The Marshall Plan

Initially announced in 1947, the Marshall Plan was a U.S.-sponsored economic-aid program to help Western European countries recover following World War II. Officially named the European Recovery Program (ERP), it soon became known as the Marshall Plan for its creator, Secretary of State George C. Marshall. The beginnings of the plan were announced on June 5, 1947, during a speech by Marshall at Harvard University, but it wasn’t until April 3, 1948, that it was signed into law.  The Marshall Plan provided an estimated $13 billion in aid to 17 countries over a four-year period. Ultimately, however, the Marshall Plan was replaced by the Mutual Security Plan at the end of 1951. Europe: Immediate Post-War Period The six years of World War II took a heavy toll on Europe, devastating both the landscape and the infrastructure.  Farms and towns were destroyed, industries bombed, and millions of civilians either killed or maimed.  The damage was severe and most countries didn’t have enough resources to help even their own people. The United States, on the other hand, was different.  Because of its location a continent away, the United States was the only country that did not suffer major devastation during the war and thus it was to the U.S. that Europe looked for help. From the end of the war in 1945 until the beginning of the Marshall Plan, the U.S. provided $14 million in loans. Then, when Britain announced that it could not continue to support the battle against communism in Greece and Turkey, the United States stepped in to provide military support to those two countries. This was one of the first actions of containment outlined in the Truman Doctrine. However, recovery in Europe was progressing much slower than initially expected by the world community.  European countries compose a significant segment of the world economy; therefore, it was feared that the slow recovery would have a ripple effect on the international community.   Additionally, U.S. President Harry Truman believed that the best way to contain the spread of communism and restore political stability within Europe was to first stabilize the economies of Western European countries who had not yet succumbed to communist takeover.   Truman tasked George Marshall with developing a plan to carry out this goal. Appointment of George Marshall Secretary of State George C. Marshall was appointed to office by President Truman in January 1947.  Prior to his appointment, Marshall had an illustrious career as the chief of staff of the United States Army during World War II. Because of his stellar reputation during the war, Marshall was viewed as a natural fit for the position of secretary of state during the challenging times that followed.   One of the first challenges Marshall faced in office was a series of discussions with the Soviet Union regarding the economic restoration of Germany.  Marshall could not reach a consensus with the Soviets regarding the best approach and negotiations stalled after six weeks.  As a result of these failed efforts, Marshall elected to proceed with a wider European reconstruction plan. The Creation of the Marshall Plan Marshall called upon two State Department officials, George Kennan and William Clayton, to assist with the construction of the plan.   Kennan was known for his idea of containment, a central component of the Truman Doctrine.  Clayton was a businessman and government official who focused on European economic issues; he helped lend specific economic insight into the plan’s development. The Marshall Plan was crafted to provide specific economic aid to European countries to revitalize their economies by focusing on the creation of modern post-war industries and the expansion of their international trade opportunities.   Additionally, countries used the funds to purchase manufacturing and revitalization supplies from American companies; therefore fueling the American post-war economy in the process.   The initial announcement of the Marshall Plan occurred on June 5, 1947, during a speech Marshall made at Harvard University; however, it did not become official until it was signed into law by Truman ten months later.   The legislation was titled the Economic Cooperation Act and the aid program was called the Economic Recovery Program. Participating Nations Although the Soviet Union was not excluded from participating in the Marshall Plan, the Soviets and their allies were unwilling to meet the terms established by the Plan.  Ultimately, 17 countries would benefit from the Marshall Plan.  They were: AustriaBelgiumDenmarkFranceGreeceIcelandIrelandItaly (including the Trieste region)Luxembourg (administered jointly with Belgium)NetherlandsNorwayPortugalSwedenSwitzerlandTurkeyUnited Kingdom It is estimated that over $13 billion dollars in aid was distributed under the Marshall Plan.  An exact figure is difficult to ascertain because there is some flexibility in what is defined as official aid administered under the plan.  (Some historians include the â€Å"unofficial† aid which began after Marshall’s initial announcement, while others only count aid administered after the legislation was signed in April 1948.) Legacy of the Marshall Plan By 1951, the world was changing. While the economies of Western European countries were becoming relatively stable, the Cold War was emerging as a new world problem. The rising issues related to the Cold War, particularly in the realm of Korea, led the U.S. to rethink the use of their funds.   At the end of 1951, the Marshall Plan was replaced by the Mutual Security Act.  This legislation created the short-lived Mutual Security Agency (MSA), which focused not only on economic recovery but also more concrete military support as well.  As military actions heated up in Asia, the State Department felt that this piece of legislation would better prepare the U.S. and its Allies for active engagement, despite the public mindset that Truman hoped to contain, not combat communism. Today, the Marshall Plan is widely viewed as a success.  The economy of Western Europe rebounded significantly during its administration, which also helped to foster economic stability within the United States. The Marshall Plan also helped the United States prevent the further spread of communism within Western Europe by restoring the economy in that area.   Concepts of the Marshall Plan also laid the foundation for future economic aid programs administered by the United States and some of the economic ideals that exist within the present European Union. George Marshall was awarded the 1953 Nobel Peace Prize for his role in creating the Marshall Plan.

Alice In Quantumland 2014 - 2027 Words

Alice in Quantumland, speaks about a law of the quantum world, which shows that electrons have no distinguishing features except for their spin. This law being all electrons are identical, except that some spin-up, whereas others spin-down. The electrons even spin at the same speed. This allows them to interact harmoniously with each other and to find pairs within their space based only on each other s spins. In the novel, Alice noted that nearby was another similar looking figure to the electron, to which the new acquaintance explained was a different electron. In the story, this principle is illustrated by some electron-beings carrying umbrellas which are either pointed up, and some electron-beings carrying their umbrellas pointed†¦show more content†¦The Heisenberg Uncertainty Principle states that no particle can have â€Å"well-defined† clear values for both position and speed; consequently, no particle can be stationary because any stationary particle would have a clearly defined speed value of zero. In the analogy presented by Gilmore, electrons are able to obtain loans of energy from their local bank, allowing them to exist. The energy they are loaned becomes their rest mass energy. This principle, perhaps, is the most difficult to compare to the macro world. The idea that there exists a quantity or measurement--for lack of a better word--that cannot be measured is difficult to reconcile with the average human mind. Though there exist equal realms of ambiguity and no definite in the macro world, such as justice and legality, or emotion and rationality (as provided by Gilmore), the notion of an immeasurable quantity is one many cannot grasp. This places the Heisenberg uncertainty Principle most at odds with the macro world, as in the real world, humans go about their existence with definite: For example, the bus will arrive to take a man to work at 09:05; a day is 24 hours long, America gained its independence in the year 1776, and ther e are 8 periods in our school day. That is to say, humans take solace in the definite of numbers--as a source of definite when all else is seemingly variable and perhaps even more so when everything

Yummies Restaurant Business Plan Free Essays

string(140) " contacts in more than eighty restaurant openings, and, importantly, are heavily active in the Barking Dagenham restaurant industry\." 1Executive Summary 1.1Description of Business The restaurant business strategy will be an open disclosure of Yummies business proposal. The intention will be to establish practical business expectations, as well as to eradicate uncertainties regarding the profitability of the project. We will write a custom essay sample on Yummies Restaurant Business Plan or any similar topic only for you Order Now Entrepreneurs often optimistically forecast their restaurant business plan, underlining the benefits and disguising the potential risks. Business owners display a vested interest and economic dedication towards the business’ success. Our aim is to construct a definitive business, financial and marketing plan to satisfy all capital financing requirements, and can be implemented every day. Every precaution has been taken to validate the business and economic models, with a particular aim towards realistic expectations, with the use of market research and existing business theories. 1.2Finance Required ?55,000 will be the total amount of capital that will be needed to commence with the Yummies business. ?50,000 of this will be start-up capital with the remaining money used for a reserve on business operations. This strategy will be submitted so that a ?25000 business loan can be attained. This will be utilised for Equipment purchases, as well as Design, Construction, and Operational Start-Up expenses. Mr. Ajayi and Mr. Sangosanya, the owners, will be supplying ?24,000 of personal capital. Part owners have a non-managerial focus and other Private Investors will supply ?6,000. The owner’s responsibility is the personal liability for financial debt. Crucial precautions have been established to make sure the business can be completely capitalised. These will address the economic faults, and guarantee the business’ start-up to be successful. 1.3Business Differentiation The plan appropriates â€Å"variety†, â€Å"ambiance†, â€Å"entertainment† and â€Å"efficient staff† to form feelings of â€Å"place†, as recommended by Lynn (2009). This will help us to fulfil our targets of overall value within the restaurant market. By generating fair profits for owners and investors, we will also create a rewarding working environment for the workforce. The model and values that we will use for the business operations are: â€Å"Unique, Innovative Contemporary†: Establishing an original fine dining experience to separate our business from competitors. Our business aims to be individual and different to other local restaurants, primarily experienced through our innovative design and â€Å"electric† decor. â€Å"Product quality†: providing excellent service, food, and ambience. â€Å"Spice of Life† Menu: Our chose of foods is aimed to appeal to a variety of clients. The diverse menu will offer African regional specialties, from: Fried Meat with Potato Balls, Jollof Rice, Fried Rice, Eba, Amala. Pounded Yam, Cow Beef, Goat Beef etc. â€Å"Employee Retention Focus†: Retaining the workforce and establishing programs of development is a main aim, and model for a successful business (Napier, 2006). Using these, the business can employee highly skilled and trained professionals and establish a committed workforce. The business has accounted for a stock option program, to implement for Chef and Management roles. This will subsidise the lesser salary base and reduce initial overheads. It will also invite skilled employees, as recommended by Williams (2010). â€Å"Cost Control Focus†: Expenses will be constantly managed, and without exception. â€Å"Cost Control† will become integrated to the running of the business. It is a function that looks at handling numbers, assessing the figures that affect the bottom line (Williams, 2010). 80% of a restaurant’s success is determined before the business is even running (Lynn, 2009). The aim of our business will be to lessen cost of goods sold to satisfy the profit margin targets. This will be achieved by balancing these vital cost factors: â€Å"Purchasing†, â€Å"Receiving†, â€Å"Storage†, â€Å"Issuing Inventory†, â€Å"Rough Preparation†, â€Å"Service Preparation†, â€Å"Portioning†, â€Å"Order Taking†, â€Å"Cash Receipts†, â€Å"Bank Deposits† and â€Å"Accounts Payable.† The business will deploy the restaurant business plan to trace the actual expenses against the forecasted expenses. Restaurateurs are always on the lookout for innovative methods to separate their restaurant from the competition (Zapoli, 2005). This will give them the competitive advantage over rival businesses. We have identified a gap in the market within the West Midlands for an African Restaurant which delivers quality food to the right target market of African students, entrepreneurs and adults; something that is contemporary and entertaining. We believe that Yummies satisfies these criteria. 1.4Business Credibility As mentioned, entrepreneurs are renowned for creating optimistic restaurant business plans; looking at potential benefits and overlooking dangers or risks (Reuvid and Millar, 2003), and according to Zapoli (2005), business owners display a vested interest and economic dedication towards the business’ success. Our aim is to construct a definitive business, and a financial and marketing plan that can satisfy the capital financing requirements, and can be implemented every day. Every precaution has been taken to validate the business and economic models, with a particular aim towards realistic expectations. These have been accomplished by: A financial model that is built on industry statistics and not optimistic predictions. Expenses are based upon our experience of industry and practical situations with other businesses. This will be validated by the National Restaurant industry cost averages (National Statistics, 2010), as well as the assessment of West Midlands’ market averages. Collective statistics are considered to produce solid business predictions (Zapoli, 2005). The business concept derives from in depth Market Analyses. Rather than building a business based around a preconceived idea, we examined market research to construct a concept that is based around clients. The business looks to appeal to an unmet client â€Å"want.† A buffered financial strategy that provides suitable capitalization. A contingency buffer will be part of the initial expenses to makes sure the restaurant is suitably financed. This will offer the restaurant suitable funds to maintain the business for the initial six months in the restaurant’s life-time. Our current business knowledge confirms that there are prolonged â€Å"ramp-up† stages for restaurants, compared to retail or service based businesses (Mintel, 2009). New entrepreneurs sometimes make the mistake of not addressing this issue within their business plan. Effective Risk Mitigation Plan. By assessing the traditional and non-traditional dangers that are linked to restaurant failure, we have accounted for such risks within the business plan. Rather than dismiss such dangers, we located valid mitigation strategies. Deep Management Experience. We believe that it is important that our management team has more than fifteen years combined experience, contacts in more than eighty restaurant openings, and, importantly, are heavily active in the Barking Dagenham restaurant industry. You read "Yummies Restaurant Business Plan" in category "Essay examples" 2The Company and its Industry 2.1Purpose of the Company 2.1.1 Mission Yummies aims to be an innovative restaurant, which fuses a diverse menu with an engaging ambience. We aim to provide high quality food and services, with the client’s satisfaction a top priority. We anticipate that the typical type of customer for Yummies will be men and women, old and young individuals, as well as couples and singles. 2.1.2 Objectives Yummies’s targets for the initial 5 operating years are: Maintaining food expenses to be less than 35% of revenue. Develop the Gross Margin from 65.41% to 67.10% by the second year. This is a realistic target; the â€Å"stretch† will be to get 70.73% by the third year. Maintaining labour cost is between 25% and 27% of the total sales. Stay an innovative restaurant with excellent food and service. Averaging sales between ?525000 to ?630000 per annum. Developing the Yummies business as an innovative Midtown restaurant. Increasing the marketing and advertising within West Midlands. This will also include nearby regions to expand customer base. Attaining profitable investment return for investors from the second year to the sixth. 2.2Company founders and Skills sets This business will begin as Yummies Limited, owned by General Manager and Executive Chef, Paul Sangosanyaa, and Managing Partner Ajetunmobi Ajayi. Mr. Ajayi and Mr. Sangosanya both have experience within the restaurant industry, which is based on their experiences in Nigeria. Mr. Sangosanya, a proficient restaurateur, owned many full-service restaurants. Mr. Sangosanya currently owns Currys Restaurant in Ijebu-Ode, and Mr Biggs in Lagos. He is the international Restaurant Consultant for Chicken Republic and Pizza hut. Mr. Ajayi is qualified in Restaurant and Hotel Management and has experience in International Business Management. He also helped Mcdonalds fast-food chain to become a major London restaurant. This branch was identified as a top 10 restaurant during his management between the years 2002 and 2010. 2.3Competitive Differentials â€Å"Unique, Innovative Contemporary†: Forming a unique, innovative and high quality dining experience to separate our restaurant from our competitors. We will achieve this through our innovative design and decor. Also, the restaurant will provide a high quality dining atmosphere. â€Å"Product quality†: excellent food, service, ambience. â€Å"Employee Retention Focus†: Retaining the workforce and establishing programs of development is a main aim, and model for a successful business. Using these, the business can employee highly skilled and trained professionals and establish a committed workforce. The business has budgeted for a stock option program, for Chef and Management positions. This will subsidize the lower salary base and reduce the initial overhead and also invite skilled employees. 3PRODUCTS AND SERVICES Yummies food will set out to be that which blends the best of all African cuisines from all parts of Africa. The menu is intended to have a range of varieties, which will change every 6 months, but still have traditional specials. Our kitchen staffs and main house staffs will be well trained in food preparation, presentation and their approach to customers thereby providing a high quality service. We will ensure that all customers will also be provided with a nice environment that is comfortable, relaxing an appealing thereby giving them a unique restaurant experience. 3.1YUMMIES MENUS Our menu would offer several different courses, which will come with choices for a fixed price. This will include starters and appetizers, main course deserts and African cocktail drinks. Our starters and Appetizers menu will include: Chin Chin Plantain chips Suya with pepper sauce or Goat cheese dip Sausage rolls Pepper soup which can be served either goat meat, cow leg or cat fish Small chops Puff puff Fried meat with potato balls Our main dish menu will include: Jollof rice, which can be served with a side order of either chicken, beef or fish White rice, which can be served with a side order of either chicken stew, beef stew or fish stew Fried rice, which can be served with a side order of either chicken, beef or fish Coconut rice, which can be served with a side order of either chicken stew, beef stew or fish stew Eba (cassava puree), which can be served with any of the soup and stew side orders Amala, which can be served with any of the soup and stew side orders Iyan, which can be served with any of the soup and stew side orders Semovita, which can be served with any of the soup and stew side orders Fufu, which can be served with any of the soup and stew side orders Ewa Dodo (black eyed peas with plantain) Our side order menu will include: Stew and Soup Efo (also known as vegetable soup) Obe ata (also known as bell pepper soup) Obe Eja tutu (also known as fish and pepper stew) Ogbhona soup (this is stew that is thickened with Obghona nut) Vegetables and Beans Moin Moin ( also known as steamed Beans pudding) Obe Ila (also known as stewed Okra) Obe Ewedu (also known as simmered mellow greens) Dodo (fried plantain) Poultry, Beef and Seafood Chicken Turkey Cow beef Goat beef Prawns Titus fish Cat fish Sardine fish Our drinks, cocktails and beverages menu will include: Five Alive Zobo Traditional African Palm wine Multina Malta Guinness Gulder Coke Fanta Sprite Our Desert menu will include: Coconut ice cream in strawberry or cinnamon Coconut swirl ice cream with pineapple sauce Orange chocolate Parfait ‘la’ Afrique Accra banana peanut cake Tapioca Pudding Congo sweet oranges 4TARGET MARKET 4.1MARKET ANALYSIS After conducting a market research, it was found that most traditional African restaurant businesses are not set on customer satisfaction, rather they emphasize more on the culture (Mintel, 2009). Furthermore, it was found that customers are particular about pricing, the restaurant experience and the variety of the menu (Mintel, 2009). Also, in light of the recent financial crisis, most customers would be very particular about the quality of the service they receive in relation to the price they are charged, especially now that most people would be more conscious of the amount they have saved. Yummies restaurant is priced very reasonably with a maximum main menu price of 12 pounds. The appeal and structure of the restaurant i.e. decoration, bar, waiting time, and service are also factors that are mostly considered by customers as they also contribute to the overall experience. In the West Midlands, ethnic restaurants are increasing due to the continuous introduction of international cookbooks, recipes and the massive in flow of imported food stock (National Statistics, 2010). This has created a window of opportunities for various ethnic restaurant establishments, an opportunity that Yummies intends to take up. As a result of this market analysis, it is Yummies’ plan to give customers a very good price for a good experience in the restaurant and a find food choice to choose from. 4.2TARGET MARKET Yummies restaurants aims to cater to different segments of the market, and this includes tourists during the summer period. Yummies restaurant is guaranteed to be a destination, as it will have the necessary attractions, environment and our variety of African cuisine. A vast amount of the tourists are singles, open to new experiences and looking to be well entertained, especially with the upcoming 2012 Olympics. Our target market is ranged between the ages of 25-45. This is because they are set within the working class and the upper class BC1 income bracket according to the social stratification meaning they have more disposable income and are likely to spend more (Mintel, 2009). We will also be attracting the business class as our contemporary setting and atmosphere will be perfect for business meetings and the overnight business lodger. Our restaurant service is also not limited to the West Midlands, but aims to draw attention from other parts of the UK. These are the destination customers that seek a different environment or couples on a date night who want time alone and are open to try out something new rather than what they are normally used to. 4.3SERVICE BUSINESS ANALYSIS The restaurant industry is very competitive at every market segment demands experience. Majority of new restaurants tend to struggle or collapse due to inexperience and bad management. However, the successful ones are those which a concrete knowledge of the market requirements (Zapoli, 2005). Restaurants and successful businesses generally make good profit by making use of economies of scale for instance, the use of inexpensive ingredients (lower cost price) to make creative cuisines at an increased selling price (Jorgensen, 2003). We intend to incorporate this at Yummies by using cost effective ingredients, but not compromising on the quality. We would source lasting products such as bags of rice and beans in wholesale, so we can get a cheaper price for them, whilst also sourcing diminishable products like Pepper and Tomatoes from local producers, so they are always fresh. 4.4STATEGIES AND IMPLEMENTATION Yummies restaurant’s approach is straightforward. Our proposed success is to be achieved through an addition of excellent service and finest cuisine in an atmosphere that is welcoming to a wide range of customers. Our main forte is customer satisfaction and creating brand awareness in the Midland area, which will later expand to other parts of the UK. We intend to be well detailed in explaining who we are, the standards we stand for and what our goals are to our customers in order to build a reputation that can easily be spread across. We would be approaching an existing market of customers, with existing products, as we expect that there are already competitors within the West Midlands area that provide the same sort of services we do. Therefore our main strategy, as represented in the Ansoff Matrix (Ansoff, 1957), would be to penetrate the market and establish our base. We intend to achieve this feat by differentiating our services based on quality, thus adopting a value differentiation focus (Porter, 1985), as opposed to one that was based solely on price or quantity. By focusing on differentiation in order to penetrate the existing market, Yummies would be distinguishing itself from competitors by selling itself as the prime place to be, a restaurant that values the quality of its services and food, and would always be happy to leave every customer happy. Also, this strategy has been chosen as opposed to a broad based value strategy based of the capital investment required to target a larger audience in the West Midlands. Such a capital investment would typically involve having a larger restaurant, or launching several restaurants, both of which are not immediately financially viable. Furthermore, adopting a cost focus strategy is not financially viable, due to the emphasis Yummies aims to place on the quality of food sold within its restaurants. In order to deliver quality, we can not do so as a start up restaurant. Furthermore, as argued by Grant (2000), the cost focus strategy is usually more ideal for established businesses, as smaller busine sses cannot necessarily compete with larger competitors based solely on price. 4.5COMPETITORS The major competitors will be Debulge, Somaga and The Den restaurants as they have been in prior existence. Debulge restaurant is the only one that attracts a reasonable amount of customers, but has a location disadvantage, comfortable atmosphere and an overall minimal size. This can be said for the other two competitors as well. The advantage that Yummies will have over the known competition will mainly be its location as its going to be set in an area where there is a large mixture of both local and international individuals, hence promising a diverse demographic. This location area is a popular tourist attraction area, thereby making Yummies an obvious choice. Even though the competitiveness of Yummies Restaurant is not totally dependent on the location advantage, we believe that it gives us a suitable platform to launch ourselves, as it also offers free marketing. Tourists and Passerbys would have a look at the display boards and immediately know it is an African restaurant, and for those that are hungry, or just crave something to eat at that point in time, we would be an ideal location to visit. Furthermore, the ambience and service delivery, along with the food quality they experience whilst at the restaurant would give them enough incentive to return and refer us to friends and family. This is the free sort of marketing and service delivery that Binks and Ennew (1997) recommends for small businesses that are just starting up, as it gives them the chance to built a market following easily and rapidly. 5Marketing, PROMOTION AND SALES 5.1Building and Signage The fundamental marketing tool that we will deploy will be the design and signage at the exterior of the building. Also, restaurant’s sign would include adequate information about the name of the restaurant and the services we provide. We also intend to invest in substantial renovation work and decor to produce an innovative aesthetic style for Yummies. 5.2Customer Service: Based on market research, and the owners’ previous experience in the restaurant industry, customer service is a considerable factor in influencing the popularity, and success of top restaurants. The quality of the food and ambience is over-shadowed by excellent customer service. It is this kind of approach that ensures our client’s continuously return. Wait-staff will be trained by the management to offer a high standard of service, to ensure that our clients are happy and enjoy their experience at our restaurant. These wait-staff must be skilled and well-trained. Every ninety days the wait-staff will have to undergo a performance appraisal; as outlined in the Employee and Operational Manuals, and recommended by Zapoli (2005). 5.3Advertising and Promotion: The Advertising strategy and media schedule will utilise newspapers and other local publications to target various customer groups, such as singles, couples, and destination customers. Management acknowledges that extensive media promotion is significant to a restaurant’s immediate success. However, this should be an aggressive campaign to complete the service targets. A suitable budget will be allocated for the initial year. A large section of this will be allocated for media promotion, and to build a â€Å"customer buzz† in the thirty days before the restaurant opens. This will be maintained for three months after the opening day. 5.4Media Objectives and Strategy: Formulating an image as: â€Å"a unique Midtown restaurant with great service, value, and great food, served in an eclectic atmosphere.† Efficiency will be maximised through the selection and scheduling of promotion by: Choosing popular business publications that have large specific market penetration; this will get our business out to the entire target demographic. Scheduling a suitable occurrence of adverts to affect the market using items from the menu as well as promotions. Place adverts around entertainment and food editorial publications. Attracting clients to the business using our restaurant website, encouraging clients to sign up for future functions, V.I.P lists, reservations, as well as flash media promotions. Maximizing advertisement life-span through publications that are published every week and month. Maintain a consistent reach and frequency across the year; we will aim certain customer segments within a five-mile radius, and new â€Å"suburbanites†, who enjoy high quality, in-town dining. 5.5Promotional Campaign An efficient manner in which potential clients can be reached is to create an effective advertising campaign. We will look to promote our restaurant using the concept of â€Å"Spice of Life.† Additionally, the business will earn recognition from the local press, and public announcements. The website will be used as an incentive to get clients to sign up or to come to the restaurant. The website will use flash media which underlines the business, recent events, future events, and our diverse menu. Assessments of the periodic customer surveys and weekly menu item sales helps to comprehend the forms of advertisements which are being successful, and those which are failing. This will also give us an idea of the customers that we are reaching with our advertising campaign. The primary objective is to comprehend the client and to study the levels of success that our direct marketing and media activities have generated. This will also aid us in effectively redirecting our campaign. 5.5.1 Publicity Strategy: These are the publicity strategies deployed by Yummies: Create and maintain public relations, with contact with editors and personnel at local restaurant publications. Establish constant and consistent package update program for the primary objective media, making sure that editors are side by side with the business promotions. Build relationships with editorial staff of such press, so our advertisements and business can be promoted in local â€Å"round-ups,† as well as offering product comparisons for restaurant publications and local newspapers. Create a Yummies record, with a menu that can be implemented as a main device to improve PR, and will be part of the press kits. 5.5.2 Press Release/Grand Opening: A number of press releases will be given during the â€Å"Grand Opening† of Yummies Restaurant: â€Å"Editorial Visitation†: Prior to the restaurant’s opening, and during the initial six months of operations, the restaurant will send out invitations to significant editors and journalists from the local press so that they can come to the restaurant and experience our high quality food, service and atmosphere first-hand. â€Å"Publicity Revenues†: It is forecasted that about 10% of the yearly sales will come from the restaurant’s publicity: a complete media kit will go to the local press, as will updates on menu items, which will be issued every month. â€Å"Community†: Yummies aims to work with the local community development organisations. Also, we will contact radio stations so that we can have another medium in which to interface with potential clients. There will be a constant effort made to find local community programs that the business can participate. We believe that it is healthy policy to â€Å"give something back.† â€Å"Marketing Program†: The restaurant will operate three marketing strategies to advance the public’s awareness of Yummies: In-Restaurant, Public Relations, and Media Marketing. A significant strategy will be the â€Å"word-of-mouth/in-restaurant† marketing; an affordable and effective marketing programs. â€Å"Restaurant Night†: We will organise a certain night for local restaurant owners, chefs and staff to talk about the contemporary market patterns restaurant people. This will be held on the first Monday of the quarter. We will look to invest in a co-operative effort to promote the Barking Town Centre; whilst it seems that there would be a conflict of interest here, this is an attempt to develop the patronage of the town. â€Å"Monthly Dating Connection†: As the online world continues to grow, Internet and speed dating has become a popular function and the business will run monthly â€Å"date nights.† Data packages will be sold in an auction alongside the normal range of food and drinks. â€Å"Wait Area Marketing†: Wait-staff serve appetizers to clients on the wait list. â€Å"Special Events†: Live Entertainment parties Seasonal Holidays: Valentine’s Day, New year’s Eve, Mother’s Day etc. Yummies Halloween Masquerade party Wine tasting weekend 5.6Public Relations Marketing Barking Hospitality Tourism V.I.P. Party: The restaurant intends to stage a â€Å"V.I.P. Dinner† prior to its â€Å"Grand Opening.† The dinner should help to train staff and will also introduce the new restaurant to the community. We will use the Chamber of Commerce, West Midlands Hospitality Tourism, and Midlands Town centre Development group to draw up an invitation list for the â€Å"Grand Opening.† If we secure the favour of these people, it will surely benefit the restaurant to gain popularity. Critics’ Choice: Before the â€Å"Grand Opening†, two parties, designed to accommodate the Media and the Critics community, will be asked to come and to provide an assessment of our service, food and ambiance. This is a preliminary review, as constructive criticism is considered to help make improvements and other revisions before we have the â€Å"true Grand Opening.† The results of these reviews from critics and the media commentary will influence the success of Yummies and towards the penultimate design. Brochures: Produced for in-town hotels, business establishments etc. This will be given to to guests and staff, and will display images of the restaurant’s interior, as well as display the menu and prices. Government Relations: Government offices within the West Midlands region will be contacted about catering for their company’s lunch services, as well as for private functions. This strategy will give the restaurant a greater â€Å"visibility† and potentially ensure us with future work. It will also improve the rate of â€Å"Word-of-mouth† referrals, which, as mentioned, are influential methods of increasing popularity, especially in the business community. Private Functions: As above, we will look to target businesses so that we can provide them with lunch services, dinner entertaining, and private functions. 5.7Media Marketing Newspaper campaign: A large part of our media campaign is for the restaurant to be published in the Entertainment and Dining columns in the local press. Additionally, updates of live entertainment events and other special events can be displayed on the newspaper’s calendar. Restaurant and Special Events Website: This is an important marketing tool. Therefore we have employed a local designer to produce a top-quality, easily navigated and well-maintained website. Billboard Advertisement: Thirty days prior to the â€Å"Grand Opening†, innovative billboard adverts are to be hosted; these will publicise the launch of Yummies. Inner Outer City Marketing: The restaurant is budgeted to appeal to potential clients from the suburbs. Sales Strategy Customers are provided selections of innovative, high quality foods, within a comfortable atmosphere with top-rate service. This experience will be maintained every day, so that the customers enjoy this experience every time. The restaurant’s marketing strategy invites local critics and clients through the doors. The sales strategy motivates clients to become come again and, more importantly, to improve the â€Å"word of mouth† about Yummies, as they inform their friends and family about the high quality dining experience they had at our restaurant. However, young restaurants generally succumb to two key errors: one is when a restaurant is unprepared for the â€Å"Grand Opening†, and the clients endure slow service or low quality food. This will inevitably discourage them from coming again. The other mistake is if the restaurant invests too much into the â€Å"Opening†; in these circumstances, the restaurant often finds that it is hard to maintain the levels of quality that the customers who attended the â€Å"Grand Opening† expects to receive on return visits. Like the first mistake this results in a decrease in â€Å"word of mouth advertising†, and, therefore, generates unsatisfactory income. Yummies’s sales strategy is to provide top standard food, service, and ambience. This is be achieved through: The employment of top quality staff, who enjoy working at the restaurant and value the benefits of working for Yummies. Evaluating and assessing the standard of what is mentioned above, and, therefore, dealing with any issues that are identified. Communicating with customers in a personal manner; this makes them feel that their comments and opinions are listened to and are not dismissed. Assessing popular food choices and maintain the most popular ones on the menu, despite rotating seasonal foods and specials Sales Forecast. These marketing strategies are based on recommendations adopted from Williams (2010); Zapoli (2005); and Mason and Stark (2004), on effective ways of marketing start-up restaurants, especially new restaurants in existing areas where competition is meant to abound. By approaching and adopting these methods, we aim to have built a reasonable customer base within the first 3 months of opening the restaurant. Both owners would be in charge of putting these strategies into motion, and ensuring that there is a wide enough audience for the restaurant, in such a manner that it promotes sales and sustainability, without necessarily spending too much of the budget on marketing. 6 6.1Web Plan Summary Yummies has a dedicated website that will act as â€Å"virtual business card† for the restaurant. The design is simplistic, yet modern. The website displays the Yummies menu, prices, as well as any articles, reviews or latest events associated with the restaurant. It is planned that there will be a â€Å"Paparazzi Review† to be published every month, and this will cover that month’s events and the strategies that the business employed to invite new customers into the restaurant. The site will also promote special offers, and there will be an online order feature for the â€Å"Sunday Market Brunch.† Should this feature prove to be successful, then there is the potential for further expansion. The website will offer customers the chance to place an order and pay using their credit card. The range of food that will be available for order will be selected from the pre-packaged meals that will be made available as part of the â€Å"Sunday Market Brunch.† We have also considered potential catering jobs. The Yummies site will have e-mail features which will permit the customer to make online reservations, or book dates for special events. 7Management and Operations 7.1Management Summary The highly skilled Yummies management team will help make the restaurant successful. The team comprises a number of individuals who have adopted various disciplines, and have professional skills and understanding in the restaurant business; such as marketing and restaurant management. As mentioned, Mr. Ajayi and Mr. Sangosanya both have a wealth of knowledge and experience of the restaurant industry. In the second year, Yummies plans to recruit a General Manager to deal with everyday Restaurant management and will help the development of the business. It is well known that investor confidence cannot be created from optimistic predictions; it has to built on actual success. The Yummies team have a lot of experience with the restaurant industry, and between them, have enough knowledge and practical experience to help ensure the restaurant is successful. 7.1.1 Management Team Yummies values the significance of a strong core management group and has over forty-eight years of experience between its main officers; this is because a successful business is founded in such a group. Everyday operational management is to be run by Mr. Ajayi and Mr. Sangosanya; they will have the support of the Advisory Board. 7.1.2 Ownership Management Together, Mr. Ajayi and Mr. Sangosanya have more than twenty years of restaurant experience. Ajetunmobi Ajayi: Managing Director (Managing Director) Ajayi displays an accomplished history in the restaurant business. He displays outstanding business acumen as well as an intense enthusiasm for restaurants. With more than seventeen years business management within the I.T industry, Mr. Ajayi has seen success by exploiting popular patterns with constant evaluation of quality assessment. Yummies anticipates Mr. Ajayi’s knowledge of everyday â€Å"cash-flow† planning and staff management to be a great asset for the business. Co-owner, Mr. Ajayi has experience in International Business Management and Business Start-ups. Qualified in Restaurant and Hotel Management, he is also accountable for Yummies’s route and the operational management of the restaurant. Ajayi has been proven to be effective at strategic planning. He is to be the management lead for all public relations, financial and investor services. Paul Sangosanya: Executive Director (Executive Chef) Having owned many full-service restaurants in the past, Mr. Sangosanya is a proficient restaurateur. Accountable for everyday operations management, managing the annual sales targets of ?5 million, Mr. Sangosanya owns the Bauhaus Bar and Nightclub, and used to own the Myth Restaurant, Ouzeri, and Kapilyo Restaurant. Every one of these restaurants were financial and critical successes. Sangosanya’s is an international restaurant consultant for important international organizations, he is a responsible individual. He take contracting responsibilities for Yummies. His role will include: â€Å"logistics, Site and Lease Negotiations, Concept Definition, Start-Up and Financial forecast, Menu and Operations Management, as well as Implementation and Launch Management.† Mr. Sangosanya has an Economics degree. He will be charged with planning the Restaurant Operations, Staff Selection, Menu Definition and Training initiatives. 7.2Managing Partner Responsibilities Both managers will handle the development of the menu as well as the certification of the Yummie’s economic responsibilities. The managers will co-ordinate, develop, and act out the customer service policies. They will also plan and enforce an â€Å"Employee’s manual† for workforce-related policies. Grant (2000) states that the owners and managers of any startup are largely responsible for setting up guidelines and procedures through which the organisation would run and remain functional, which is a function both founding partners at Yummies restaurant have taken ownership for. The operations managers are tasked with recruitment duties and the decisions regarding employment will be made between them. 7.3Personnel Plan The Personnel Plan is believed to be in â€Å"good proportion† in relation the size of Yummies and the anticipated revenues. It is believed that the staff will comprise five full-time and two part-time employees. They have to work for two hundred and fifty man-hours per week. This will produce an average monthly gross range of ?9180 – ?12,720 for Year 1. Anticipated gross yearly payroll of ?135,280 is a quarter of the entire sales figures. The wages of the service personnel does not account for tips. Kitchen: The Executive Chef and an Assistant Chef, Prep cooks/dishwasher, People cleaning the restaurant. 7.4Restaurant Operations: Mr. Ajayi is responsible for handling Financial Management, Bookkeeping, PR/Media Advertising, Investor Services and daily Restaurant Operations. Mr. Sangosanya, the Restaurant Manager, will be in charge of everyday Restaurant Operations and is the Executive Chef, who co-ordinates with the Head Chef. He will also be in charge of the Wait and Bar Staff. Mr. Sangosanya will be aided by servers/apprentices who are responsible for service and will maintain the upkeep of the restaurant. Full-time Servers(2) Servers that work as apprentice (2) Full-time apprentice bartender(1). Part-time bartender (1) Full-time apprentice busboy (2). Part-time busboy(1) Operating Criteria Yummies is to be situated in the West Midlands. Here it will service lunch, dinner, and after-hours dining seven days a week. Yummies will function at the peak service times. This is to profit from street traffic, as well as the after-hour patronage provided by the local entertainment facilities. Service will be available at: Lunch:Monday to Saturday, 11 a.m. – 2:30 p.m. Dinner: Monday to Saturday, 5:30 p.m. – 12 midnights Sundays – Market brunch takeout only. 7.5Important Assumptions The financial plan is dependent upon significant assumptions: many of these are indicated within the following financial statements. Yummies is wary about their projections, and look to include mitigation of the manageable risks. Here are the primary underlying assumptions: 7.5.1 Economy â€Å"Slow Economic Recovery†: It is predicted that the recovery from the economic recession will be slow. 7.5.2 Business Growth â€Å"Annual Growth Rate Percentage†: It is predicted that the restaurant will see modest growth within the initial years of operation, and these have been calculated as 10% annually over the first five years, owing mostly to increasing popularity and a possible expansion into other regions. 7.6Risk Analysis/Mitigation Adequate launch period and capital The restaurant’s financial plan is budgeted to accommodate the â€Å"Worst-Case business scenario.† We dealt with the financial risks by: Considering the monthly break-even. Calculating â€Å"worst-case† monthly financial shortfall, as given by the ramp-up sales percentages that is given by the financial assumptions. Budgeted the operational shortfall within an operational contingency budget that will be implemented when the situation demands it. Gaps in Resources and Knowledge of Industry The owners, Mr. Ajayi and Mr. Sangosanya, have more than twenty years of combined Restaurant Management, Operations and Business Management Experience. Yummies is looking to employ a seasoned chef to fit in with the restaurant’s image. The restaurant will offer an equity interest to our select Chef to maintain the industry knowledge. An accounting service will be contracted to a firm specialising in Restaurant accounting. Market Conditions The initial plan was to create a restaurant that was almost double the size of what the current one is. However, because of the economic recession, we had to reduce our business overhead, start-up requirements, and business operating capital. Additional risk mitigation strategies were implemented and this has been our general business concept. The restaurant’s menu is deliberately priced at a â€Å"mid-tier† level to allow people to eat at a high quality restaurant on a lower budget. Location Site selection was based on space, visibility, and functionality; the city grant award confirmed our decision. The Consulting group’s experience of site selection and lease negotiation will be of great use. Whilst the location is not guaranteed, the restaurant took an objective approach towards the concept. Rather than progressing with a predefined business concept, the requirements were defined through market analysis. Yummies’s concept was created based on this, and was tailored to suit Barking Town Centre. 8STARTUP EXPENSES ? Restaurant Design Fees Consultancy 10,000 Restaurant Equipments 10,000 Chairs, Tables, Cutlery and Uniforms 3,000 POS Terminals 1,000 Information Technology and Consulting Fees3,000 Legal Fees1,500 Permit Fees and Business License2,700 Liquor Licenses 600 Utilities, Disposal, Tax Insurance250 Initial Lease and Security Deposits 1,800 Web Site Construction1,000 Marketing, Staff Training and PR2,500 Start-Up Salary for Staff and Chefs4,000 Staff Recruitment 800 Inspections 550 Cleaning and Clearing Services400 Total Costs43,100 Assets Cash 5,000 Inventory Cost 2,100 Other 500 Fixed 4,300 Assets 11,900 Total Assets 55,000 Liabilities and Capital Liabilities Total25,000 Capital Capital Investments Required Mr Ajayi12,000 Mr Sangosanya 12,000 Investor 1 6,000 Capital 30,000 Capital and Liabilities55,000 Gross Funding 55,000 9 FINANCIAL FORECAST 10. REFERENCES Ansoff, I. H. (1957) Strategies for Diversification, Harvard Business Review, Vol. 35 (5), pp.113-124 Barrow, C., P. Barrow and Brow, R. (2005), The Business Plan Workbook (5th ed), London, United Kingdom, Kogan page Binks, M.R. and Ennew, C.T. (1997) the Relationship between UK Banks and their Small Business Customers, Small Business Economics, 9(2), 167-178 Collis, D. and Montgomery, C. A. (2008) Competing on Resources, Harvard Business Review, Jul-Aug p140-150 Grant, R.M. (2000) Contemporary strategy analysis, (3rd ed.), Blackwell, Malden Jorgensen, A. S. (2003) Restaurant marketing and advertising: for just a few dollars a day, Atlantic Publishing Company, Atlanta, GA. 140pp Lynn, J. (2009) Start Your Own Restaurant Business and More: Pizzeria, Coffeehouse, Deli, Bakery, Catering Business. Entrepreneur Press, New York, USA. 256pp Mason, C., and Stark, M. (2004) what do Investors Look for in a Business PlanA comparison of the Investment Criteria of Bankers, Ventures Capitalists and Business Angels, International Small Business Journal, 22(3), 227-248 Mintel (2009) Eating Out Meal Occasions – UK – September 2009, www.mintel.com, accessed: 17/02/2011. Napier, H. A. (2006) Creating a winning business, Cengage Learning, London, UK, 444pp National Statistics (2010) Region in Figures – West Midlands, www.statistics.gov.uk, accessed: 17/02/10 Porter, M.E. (1985) Competitive Strategy, The Free Press, New York Reuvid, J., Millar, R. (2003) Start Run your own Business, London, United Kingdom, Kogan page Williams, S. (2010) Financial Times Guides: Business Start up 2010 (23rd ed), Pearson Education, Harlow Zapoli, J. R. (2005) How to succeed in the Restaurant Business: Crunching Numbers – now that’s the bottom line, iUniverse, New York, USA. 211pp How to cite Yummies Restaurant Business Plan, Essay examples

Service Quality Imapact Customer Satisfaction

