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Introduction
The world today is evolving rapidly in all industries. Businesses and entrepreneurial ventures are being set up and growing at a high-speed rate. This is mostly due to the high levels of innovation in technology that help in running various ventures. To set up and run a successful business, an entrepreneur needs so much, but most importantly, they need to know exactly what they want to trade in. We will consider the popular United Arab Emirates restaurant, Yolk-ay restaurant, founded by Rohit. This paper gives an executive summary of the Yolk-ay restaurant chain specialized in traditional Indian egg dishes.
Target market
The current times comes with very many business opportunities. However, to start a successful venture, one requires a thorough study and analysis of a market of interest and identifies a gap in the market. The gap gives an insight into the kind of business venture one could set up. Yolk-ay restaurant was an idea that was adopted by Vikram, Rohit’s son. He discovered that there was a gap at his campus. He realized that there were many Indians and they liked egg dishes but there was not even one restaurant around the school supplying the same. He suggested to her mother to set up a restaurant considering how tasty the food she always prepared was. A successful entrepreneurial business enterprise thus requires a good understanding of the target market and Vikram had a good grasp of it.
Product-price-place-promotion
Successful running of the enterprise required a thorough product-price-place-promotion analysis. A lot of advertisement, especially entailing the dishes they were offering was done to curb the stiff competition from competitors like Tikka House and Raja Cooks, who were in the same industry. To thrive, the venture had to ensure their product was the best quality in the market and they were strategically located about their customers. Vikram and Rohit were able to expand their restaurant business, setting up three new restaurants in three months despite competition from Tikka House and Raja Cooks. In the five years of establishment, the business had grown to five restaurants (locations). Their quality was also unquestionable. The restaurants were well known for the best egg dishes and they were packed daily. They got more customers thanks to hit radio ads which the duo had developed and many other promotions that they did.
The price of the services and goods offered played quite a major role in the growth of the enterprise. Apart from the egg dishes being prepared from fresh farm ingredients, the pricing of Yolk-ay restaurants’ dishes was always affordable. This gave them an added advantage over their competitors and kept them at number one in their customers’ preference lists.
Customer value
Enthusiasm is good, but caution should be taken against too much enthusiasm lest it leads to the ultimate collapse of the business. Vikram was very enthusiastic, but his father warned him that their quality should stay the same across all outlets since that is what kept them running, the customers chose them for their quality.
Running a great and successful enterprise comes with various challenges, and Yolk-ay was no exception. Opening a varied number of ventures could spell doom to some outlets. Overexpansion could also lead to a reduction in the quality of goods and service offered if not well managed. This may subsequently lead to a great loss of customers; sometimes even the loyal customers look away. It was thus advisable to ensure that the new outlets are running smoothly and steadily first before seeking new business developments.
Yolk-ay restaurant chain had hit a dead end regarding geographical expansion and was considering other ways of expanding to avoid stagnation. It was necessary to inquire and get to know what their consumers wish to get from you. An in-depth analysis of the customer value was conducted by Vikram to identify possibilities of expansion. Yolk-ay had seen a great shift in customers. Its competitors had identified new channels of growth where they did home and office delivery of their products. However, Rohit was quite adamant to adopting the idea like this, he believed, could tamper with the quality of goods they were offering. They thus considered expansion in the menu. They think of adding more items to the menu.
Market segmentation
To determine exactly what they could add on the menu, Vikram conducted a comprehensive survey, given he was good with surveys. He did a market segmentation where he interacted with their consumers and got to know what they would wish added on the menu. The duo is now considering menu expansion, but the dishes should remain egg related, to live to the promise implied by the restaurant’s name and to avoid interfering with their brand, what they are known for in the market.
The paper talks about setting up, expanding and running a business venture and ensuring its success. It considers a case study of Yolk-ay restaurant chain, giving an executive report of the business.