Marketing Strategy Report of Panda Restaurant Group Abstract: As the largest and fastest growing Asian restaurant company in U.S., main business of Panda Restaurant Group Inn. covers 39 states or region. In the period of fast expansion, PRG always keeps its traditional features and carries out the modern corporation management. However, PRG also faces so many challenges caused by diverse cultures and market changes. This research provides marketing strategies for PRG after the analysis of External Environment Trends, Internal Analysis and Consumer Behavior. Key Words: External Environment Trends, Consumer Behavior, Market Segmentation, Target Segment, SWOT analysis, 4P analysis. 1.1 Mission Statement: “Deliver exceptional …show more content…
A lower corporate tax code can encourage the unemployed persons to start their own business and benefit the small businesses to increase the employment opportunities. Clearly, most restaurant owners belongs to the beneficiary population and restaurant industry can play a very important role on offering employment opportunities. Of course, under the influence of the policy, people can give restaurant industry a optimistic forecast at least. On the other hand, immigration policies changes will increase the diversity of market. The immigrant will bring their dietary habits, exotic cultures, special management to this country. The pressures of living will promote more immigrants enter the restaurants industry, especially for some immigrants specializes in run a restaurant like Chinese, Italian, Korean, Indian and Japanese. Overall, American restaurant industry reflect a prosperous prospects recently. 2.1.1 Industry Trend According to the latest forecast report of National Restaurant Association (NRA), the total restaurant industry sales will reach 604 billion dollars by the end of 2011. Specifically, full-service restaurant sales will be 195 billion dollars which at the 32.28% of total sales; on the other hand, quick-service restaurant sales will reach 168 billion dollars which will be at the 27.81% of total sales. Compare to the statistics for 2010, total industry sales will increase 3.6%, full-service restaurant sales and quick-service restaurant sales
The change in consumer’s real household disposable income and increase in demand for take away, restaurant foods can have a major impact in this particular industry.
These figures are not definite and will likely change over time as figures are being actualized every year. These assumptions were based on an article written by the National Restaurant Association where they stated that as long as the economy keeps doing well the estimated sales in restaurants will exceed $604 Billion in 2011 alone (National Restaurant Association, 2011). From the projected forecast of sales for 2011 we are assuming that the prosperity in growth will continue each year. However with any economy nothing is for sure and sales should be monitored and increasing prices to keep up with costs will most likely need to be reviewed bi-annually.
The most crucial step in starting a new restaurant is deciding on which location is right for a business to be successful. Survival in the food industry is dependent upon location choice. Even if a restaurant serves the best food in town, it may not do well if it’s not placed in a highly populated area. According to H.G. Parsa, an associate professor in Ohio State University’s
The restaurant industry has been booming since the 90’s to now. With over 600,000 restaurants in the United States alone, and about 14.4 million employees
Immigration has been one of the hottest topics in the United States for a long time. Immigration is described as the movement of non – native peoples in order to settle there and make a new life. The idea of immigration has been around for thousand of years, even the cavemen “immigrated” to follow their food source. Fast-forward a few thousand years and this idea is still extremely prevalent today. Many people move from one country in order to better their lives and follow a new food source, so to speak.
More and more people like to eat outside in a restaurant. Restaurant services can help people establish the satisfaction of ingredients, provide considerate services, and save customers’ time. The restaurant industry occupies an important place in the service industry, and because the demand of customers is increasing, the demand on the level of service is becoming greater. The stages of the industry’s life cycle are typically separated into three stages: beginning, maturity, and recession. The restaurant industry is clearly in the maturity stage. For now, people usually can find what they want by using some Apps, and find the restaurants near them. It is convenient for people to eat in a restaurant. The trend of restaurant will be continued in next five years. The charts(4) below showed the restaurant industry sales have been increasing since 1970, and the restaurant sales was $709.2 billion dollars, the sales of restaurant industry included commercial restaurant services, eating places, bars and taverns, managed services, lodging places and retail, vending, recreation, mobile. Commercial restaurant services occupied the most sales from restaurant industry. The major emerging trend in restaurant industry is the way we manage restaurant, more and more technological products were used in restaurant, we use tablet to order food. Restaurant were using advanced technique to have a better dining experience, like the
Also, teething problems with marketing, operations etc might not lead to optimum sales. Therefore, we will project only 60% of this figure as first year sales and use the estimated figure as the sales figure for Year 2. Over the planning period, starting from Year 2 onwards, sales are expected to grow at a rate of 3.9% every year, in line with industry estimates of the average growth of the restaurant industry in the US (Source: Mintel International, cited in section 6.0).
