Jeff Dean a restaurant supplies business owner, wishes to open an upscalefine dining restaurant in the Minneapolis area in State of Minnesota. Throughhis business, Jeff has extensive business knowledge in the food serviceindustry and is familiar with restaurants in regions like San Francisco, Miamiand also Canadian cities like Vancouver & Toronto. He plans to name therestaurant “The Hobbit’s Choice”
The Marketing Research/Problem
Marketing research problem here is to identify key parameters that willensure long time success of the restaurant. Hobbits Choice is not a typicalrestaurant; it is an upscale market restaurant that requires targeting affluentrestaurant goers. We need to segment the target market & bases of theirdemographics understand their interests ie likings and preferences withregards to food in particular.
Through this research we aim to develop a robust and quantifiable analysisof the key indicators. Mentioned below are some of the issues that we will beresearching in detail:
Size of the restaurant industry and specially the fine dining marketshare in Minnesota.
Direct & Indirect Competition from other restaurants.
The target customers / what is their share in total restaurant goers.
Average dollar amount spent.
External legal factors such as Food safety regulations & Labour Lawamong other that will come in play.