Research Growth Plan Mirch Masala Inc.

Abstract This paper will focus on the development of a growth plan for a restaurant that currently faces some issues, but has the potential to develop and expand that is not entirely realized. The strategy will be focused on the improvement of existing product and service. Such methods as surveys, interviews, and observation will be used during the research process.Advertising We will write a custom essay sample on Research Growth Plan: Mirch Masala Inc. specifically for you for only $16.05 $11/page Learn More Executive Summary Mirch Masala Inc. is a Dubai-based restaurant that provides its customers with a broad range of Pakistani dishes, and the Halal law is taken into account. The primary purpose of this paper is to develop a strategy that would make Mirch Masala a high growth firm. One of the core aspects that need to be considered is that it currently has an enormous potential to become one of the leading companies in this market, and it is going to be discussed in great detail. It needs to be said that this is a high-risk industry, and it is hard to justify dramatic changes. The methodology for the research will consist of questionnaires, interviews, and observations. Improving an existing product and service is the strategy that is going to be chosen in this particular case, and it will focus on internal aspects of the business (Barringer Ireland, 2010). The biggest problem that is currently present and needs to be addressed is that it is viewed as non-prestigious according to survey results. Reviews on the Internet were also considered, and the results are not positive because some customers are not satisfied with dishes that are offered, and this issue needs to be addressed. One of the most significant aspects that need to be considered is that there was a controversy surrounding one of the restaurants that operate under this brand name, and it has severely damaged the image of the company. A growth plan is necessary in t his case because the enterprise needs to regain the trust of customers and has to deal with other minor issues. It is imperative to diversify the business because it is hard to deal with numerous competitors that appear (Berry, 2015). Some barriers that prevent future development of the company are also present. Employees are also in need of training because some customers are not satisfied with the service, and this fact should be considered during the development of growth strategy.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More SWOT Analysis Strengths It needs to be said that the restaurant has numerous advantages. A unique technology that is used during cooking is a significant strong point that should not be disregarded. Professional equipment and tools are also used during the process. Some dishes that are offered are unique and have great taste that is praised by customers. The desi gn of the restaurant is also a strong point and has a significant influence on the experience of the customers. The fact that it offers ethnic food is also a major strength. Weaknesses On the other hand, some tremendous weaknesses are also present. Marketing strategy is not well developed, and the potential that is associated with the brand name is not realized. Also, not enough attention is paid to the development of the business because the owner is afraid to take risks and prefers stability. The current strategy has some glaring weaknesses, and employees do not know what course of actions they should take in particular situations. Some dishes are rather expensive because of the technologies that are used during the process of cooking, and it takes too much time. Another weak point that needs to be addressed is that there are limited opportunities for the introduction of new products and services because of aspects that are related to franchising. Opportunities One of the restaura nts that are located nearby is going to get closed for a month because a repair is necessary, and it is an enormous opportunity that should not be disregarded because it is possible to attract new customers. Restaurant menu may be revised, and new dishes can be introduced to meet the needs of a new target market. The number of beverages that are offered at the moment is rather small, and it is an excellent opportunity that needs to be taken advantage of because other businesses in this area are mainly focused on food. Another opportunity that needs to be considered is that healthy food is getting extremely popular in this region, and this is one of the major trends in the industry.Advertising We will write a custom essay sample on Research Growth Plan: Mirch Masala Inc. specifically for you for only $16.05 $11/page Learn More Threats Nearby restaurants should be viewed as significant threats because they have a better reputation among clients and are de veloping at a rapid rate. Another issue that needs to be discussed is that some of them offer similar dishes. A new restaurant that is currently under construction is a major threat because the owner has tremendous experience in this business. Any disagreement that occurs with any supplier is also a significant risk because it is not easy to find new ones in this area. Currently, Mirch Masala is too dependent on tourists at the moment, and it is extremely likely that significant complication may occur in case any economic crisis occurs. PESTLE Analysis Political Political stability is incredibly important in this case because a significant percentage of customers are foreign visitors. Terrorist activities in the area are not likely to happen, but this factor always needs to be considered. Another major factor that the business may have to deal with is regulations by the government, and it has a tremendous influence in this region. Economic Inflation is a significant aspect that has to be taken into consideration because it may significantly affect the ability of customers to dine out, and they may prefer to stay at home in some cases. Prices most likely will be increased as well, and this issue should be addressed. Changes in exchange rates are also likely to have an impact on the business. Social Consumer opinions are of utmost importance for this business because most individuals are worried about their health, and it reflects on their choices and preferences. It is necessary to consider the fact that some of the reviews that are posted on the Internet are negative, and it may have a huge influence on the decision-making process of the customers. Population growth is another factor that is worth considering. It needs to be said that a vast number of expatriates is present in this area, and it may have a significant influence on the industry. Social criticism is another issue that needs to be avoided because the reputation of the company is of utmost importan ce and it may lead to complications with franchising. Lifestyle changes should also be taken into consideration. Technological It needs to be said that this business does not require many technologies in most cases. However, the demand in the market for modern techniques and tools has increased over the last few years.