Introduction of Business Details
A new Indian restaurant is going to be launched in Muscat, Oman. The name for the restaurant is Indian Delight which is a new and innovative idea. This will help to capture large market area by serving Indian cuisine in Oman. More than 20% of Oman's population is Indian hence it is a great opportunity for the business to target those customers. Mission vision and objective of the business is as follows:
Indian Delights restaurant is willing to successfully establish its business in Oman by providing good quality food items to the local public of Oman.
Long term vision of Indian Delights restaurant is to be the first choice of the Omanis and capture larger market share by providing good quality food to them.
Main objective of the restaurant is to establish the business successfully in Oman and fulfil the requirement of Indian food there.
Exact location for the restaurant is Indian Delights, Mutrah Cornish – Opposite to Sultan Qaboos Port, Oman.
Industry And Market Analysis
It is a tool that facilitates the companies to understand their position in the market and also analyse the factors that may affect industry positively or negatively. It is very important for the business enterprises to determine the profit which is going to be acquired in future. For Indian Delights industry analysis can be conducted with the help of Porter's Generic Model, which is described below:
Porter's Generic Model:
This model was introduced by Michael Porter. It is mainly used for the industry analysis perspective. There are four different strategies that should be considered by the organisations who are going to launch the business in market (Bogers, Hadar and Bilberg, 2016). Indian Delights can formulate strategies to achieve competitive advantage with the help of this model. All the strategies of this model are described below:
- Cost leadership: According to this strategy companies should launch products on lower prices to the target market so that large market area of the industry can be captured. Indian Delights can get a success in Oman by setting low prices of all the dishes and launch the business in target market. If the restaurant is the lowest cost producer in the market than higher profit can be acquired the same.
- Differentiation: It is suggested to the organisations to introduce products in market with uniqueness so that large number of customers get attracted. As Indian Delights is a new concept and a unique idea hence it is possible that it can get success in less time in the market of Oman. This strategy can be used by organisations when customers or target segment is not price sensitive if the food supplied by Indian Delights is unique than customers will not be worry about the price of the food.
- Cost focus: The organisations may choose to introduce their products in niche market so that reaction of target market can be recorded on the service and quality of items that are supplied to them. As Indian Delights is a new restaurant and it has no idea of industry's conditions hence it can firstly launch its food in niche market and if the food is liked by them than it may target a large market area (Campbell Jr, and Kresyman, 2015).
- Differentiation focus: For the new launching business this is the best strategy as it suggests the companies to intrude their products with unique feature in niche market so that competitive advantage can be attained. Indian Delights is can used this option while introducing itself in market by offering unique food to the niche market segment.
From all the above mentioned strategies Indian Delights should select Differentiations focus strategy because it best suits to the organisation. As it is going to offer unique food to the Omanis and should introduce its food items in niche market so that their feedback can be used to make future strategies to expand business.
It is also known as competitor's analysis in which market related aspects are analysed so that effective strategies can be formulated to be more competitive in the market (Doppelt, 2017). For Indian Delights Porter's five force model can be used for market and competitor's analysis which is a