Business Plan: El Inka Peruvian Business Plan

Pages: 15 (4407 words)  ·  Bibliography Sources: 2  ·  Level: College Senior  ·  Topic: Business - Management  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] This expresses the lack of substantial differential product lines hence the concept of the strong competitive force.

Threats of New Entrants

There is a wide window in relation to the entry into the industry or market of operation hence the development of strong competitive force. The main components in the development of companies within the industry include legal documents, capital, land, and other essential factors of production. This provides the opportunity for the generation of effective competitive market. The industry lacks high barriers for the new entrants thus the creation of a strong competitive force. This might be down to three essential factors. The first reason is the minimal cost of land and other factors of production in the context of Texas. The second reason is the affordable capital requirements for the new entrants into the industry in relation to the existing firms or players within the market. It is also essential to note that advertisement costs and promotion charges are low thus enhancement of the capacity of the new entrants to market their institutions and products to the existing and prospective consumers. These factors are vital in the generation of an effective and strong competitive market.

Bargaining Power of Suppliers

Suppliers within the industry are majorly large enterprises hence the opportunity to maximize well-recognized brand identities with the aim of enhancing their reputation and image across the industry. This limits the ability of the suppliers to dictate the terms and conditions with reference to the modes of the supplies to the players within the industry. The restaurants also have massive control which also plays an essential role in moderating the power of the suppliers in the determination of the conditions and terms of transactions within the industry. Suppliers within this industry also express little operational capacity in comparison to the vital players, hence moderate bargaining power (Luria, 2010). The restaurants also have the ability to enjoy a minimal cost of switching from one supplier to the other within the industry thus limitation of the suppliers bargaining power while transacting with the industry's major players.

Bargaining power of the buyers

The consumers have the minimal bargaining power within the industry because of the little or mere population and capacity in comparison to the large and operational restaurants. This is essential in weakening the competitive force within the industry hence limiting production of effective and efficient products with the aim of addressing the needs and preferences of the consumers. It is also vital to note that the ability of one consumer to switch from one entity to another is insignificant in relation to the development of an adequate bargaining power within the industry. The existence of lower switching cost by consumers does not translate to the essence of quality or strong competition within the industry.

Threats of substitute products and services

There are minimal substitutes to the available products and services in relation to the Peruvian restaurants thus the development of a weak competitive force within the industry and market of operation. Retailers and discounters have a minimal role to play in the context of this industry thus the ability of the major players to maximize their revenues and profit levels at the end of the financial year. It is ideal to note that the existence of close substitutes to the products and services in the market promotes strong competitive force, hence the ability of the consumers to satisfy their needs and preferences effectively and efficiently. Consumers are sensitive to price and quality in this market hence the need of the players within the industry to adhere to the best practices and standards of interactions and service delivery.

Customer Analysis

Perceptions

Peruvians associate with the United States in relation to the concepts of development, modernization, democracy, culture, technology, and economic relationships. Peruvians might need more to enhance their awareness of the United States brands in order to facilitate the development of the new food markets in the context of the states especially in the case of Texas. This is one of the major aspects in relation to the development of the new Peruvian restaurant in Texas to address the needs and preferences of the diverse consumers within the context of the existing and prospective consumers (Miller & Washington, 2013).

Population

Peru is one of the growing and developing nations with the aspects of sub-employed, poor, and urban population. According to the estimations in 2009, the population of Peru was at 29,546,963 as well as an annual growth of about 1.23%. This is an indication that Peru is one of the most populous nations in Latin America. This rapid population growth and poor living conditions have led to migration to the United States in the pursuit of economic benefits and tourist elements especially in the case of Texas. The new business focuses on tapping the population moving to the United States for diverse reasons with the aim of maximizing the revenues and profits at the end of the financial year.

Ethnicity

Peru is an expression of a multicultural and multilingual nation with the essence of white, Spanish minority, and substantial mestizo group. The official languages include Quechua and Spanish as well as Aymara. These elements are vital for the achievement of the goals and objectives of the market and new business entity (Miller & Washington, 2013).

Education

The population perceives education as vital to the progress and personal development hence the close association of the Peruvians socioeconomic advancements with the educational prowess. All levels of education are highly valued by these consumers. It is also essential to note the rapid increase in the level of education of the Peruvian education system in the last few decades. This has played a critical role in the increase in the number of international enrollment and educational achievements as well as improvement of the literacy rates. This is critical towards the achievement of the new Peruvian restaurant in the case of Texas.

The new business entity will offer diversity for the unique consumers of the products and services. This is through consideration of the needs and preferences of lower, middle, and high income earners as well as all age groups with the aim of offering valuable satisfaction of the needs and demands of the consumers in the market.

Competitive Analysis

There are a few major players within the context of Peruvian restaurant industry in the case of Texas State. This is because of the extensive level of competition and limited resources to enhance competition through expansion of the outlets and production mechanisms. Some of the major players within this industry include Cuzco Latin Cuisine, Pachamama's Peruvian Creole Cuisine, La Chaparrita Restaurant, and El Tesoro Peruvian Restaurant (Miller & Washington, 2013). These entities focus on minimizing the cost of operations with the aim of maximizing profits and revenues at the end of the financial year. It is also critical to note that marketing strategy and consumer services are vital in the achievement of the goals and objectives of the players in this industry and market of operation. It is ideal for the new business entity to focus on the identification of an effective and efficient marketing strategy with the aim of addressing the diversity within the market and industry. Marketing strategy is also essential in withstanding competition through the achievement of competitive advantage within the industry.

Marketing Plan

Mission and Goals

The mission of the El Inka Peruvian Restaurant in Kerrville is to ensure that each guest receives prompt, friendly, courteous, and professional service. During the next three years, the Peruvian restaurant seeks to achieve the following components of financial and non-financial goals

Financial goals

Obtaining financing to expand the manufacturing capacity, increase distribution, and introduce three new product lines

Achieve increment of the revenues with at least 30% each year

To participate in the conversation through a donation of about $10,000 per year to the conservation organizations

Non-Financial Goals

Introduction of two new product lines

Engagement in the new geographic markets along the skirts of Texas

Development of an essential conservation center with the aim of enabling communities improve their living conditions

Core Competencies

The new restaurant will integrate its competencies in the process of achieving the substantial and sustainable competitive advantage in relation to aspect beyond the provision of the same value by competitors in the market and industry of operation. The organization will depend on three critical competencies:

Provision of high quality brands whose images are recognized by consumers

Development of an essential sense of community among the consumers purchasing our products and services

Development of an effective reputation among manufacturers and reliable retailers with the aim of addressing the needs and preferences of the consumers in the market and industry of operation.

Formation of adequate relationship with the consumers, manufacturers, and retailers within the industry would enable the organization to achieve sustainable competitive advantage over the competitors.

Situation Analysis

The marketing environment of the new Peruvian restaurant… [END OF PREVIEW]

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Business Plan: El Inka Peruvian.  (2013, July 25).  Retrieved February 18, 2019, from https://www.essaytown.com/subjects/paper/business-plan-el-inka-peruvian/4786489

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"Business Plan: El Inka Peruvian."  25 July 2013.  Web.  18 February 2019. <https://www.essaytown.com/subjects/paper/business-plan-el-inka-peruvian/4786489>.

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"Business Plan: El Inka Peruvian."  Essaytown.com.  July 25, 2013.  Accessed February 18, 2019.
https://www.essaytown.com/subjects/paper/business-plan-el-inka-peruvian/4786489.