Student

BUSINESS ENGLISH SESSION 3
Shark Tank Business Project
TEASTE OF WORLD
Group Members:
Cankiroglu, Sevil Beyza
Introduction, Industry, Operations

Jackowska, Agnieszka
Introduction, Plan & Logo, Operations

Sukhee, Battungalag
Introduction, Marketing Operations

Bae, Jeong Sook
Introduction, Type of Business Operations

DATE
March,9 2013
INSTRUCTORS
Szlagor, Dorothy- Levan, Kverenckiladze
COMPANY DESCRIPTION
Company Name: ABB COMPANY INC.
Service Name: Taste of the World (Multicultural Restaurant): Chicago based company, will operate : Taste of World, a single unit, big-size restaurant serving healthy, multicultural style food. The restaurant will be located at 806 North Michigan Avenue Chicago, IL 60610 .
Mission &Why It is important: The company's goal is that of a multi-faceted success. Our first responsibility is to the financial well-being of the restaurant. We will meet this goal while trying to consider; 1) the effect of our products on the health and well being of our customers (and our staff), 2) the impact that our business practices and choices will have on the environment, and 3) the high quality of attitude, fairness, understanding, and generosity between management, staff, customers, and vendors. Awareness of all these factors and the responsible actions that result will give our efforts a sense of purpose and meaning beyond our basic financial goals. It’s important because this kind of business doesn’t exist in USA
Who is Our Target Market: Eight main ethnic groups Chinese, French, Italian, Indian, Polish, Japanese, Mexican, and Turkish. Also the other ethnic groups in Chicago.
Products & Related Services: There will be three ways to purchase these products; table service at the restaurant, take-out from the restaurant, and delivery to home or office.
The Menu The Test the of World menu is moderate sized, and moderate-high priced offering a collection of cultural items with a common theme -- healthy (low-fat, low cholesterol, natural ingredients), flavorful, and familiar. Our goal is to create the image of light satisfying and still nutritious food.
Production: Food production and assembly will take place in the kitchen of the restaurant. Fresh vegetables, meat and dairy products will be used to crate most of the dishes from scratch.
Service:There will be three ways a customer can purchase food. They may sit down at one of the 45 each cultural area seats in the dining room and get full service from a server.. A separate take-out counter will service those who wish to pick up their food
Future Opportunities:There is a market segment that prefers to eat this type of cooking at home although they do not have the time to cook. There are already caterers and even mail order companies that provide individuals and families with up to a month's supply of pre-prepared meals.This opportunity will be researched and developed on a trial basis. If successful, it could become a major new source of income without creating the need for additional staff or production space.
SWOT ANALYSIS
Company: ABB Company is a multicultural restaurant based in Chicago IL, which emphasizes “Uniqueness of a cultural food and experience”
The company will open in Chicago, IL, on Julay 30, 2013 by three partners: Business woman Battungalag Sukhee, chef Sevil Cankiroglu, and designer, architect Agnieszka.

Competitor: Salad Bowl Shanghai Terrace

Other first class restaurants in Chicago.

Strengths:
-Uniqueness of cultural food, music and dance.
-High-quality products.
-Service style is new to the area.
-Certified suppliers.
-Accessible and Convenient Location, so customers doesn't have to travel further to get to our restaurant.
- It has visibility from the street, large parking area, and room for expansion.
-University and downtown corporate area.
-We offer a product no other business offers.
-Very Focused Management/ Excellent staff who are highly trained and very customer attentive.
-Product differentiation: The top eight multicultural foods that each culture and service offers prepared according to the original recipes.
Weaknesses:
-Unknown brand on the market.
-The restaurant is new and not established.
-The expense of natural food price.
Opportunities:
-New concept without direct competitors.
-Open the restaurant is a wider market compared to other specialty restaurant.
-The commitment to high quality natural and organic foods leads to higher prices than non organic and natural foods. As the world is becoming more aware of how important it is to eat healthy, our restaurant need to be there to pull those consumers in to the restaurant.
-Potential to expand and franchise.
Threats:
-The economic situation in the US is a threat due to Americans' desire to save money. Food is expensive and don't Americans' see the cost effectiveness of eating healthy food. Higher price fast food and specialty restaurants may offer lower price of their food. Our restaurant charges a higher prices because it offers greater value to customers.
-Gas prices: When gas prices rise, the cost of shipping food rises, and when the cost of shipping the food rises, so do restaurants operating costs.