According to National Restaurant Association the restaurant industry covers one million fast food service locations in the U.S. and employs 14 million people. Globally, fast food generates a revenue of over $570 billion and it is expected to exceed $780 billion in 2016. Furthermore, the industry expects an annual growth of 2.5 percent for the next several years. The United States generated a revenue of $200 billion in 2015. In the restaurant market share 48.5 percent are covered by full service restaurants, which means that the QRS segment has sales of 51.5 percent and is supposed to grow
Ferdman 2015 alluded to the fact that fast casual restaurant industry has grown within the region of 550 percent since 1999. During the recent economic downturn, fast casual restaurants were the only segment of the industry with significant sales growth and as such was expected to contribute approximately $22 billion in sales for the 2012 fiscal year. The performance of the fast-casual segment continues to contribute tremendous growth to the overall restaurant industry and the National Restaurant Association was able to report annual industry sales of $709.2 billion in 2015 which was generated from 1 million restaurants operating in the United States (reasturant.org). The rapid growth of
Kotler and Armstrong (2010). The marketing mix is often crucial when determining the MOGH unique selling points and how to market them correctly.
The restaurant industry is said to be one of the oldest industries in the economy. As the economy and urbanization grow, so too does the industry of restaurants; it’s for this reason that the industry has been growing at a rapid pace. Even with the restaurant industry ebbing and flowing, there are still new entities entering the fray consistently. Some restaurants may close, but it will not be too long before a new restaurant opens in the place of the old one. Historically, the restaurant industry has contributed nearly 4 percent to the gross domestic product (GDP) of the United States (U.S.) economy. The most recent findings show that the restaurant industry employs more than 12.7 million people (which is approximately equal to 9 percent of the
The research will examine aspect of fine dining industry in Singapore. I will be assessing the competitive strategy of western fine dining restaurant in term of retaining existence customer and attracting new one. In order to identify retaining successful customer I will undertake survey in term of customer satisfaction and willing to pay. I will also interview restaurant’s managers who handle strategy and execution in order to develop attracting new customer. Last I will conclude with a good strategy would help a restaurant
This case study determines the critical success factors used by Subway Restaurants Corporation to expand nationally, which the corporation wants to use also to expand internationally. In addition, this paper describes the competition and the prospect success in Asia-Pacific and Latin America. In general, the fast food industry is discovered with respect to the history and future plans of fast food chain Subway international for expanding and accretion in Asia-Pacific and Latin America, containing the four factors that Subway should use to compete and success in those markets. Each proposed country market has unique cultural and religious requirements should be realized by Subway, as well as the consumption patterns, market trends, and the franchise values which determine from the local traditional fast food compared to the viewpoint of Subway’s healthy alternatives and low expansion costs.
The paper presents an analysis of the different factors influencing the restaurant industry and how these factors increase or decrease the demand for such services. The hypothesis that will be examined is that the performance of restaurants is mostly based on the type of food chosen by customers when they decide to go out for dinner, lunch, breakfast, or simply for a snack. What type of food refers mainly the nationality or concept of the food, (traditional American, Italian, Indian, Latin, or from any other type of culture). This factor is important because when customers go out to for dinner; they decide what to eat before deciding where to eat. That is why this factor is considerably important according to the hypothesis.
Have you ever sat down at a fast food restaurant enjoying a delicious triple grand slam cheeseburger and think about all the strategies of how all of this was created? I know I have. The fast food industry is one of the most complex industries out there. With all the marketing strategies, healthier options, and completive markets this could easily but one of the most difficult industries to be a part of. To evaluate, this industry I will dive into the fields of management, the completive landscape, organization of the industry, changes in the industry, and the organizational culture around it.