Market Research & Business Strategies

Market Research & Business Strategies Market Research & Business Strategies

3 Market Analysis

3.1 Identify the business customers, and the expected market segment in details

In District 2, the population is more than 182.000 people The citizens in District 2 are diverse in class and career Our target customers and segment are described by this chart

CUSTOMER PROFILE Age From 18 to 55 years old Dsitrict 2 citizen

Gender

Female Male - Female would be the main customer for breakfastbecause they care more about the food

- Male would choose breakfirst in restaurant with their colleague

Stage Citizen Normally live in District 2 with family

Nationality Vietnam, Other Mostly coming from Ho Chi Minh city or othercountry such as Korea Income Over 10,000,000VNĐ Willing to pay 50,000VNĐ – 80,000VNĐ forBreakfast

Characteristi

c

- Busy life

- Do not know how to cook

- They do not have enough time to prepare breakfast for their family and willing to pay for fast service and good

- They do not have many bits of knowledge with food, but they love to have good meals which remind them about family meals

Demand

- Fresh environment

- Healthy food

- Reasonable price

- Hygiene space

- Good Service

3.2 Identify and propose market research methods used to identify the market (Pending)

I did the survey in Vietnamese as well as in English and was writing in a respectful way because the respondents were almost Vietnamese and Korean who are older and high class in society Although this is a paper project, I still want to seriously examine the real needs of District 2 citizen when they chose Pho as a breakfast Besides that, I did inteview with five food vloggers

to pioneer more about guest experience These survey results show to me the project's viability and, thanks to that, I will also edit the strategies to make the project more practical

Fortunately, I am also one of the residents of District 2 and I know a lot of people around here, which is a great opportunity for me to do this survey Almost people I know who are living with

their family with similar characteristics to our target customer In order to manage the quality of the survey, the people who get the survey should be Vietnamese and Korean because those people are our main customer Furthermore, I also filtered unqualified answers during the survey

to deliver the most objective results

Questionairre

Age

Under 18 years old

18 – 24 years old

25 – 34 years old

35 – 44 years old

Over 44 years old

Define customer demographic To limit the area of survey

Analyze the characteristics: habits, interests, cares, etc -> Sales and Marketing -> Business Strategy

Income

No Income

Under 10,000,000VND

10,000,000 – 15,000,000

15,000,000 – 25,000,000

Over 25,000,000VND

Define customer demographic

To know how many of them are willing pay for eating at a restaurant and what they are expecting ->

Pricing

Stage

Officer

Managing Director, Manager

Businessman

Freelancer

Housewife

Student

Define the profile of customer

To know what is the different of eating out habit of different occupation -> Business Strategy ->

Sales and Marketing

Living place

Binh An, District 2

An Phu, District 2

Thao Dien, District 2

Define the profile of customer

Food and beverage trends in their living area -> Sales and Marketing Strategy, Business Strategy

How often do you have

breakfast in restaurant?

Once a week

Twice a week

3-4 times/week

More than 5 times a week

Never

Define the profile of customer

Sales and Marketing Strategy

Promotion Business Strategy

What time do you get your

breakfast?

5AM – 6AM

6AM – 7AM

7AM – 8AM

Define the profile of customer To consider the opening time anddefine rush hour for breakfast

8AM – 9AM

After 9AM

Who do you usually go to eat

Pho with?

By yourself

Friends

Colleague

Husband or wife

Family

Define the profile of customer Restaurant seating planBusiness Strategy

As a breakfast option, how

many times you are able to

eat Pho in a week?

Once a week

Twice a week

3-4 times a week

More than 5 times a week

Define the profile of customer Business Strategy Seating plan

How much do you often to

spend for a bowl of Pho?

From 40.000VNĐ to

50.000VNĐ

From 50.000VNĐ to

60.000VNĐ

From 60.000VNĐ to

70.000VNĐ

Above 70.000VNĐ

Define the profile of customer To consider the policy of pricing tools

How long do you take for

breakfast?

Less than 15 minutes

From 15 to 30 minutes

More than 30 minutes

Define the profile of customer Restaurant seating planBusiness Strategy

When you order Pho, how

long are you ready to wait?

Less than 5 minutes

From 5 to 10 minutes

From 10 to 20 minutes

From 20 to 30 minutes

Define the profile of

Whether you choose to eat

Pho for lunch or dinner?

Yes

No

Define the demands

in eating Pho Business Strategy

If Pho is chosen for lunch or

dinner, you can eat it?

Once a week

Define the demand

of customer Business Strategy

Twice a week

3-4 times a week

More than 5 times a week

Do you often order soft

drinks (ice tea, water, coffee,

smoothies ) when eating

Pho?

Yes

No

Sometime

Define the profile of customer Marketing and Sales Strategy

How much are you willing to

pay for a refreshing drink?

From 10,000 VNĐ to

20,000VNĐ

From 20,000 VNĐ to

30,000VNĐ

From 30,000 VNĐ to

40,000VNĐ

More than 40,000 VNĐ

Define the profile of customer To consider the policy of pricing tools

Where do you usually

consume beverage after the

breakfast?

At the restaurant

At coffee shop

Do not consume

Define the demand

of customer Sales and Marketing Strategy

Have you ever ordered food

online (GrabFood, Baemin,

Foody ) yet?

Yes

No

Define the demand

of customer Business Strategy

If "No" you want to try this

service?

Yes

No

Define the demand

of customer Business Strategy

When choosing Pho as a

breakfast, Please indicate

your importance to the

criteria below?

