Market report about Opening a restaurant in London, ON Research Paper

Market report about Opening a restaurant in London, ON - Research Paper Example an easy accessible location and would be catering to all the age groups; families, business associates and students having a varied menu at reduced prices so that more people are able to approach it, increasing the business in the cosmopolitan area at Hyde Park. Furthermore, restaurant will have an innovative interior depicting infusion of cultures, warm ambiance as Tina has always been keen on designing interiors and also has an inclination to drafting appealing profile menu, so these will be the strengths of the restaurant. One of the weaknesses of the restaurant would be that as the company is new, Tina would need management teams that can run business effectively. That would be a difficult for Tina to approach candidates and select competent employees, provide training and supervise them to work effectively in the restaurant. The second weakness could be there would not be any relationship with the customers and the company is starting from scratch to establish a niche market so they have to build loyal customers. The biggest opportunity for Tina to build business was on the fact that she won a lottery ticket that she could use and invest money to start the restaurant business at a high profile place, which was her passion and dream. As a new restaurant, the company has the opportunity to attract people through promotional schemes and other marketing medium. The threat lies on the competitive forces that exist within the locality posing a threat to the new business. As restaurant business is new, Tina would require time and patience to establish a reputed name for her business. The locality where the business is set consists of a chain of reputed restaurants that may act as a barrier for customers to approach the new restaurant. The restaurant would be located at Hyde Park so there are three main competitors in the market, Montana’s Cookhouse, Kelsey’s and Boston Pizza. A competitive analysis of the three restaurants shows that there are certain