The success of any business is dependent upon the accuracy and thoroughness of the information utilized to make business decisions. We propose to gain familiarity with the food service facilities through on-site research, available factually supported data and discussions with the current client base. Our staff will spend the required man-days reviewing the food service operations, gaining information on the student / faculty populations, identifying the scope and type of traffic flow which currently exists, while projecting changes in the market place which may impact the food service demand.
The scope of our market study will involve analysis of four key factors – supply, demand, competition, and the proposed site. Research in each of these areas will enable us to develop a complete profile of the marketplace and project how the proposed facilities may function.
The conclusion of our market study will be documented in a written report and supported by pro forma income statements which represent our opinion of the proposed facilities’ projected financial performance. Over the course of the study, we will consider the preliminary concepts which you have developed and modify them as necessary utilizing industry sources and data. This capability provides us with the unique opportunity to review various alternatives and be responsive to changes which may occur during the planning process.
Next: Phase II – Evaluation of Market Position