Location

Variety of meat

Quality of Pho

Taste of Pho

Price

Define the demand

of customer Marketing Strategy and BusinessStrategy

Quality of service

Staff attitude

Credit and reputation of the

restaurant

Hygiene

Restaurant decoration

Beverage menu

Loyalty customer promotion

As a customer, what are the

criteria that an ideal Pho

restaurant should be ……?

To define the demand of customer Marketing Strategy and BusinessStrategy

Survey analysis

1) Demographic

The survey was conducted online from 30 June to 2 July 2020, with the findings after 64

participants were filtered out

77% of the survey participants are from 18 to 34 years old in which 31.3% is from 18 to 24 years old and 45.3% is from 25 to 35 years old 15.6% are people from 35 to 44 years old and 7.8% participants are over 44 years old

70.4% of the survey participants are in stable jobs and able to pay for their own meals included 45.3% are office employees, 14.1% are CEO and directors and 9.4% are businessmen Besides that, I also choose surveyors who are house wifes and University students because those

customers still have demand for my product and afford to buy

As mention, our target customer income is over 10million VNĐ/month The results of the survey shows there are more than half surveyor are our potetial customers who afford to pay for our products

The chart shows that 51.6% usually pay for a bowl of Pho is 40.000VNĐ to 50.000VNĐ

However, we are selling a product with higher quality of product and service so we do not descrease our price of product because that is not our segment 40.7% of participant usually pay over 50.000VNĐ are a part of my target customer because they not care too much about the price but the quality of Pho should be considerable value for money

Fortunately, most of people in District 2 like beef Pho which is our main product There is only 1 person over 64 participants chose chick Pho as his favorite

The importance to the criteria that affect to customer choice: (1- Completely not important, 5 – very important)

In District 2, almost our target customers are people who have high income and want to have a good and nutrious breakfast It is not surprise that the results of the survey are the same what I expected

As we can see, 82.8% paricipant agree that the quality of Pho is very inportant to decide

everything Even the price, location, popularity, promotion is nothing if Pho taste is not good as our customer want to eat

Besides that, breakfast is very important for a long working day It should be nutrious, clean and positive in the mouth So there are 84.4% of participants want to enjoy their breakfast in a hygiene place People will feel more delicious when eating in a clean place Furthermore, staff attitude is what we want to invest more in this criterion because this is our strength that the competiors do not have

The result shows that promotion is not very necessary I will not apply any promotion in my restaurant to show that we always want to bring the most quality of Pho with the most valuable price

There are a part of the surveyor comments which is the evidence to show the most 3 things for a ideal Pho restaurant are: Quaility of Pho, Hygiene and Quality of Service

3.3 Business strategies

In our restaurant, what we are aiming for is a sustainable business model at our restaurant The sustainable business model focuses on three main objectives with the criterion of leaving no consequences for the next generation: economy, society and environment Although our

restaurant is a new, young and small-scale enterprise, we believe this will be the first step and the foundation for the development of business

If I have to rank these criteria as important, I would like to give you the following: environment, society, and profit

Environment

The first thing we are concerned about here is the environment We've suffered a lot of

environmental pollution impacts in recent years To avoid this effect from generation to

generation, we have to start from today, from the smallest actions

The first thing we do is reduce the use of disposable plastic, or cut it off completely All

tableware is made of eco-friendly materials like ceramics, porcelain, glass, wood, acetate, etc

In addition, during processing, we will work with the kitchen team to compost organic fertilizers from waste products, and customer residues They will deliver this compost to the garden in the back of restaurant to grow vegetable

We are also going to work with the staff on this ideology of zero waste Over time the entire restaurant will be researched and built from sustainable long-term materials Equipment will also

be bought from the best brands in the restaurant to reduce the depreciation costs

Society

The most important thing at our restaurant is food To cook decent meals we use clean and fresh ingredients as much as possible We choose Pho which is a traditional Vietnamese dish, because these are the things that have raised us daily My grandfather and my mom have worked a lot in the environment of Western cuisine, we recognize that we know the most about Vietnamese cuisine What I find most memorable when I was in Australia for 3 years is the meals my mother was taking care of We cook at our restaurant just like we do for our family member: no dirty food, no industrial products, no flavorings, and no additives All of this begins with the most primitive materials

Further expanding our vision, we wish to affirm Pho's appetite Inherently healthy, Vietnamese cuisine is a balanced combination of taste, yin, yang and texture So we want to raise people's awareness of Vietnamese cuisine's perfection

This is what we dedicate most to working at our restaurant.

Work productivity is all we are looking for when recruiting staff Productivity of employees is also important in our restaurant but above all hard work and learning Experience or knowledge are all things that can be learnt if you want to learn, observe, and be proactive What's more, employee attitude is something we care most about It shows by the actions, behaviors, and concerns they are giving their work Employees in our restaurant are the face of the restaurant Positive attitude will yield good products No violence, no insult, honesty with yourself and your surroundings are the keys to our human development

Customers look forward to having meals in civilized space, for now From my experience, I saw many customers complain to us that they feel disrespectful when they come to restaurants where managers are unable to manage the quality of the product, the quality of the service and the most important thing, customers It's a very difficult thing to explain the concept of a civilized space, for us this is a sense of respect because most of our clients are Vietnamese and Korean

Economy

I have learned Cost Control in Vatel University that to make a business survives and developes,

we have to maximize the profit To make more profit, we have to reduce cost and increase sales How to reduce cost