Herrick’s Restaurant is a new restaurant company in its formative stages and is being organized in order to take advantage for the lack of significant number of product lines that present restaurants in the United States do not have at present days.
Furthermore, with the opportunity to offer cheaper, variety of high quality food services to its target customers, Herrick’s Restaurant plans to dominate the restaurant industry in the United States. With the present unstable condition of the U.S. economy many consumers become price conscious and started searching for cheaper but high quality goods and services in the market.
With this present market trend and behavior of American consumers, Herrick’s Restaurant expects to become more profitable relative to the present restaurants in the market through its cheap and vast variety of great tasting quality foods. Furthermore, in order to secure the success of Herrick’s Restaurant in the market, it plans to launch five store branches every year so as to increase its market share faster.
With Herrick’s Restaurant skilled chefs and crew as well as staffs, it plans to provide extra ordinary experience to its customers by giving them the combination of highest quality of food and services. Herrick’s Restaurant management’s value on the satisfaction of their customers would serves as the pillar of their success.
The classy interior design of Herrick’s Restaurant would give relaxing experience to its customers and perfect for family gathering, business meetings, or even a place where peers could meet and make bond with one another.
These unique qualities of Herrick Restaurant would give it enough room to easily out-perform its competitors in the market and at the same time make large amount of profit despite of the present unstable condition of the U.S. economy. It is being expected that after the next five years, Herrick Restaurant would start entering the international market and operate on many countries to further expand its horizon in the restaurant industry.
Herrick Restaurant’s Objective
Hire high skilled staff and the best Chefs in the culinary world through high salary payments and more employee benefits relative to other restaurants in the market To have 40 percent market share in the next 5 years operation of the restaurant. Double its revenue by the end of 2009.
To out-perform its competitors in the market in terms of sales volume and profits annually. Become the top restaurant in the U.S. market in 2016. Operate internationally by 2013 to further expand the market and market share of the company. To add 5 or more restaurants in the U.S. market every year to support high growth for the company. Mission of Herrick’s Restaurant
Herrick’s Restaurant has a mission of providing cheaper, vast variety of great-tasting-high-quality dishes plus superb services from its staffs to provide extra ordinary experiences to its target customers. All of our efforts and strategies will point towards attaining higher customer satisfaction and improving the skills of our Chefs, crew, and staffs.
This premium that our management is giving to our target customers would serve as its main avenue towards being the top restaurant in the U.S. restaurant industry and have impressive growth in terms of profit and/or sales volume.
Furthermore, it is not only great service and food quality that we offer to our target customers but also providing relaxing environment and atmosphere that will suit people from different walks of life while inside our store. In the end, this mission of ours will guide us in future decision making processes and would serve as the pillar of many strategies of the company towards the attainment of market success and dominance.
Restaurant Industry Overview
Restaurant industry has been one of the most profitable and stable industries in the American market for the past years. This is the main reason why the owners of Herrick’s Restaurants decided to establish a restaurant business than any other possible business venture in the market.
The restaurant industry in the United States is being expected to have a sales equivalent to 558 billion USD this year and has been behaving positively since 1970’s and to have a sales growth equal to 4.4 percent in 2008 (Restaurant.org, 2007).
Eating establishment is one of the types of restaurants that provide the highest sales projections for 2008 where Herrick’s Restaurant is classified. This only means that this year is a “good year” for the officials of Herrick’s Restaurant to become aggressive on its expansion programs in the market.