Food and Beverage Marketing
Data for this research can be collected by surveying potential guests about their restaurant, banquet, and meeting room needs.
Projecting Operating Results
Most practicality studies project official financial results for the first, second, and (sometimes) third year of operation. Potential capitalists need this data to decide whether to finance the project.
Practicality studies are often conducted long before development occurs or a new operation is opened in an existing building.
Food and Beverage Marketing Research –
After a food service facility is undertaken, ongoing Food and Beverage Marketing research helps ensure that the brand meets the needs and wants of guests. This study also provides the basis for developing an adequate Food and Beverage Marketing plan. Ongoing marketing research usually includes a property analysis, a competition analysis, and a market analysis. Together these analyses answer questions related to the undertaking's strengths, weaknesses, opportunities, and threats and constitute a situation analysis.
Property analysis is a written, neutral estimate of a food service operation's production and service areas, products, and services. This analysis is used to determine the operation's strengths and weaknesses. Should carefully evaluate the building and site in terms of traffic flow, accessibility, visual appeal, and compatibility with local surroundings. These data will enable managers to compare the property and the competition.
It is equally important to know what the competition is doing. A competition analysis should be done in the same categories listed in the practicality study. Food service managers and staff should visit competitors' undertakings at various times to completely understand competitors' service and atmosphere.