Essays on Aisa’s Finest Business Plan

The restaurant industry is one of the most lucrative industries in the world amounting to billions of dollars in revenue. Trends in the restaurant industry have indicated that consumers will spend a greater portion of their money on food away from home, which means that more people will be dining out. The competition in the food service industry will grow more intensely as the industry continuously grows.

In addition, major food service chains will increase their shares both in sales and units. Reports have also added that independent operators of restaurant chains will be the main source of new restaurant concepts. More importantly, more and more people will focus on nutrition, which is why restaurants will become more critical on the type of food they serve making sure that it passes nutritional standards (Folkes & Wysocki, n.d.).

This paper is dedicated to the Asia’s Finest business plan development. Asia finest is an interesting example of authentic restaurant network in the US.

The business plan consists of such parts as marketing assessment strategy, management strategy and characteristics, and financial budgeting.

Market Assessment

Market Analysis Summary

Asia’s Finest intends to provide an unparalleled dining experience for its customers, with a focus on authentic cuisines from all over Asia. We plan to offer cuisines from China, Japan, Thailand, Korea, India, Vietnam and the Philippines. The restaurant would have outlets located in various central locations that attract large Asian communities, interested in a reminder of their home country’s cuisine. These locations are the Chinatowns in San Francisco and New York, Koreatown in Manhattan, New York, and Thai Town, Los Angeles, among others. Through upstream marketing, we have found that even though these areas have Chinese, Thai, Japanese, and other Asian restaurants, there lacks an all-inclusive Asian restaurant that provides variety as to the type of cuisine. Upstream marketing refers to gathering information about the market in order to identify and fulfill the needs of the consumer (Smith, O’Daniel, & Lynch, 1990). By combining these different markets, the restaurant intends to fill the gap by not only offering Asian cuisines to respective Asian communities, but also to exposing Asian communities to other Asian cuisines.

Market Trends and Competitors

Asian cuisine has been well established in the American restaurant field for a long while now (Technomic, 2011). For that reason, consumers have been accustomed to the familiar generic flavors, creating a demand for other more regional and specific flavors. This goes to show that consumers are receptive to authentic exotic dishes, and that there is a strong ready market for these foods. It is with this in mind that Asia’s Finest has decided to offer Chinese regional cuisines such as those from Shanghai and Hong Kong, and lesser-known flavors like Indian, Vietnamese and Philippine. According to Technomic’s Market Intelligence Report, 84 percent of consumers indicate that they would order Asian items from the menu at restaurants (2011). Further, most people with Asian roots are becoming more specific about the kind of cuisine they would prefer, steering away from the generic fare that has previously been offered (Technomic, 2011). Again, this indicates that the market is ready for more specific Asian dishes. Our main competitors are the various Chinese, Thai, Japanese and Indian restaurants already located in our different locations. However, our research has found that these restaurants only specialize on their chosen Asian cuisine, neglecting to offer other Asian cuisines. Our restaurant chain would the first to offer all the mentioned Asian cuisines and more, all under one roof.