Dragon Feast - A Restaurant Business Plan In Singapore" (70 Characters)

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Learning Outcomes to be assessed:

The learning outcomes to be addressed through this assignment are:

Knowledge and Understanding

a)  Analyse the critical debates about the role of entrepreneurs and entrepreneurship in the delivery of business innovation.

b)  Evaluate the management efficacy of alternative approaches and tools to identifying, selecting and managing emerging opportunities.

Subject Specific skills

e)   Provide a comprehensively researched and detailed analysis of emerging opportunities within a specific business sector and show an awareness of the contrasting influences.  

g) Collate, organise, critically evaluate and synthesise evidence and information from a variety of sources including: academic articles, business reports and case studies.

h) Solve problems using complex concepts, appropriate tools and arguments leading to creative solutions and innovative business approaches.

i) Engage confidently in academic and professional communication with others, reporting on proposals clearly, autonomously and competently.

Background of the business plan

Dragon feast is a restaurant in the Singapore that aims to provide services related to fast food. An effective business plan requires a detailed analysis of the situation that could be problematic for the company. Business plan will provide each of the steps that will help the idea to get succeeded along with its support to attain short and long term objectives (Mullins, 2012).

The major priority of the business plan is to present a single outlet in a busy area, specifically in one of protruding Singapore’s places. After that the efforts of the business will be concentrated towards creating more such retailing outlets in the nearby locations. This business pan shows the innovative approach towards introduction of such restaurants at these locations. Dragon feast is going to target younger people so that they can enjoy Waffle fries with totally different kind of sauces in such an innovative environment.

Dragon feast is concentrated towards serving cone based gourmet fries with a different taste of sauces. This business has a concept of Waffle Fries where the fries are fried two times with fresh potatoes. The business unit gives excellent services where there is friendly environment, energetic lifestyle and atmosphere of fun (Stutely, 2012). The business will recreate concepts of companies like Jamba Juices or Starbucks as they are also concentrated towards giving most of the key target markets among the age group 16-40 years. A complete transparency will be maintained in all the processes of service delivery i.e. from peeling of potatoes to frying. A brochure will be provided to the customers where they can gain knowledge about the sauces and fries. Appropriate decoration, differentiated counters, display menus are to be present in the firm. The business will focus on selling fries and any kind of alcoholic drinks will not be welcomed within the outlet. This would be done to cheer the healthy food environment. Company will only offer soft drinks with the fries. This company aims to offer customers with food that is valuable for them.

A festival type opening will be planned for this outlet. On the eve of the opening company will provide food at 70% discounts. This will help in attracting new customers towards business and hence word-of-mouth marketing can become very easy.

For this the company has planned to permit consumers to have a look at the brochures where they can have in-depth knowledge of the business concept and philosophy. Apart from this, company can utilise party catering, in-store outlook of cooking fries, wall posters etc.

In this venture, Dragon feast will print brochure to produce itself in front of their consumers. It will also offer free special t-shirts in the local store’s event.

Company will create web-pages that will contain news, history and philosophy. Local magazines will be more useful for targeting their prime consumers. Alongside of this, restaurant will promote its services by putting large advertisements in the Newspaper all along the month so as to let people understand about their idea of business.

Marketing and Sales plan for Dragon feast

There are certain kinds of operational challenges being faced by this venture that offers full-services (Jasra, et al. 2011). Some of the operational challenges include rents, high labour costs etc. Unlike full-service diners, these type of businesses need to have answers for these challenges. Due to the nature of business, these types of companies have to be able to conduct frequent campaigns and have lower prices so as to make themselves as an attractive option for the consumers especially in the time of economic downfall.

Cost can be reduced with the help of technology. In the era of technological business, it has become very much essential for the firms to take use of different technologies for improving the competence in working as well as reducing the labour dependence (Blackburn, Hart and Wainwright, 2013). Cost acts as a key driver in any entrepreneurial activity.

Company has made customers as its key decision makers. Keeping younger people in mind Merlin Park in Pulau Ujong is an appropriate location. Due to dense population of the area, this area is one of the best to open entrepreneurial venture. Large numbers of high school children avoid having food at home and go to shopping centres to have food and hence visits at these fast food centres are increasing day by day (Glaub, et al. 2014). Adding to this, a second target segment is of working people from Singapore that are young. They also like to visit these places. Apart from this, it is also one of the prime tourist spots where large numbers of people resides in this Zone. It is a site that is built by Singapore Tourism Board hence attracts larger numbers of people from across the world who will love to have light food at these spots.

Distributors of dragon feast are able to give fresh potatoes to the company on daily basis. They heavily rely on the local distributors. They have also made agreement with Firm X for preparing sauces and the whole merchandises will be printed and produced by their partner group in China.

Their major sales strategy is to open make themselves available through both online and offline mediums so as to gain maximum revenue and profits. In the later stage they have planned for opening the outlets at other locations also based on the response they will be getting for this business. All the individual settings will suffer constructing the native base of the customers in their first three year of business. Their financial objective remains that their outlet reach to around S$114,350 per year. Their unique flagship store is anticipated to earn around S$220,400 per year.

