International Market Management Strategies For The Asians Restaurant

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Discuss About The International Market Management Strategies.

Business plan is the collection of various strategies in relevance with performing organizational functionalities. It is a blueprint and collection of various strategies through which a new business idea or an existing business could be set up in the target market effectively. This business plan will focus over a new business plan for a unique restaurant which will serve all types of Asian cuisine in the Australian market. Rationale for business idea is obtained from reviewing the growing appeal for the Asian cuisine in Australian market. Asian cuisines have varieties of attractive dishes which includes both vegetarian as well as non-vegetarian dishes. In relevance with Asian cuisine, the restaurant will mainly focus over Indian, Chinese, Thai and Pakistani dishes. This is because dishes from these countries are quite popular across the globe. Name of the restaurant will be ‘The Asians’ and in order to attract the target audience, restaurant will be set up at the most busiest place in Australia so that large part of the target audience could be attracted towards the new restaurant along with gaining desired goals and objectives (Abidi, et. al., 2015). 

Size of restaurant industry in Australia is large and in relation with this, there is much scope for the new business idea as The Asians have come up with. Asian food industry is not much big in the Australian, thus, there is a big opportunity for The Asians to set up its effective position in the target market along with acquiring a large market share in the restaurant industry in Australia. According to research, demand for Asian cuisine is increasing rapidly and with regards to fulfilling the demand of Aussies in terms of Asian food, The Asians will easily be able to attain its desired goals and objectives by establishing their image in the Australian restaurant industry (IBIS World, 2018).

With high food penetration in Australian restaurant industry, it is expecting to grow at an annual rate of 3.5% in next five years from 2017-2018 to approximately $20.1 billion. Although, revenues for the industry is expecting a fall of 0.5% in the current year due to limited consumer spending.

Market share of restaurant industry in Australia is characterised by low level of market share concentration. Mainly, the whole industry is dominated and controlled by small and individual businesses, thus, barriers to entry are low less significant, thus, there is not such big barrier for new players to enter into the Australian Restaurant industry (Baker, 2014).

Market Feasibility

Aussies have become health conscious in past recent years and this shows the dynamic consumer behaviour and this has affected Australia food industry in both positive as well as negative aspects. Demand for organic, natural and locally sourced food is increased along with the increase in demand for read-to-eat and Asian cuisine. In relevance with establishing an effective image in the Australian food industry, The Asians will be required to adopt certain dynamic strategies through which Aussies’ needs and wants could be fulfilled along with attaining their desired objectives (Open for Business, 2017).

Asians are situated everywhere across the globe and the same is in Australia. Thus, major target market segment for The Asians restaurant will be Asians and along with them, Aussies are also food lovers and Asians cuisine is one of their priorities. So, the new restaurant will focus over both Asians as well as on Australians with regards to establishing an effective brand image in the restaurant industry in Australia (Cockill & Merron, 2011).

There are number of restaurants in Australia who are serving Asian cuisine but they all are limited to an extent. Fortune Village Chinese Restaurant, Mr. Wong, China Lane, etc. are major Asian cuisine restaurants in Sydney and they have set up their effective image along with acquiring a decent market share in the restraint industry. But there is much scope left for The Asians because there is no such restaurant that provides all type of Asian cuisine. Thus, organization will easily be to acquire a big market share in the target market along with gaining positive image (Cool & Schendel, 2010).

Initially, The Asians will be set up at Sydney as it is one of the famous cities in the Australia and after attaining the desired goals and objectives, it will be expanded to other cities such as Melbourne, Adelaide, Perth, etc.

Organization will adopt following methods for development of technology:

• Novice: Prescribed learning
• Discover: Stimulate & Question
• Explorer: Support curiosity & Intrinsic motivation
• Expert: Encourage knowledge sharing and provoke curiosity (Renton, et. al., 2015).

Rise in technology has been noticed in past few years and slowly and gradually, it has acquired an effective place in every field. With the adaptation of technological changes, organization could adopt its desired goals and objectives in an appropriate manner. For example, accounting was done by manual methods in past and it was time consuming and big process but with the help of technology, accounting is become an easy task along with assurance of accuracy of outcomes (Drummond, Ensor & Ashford, 2012).

Growth rate

In house technique will be adopted and in relation with making food items, chefs will be imported from Asia so that true taste of Asian cuisine could be served to the target audience. This will act as an effective action for the organization to establish its brand image as the Asian restaurant. Apart from this, in order to quick results, organization could also collaborate with local restaurant in order to save their promotional and marketing cost along with analysing the consumer behaviour and marketing environment of the target market (Scarborough, 2015).

The Asians is a restaurant which will serve qualitative and healthy Asian cuisine, thus, their sales and distribution technique will be in-house where customers would be able to sit and experience the delicious food. Along with this, organization could also collaborate with food delivery partners who could deliver the food to the customers. Digital mediums could be adopted to take orders from them such as mobile application, website, etc. (Farahmand, 2011).

Raw materials, skilled and talented workforce, technology, equipment, funds, etc. carries equal weightage in terms of development of a business. With regards to The Asians, appropriate suppliers who could deliver organic as well as fresh quality vegetables and other required ingredients and highly skilled chefs will be the key resources in terms of the development of the business in the target market.

• Interpretation and Application
• Food Safety Programs
• Food Safety Practices and General Requirements
• Food Premises and Equipment (Glowik & Smyczek, 2011).
• Food Safety Programs or Food Service to Vulnerable Persons

These are five food safety standards in Australia which needs to be followed by every restaurant, café and every outlet dealing in food items.

