Human Resource Management

Scenario Having worked in the hospitality industry for the last 10 years, you are now contemplating setting up your own restaurant or cafeteria. You have already had preliminary discussions with your banks regarding your proposal and they have assured you that you will be eligible for a loan to start your business, subject to a review by their credit approval committee. The credit approval committee consists of specialists from different functional areas. The marketing specialists have asked for a preliminary report to understand the market and you need to provide them with an overview that covers the following topics. 1. A basic market segmentation of the restaurant market based on only geographic and demographic factors and the justified selection a target market based on this market segmentation. 2. A short description of the marketing mix covering the 4 P’s; product, price, place, and promotion. Product: give a description of the type of restaurant you would open based on your selected target market’s needs. This should include the choice of a name, décor, type of food Price: Provide an indication of the type of prices that would be charged. Place: Select/recommend an area where you intend to open this restaurant. Promotion: Describe the promotion you would offer to build consumer awareness and to retain customers. Note: For those based in United Arab Emirates, you need to evaluate the UAE market. For those based in other countries, you may complete this assignment for your country of residence but remember to provide some extra detail on the demographic and geographic factors. Word Limit: 1500 words.