Communication is a very essential part of the marketing and sales plan as it helps in increasing the consumer’s awareness in the contemporary society (Massa and Tucci, 2013). This venture needs to direct its tactics and programs towards the objective of briefing the business idea and restaurant’s offering. In order to have effective communication, there need to be high use of advanced technologies. Taking the help of their website will also help the company in increasing the visibility of the company and will also acts as source for word-out-mouth marketing. Providing link of the company on other websites such as that of Singapore tourism board or other major travel company will help the firm to give easy access to the people who are coming to these people.

Strategies of marketing used by firm

Food restaurants highly depend upon the increased numbers of satisfied consumers (Hiduke and Ryan, 2013). These satisfied customers acts as a source of word of mouth marketing. In food industry, this mode of marketing is best for increasing the attractiveness of business. Hence Dragon Feast will have to make sure that they have higher numbers of satisfied customers so as to convert this mode of marketing into effective marketing tool.

The starting team of management is grounded on the people that are founders with little back up (Awais Ahmad Tipu and Manzoor Arain, 2011). Experts will be required in different areas for high levels of business growth and development. The established firm will not add extra supervisors unless necessary. It reflects that staffs at the beginning should have to put their additional efforts.

In the start they will have five founder members. Other additional people will have to put the efforts towards the business development.

Mr. Adams is the chief business development officer and financial officer in Dragon Feast. Along with this Mr. Hendricks acts as a head of Human Resource development Department. Mr. Smith is the head of marketing and sales and Mr. Shaun is the production’s head.

Their workforce will be comprised of two cashiers, two cooks and two other staffs for other additional activities. Cooks are trained in making different types of sauces and Waffle fries. They will have to work for 40-42 hours a week.

It is understood to be as the level at which a project, strategy, change initiatives, or program in the business is financially suitable or achievable (Lindborg, 2015). It is used for analysing the likelihood and ability to effectively complete a program or project with all respect to all the pertinent factors. It must account for all the factors that are affecting it such as scheduling, legal, economic and technological elements. The leaders of the projects will have to do feasibility test for describing both negative and positive outcomes of the project before actually making any kind of investments. The detailed analysis is done in the Appendix.

It is understood to be as the step for assessing forthcoming sales (Brien, 2014). If sales forecasting is done precisely, then it allows businesses to adopt well-versed business decisions as well as short and long term performance. Businesses can implement its forecast on the basis of economic trends and sales data. For major businesses it is easy to forecast future sales which entirely depend on the past data. New establishments such as Dragon Feast will have to make their predictions on information that is less verified such as market research and competitive intelligence.

This is a type of analysis or method that is mainly used by the production management and management accountants. Detailed analysis is given in appendix 5.

Dragon Feast sells fries as their major product along with totally different types of sauces. Major products sold are soft drinks, Waffle fries and corporate merchandises. These types of fries are available in low and high quantity with extra cheese and garlic. For the production of such fries, there is use of high quality potatoes gained from different distributors. Spices are the key to their product success hence are availed from different sources.

Market analysis

In order to understand their business operations, value chain can be highly beneficial. It evaluates all the activities that add value to its customers. There are two types of activities in any organisation, namely primary and secondary activities (Orman, 2010). Both the types of activities are inter-dependent on each other. The way in which value chain activities are performed has a higher influence on the costs and profit of the company.

Primary activities

These activities are those which are considered to be the base of the business (Jurevicius, 2013). It consists of:

• Inbound Logistics: Dragon Feast will be making fries in the stores but the key partners will also have the important role in the preparation of sauces. Dragon Feast will have to maintain the long lasting and strong relationship with its major partners and consumers. Along with this, the outlets will offer to take away services also to its consumers. Additionally, the business managers will be responsible for taking account of the delivery of items at stores.
• Operations: It is considered to the transformation activities that transforms the inputs into outputs that is sold to the consumers. Dragon Feast will make high-quality fries presented with sauces that will be made by their major partners. Apart from this, the sauces will be made with different ingredients and spices and fries will be made from high quality and fresh potatoes.
• Outbound Logistics: These are the activities where there is distribution of products and services to the end customers. It consists of collection, storage and distribution system and it can be both internal and external to the firm. Here Dragon Feast will be established in several other markets and will begin offering services to the customers from different sections of the society like working people, students or tourists.
• Marketing and Sales: Dragon Feast will advertise its product with the assistance of diverse channels such as word of mouth, online promotions and grand opening party. Moreover, the basic priority will be given to the online promotions and word of mouth advertisement.  It will act as one of the promotional strategy that will be able to attract and target consumers.
• Service: Dragon Feast will provide the most appropriate of services to its consumers in the outlets. Greeting people in the outlets is just the start of it. Customer Service Department will also be present so as to help the customers in case they face any kind of problems.