Organization is not required to adopt any wrongful practice to attain success and growth as it will also indignant the ethics and morals for business. The Asians will be required to follow all decent and fair ways to set up its brand image by serving qualitative food rather mixing up inferior and superior quality raw materials and other artificial flavours to make good, attractive and tasty food (Gruca & Rego, 2009).

Approximately AUD 450,000 will be required and in order to raise the funds, organization will present their business plan to the banks, investors and other financial institutions and some amount will be contributed by each partner. As the business idea is unique and the chances for growth and development are huge, thus, it will be easy for the organization to raise money.

Every new and existing business requires an effective and talented manager so that all the functionalities could be managed in an appropriate manner. Along with this, it is necessary to gain appropriate information regarding requirement of the technological sources to cope up with the marketing environmental needs. External experts will be hired so that appropriate knowledge could be attained along with learning the skills for effective management of organizational functionalities (Hill, Jones & Schilling, 2014). 

Positive and negative trends

Owners are the four founders of this business and they all have taken their responsibilities and roles as per their expertise, experience, talent and skill. They all will be accountable for each’s actions and the outcomes originated from those actions (Hoskisson, 2009). 

This restaurant will be registered as a partnership firm under which each partner will share profits and losses in equal proportion.

Initially, 20 staff members will be required for the first year and for the subsequent years; number of staff will be increased as per the growth of the restaurant. Thus, for the second and third year, 20-20 staff members will be required for further expansion in other regions.

Candidates will be invited through social media, LinkedIn, and other job recruitment agencies and they will be selected as per their knowledge, experience and their efficiency to cope up with the requirements of the business. Employees will be paid on monthly basis and in terms of motivation; appropriate incentive policies will be introduced, by treating them as an effective source for organization and by fulfilling their demands and wants. On the job training method will be adopted so that employees’ efficiency could be increased so that organizational performance could get increased (Lam & Harker, 2015).  

Market penetration, product development, diversification and market development strategies will be adopted as growth strategies for organization. Selection will be done on the basis of situation faced by the organization and in terms of managing quality of the food in the restaurant; appropriate standards will set up so that the quality of the food could be compared with the set parameters (Lee, Barker & Mouasher, 2013).
As the restaurant will grow and expand, its organizational structure will become wide and large where management will be divided into three layers i.e. top, middle and lower and organization will provide appropriate opportunities for its employees to prove themselves for the higher positions. Apart from this, annual growth will be provided to the employees as per their performance (Pardalos & Tsitsiringos, 2013).

References

Abidi, H., Shafiq, F., Arshad, R., Pirwani, M. and Hassan, A., 2015. Case Study: Stories of Entrepreneurship. Market Forces, 10(2).

Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.

Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.

Chang, J.F., 2016. Business process management systems: strategy and implementation. CRC Press.

Cockill, J. And Merron, J., 2011. The Hospitable Space an Opportunity for Transitional Countries. 29th Eurochrie, P.164.

Cool, K., & Schendel, D., 2010.  ‘Performance  differences  among  strategic  group  members’,  Strategic Management  Journal,  9(3) ,  pp. 207-223

Drummond, G., Ensor, J. & Ashford, R., 2012. Strategic Marketing: Planning and Control, (4^th) London: Palgrave Macmillan

Farahmand, N. F., 2011. Organizational marketing planning by management educated managers, African Journal of Marketing Management,  3(8), pp. 178-187

Glowik, M. & Smyczek, S., 2011. International Marketing Management: Strategies, Concepts and Cases in Europe, Page 301, (4^th), New York: Physica-Verlag

Gruca, T. S. & Rego, L. L., 2009. “Customer Satisfaction, Cash Flow and Shareholder Value,” Journal of Marketing, 69, 115–30

Hill, C. W., Jones, G. R., & Schilling, M. A, 2014, Strategic management: theory: an integrated approach. Cengage Learning.

Hoskisson, R., 2009. Business strategy: theory and cases. (6^th), UK: John Murray

IBIS World, 2018. Restaurants – Australia Market Research Report. [Online]. Accessed from: https://www.ibisworld.com.au/industry-trends/market-research-reports/accommodation-food-services/restaurants.html. [28^th May 2018].

Lam, W. and Harker, M.J., 2015. Marketing and entrepreneurship: An integrated view from the entrepreneur’s perspective. International Small Business Journal, 33(3), pp.321-348.

Lee, K.H., Barker, M. and Mouasher, A., 2013. Is it even espoused? An exploratory study of commitment to sustainability as evidenced in vision, mission, and graduate attribute statements in Australian universities. Journal of Cleaner Production, 48, pp.20-28.

Open for Business, 2017, Trends and challenges for Australia’s restaurant industry in 2018. [Online]. Accessed from: https://openforbusiness.opentable.com.au/2018/01/11/trends-and-challenges-for-australias-restaurant-industry-in-2018/. [28^th May 2018].

Pardalos, P.M. and Tsitsiringos, V. eds., 2013. Financial engineering, E-commerce and supply chain (Vol. 70). Springer Science & Business Media.

Renton, M., Daellenbach, U., Davenport, S. and Richard, J., 2015. Small but sophisticated: entrepreneurial marketing and SME approaches to brand management. Journal of Research in Marketing and Entrepreneurship, 17(2), pp.149-164.

Scarborough, N.M., 2015. Entrepreneurship and effective small business management. Pearson Higher Ed.

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