Q Get Hungry About Starting Your Own Restaurant!! Tired of going to class in the ice and snow? My father used to tell me that how he used to walk miles in the ice and snow to get to school. As you try to get to classes you start thinking, "Maybe I could start your own restaurant instead?" Could I have an underground ice castle restaurant in in my northern (or other) city? I might not have to pay for heating, and some individuals would like the idea of eating in something that looks like ice and snow? So, warm up to developing your own restaurant! With social distancing, you might have to begin slowly? Some of your best friends are from farming areas, and maybe you could come up with something that will "knock their socks off" about life on the farm? So, get excited!! This project will provide food for thought about how to conduct secondary research to make your dream restaurant reality. This project, is based on a premise: "If you can dream, you can do it." -- Walt Disney Here is a "taste" about what is involved in the first "restaurant project." I want you to pretend that you are opening a restaurant in your home town, or other community. Please keep the same restaurant idea that you had in the “Foundations of Good Research” forum earlier. (If you have decided that you should change the concept, please email me to let me know at least a few days days before this assignment is due.) Instructions for Cooking Up Your Dream Restaurant I would like you to “give food for thought” about developing a more detailed plan and hypotheses for your restaurant here! This assignment represents the next “cycle” of research and evolved ideas, after you developed your “Foundations of Good Research” beliefs in the early forum. Bite into each of the following five issues in your paper: 1. Overview. Give an overview of the type of restaurant that your propose and why you believe, in general, it will be successful for the city you select. 2. Competitive Analysis. Conduct a “competitive analysis” for your concept. Most students use a SWOT Analysis. Whether or not you use a SWOT, provide a good evaluation of the strengths and weaknesses of your restaurant concept for the community. Include, at the end, a summary of the primary beliefs you have about the restaurant’s feasibility. o In it, show clear direct and indirect consideration of the competitors that exist. o In it, show that you used ERSI and examined at least three different reports in your analysis (i.e., Age 50+ Profile, Recreation Expenditures, Restaurant Market Potential, Retail Demand Outlook,Tapestry Segmentation Area Profile, etc). (Restaurant Potential And ERSI (Used in "Start Your Own Restaurant" Assignment) o In it, have a very minimum of three other secondary sources. I listed a number of different secondary sources in the ch. 3 area that may be useful (Secondary Sources of Information Useful for Course). 3. Consumer. What does the demographic and/or psychographic profile of the customer for the restaurant appear to be like. How does this compare with the demographic and/or psychographic profile of customers who live near the restaurant? 4. Marketing Strategy Hypotheses. Review your early marketing strategy hypothesis and list it. Based on your research here, come up with at least three marketing strategy hypotheses that are central to you. Justify each of them -- and how and why they differ from your early ones. Here is a description of hypotheses (Note About Hypotheses for This Course) 5. Critical Evaluation. This secondary data analysis represents your first research “cycle” after you come up with your initial idea early in the course. In other words, it gives you a chance to think more deeply about the concept! First, address: In retrospect, what are the prospects that you realistically think that your concept will be successful? This course is, ultimately, a marketing course. Therefore, secondly, address: what types of consumer and marketing emphases will you need to give to insure the restaurant’s success? Why Care? At least one of you will start your own restaurant! You may find ERSI, and other secondary sources to be good sources for your your serious business proposal. I care about this assignment, though, because it follows the "circular hypothesis-testing process." By putting your ideas on paper, coming up with specfic hypotheses, and then, revising your ideas further, you are concerned about being in charge of your life in a systematic manner. I want you to feel this way more than anything, in a class. Students in Mktg 3400 Class Hard At Work: