Question-1: You want to open the restaurant and need to conduct a market study keeping the

content covered so far in mind – (5 Marks)

1. Choose a market research strategy and conduct market research. Share findings (Can be
fictional, the focus should be proper implementation of the right methodology)
2. Study Market environment impacting your decision to open a restaurant (SWOT /
PESTLE)
3. Conduct a competition analysis and share findings (Study Market size/market share)
4. Identify Target Market (Demographic/ Psychographic, Behavior/ Geographical)
Who is your audience, what are they looking for, and how you will create brand awareness
Answer-
1. Market Research Strategy:[1]
We use a combination of primary and secondary research methods:
Primary Research: Involves gathering first-hand information. We conduct surveys, interviews,
and focus groups to understand customer preferences, expectations and eating habits.
Secondary Research: This involves analyzing existing data from industry reports, government
statistics, and online sources to gain information about market trends, competitors, and potential
locations.
1. SWOT and PESTLE analyses of the market environment:
SWOT evaluation:
 Strengths: Experienced chefs, a distinctive menu, a great location, and solid culinary
understanding.
 Limited brand recognition, a large initial investment, and prospective rivalry are
weaknesses.
 Opportunities include new food trends, rising demand for certain cuisines, and
undiscovered market sectors.
 Threats include the state of the economy, shifting consumer tastes, and fierce
competition.
PESTLE Evaluation:
 Political: Rules, licenses, and permits that have an impact on the food business.
 Economic: Spending patterns, inflation, and available cash.
 Sociocultural: Dietary habits, trends, and cultural preferences.
 Technology includes kitchen automation, e-commerce platforms, and point-of-sale
systems.
 Legislation: rules governing food safety, labor legislation, and health and safety
requirements.
 Environment: Energy efficiency, trash management, and sustainable resources.

1. Analysis of the competition:

 Market Size: There are roughly 50 restaurants in this area. This consists of a mixture of
fast-food restaurants, a few specialized eateries, and locations for informal eating.

 Industry Share: Due to their low prices and prompt service, fast food chains dominate
this industry with roughly 40% of the total. About 30% of consumers frequent casual
eating establishments, which serve groups and families seeking a laid-back ambiance.
The remaining 30% are made up of premium and specialty
restaurants, like the one I'm developing. This market serves a more affluent clientele that values
distinctive and superior eating occasions.

Principal rivals:
 "Taste of Elegance" and "Global Flavors Bistro" are the two main rivals in this market. In
the upmarket dining sector, they both hold a market share of roughly 15%. The classic
European food and opulent setting of "Taste of Elegance" are well-known. Affluent
couples and business professionals make up the majority of their devoted consumer base.
The menu of "Global Flavors Bistro" is extensive and draws inspiration from many
different cultures. They draw a diverse crowd of tourists, families, and foodies.

 Competitor advantages:
The restaurants "Taste of Elegance" and "Global Flavors Bistro" have both been in business for
more than five years and have built excellent brand reputations.
They feature a distinctive menu and well-trained staff members who provide top-notch customer
service. Both have substantial online presence thanks to active social media accounts and good
ratings on online review sites.

 Negative Competitors' Qualities: Some patrons have complained that the prices at these
establishments can be on the expensive side, which may put off diners on a tight budget.
Both rivals make only a small amount of extra-local marketing efforts.
What It Implies: This analysis shows that although the premium dining market is competitive, it
is not oversaturated. There is room for a new participant, particularly one who offers a novel and
distinctive viewpoint on the dining experience.
The benefits and drawbacks of my competitors' strategies help me position my restaurant
successfully.

1. Identify Target market:

 Demographic Variable:
It's important to take into account a variety of demographic, psychographic, behavioral, and
geographic elements when determining the target market for your multi-cuisine restaurant in
downtown Toronto. The target market is broken down in great detail below.

 Family Status: While your restaurant can draw in groups of friends and couples, it may
also serve families looking for an extensive menu with alternatives for both adults and
kids.
 Age: Your primary target age groups are 25 to 55, which includes professionals, couples,
and some families. These age groups dine out often and have the financial stability to
explore diverse dining options.
  income: The annual household income of your target clients ranges from $50,000 to
$150,000 or more, classifying them as having moderate to high incomes. They value
getting their money's worth and are prepared to spend on fine dining experiences.

 Psychological variables:
 Cultural Enthusiasts: People who are interested in learning about and appreciating
various cultures via food make up your target market. They value authenticity and like
eating experiences that take them to various international locations.
 Food adventurers: Your clients enjoy tasting new foods and flavors and are intrepid
diners who seek out uncommon culinary experiences. Beyond their comfort zones, they
like trying new cuisines.

 Geographical factors.
 Locals: Within a 5-mile radius of your restaurant, your major geographic focus is on
locals in downtown Toronto. These locals are probably going to support your business by
coming back and recommending it to others.
 Tourists: Because of your restaurant's prime position in the heart of Toronto's tourist
district, you can serve travelers interested in experiencing real international food. They
could come into your restaurant while taking in the sights of the city.

 Behavior Factors
 Regular Diners: Your target market consists of people and groups who go out to eat
frequently—at least once a week—and who are looking for convenience as well as a wide
variety of menu alternatives.
 Exploratory Tasters: Your clients are eager to try out new cuisines and flavors. They
want to experience new foods and are inclined to order unfamiliar cuisine.

Question- 2: Share your recommendation based on the study and explain why.?
1. Choose the restaurant location.
The choice of a restaurant's location is a critical decision that can significantly impact its success.
When selecting a location for a restaurant, several factors need to be considered, and the decision
is often based on a combination of strategic, logistical, and practical reasons.
F2F is strategically will be in Downtown Toronto, near popular tourist attractions, hotels, and
business districts, making it accessible to both locals and visitors.

There are plenty of reasons why we have selected this location. Following are a few -

Proximity to Target Audience: One of the primary considerations is the proximity of the
location to the restaurant's target audience. For example, we decided to cater to
all age groups, such as students, young professionals, or families, so we choose a location that is
easily accessible to these groups.

High-Foot Traffic: High-foot traffic areas, such as busy streets, shopping districts, or tourist
attractions, can be attractive because they provide a built-in customer base. F2F is a multi-cuisine
restaurant, being in a prominent area can help attract a diverse range of customers, including
both locals and tourists.
Competitive Landscape: Analyzing the competition in the area is crucial. If few restaurants are
offering a similar concept (multi-cuisine), it may indicate an underserved market. However, if
the competition is fierce, you'll need to assess your unique value proposition and market
differentiation.

Cultural Diversity: Downtown Toronto is known for its cultural diversity, with residents and
visitors from various backgrounds. This aligns well with the concept of a multi-cuisine
restaurant, as it allows you to cater to a diverse and multicultural customer base interested in
exploring international flavors.

Tourism Hub: Downtown Toronto is a major tourism hub, with attractions like the CN Tower,
Rogers Centre, Royal Ontario Museum, and theaters. Tourists often seek out diverse dining
experiences, making your multi-cuisine restaurant an attractive option for them.

Proximity to Businesses: Downtown areas are typically home to many businesses, offices, and
corporate centers. This means we can attract a lunchtime crowd of office workers looking for
diverse and convenient dining options. Additionally, business professionals may choose our
restaurant for client meetings and corporate events.

Nightlife and Entertainment: Downtown areas come alive at night, with a thriving nightlife and
entertainment scene. Our restaurant can tap into this by offering late-night dining options, special
promotions, and entertainment to attract patrons after dark.

1. Type of Cuisines :[2][3].

1. Any extra product/ service or business extensions - Yes / NO ( WHAT and WHY)
Expanding the offerings of a restaurant can be a great way to attract new customers, increase
revenue, and enhance the dining experience for your existing patrons. Here are some extra
products and services we will consider offering in a restaurant:
Takeout and Delivery: In response to changing consumer preferences, consider offering takeout
and delivery services. This can include online ordering and partnerships with food delivery
platforms.
Meal Kits: Offer meal kits with pre-measured ingredients and cooking instructions for customers
to recreate your restaurant's dishes at home.
Wine and Spirits Sales: With a liquor license, we will sell bottles of wine, beer, or specialty
cocktails for customers to enjoy at home.
Live Entertainment: Host live music, stand-up comedy nights, or other forms of entertainment
to attract a diverse crowd and boost evening business.
Latest trends- Restaurants will not use any plastic and non-degradable products which can harm
the environment and will participate in environment protection programs.

Question-3: Branding.[2].
Choose the Business name and explain why you choose that name. – Branding
 For my restaurant have chosen “F2F (Farm To Fork)” as a brand name. There are plenty
of reasons behind why I choose this name. Here are a few parameters:

1. Easy to pronounce: The first thing every entrepreneur decides is the name of the
business. The name must be easy to pronounce so that everyone can have that name on
their tongue easily. The name I have decided on is such that even a kid can speak clearly.

1. Short and simple: another characteristic of a good brand name is that it must be short
and simple.

1. Suggestive: the name of every business must be suggestive. In simple words, we can say
that the name of a business must reflect what the business is about. As my brand name
suggested that the food comes directly from the farms to the forks of the customers.
2. Meaning: it is another basic element that must be considered to decide upon the brand.
The meaning of the brand must not have any meaning that is against any race, custom, or
nationality. Not only in an established country it must not be contradictory to any other
country or language.

1. Versatile and adaptive: It must be versatile and adaptive to different markets and
cultures.

1. Unique: - It must be unique and different from others. We cannot use the name that is
already registered.

What is your Brand USP (Can be based on price, selection, service, quality)
USP stands for Unique selling proposition. It refers to the unique and distinctive features or
benefits that set a product, service, or brand apart from its competitors. The USP highlights what
makes a product or brand special and why consumers should choose it over other options in the
market. It helps to create a competitive advantage and can be a key factor in attracting and
retaining customers.
 Product USP: It means having specific features, benefits, or quality that make the
product stand out and appeal to customers. It creates a competitive advantage and can
influence consumers’ purchasing decisions. Our USP is offering a diverse menu inspired
by flavors from around the world. Another one is a commitment to use fresh, locally
sourced ingredients to create delicious and unique dishes.
  Price USP: It means providing high-quality gourmet dishes at affordable prices. It is the
commitment to provide a fine dining experience without breaking the bank. From
exquisite appetizers to delectable main courses, the restaurant proves that customers don’t
have to compromise on taste or quality to enjoy a memorable dining experience. Another
price USP is no one remains hungry. It means we are providing a range of cuisines that
are affordable to anyone.
 Service USP: Our service USP is friendly and attentive staff who go above and beyond
to ensure every guest has a memorable dining experience. From warm welcomes to
personalized recommendations, our restaurant creates a welcoming and hospitable
atmosphere that makes diners feel like VIPs. We will provide the perfect place to relax,
unwind, and be treated like royalty. Enjoy a dining experience filled with exceptional
service.
 Quality USP: Under this, our restaurant prides itself on using only the highest quality
ingredients. The USP is our commitment to sourcing fresh, locally sourced ingredients to
create dishes that are lavish with flavor. From farm-to-table produce to premium cuts of
meat, this restaurant ensures that every dish is made with the utmost care and attention to
detail. It's the perfect place to indulge in a culinary experience that guarantees top-notch
quality in every bite. Enjoy a dining experience that's all about quality.

Brand positioning statement

A brand positioning statement is a concise statement that communicates the unique value and
positioning of a brand in the market. It captures the essence of what the brand stands for and how
it differentiates itself from competitors. It's like a snapshot of the brand's identity and what it
offers to its target audience. It helps guide marketing efforts and ensures consistent messaging
across all brand touchpoints.
Our brand positioning statement is something like "F2F is a restaurant that offers convenient,
affordable, and delicious meals for people on the go. With a wide variety of menu options and a
commitment to quality and consistency, we as a brand aim to provide a satisfying dining
experience for customers of all ages."
How will you promote the restaurant - Create Brand awareness
When it comes to marketing a restaurant, it's important to create a strong brand identity that
reflects the unique qualities and offerings of a particular brand. This can be effectively done
through ample ways. Few are :
 Storytelling
 Visually appealing imagery
 Social media platforms (Facebook, Instagram, Snapchat, YouTube, Tik-Tok and
Blogging)
 Opening day sample tasting
 Renowned brand ambassador
 Food influencers
Reference:
1. Farese, D. (23, March 29). How to do market research: A guide and template. Retrieved
from https://blog.hubspot.com/marketing/market-research-buyers-journey-guide
2. Decker, A. (23, March 15). What is branding? Understanding its importance in 2023.
HubSpot Blog | Marketing, Sales, Agency, and Customer Success
https://blog.hubspot.com/marketing/branding
3. Fredrik. (2023, September 23). Types of cuisine. Facts.net. https://facts.net/types-of-
cuisine/