Competition

HA442 : The Class : Restaurant Business Plan : Competition : Competition

Studying the Competition

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Read pages 40 - 43

Your competition can be a good source of information on what works and what does not work in your area. I am not suggesting you produce a carbon copy of your competition but hopefully you can learn from some of their successes as well as some of their failures. Monitoring of competition is an ongoing process. New competition comes and goes competitors change prices and menus requiring you to evaluate them regularly as they evaluate you.

Answer the following questions explained on pages 41-42

1. During your first job your assignment is to look at the competition, What are your impressions? What are their strengths and weaknesses?
2. How will you deal with the existing competiton? What will you offer that will drawer customers from them?
3. What will you do if new competition enters the market? If you are successful you are almost inviting competition.
4. Why should you keep a constant vigil on your competition?
5. Who are you five nearest competitors?
6. How is their business? Up, down, or stable?
7. How are their operations similar and dissimilar from yours?

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