & Grill will use exclusive distribution. The only place customers will be able to purchase our products will be inside the restaurant.

IV Promotion

Social Media and college campuses will be the biggest support in promotions. We will post our weekly specials and our events calendar.

Marketing Implementation

 A) Marketing Organization

The first area of attention needed to make KJ’s Wine & Chill a success is the customer focus. The customer groups of focus will be 1. Locals 2. College students.

Performance Evaluation

A) Performance Standards and Financial Controls

  • Start-up cost $50,000
  • Start-up inventory will be $10,000
  • Pots and pans $2,000
  • Monthly Expenses $6,800

B) Measuring Actual Performance

The main goal is to ensure that KJ’s Wine & Chill stays amazing and once it opens continue to be successful. We will continue to perform market research quarterly to ensure we have a consistent traffic increase of customers.

References:

  • Haden, J. (2018, September 25). How to Start Your Own Restaurant: 10 Tips From a Successful Restaurantrepreneur. Retrieved from https://www.inc.com/jeff-haden/how-to-start-your-own-restaurant-10-proven-real-world-tips.html
  • How to Start a Business: Opening a Restaurant. (2017, July 7). Retrieved from https://www.legalzoom.com/articles/how-to-start-a-business-opening-a-restaurant
  • How to Open a Restaurant. (n.d.). Retrieved from https://www.webstaurantstore.com/article/40/how-to-start-a-restaurant.html
  • Chet, MK, M., MK, M., Kpewu, A., Kpewu, A., Mlay, S., … Men Chet. (2019, August 19). How to Manage a Business Effectively (7 Key Elements). Retrieved from https://www.educba.com/how-to-manage-a-business-effectively/
  • Track and Manage Expenses. (2017, November 8). Retrieved from https://smallbizla.org/business/business-tips/track-and-manage-expenses/
  • Marketing Your Small Business For Dummies Cheat Sheet. (n.d.). Retrieved from https://www.dummies.com/business/marketing/marketing-your-small-business-for-dummies-cheat-sheet/
  • Create a Website. (n.d.). Retrieved from https://www.quicksprout.com/define-your-target-audience/
  • Gigante, M. D. (2018, October 2). How Social Media Has Changed The Ad Game [Infographic]. Retrieved from https://www.mdgadvertising.com/marketing-insights/infographics/how-social-media-changed-the-ad-game-infographic/
  • Pinto, G. (2019, December 11). How to Train New Restaurant Employees - On the Line: Toast POS. Retrieved from https://pos.toasttab.com/blog/on-the-line/how-to-train-new-restaurant-employees
  • Broadbent, A. (2019, July 15). 12 Small Business Startup Costs You Should Expect: Fora Financial Blog. Retrieved from https://www.forafinancial.com/blog/small-business/12-small-business-startup-costs-expect/

 

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