Premise You are an entrepreneur looking to open a restaurant in your hometown. Step 1: The Research What is your local community look like?(Choose where you live now and/or where you grew up) First, do some secondary research… First, go online to https://www.census.gov/quickfacts/fact/table/US/PST045217and look up the demographic information for your hometown. This site is maintained by the U.S. Bureau of the Census. Then, go online to http://www.cerc.com/TownProfiles/default.asp Look up the demographic information for your town in Connecticut (see me if the town is in another state). Finally, check out another source on https://claritas360.claritas.com/mybestsegments/#zipLookup. You will only have access to certain information on this site for free, but this is a great site for information to cross reference the information you have already gathered. Some other options: your town’s chamber of commerce or town hall (either online or in person) often has great information. Another good site: http://www.city-data.com/city/Connecticut.html The City that I live in is New britain, Connecticut Then, do a bit of primary research What do you observe of your own town that matches or does not match the secondary data gathered? When you drive around, what do you observe about people and restaurants already in town? What types of restaurants are successful or have been successful? What have you or your family/friends longed for as consumers to frequent as customers? Step 2: The Paper Part 1: Summarize the secondary data (published) research found and contrast that with your primary data (observation) research. Describe a snapshot of the town you live in using by statistics you have found and be sure to cite. Compare that with your own observations and be sure to explain/describe how and when you carried out the observations. Do the numbers concur with your experience? How does it support or differ from your viewpoint, based on your personal knowledge? How accurate or inaccurate was the information? Part 2: Develop the retail mix you will use as an entrepreneur opening a new restaurant in the town you researched. How might you use the info you found in deciding the type of restaurant to open? Be specific in showing how the data you found led you to make the decision you made. Conclusion: Make additional business recommendations that may have come about from the market research you conducted and summarize the project. Retail Mix Be sure to describe all of the following in great detail Product (type of cuisine/offerings) Price (range of prices on the menu) Place (description of marketplace and traffic sought) Promotion (method of marketing) Presentation (décor of restaurant/ambiance and style) Personnel (experience/knowledge/ appearance employees) Final paper should be no less than 1000 words.
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