SWOT analysis for Grace Fusion Cuisine
Introduction:
Grace fusion is a restaurant based in D.C that specializes in seafood and continental dishes. It targets all types of customers from high end business men to resident family groups. Its food price ranges from 20$-45$ for entrees. Other offers include: special brunch and weekly specials with marked down prices. Its expansion plan is set to be in place within the next five years and will include additions like addition of extra tables, introduction of live music and expansion of the venue to include a second dining area with Asian décor. In terms of food, the restaurant also seeks to be able to introduce the Asian-Pacific cuisine within this period. Grace Fusion Cuisine’ competition include five other restaurants, these are; Occidental Grill, Kinkeads, Avenue Grill, Café Du Parc, and the Source.
Analysis:
SWOT analysis involves looking into the strengths, weaknesses, opportunities and threats a business, in this case the restaurant, is likely to face. Strengths refer to the capabilities of the restaurant in satisfying customer needs and achieving its objectives. Weaknesses on the other hand refer to those factors or services essential to customers that the business does not offer. Opportunities are the factors that can help expand the business and improve its services whereas threats are those factors that can cause the business to incur losses or even fail.
The strengths in Grace Fusion Cuisine restaurant come out in three major areas; customer service, pricing and variety. In terms of customer service, this restaurant offers take out and free delivery services on customer orders. This puts it somewhat ahead of its competition being that it is the only restaurant within the area that caters for both services. Also, the fact that Grace Fusion Cuisine has weekly offers for its customers shows their appreciation and desire to keep their customers satisfied. The restaurants acceptance of use of debit and credit cards to meet bills has also increased its popularity with customers. Reason being, it saves customers time as the process spent in waiting while a check is verified is reduced. In reference to the pricing of food, the restaurant is very fair offering cuisines ranging from $20-$45, hence being pocket friendly as compared to a few of its competitor. Variety offered by the restaurant can be viewed in two ways: in reference to food and also to the people who dine there.
Grace’ Fusion Cuisine offers various foods which gives the customer various options to choose from. This is beneficial in terms of diversity as it does not limit customers to specific meals. Variety also comes in, in relation to the type of people who are welcome to dine there. The restaurant accommodates everyone, from those seeking to carry out business discussions over lunch, local and international tourists, high end singles and even families simply looking to have a simple meal together. Another strength associated with the restaurant is quality, customer ratings express satisfaction with the service and speed of delivery offered at the restaurant.
Weaknesses come in due to the fact that the restaurant is just starting up and is yet to achieve some additional requirements. An example is the limited service. Competitors like the Occidental Grill are able to offer wine tasting and outdoor dining, services that are notably absent from Grace’ Fusion Cuisine. Café Du Parc has a bar and lounge, and also includes a breakfast menu which Grace’ is yet to set up. In terms of structure, the restaurant pales in comparison to the Source, which has large accommodation options; from a bar and lounge to a private room with a holding capacity of fourty diners.
Opportunities that can help the business grow include factors like opening of various branches beyond Washington. Thus opening up to a larger consumer base. The restaurant should also consider implementing online deliveries as a form of expansion. Hence, people do not necessarily have to go out to eat but can be able to order in. Despite the restaurant remaining the same in structure, through online deliveries it will be hosting a large capacity of customers. Another way to boost the business would be in partnerships. The restaurant can outsource all services not directly linked to the business like delivery and payment processing, thus enabling it to focus on its main objective which is providing meals. Forming of partnerships can help reduce losses as each partner performs where he or she is best suited.
Threats to the business can be viewed from different aspects. The first might occur due to change in preference or tastes. In the long run customers may be tempted to try out new foods, or the same foods prepared in a different way. If the competition is able to offer that, then the restaurant will definitely lose business. Also, shortage of certain foods may result in rise in cost of commodities, hence affecting food prices and customer influx. The government can also impose a ban or raise tax on certain commodities causing a strain in the business, or change in technology can determine a business’ efficiency. If the restaurant has policies in place to help it adjust to meet changing needs of customers, then it will certainly go a long way in terms of growth.
References:
“Developing Your Strategic SWOT Analysis.” Austrainer. 1999. http://www.austrainer.com/
http://www.tradeleadscenter.com/ SWOT Analysis.
“Swoting Your Way to Success.” BHC. 1999. http://www.bradhuckelco.com/
