See attachment

See attached 

Week 5 Assignment – Target Market Segment

Who is your target market? Describe a target market for your business plan.

Instructions

Write a 1–2-page paper in which you:

· Describe your primary target market in terms of demographics, income or revenue, household or business size, region, employment, and any other features of your target market relevant to your product or service. Discuss three reasons for your selection.

· Describe your secondary target market in terms of demographics, income or revenue, household or business size, region, employment, and any other features of your target market relevant to your product or service. Discuss three reasons for your selection.

· Explain the ways these markets are underserved and the ways your business would be positioned or qualified to address the opportunities in this market.

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Discussion 1

· What company do you believe has a great understanding of its target market? List two things they do well and two things they could do better.

· Describe the primary target market for your business idea and explain your reason for your choice.

· Describe the secondary target market for your business idea and explain your reason for your choice.

Discussion 2

· One of the primary purposes for Patents, Copyrights, Trademarks, and Service Marks is to protect our Intellectual Property from being used by other organizations. After reviewing this week’s course material, share how you may use one or more of the provided tools to protect your Intellectual Property and create a competitive advantage.

2

Business Plans

Student

Professor

Institutional affiliation

Course

The business plan best suited for my business is a lean plan. A lean plan is best suited because it will entail how to manage the strategy, tactics, dates, milestones, activities, and cash flows of the restaurant to be set out in this case. It will include deadlines and budgets as well as the essential elements. This will be a useful plan to gauge the manpower I need for the restaurant and the finances needed to start the business. Berry (n.d) argues that it allows for clarifications on the targeted market, what the business is offering, underlying business identity, and the business’s long-term goals.

Executive Summary

· Overview of the restaurant business plan

· Market Opportunity

· Restaurant Management

· Projections for finances & Funding

Restaurant name

· The Restaurant Concept

· Technology to be employed

· Business Model

· Objectives

· Keys to Success

· Long Term Strategy

· Intellectual Property

· Sustainability

Sample Menu

· Menu Items

Restaurant Operations

· Customer Service

Operating Policies

· Strict Inventory Controls

· Purchasing Cost Controls

· Recipe a Portion Controls

· Menu Blending

· Sanitation of Food Handling

Operating Standards

· Management’s Role

· Software a Systems

· Money a Profit Management

Training and Hiring

· Hiring competent staff

· Training for skill improvement

· Retaining the best talent

Controlling Costs

· Food Costs

· Tools and Equipment Costs

· Staff Turnover / Training Costs

Location

· Operating Details

· Location strategic evaluation

Industry Analysis

· Industry Overview

· Restaurant Demographics

· Millennials

Competition

· Competition status and landscape

· Direct Competitors

· Analysis of Competitive Advantages

Marketing

· Target Market Overview

· Market Positioning & Brand

· Marketing Strategies

Company & Management

· Company

· Management Team

· Staffing Plan

· External Issues

Financial Plan

· Startup Expenditures

· Revenue Assumptions

· Cost of Goods Sold

· Operating Expense Assumptions

· Balance Sheet Assumptions

· Bank Loan Assumptions

· Balance Sheet Forecast – Years 1 to 5

· Income Statement Forecast Year 1 to 5

· Cash Flow Forecast – Year 1 to 5

Creativity

One of the strengths I have as an entrepreneur is creativity. From time to time, I seek to create new solutions to the challenges I come across day in and day out. In many cases, I devise solutions to problems, and from the given situations, I can look further into the future and generate solutions for better living. In addition to this, many of the ideas I have I believe I can turn them into reality but do not just leave them as just ideas that have not been transformed into reality when they can be actualized.

I believe this character trait enables me to innovate and keep providing solutions. Mazla et al. (2020) believe that creativity boosts reputation of the business. This will benefit an entrepreneur by adding value to the existing products to create a competitive advantage for the business. By being creative, I can be able to survive competition since we are in an increasingly changing business world that needs technology and strategies to be able to sail through. This can be better done by creativity to create something different from that which is being offered by competitors. In addition to this, creativity for me as an enterprise will boost the quality I am offering to customers since, through creativity, I will constantly improve the products I am offering for the sake of the customer. Lastly, creativity is key in creating solutions to existing business plans in the long run. Innovation is spurred by creativity; hence, it is a core benefit for any given business to drive through the present-day challenges it faces.

References

Berry. T(n.d) The Different Types of Business Plans accessed from

https://articles.bplans.com/the-different-types-of-business-plans/

Mazla, M. I. S. B., Jabor, M. K. B., Tufail, K., Yakim, A. F. N., & Zainal, H. (2020, September). The Roles of Creativity and Innovation in Entrepreneurship. In International Conference on Student and Disable Student Development 2019 (ICoSD 2019) (pp. 213-217). Atlantis Press.