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MARKETING ANALYSIS
Although the restaurant industry is very competitive, the lifestyle changes created by modern living continue to fuel its steady growth. More and more people have less time, resources, and ability to cook for themselves. Trends are very important and Minerva is well positioned for the current interest in lighter, healthier foods served at valuable price.
The food service business is the third largest industry in the country. It accounts for over $240 billion annually in sales. The independent restaurant accounts for 15% of that total. The average American spends 15% of his/her income on meals away from home. This number has been increasing for the past seven years. In the past five years the restaurant industry has out-performed the national GNP by 40%. The reasons given by the Folkney Report (November 2004) are 1) lifestyle changes, 2) economic climate, and 3) increase of product variety. There are 600 new restaurants opening every month and over 200 more needed to keep pace with increasing demand. |
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MARKETING
Branding
A brand is a promise. It’s what customers, employees (Internal Customers), vendors, the media and all other key constituents come to expect in dealing with our restaurant. Our Brand is closing the gap between what we promise and what we deliver. It’s not something that happens when we advertise, and it’s not that people recognize just for our logo or recall our advertising. We are proud to say that “Minerva” is synonymous to Indian Cuisine in Virginia and in Maryland.
Due Diligence
We have Effective restaurant marketing based on facts and knowledge about the market, our competition, our customers, financial history, marketing history, the industry, and outside forces that will impact our business. Effective market research and due diligence has helped us to be more effective in our restaurant marketing efforts.
Menu Mix
Every six to twelve months, we conduct an analysis of our menu. Our Customers are our best critics. We want to hear from them, what they would like to see on our Buffet/Al Carte during their next visit. To keep our menu fresh, relevant, and profitable, we track the performance of each item on our menu and also how it stacks up next to our top competition. We think of each item on our menu as a tenant leasing space and it has to earn its right to the space we’ve granted it.
Training
Training is a vital component of restaurant marketing. Our Staff is sent to India at regular intervals to learn the emerging trends in Indian Cuisine. Training takes place at some of the leading Restaurants in the City of Bangalore and Hyderabad. We have a long-standing alliance with these restaurants and they are owned and operated by none other than our family members in India.
Frequency
We have developed enduring relationships and loyalty among customers over a period of time. We recognize that the frequency is a vital component to our profits and we always keep our loyal customer enticed by adding new items to the menu. |
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POSITIONING STATEMENT
Positioning is the place we hold in the customers or prospects mind relative to the competition (the cheaper choice, the higher quality choice, et cetera). Effective positioning involves incorporation of our Unique Selling Proposition (U.S.P.). Our USP is “SOUTH-INDIAN CUSINE” serving both Vegetarian and Non-Vegetarian dishes. None of our competitors can claim this. |
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PRICING STRATEGY
All menu items are moderately priced. While we are not striving to be the lowest priced Indian Buffet or Al Carte restaurant around, we are aiming to be the value leader |
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SALES STRATEGY
The sales strategy is to build and open new locations in order to increase revenue. Each individual location will continue to build its local customer base. The goal is $1200K - $1,800K in annual sales per unit. A unit will be considered mature once it has passed the $2.5 million mark in annual sales.
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Birthday Parties
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Chicken Roast
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