Support activities add the value to the above mentioned primary activities (George, 2014). Some of these activities are:

• Procurement: At the start of the business, Dragon Feast will aim to make contacts with other suppliers for fresh potatoes and ingredients for preparing sauces and fries. Along with this, it offers different range of vouchers for maintaining effective relations with all their suppliers.
• Technology Development: Dragon Feast will adopt all the advanced technologies that will help in preparing sauces and fries. Along with this, company shall adopt ERP system in future for ensuring the quick transfer of data and also for information security maintenance.  
• Human Resource Management: In Dragon Feast, the head of the department needs to ensure that they hire best cooks and other staffs and proper guidance needs to be given to them. Since the numbers of Staffs at the unit will not be very high hence it is crucial that staffs are highly skilled.
• Infrastructure: Dragon Feast aims to provide customers with the environment that is friendly and maintain energetic atmosphere when more numbers of Youngsters can enjoy. Utensils and other cooking materials need to be of higher quality.
• Quality maintenance: In the food service industry, the most important role is played by the quality that is offered by the company to its consumers. At the beginning stage of the venture, the role of the quality maintenance in the success of the business becomes more significant. If Dragon Feast will not provide high quality food to its consumers, it is going to have impact on the image of the business in the market. In the quality maintenance, role of the supplier becomes very much essential as they provide company with the raw materials that is going to affect the output of the company. Company needs to regularly have a quality check so as to ensure that they have inflow of high quality input materials. The restaurants floor needs to be clean and staffs must ensure that cleanliness is maintained after every customer leaves their table.

In the success of any business venture, most important role is played by the Action plan and how it is implemented as it consists of all the steps that are applicable for achieving certain kind of objectives (Catherine Henderson, 2014). The major requirement of the action plan is remove all the things that acts as a barrier for achieving the objective of the firm, make a timeline for when exact jobs can be achieved and regulate the types of assets that are crucial to the business. In the management of project, a defined action plan is required which will act as a blueprint for the managers for achieving bigger projects (Henderson, 2016).

This action plan date might change in terms of date based on the requirement of the business.

Conclusion 

From the above based report, it can be concluded that Dragon Feast is the company that is going to establish the outlet at Merlin Park in Pulau Ujong. This restaurant offers Waffle fries with different types of sauces. It aims to provide different and unique type of taste experience to its consumers. At the starting stage company will focus on doing marketing through word of mouth or online sources. The action plan and operational plan is according to the resources they have. There will be four people as the head of different departments while there will be six more people at the outlet including two cooks. They have opportunity to add more numbers of restaurants in the range depending on the success of this first restaurant.

References

Awais Ahmad Tipu, S. and Manzoor Arain, F., 2011. Managing success factors in entrepreneurial ventures: a behavioral approach. International Journal of Entrepreneurial Behavior & Research, 17(5), pp.534-560.

Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategy and owner-manager characteristics. Journal of small business and enterprise development, 20(1), pp.8-27.

Brien, D.L., 2014. A taste of Singapore: Singapore food writing and culinary tourism. M/C Journal, 17(1).

Catherine Henderson, J., 2014. Food and culture: in search of a Singapore cuisine. British Food Journal, 116(6), pp.904-917.

George, B. (2014) Apple Value Chain analysis 1^st ed. Germany: GRIN Verlag.

Glaub, M.E., Frese, M., Fischer, S. and Hoppe, M., 2014. Increasing Personal Initiative in Small Business Managers or Owners Leads to Entrepreneurial Success: A Theory-Based Controlled Randomized Field Intervention for Evidence-BasedManagement. Academy of Management Learning & Education, 13(3), pp.354-379.

Henderson, J.C., 2016. Local and traditional or global and modern? Food and tourism in Singapore. Journal of Gastronomy and Tourism, 2(1), pp.55-68.

Hiduke, G. and Ryan, J.D., 2013. Small business: an entrepreneur's business plan. Cengage Learning.

Jasra, J., Hunjra, A.I., Rehman, A.U., Azam, R.I. and Khan, M.A., 2011. Determinants of business success of small and medium enterprises. International Journal of Business and Social Science, 2(20).

Jurevicius, O. (2013) Value Chain Analysis [online] Available from:  https://www.strategicmanagementinsight.com/tools/value-chain-analysis.html [accessed on 31st December 2018]

Lindborg, P., 2015. Psychoacoustic, physical, and perceptual features of restaurants: A field survey in Singapore. Applied Acoustics, 92, pp.47-60.

Massa, L. and Tucci, C.L., 2013. Business model innovation. The Oxford handbook of innovation management, 20(18), pp.420-441.

Mullins, J., 2012. The new business road test: What entrepreneurs and executives should do before writing a business plan. Pearson UK.

Orman, S. (2010) Suze Orman's Action Plan: New Rules for New Times 2^nd ed. U.S: Random House Publishing Group.

Stutely, R., 2012. The definitive business plan: the fast track to intelligent planning for executives and entrepreneurs. Pearson UK.