Answer to Question #204160 in Management for Manish

Question

Ming Lee recently got access to a F$100,000 trust fund set up by his late father. He has always dreamt of operating a restaurant like his father did at one time. He decides to open a new Chinese wine and dine restaurant in Nadi Town. He has conducted research around this business idea and found that there are 5 other similar restaurants already operating in town. All have good locations where there are a lot of people passing through. All have almost the same types of items on their menu and the prices are also very similar. This is because of the tight competition among the 5 existing restaurants. Ming decides that he will enter the market and compete on the basis of quality.

1.     Outline and discuss how he should go about competing for success on the basis of quality in this highly-competitive market.

 

NB. Focus on both product and process in answering this question. Make sure your proposals are linked to the problem Ming is faced with. (10 marks)

Answer 1

• He should understand his core Products.
• Be frank on long- and Short-Term market trends.
• He should focus on the right Competitors.
• Focus on the Purpose of Your Competitive analysis.
• Should not respond too hastily to Competitive analysis.