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Black Caviar is a Russian catering company that serves the catering trade of Budapest. Black Caviar offers creative, colorful and unusual food options for the Russian population, as well as the traditional Russian dishes. The service offerings are quite a change relative to the existing Russian restaurants which are quite stagnant. Russian restaurants usually are expensive in Budapest so we would like to offer more consumer friendly prices so that we will be accessible for the middle class as well. Black Caviar will inject new life into the Russian catering market, leveraging Chef Mark Kingsley's culinary skills to develop creative new catering options. Mark's advanced skills, industry insight, and a great market opportunity will allow Black Caviar to reach profitability by month 11. The relevant data was obtained by consulting the project manager.
I will introduce the Black Caviar for the investors during my presentation starting with the services offered.
Black Caviar is a start-up company. Marketing is critical to its success and future profitability. Black Caviar offers creative, gourmet russian dishes for a wide range of people. The basic market need is a high quality, creative and too expensive russian restaurant which services the Russian population in Budapest and nearby. Black caviar will meet this demand with an ever expanding innovative repertoire of russian meals. Black Caviar possesses good information about the market and knows a great deal about the common attributes of our most prized and loyal customers. Black Caviar will leverage this information to better understand who is served, their specific needs, and how Black Caviar can better communicate with them. In my presentation I will talk about the market need and possible competitors in details and also I will demonstrate the SWOT analysis as a satisfactory evidence is indicative of good investment.
Black Caviar is meeting the market need of a wider menu offering for events or for a family dinner. Black Caviar seeks to fulfill the following benefits that are important to their customers: Selection, Accessibility, Customer Service and Competitive Pricing.
SWOT analysis captures key strengths and weaknesses within the company and describes the threats facing Black Caviar.
There is one high-end restaurant, which will compete with Black Caviar. This russian restaurant, while serving the upper-end market, often does not offer an upper-end service. Their business has been declining over the last few years. People with knowledge of the industry recognize that this company is not a strong competitor because of their overpriced service offerings relative to the service provided.
Black Caviar's marketing strategy will be based on developing visibility among Budapest's community. This will be accomplished through two ways. The first method is a targeted advertising campaign. Advertisements will be placed in various newspapers, magazines and also we will have TV and radio commercials. Additionally, Black Caviar will advertise on the tram line 4 and 6. At the beginning we invested a huge amount of money into the advertising and marketing. After three months our advertisement started to pay off and more and more people will visit Black Caviar. The other marketing strategy which is less formal is a networking campaign among the russian population. Our project manager has been an active member of the community. While the Russian population is of decent size, it is a close-knit community where people tend to know each other. She will leverage her contacts within the russian community to raise awareness for her restaurant. While the networking might not cost as large as advertisements will, it costs far less and the relationships that it builds will be far stronger because of the trust relationship that has already been established.
Black Caviar's mission is to provide the customer with the finest russian catering. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.
1. Maintain positive, steady growth each month. 2. Experience an increase in new customers who are turned into long-term customers. 3. Decrease the market expenses as a percentage of sales. Financial Objectives 1. A double digit growth rate for each future year. 2. Reduce the variable operating costs. 3. Increase the profit margin per event.
The target market segment strategy will not be significantly different to address the two groups. Both groups, regardless of income, typically belong to the same group of nation. Therefore, to reach the different groups does not require a distinctly different strategy. What differentiation it will require is different menu offerings are needed to satisfy the different groups. The upper end menu items are simply cost more for that very reason the middle class will chose from the cheaper.
Black Caviar would be in accordance with our expectation. Most importantly, Black Caviar will be able to provide that high quality and consumer friendly prices which fancy for customers. Black Caviar's philosophy is whatever needs to be done to make the customer happy must occur, even at the expense of short-term profits. In the long term, this investment will pay off with a loyal customer who is extremely vocal to their friends with referrals.
In the light of the above findings, it seems that the introduction of Black Caviar Russian Restaurant would run easy and smooth. Furthermore, the idea is supported by the financial facts. In the view of marketing aspects, I would recommend that to invest into this restaurant.