Business Feasibility Study: Hot Pot Restaurants Markets Term Paper

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Business Feasibility Study: Hot Pot Restaurants Markets
Hot Pot restaurant, located in Flushing, New York, is an Asian restaurant with variant Chinese cuisines an exotic experience. The restaurant has a seating capacity of 70 people and also offers different staples and snacks in addition to beverages to diversify customer choice which is a major element in attracting and maintaining customers. The restaurant also uses different ingredients combining seafood, vegetable, meats, and mushrooms to the signature Hot Pot dish to address the tastes and preferences of the growing customer base. It also has an established customer-oriented service through a team of well-trained staff- Chefs, assistant chefs, waiters, and a financial officer- who are dedicated to ensuring quality delivery. The restaurant operates under an open management system observant of consumer trends as a way to maintain and expand its customer base. The break-down aspects the restaurant uses for market analysis and factors include orienting its products and services to its target group(s), market trends, sales forecast, swot analysis, pricing, and promotion.
Target Market
Although the restaurant targets customers from various social demographics, the main focus is the growing Chinese student population in New York. The locational concentration is Flushing and its localities to enable the timely delivery of the takeaway service that the restaurant incorporates in its catalog. Flushing is one of the New York with a large Chinese population which concentrates the main target market among the Asian immigrant population. Areavibes.com records Flushing Asian population at 70.54% of the total population compared to 13.71% in the entire New York. The area is also a hot spot for Chinese Americans who pool into the vibrant epicenter of Queens creating a thriving Asian culture who are a great potential market for the Hot Pot Restaurant (Haller). The New York metropolitan area is also proximate to several colleges and universities that provide a steady customer base. Some of the main learning institutions near Flushing that are accessible through both in-house dining and take-outs include the Nassau Community College, SUNY Maritime College, CUNY Queens College, New York University, St. Jones University, and Columba University (Study.com). These demographics are indicative of a vibrant customer base that covers the adult Asian population. The college population also presents a cultural convergence giving the restaurant an extension of the customer base beyond the Chinese. Although Hot Pot requires adult supervision in the preparation thus limiting the younger population, the communal aspect of the dish expands the age bracket to include children (who are accompanied by the parents or supervision) by offering extra provisions like snacks and board games during the wait.
Market Trends
Transparencymarketresearch.com noted that one of the notable trends that concern the Hot Pot restaurant business is the concerns about health practices and food safety increasing the scrutiny in the choice of ingredients. The US market is usually mindful of the ingredients used in the cooking especially since the Hot Pot prepares the meals in the custom...