Question: Discuss about the Service Quality Imapact for Customer Satisfaction. Answer: Introduction Customer gratification is considered one of the imperative measures for the sustainability of any hotel in the hospitality industry. It is assumed that better service will increase the level of satisfaction in the customers. Majority of the hotels are not competent enough to meet the satisfaction level of the customers, which directly impact the earnings of that hotel (Chen Hu, 2010). The hospitality industry of Australia is facing this issue and is not be able to establish a decent relationship with the customer, because many of the organisations cannot provide a better service in continuation. The satisfaction ratio of the customers in any hotel can be determined with the help of return visits in that particular hotel. From last decade, the return visit rate has drastically decreased and the main reason behind this change is considered the low level of the customer satisfaction (Ladhari, 2009). The aim of this research proposal is to determine the major impact of the quality of service provided on the customer satisfaction. This proposal also includes the various aspects of the level of customer anticipation with the real experience to the service quality provided in the hotel (Kralj Solnet, 2010). Research questions for the issue In this research proposal the objective is to analyse the set of questions based on the issue stated above and the basic remedies in order to resolve the issue, with the help of research statistics and suggestions. The sets of the questions are highlighted below What are the major effects of service quality on the customer satisfaction in hospitality industry? The difference between the expected service and the experienced service of hotel? What are the main remedies and options that need to be followed for the betterment of level of satisfaction in the customer? Research methodology and techniques Certain specified rules and techniques need to be applied to examine the actual issue and options for this research. Some statistical methods would also be used on the basis of the constraints by the statistical researchers (Swarup, Gupta Mohan, 2009). Research methodology This methodology comprises certain plans which are applied to determine the actual elements and aspects of the issue based on the given problem At the initial stage, the statistical researchers accumulate the relative data from various respective sources Formulating the work frame before conducting the research work Analysing the data collected and information from various sources in order to co-relate them with the respective problematic situation Draw a relation on the effect of service quality on customer expectation by quantitative and qualitative data Theoretical view among the various factors like the customer expectation, experience, satisfaction and service quality Final evaluation based on the analytical data information and theoretical view Various research processes There are seven steps to complete a research work process. Defining of research issue or problem Literature review for the research topic Formation of the research model Research design Data collection for research Analysis of data Explanation of research outcomes A brief discussion about these process steps are as follows Defining of research issue or problem This is the initial step of the research work, which includes the determination of the issue or the problem. The researcher will understand the various aspects and situations related to the problematic situation and connect the various sets of elements in order to rephrase the issue. Literature review for the research topic When the process of defining the major issue and problems for the research is completed then, the researchers will start analyzing the articles, past research and various frame works. In this research proposal the theoretical background and content for the customer expectation, experience and quality of service will be examined Lieberman et. al., 2011). Formation of research model Once the conceptual framework is completed, then the researcher starts formation of the various research models in order to manage the research work. For the evaluation of the major impact of quality service on the customer satisfaction, lots of marketing strategies and statistical tools need to be discussed. Various models are formulated based on the research work for the different level of the customer satisfaction. The researcher will decide the final models and tools to the best of its suitability based on the literature review report and the current research work process (Hillier, 2006). Research design This step includes the assembly of the specific evidences which consumes less cost, time and efforts. Data Collection for research The researcher starts colleting the data and information for the research. This data can be primary or secondary depends on the availability and hence, collected from various sources and past research work. Analysis of data Analysis of the data is considered as the imperative process step in research work, because it includes the analysis of the collected data and information and shows the outcome in the tabular, graphs and chart format (Hastie, Tibshirani Friedman, 2001). Explanation of research outcomes The last process step of research includes the explanation and interpretation of the final report as per the results of the research. Data and information collection and analysis techniques The researcher collets various data and information from different articles and sources. To conduct the research, different statistical tools and techniques and marketing strategies are used. These tools and techniques are inferential statistics, measures of dispersion, central tendency, hypothesis etc. Research work required both type of data, primary data needed for the specific research work and secondary data needed to promote the data analysis (Hillier, 2006). In this research proposal, these are the measures taken by the researchers descriptive type research design primary data from various surveys preparation of feedback questionnaire from customer find the qualitative factors with the help of hotel members, staff by conducting various sessions like direct interview, meetings sample size decided for this research is 70 number of customer is 50 and number of hotel members and staff is 20 for sampling analysing the collected sample data and information interpretation of the data into various format statistical analysis to find the final outcome of the research work if secondary data is selected for the research work then, the data and information has to be collected from various websites, journals, books and articles Expected Research Outcomes This research work process will provide a statistical outcome to describe various imperative factors for customer satisfaction. The collected information and statistical results provide the impact of the service quality on the level of the customer satisfaction. This research will explain the different features for the variation in the interest of the expectation of customer. After applying hypothesis tool, the result tells about the specified impact between the service quality and satisfaction level of customer. This research report shows the various aspects of the hotel service quality that need to be changed in order to enhance the customer satisfaction level and rate of return visit. References Chen, PT Hu, HH 2010, How determinant attributes of service quality influence customer-perceived value: an empirical investigation of the Australian coffee outlet industry. International Journal of Contemporary Hospitality Management, vol. 22, no.4, pp. 535-551. Hastie, T, Tibshirani, R Friedman, J 2001, The Elements of Statistical Learning, Springer Publications, New York Hillier, F 2006, Introduction to Operations Research, McGraw Hill Publications, New York Kralj, A Solnet, D 2010, Service climate and customer satisfaction in a casino hotel: An exploratory case study. International Journal of Hospitality Management, vol. 29, no.4, pp. 711-719. Ladhari, R 2009, Service quality, emotional satisfaction, and behavioural intentions: A study in the hotel industry, Managing Service Quality: An International Journal, vol.19, no.3, pp.308-331. Lieberman, FJ, Nag, B, Hiller, FS Basu, P 2011, Introduction To Operations Research, Tata McGraw Hill Publishers, New Delhi Swarup, K, Gupta, PK. Mohan, M 2010, Operations Research, Sultan Chand Sons, New Delhi