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The introduction of new technologies in the industry may cause significant problems because this restaurant does not pay attention to trends. Technological awareness is a major factor that has influence on the overall success of the company, and the company’s stance on this subject needs to be reviewed. Legal Changes to employment laws may be significant because it is not an easy task to find trained professionals in this area. It is necessary to make sure that the workplace environment is safe to prevent any legal complications that may occur. It is also imperative to ensure that the products that are used during preparation of dishes are of highest quality to guarantee safety and well-being of customers and protect the business from any lawsuits. Internal policies are also quite important, and significant changes may be necessary in this case because numerous aspects are not explicitly listed or explained. Environmental Recycling is a factor that needs to be noted because m ost customers are worried about this issue. It may be necessary to limit the consumption of energy because it is quite significant at the moment. The introduction of water saving technologies is another aspect that is worth noting because the usage of water is perceived as an issue. Climate changes also should be considered, and it is imperative to take necessary measures that would limit their impact on the company. Industry Analysis The restaurant industry in the country is simply enormous and has been growing at an incredibly fast rate over the last few years. Changes in the lifestyle of the population were significant, and the number of customers has increased dramatically. The demand for such products is noteworthy, and it can be viewed as an excellent opportunity for the company to expand. It needs to be said that the industry is incredibly fragmented at the moment, but this company has managed to retain a significant number of customers. The enterprises that operate in this m arket are extremely conservative and are not ready to make any drastic changes to their strategies, and this is one of the key points that need to be taken advantage of, and experience of companies in other countries may be viewed as an example. One of the most significant trends in the industry that should be discussed is that the share of fast food restaurants has significantly reduced, and customers give their preference to places that provide dishes of much higher quality. It is also paramount to note that the sales are expected to increase by approximately 8 percent each year. It is a significant number that should not be disregarded because the company has all the necessary resources to become a high growth enterprise. The number of tourists also increases each year, and it is viewed as a significant aspect because the industry is extremely dependent on foreign visitors, and it is paramount to establish relationships with local customers in case some factors affect the number of foreign visitors. It needs to be said that several competitors that operate in this market are incredibly profitable, and it is necessary to ensure that a broad range of unique services and products are developed to satisfy the needs of customers. Company Description Mirch Masala is an enterprise that was founded in 2011. It mainly focuses on casual customers and offers a broad range of Pakistani and Indian dishes. The major point that must be noted is that the firm operates under a promise that all the products and services are Halal. The restaurant is located in an excellent area that often attracts tourists. However, it needs to be said that the company currently faces several issues. The fact that this restaurant was opened recently is significant because it is still possible to make major changes that would help to address the issue of growth (Brenes, 2011). It needs to be said that the owner is incredibly experienced in this business, and most likely will be able to take fu ll advantage of the funds that are provided. Market Analysis The number of customers is going to be drastically increased when the product is improved, and it will be possible to expand target market. It is a significant aspect that needs to be considered because the restaurant will have to deal with new competitors, and it is extremely necessary to make sure that needs of all customers are taken into account (Kuratko, 2007). Also, it is imperative to note that promotions that are going to be developed will be focused on families. It is an enormous target market, and current competitors do not pay attention to this fact, and this needs to be one of the core factors of the overall strategy. Loyal customers also should be rewarded, because this restaurant started to attract much more native citizens rather recently, and some of them are frequent visitors. The attitude of consumers also needs to be taken into account. It has been observed that most individuals prefer to dine out at sev eral places because they want to taste different food, and it is paramount to note that tremendous opportunities are associated with this fact. Analysis of the survey results indicates that ten percents of visitors are not satisfied with the service, and they think that it is need of improvement. It should be said that an increase in the quality may attract an enormous number of high-income individuals is a significant factor that is of utmost importance for this group of customers. The most important aspect that needs to be reconsidered is the current menu, because sometimes it is not the best option to make all the dishes available at once, and it can be quite beneficial to address this problem. Customer satisfaction is of utmost importance for this restaurant, and development of questionnaires should be considered because it will help to evaluate the issues that are currently present, and need to be resolved (Brenes, 2011). It is also necessary to introduce diversification proces ses because