Individual Project Assignment Example | Topics and Well Written Essays - 2750 words

Individual Project - Assignment Example 2 Introduction   We have selected a small restaurant that provides food for the locals, the name of the restaurant is the â€Å"Raymond Cafe†. It offers many special kinds of coffees, tea, home-based sandwiches, soups, salads and continental dishes. Over the last five years, business has been dilapidated steadily. The cafe is not operated in the capacity of current technology trends and procedures. There are no computing devices in the cafe which may enhance the cafe operations and procedures. The information of the customers and orders is stored manually. The clientele and food recipes are also not written anywhere. The supply chain management is manually recorded in a notepad along with the salaries of all staff of the cafe. Information regarding the marketing coupons is also stored in the notepad. 3 Competitive Advantage   The analysis related to competitors in the area needs to be carefully analyzed before setting up a strategic plan. The competitive advantage is the c onclusion of the unique strategy of the cafe which cannot be adopted by the competitors. The unique strategy includes customer loyalty at its best which also a vital element for a successful business. An easy definition of Competitive advantage is â€Å"when the firm has the capacity to differentiate from its rivals, when it is able to create more economic value than competing firms† (Lowe, 2013). For entering â€Å"Raymond Cafe† in a new demanding industry, Michael Porter’s five forces model will assist the evaluation of the challenges. The model will assist to conclude the relative attractiveness of an industry. In Fig 1.1 Michael Porter’s five forces model is illustrated. The threat of new entrants, suppliers, buyers and substitutes is directly impacting on the centralized hub which is the rivalry among existing competitors. These are many restaurants in the city which offers the same range of products and prices. There are also rumors that Starbucks i s opening soon just a few blocks away from the cafe. The staff of the cafe is worried on the current operations of the cafe which they think are incompetent. The staff needs a motivation in terms of technology which assures that the competition will not influence the business and customers. Segmenting the competitive advantage on Porter’s Five-Force analysis, the buying power needs to be overcome. A strategy is required to address the concerns of the employees. Customer loyalty programs are required for enhancing customer satisfaction and experience at the Raymond Cafe. For an efficient customer loyalty programs, integration of Information technology is essential to track and inform the customers about the new products and prices on the Internet. Customer loyalty programs are the most popular marketing strategies adopted by organizations across a variety of industries. Programs that are alleged positively by customers will in turn create strong mind-set of customer loyalty an d higher customer revenue (Furinto, Pawitra, & Balqiah, 2009). The cafe should offer a unique menu which other cafes do not offer enabling the alcove dining experience that can only be purchased at the cafe. The existing cafe has a small Supplier