Question

Suppose, you are going to start a new business which is a Vegan Food Restaurant in new work.

Funding Decision: After analysing your internal capital sources, you find out that you need to arrange more funds. Depending on your size of business and targeted market, what external sources of funds would you consider ? Please explain.

Product/Service selection & design: what factors would you consider while selecting the type of food items for your store. What products and services would you initially launch? How would you design the packaging/presentation of your food and service (themes/plating/cutleries/ambience/interior etc can be considered)?

Marketing Strategy: What promotional activities will you consider before and after launching your business? What media options would you consider (explain and justify your choices)? What would be your Unique Selling Proposition (USP) ? Explain.

Operations: Once your business is up and running, what would your flow of operations look like (you can use a flow chart)? Is there any key operations strategy that you will formulate to manage your resource bundle ? If yes, explain in detail. If no, justify your answer.

Answer 1

Related to the new vegan resturant which will open in New York, these are the cases

Funding Decision: For funding, we can approach a bank for loan. As we have some internal capital the bank will consider giving out loan based on our project plan and business idea. We have to prepare a full and detailed project proposal to be shown to the bank and how much time will it take for getting the return. All the previous financial history should also be submitted.

Product/ Service selection and design: The food selection is very critical. We should include items in our menu that will attract people, and also at same time we should ensure the inventory does not get waste due to expiry. So initially it will be wise to go with regular items which people generally eat. And gradually adding up more exotic dish. Once people start visiting the restaurant it will be easy to add items in menu.

We can also add pickup facility where people can take and order online. For that the packaging should be easy to carry. The plates and spoons should be disposable. As the restaurant is new, it is good to include bit of advertisement on the box and napkins.

Selecting the interior is crucial, if the location is a busy street then the interior design should be made such that people can easily order and get thie food. But if the location is such that people come for leisure, then it is good to have a warm and relaxing environment.

Marketing Strategy: Marketing is very important and we can start by including adds and banners. We can have the restaurant listed in the food delivery application on mobile where peopla can place online order. By doing this people will get to know about the restaurant.

Our USP should be vegan and healthy food. As most people who become vegan like to have a healthy diet. It is the main reason why they turn vegan. Hence we can use health as USP and include many exotic and healthy food, which will include herbs and green leafy vegetables.

Operations: Yes once the business starts and grows it is wise to have a flow of operations. We can divide the operations into branches like procurement, inventory, food processing, customer management, accounting, etc.

The key operations strategy for the resource is to follow the policies and procedures defined for the position.