some competitors offer products and services that are extremely similar (Berry, 2015). The firm should focus on families are view them as primary customers because it is a huge opportunity that can be utilized to gain a significant advantage. Marketing Plan Marketing strategy also needs to change, and it should focus on aspects that are associated with increased quality of the products that are offered. It is imperative to make sure that a significant amount of resources is devoted to marketing because currently it is one of the weakest points of the company. It is extremely necessary to keep track of latest trends in the industry to get ahead of competitors. One of the techniques that may be currently used is online marketing (Doyle, 2009). Social media has been getting increasingly popular among the population, and it is paramount to take advantage of this fact. A Facebook page will be used to post articles about dishes that are offered in this restaurant, and customer s will be able to state their opinions. The introduction of restaurant point of sale software is also going to be essential because it is a known fact that it dramatically increases overall productivity in most cases. The data that will be collected is going to be extremely useful because managers will be able to see what dishes are popular among clients in a comprehensive manner. The information that is stored may be analyzed to evaluate any possible correlations that may be used to expand the business. Also, it is imperative to understand that tourists make a significant percentage of customers. The fact that Mirch Masala is a known franchise is a major advantage that should be focused on, but full potential is not realized yet (Barringer Ireland, 2010). It is imperative that the system is already established, but it needs to be said that it is necessary to review some of the agreements to make sure that the company meets the needs of this particular market. Furthermore, it is ne cessary to invest in the advertisement on foreign websites that are frequently visited to ensure that this brand name is more recognizable by foreign visitors. Another aspect that needs to be addressed is that other companies in this sector do not offer any promotions most of the time, and Mirch Masala should take advantage of this fact, and develop a program that is aimed at loyal customers. The price of the products is going to increase slightly, but it should not be viewed as a disadvantage because a significant number of high-income customers are going to be attracted. Operations Plan One of the core aspects that need to be considered is that it is paramount to increase the overall quality of the product that is offered to get ahead of competitors (Barringer Ireland, 2010). It is not an easy task to achieve and maintain growth, but some techniques can be used to avoid common mistakes. First of all, it is paramount to make sure that standards are enforced because it is evident t hat the quality of service varies, and it affects the experience of customers (Kuratko, 2007). It needs to be said that this approach is likely to limit possible innovations, but it is not necessary in this industry, and the company is relatively small at the moment. Staff selection is one of the primary issues that need to be addressed because it is paramount to assess qualification levels of workers (Haksever Render, 2013). Training needs analysis should be conducted to evaluate weak points that should be focused on, and it is necessary to make sure that workers meet the requirements of the company. It is paramount to take appropriate measures to ensure that documents and confidential information are not disclosed. Employees need to understand this aspect because it may hurt the image of the company (Baron, 2012). The location of the restaurant is outstanding, and connections with local distributors are well-developed. However, better lighting may be necessary to attract customer s. It needs to be said that the facilities that have been acquired are in a great state, and there is no need for improvement. It is paramount to note that modern equipment needs to be purchased to increase the overall speed of production, and it also will be required to improve the quality of the product. Webcam monitoring is another aspect that should be taken into account because it is necessary to guarantee that the food that is cooked is safe for customers (Haksever Render, 2013). It is a significant aspect that should not be disregarded because it is evident that employees work better in an environment when everything is under control, and having a better control of the cooking process will be possible. The introduction of timers is also an efficient method that needs to be implemented because it increases the skills and competency of workers. It may be quite expensive, but it is a necessary measure that should be taken because satisfaction of clients is of utmost importance. The fact that the bigger number of dishes is going to be produced in the same amount of time is imperative because it will significantly reduce the cost of production in the long run. Overall, modern technologies should be utilized to their full potential to improve current products and services, and this is an excellent opportunity to gain a competitive edge. Conclusion In conclusion, it is extremely likely that Mirch Masala will be able to become a high growth company if all the recommendations that are listed in this growth plan are considered. Most attention should be paid to the quality of the products that are offered, and the biggest amount of resources should be devoted to this issue. References Baron, R. (2012). Entrepreneurship: an evidence-based guide. Cheltenham, UK: Edward Elgar Publishing. Barringer, B., Ireland, R. (2006). Entrepreneurship: successfully launching a new venture. Upper Saddle River, NJ: Pearson Prentice Hall. Berry, C. H. (2015). Corporate Growth and Diversification. Princeton, NJ: Princeton University Press Brenes, E. R. (2011). Understanding entrepreneurial family businesses in uncertain environments. Cheltenham, UK: Edward Elgar Publishing. Doyle, P. (2009). Value-based marketing: marketing strategies for corporate growth and shareholder value. Hoboken, NJ: John Wiley Sons. Haksever, C., Render, B. (2013). Service management. Upper Saddle River, NJ: FT Press. Kuratko, D. F. (2007). Corporate Entrepreneurship. Norwell, MA: Now Publishers. This essay on Research Growth Plan: Mirch Masala Inc. was written and submitted by user Daisy Doyle to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.