TYPE OF BUSINESS: Solo Proprietorship.
Reasoning for this decision: We decided the multicultural foods industry was ready for a restaurant format, because we have restaurant experience and we like cultural diversity

MARKET INDUSTRY and COMPETITION ANALYSIS
What sets it apart from the rest:
-Wild and healthy menu options
-Rich cultural experiences
-High end design (interior and exterior) Competition: There are a lot of special restaurants such as Chinees, Turkish, Mexican, and Polish in this area, but we bring them all together under one roof through a unique new concept.

MARKETING AND ADVERTISING
Market Penetration
We have participated the Taste of Chicago for 3 years, this enabled us to test the market.. We did market research and organized add activities, such as on social media.
Entry into the market is not going to be a problem. The restaurant has high visibility with heavy foot traffic all day long. The local residents and students always support new restaurants and the tourists do not have fixed preferences. In addition, $10,000 has been budgeted for a pre-opening advertising and public relations campaign.
Marketing Strategy
Focusing on the unique aspect of the product theme (healthy, tasty foods) a mix of marketing vehicles will be created to convey our presence, our image, and our message. * Print media -- local newspapers, magazines and student publications * Broadcast media -- local programming and special interest shows * Hotel guides, concierge relations, Chamber of Commerce brochures * Direct mail -- subscriber lists, offices for delivery * Misc. -- Yellow pages, charity events
Operation/Nuts and Bolts: * We bought a land in Chicago downtown and we designed and built our restaurant. * We have top eight cuisineS in the world: -Chinese - French -Italian -Indian - Japanese –Mexican - Turkish -Polish
OPERATIONS
Manegement: Battungalag Sukhee is going to manage our finances.
We will accept cash, credit and debit cards for service payment.
Employee: We hired one main chef who is an expert in all cuisines and four assistant chefs, and waiters who could speak those languages.
Most of our employees are servers and chefs who average between $20 and $45 per hour per shift, depending on the day of the week. Servers average about $40,000 per year, and chefs make up to $150,000.
Hours of Operation :The restaurant will be open for lunch and dinner 7 days a week. Service will begin at 11:00 AM and end at 11:00 PM. The restaurant will be closed at Christmas, Thanksgiving, and the Fourth of July.
Employee Training & Education :Employees will be trained not only in their specific operational duties but in the philosophy and applications of our concept. They will receive extensive information from the chef and be kept informed of the latest information on healthy eating.
Systems & Controls: A big emphasis is being placed on extensive research into the quality and integrity of our products. They will constantly be tested for our own high standards of freshness and purity. Food costs and inventory control will be handled by our computer system and checked daily by management.
Food Production
Most food will be prepared in an original way. The kitchen will be designed for high standards of sanitary efficiency and cleaned daily. Food will be made mostly to order and stored in large coolers in the basement.

If something hurts our business, we could use types of Bounce Back Promotions: -Time-specific bounce back. Offer a discount or reward during our slowest hours.
-Buy one get one free (BOGO).
This promotion is especially effective on customers that have patronized our restaurant alone. It often incites them to bring a friend next time. It can also be a good way to get couples back in the door.
-Product-specific discounts.
An example would be a coupon that offers customers few dollars off their next appetizer purchase.
-Free item with purchase. One example would be to offer a free dessert with the purchase of an entrée and drink.
If the restaurant business suffers because of the economy, it must adopt new strategies for appealing to consumers who may be more discriminating than they once were. Example:
-Shifting Attitudes
The popularity of special promotions forces restaurants that are already struggling to cope with rising food costs to offer lucrative specials just to stay competitive.
-Expansion vs. Renovation
During times of recovery in the restaurant industry, the name of the game is "quality, not quantity." Rather than focusing efforts on expansion and building new locations and many chains focus on rebranding, remodeling and renovating existing locations.
-Creative Concepts
To appeal to consumers with new and novel concepts .
Conclusion:
We believe that the restaurant industry is a great place to begin one's career. We just hope we can grow our business gradually and provide high quality service and experience to our costumers.