Hidalgo Resturant, Inc: Succeeding As An Entrepreneur Essay

I. VISIONA. Vision StatementFor every unitary who works with us to disc all over in themselves their talent and their potential and to build relationship with each oppositeB. CommentsVision instructions should answer the question What do we want to become. But Hidalgos vision statement does not answer that question. It doesnt even abduce what kind of origin they are into.C. Proposed Vision StatementTo be the preferred eatery of Filipinos and expatriates, providing total guest satisfaction through character, service, cleanliness, and value.II. MISSIONA. care StatementHidalgo Restaurant, Inc. doesnt view got specific mission statementB. CommentsA Mission Statement reflects the companys core purpose, identity, values and principle contrast aims. A Mission is de fined as Purpose, reason for being. Defined simply Who we are and what we do.Mission statements should accept nine (9) components which are (1) customers, (2) products or services (3) grocery stores, (4) technology, ( 5) Concern for survival, growth, and profitability, (6) philosophy, (7) self concept, (8) concern for public image, and (9) concern for employees.C. Proposed Mission StatementWe are committed to provide total customer satisfaction and exceed customers expectations through setting the trend in raising the bar, to be the change agents contributing directly to the untaughts development, creating standards of excellence which every Filipino may aspire, to be in the business of building relationships and partnerships, among which one partner is the customer, in order to maximize earnings that will benefit our supplier, employees, and investors.III. EXTERNAL ENVIRONMENT compendThe restaurant sub- arena includes places that assist fodder and drinks, be it self-service or full-service. This covers a range of services including fine dining specialty restaurants, fast regimen outlets, canteens, and nutriment courts. In terms of its character to the national economy, the hotel and res taurant industry accounted for 1.35% of Philippines 1998 gross domestic product (PHP12 billion in GVA compared to the Philippines PHP889 billion gross domestic product during the period) and 1.28% of its national product (PHP12 billion in GVA compared to the PHP931 billion GNP). Moreover, the hotel and restaurant industry employed close to 1% (282,142) of the countrys 31,278,000 compass force during the same period. Meanwhile, the National Statistics Office (NSO) in 1994, classified 46,930 firms as belonging to the hotel and restaurant industry, employing a total of 221,954 people. At the time, each peso investment in labor contributed PHP4.40 to the industrys total output while each peso investment yielded a PHP1.27 contribution to the same.A. Economic ForcesRestaurant patrons cross all economic groups. Fast foods and food courts cater to all income classes. strong point fine dining restaurants, generally target the A, B, and C crowd. The proliferation of one-stop shopping malls that offer various recreational facilities and comforts is also an important growth factor. The heavy pedestrian traffic that the malls attract means big business for the restaurant industry, curiously the fast food sub-sector. Moreover, these malls spare the restaurant industry from spending extensive business development studies for their outlets mall magnates Henry Sy and John Gokongwei Jr. have established formidable track records in building malls. Finally, Filipino communities foreign are strong basis for the export of local restaurants and fast food technology. The presence of Goldilocks, Jollibee, Max, Red Ribbon, and Barrio Fiesta, among others, in the US, for example, is a result of demand from Filipino migrants longing for a essay for home.B. Social, Cultural, and Demographic ForcesThe urban population to which restaurants cater is largely made up of young people who have higher disposable incomes and who are more likely to experiment with different cuisine. Brand lo yalty is specially strong in the fast food sub-sector of the restaurant industry. Jollibee patrons, for example, generally stay loyal to the franchise heedless of price increases. Demand for dining out is associated with both the ever-expanding options available, and also with the number one reason roughly consumers use restaurants they provide a convenient, reasonably priced experience that offers better flavors and taste sensations than consumers can get at home. This has become particularly critical at a time when more and more women are unveiling the workforce and consequently have less time to prepare repasts at home. Moreover, the Philippine population is youth-oriented. roughly half of the estimated 75 million Filipinos are below 18. And since a large proportion of fast food consumers is between the ages of 16-24, the annual 2.3% population growth rate guarantees trade growth for the sub-sector.C. Political, Legal, and Governmental ForcesStrong offer of industry assoc iations and trade unions (i.e., Hotel and Restaurant Association of the Philippines and the NWHUAI) enable the hotel industry, among other things, to undertake programs and projects that upgrade and professionalize the sector and to influence government regulatory policies/laws/rules affecting the industry.D. Technological ForcesInternational food chains and franchises facilitate transfer of technology in the local restaurant sub-sector. They provide training of potential employees and employ strict attribute control systems. In terms of availability of technology, the Philippine market is highly competitive with numerous products and bulls eyes offered at reasonable prices, and, therefore, allowing restaurant owners the luxury of choosing the type of technology that best suit their operations. Equipment purchasing decisions depend on the type of end-user. For instance, local single-unit restaurants need inexpensive equipment, so price is the main guiding factor. On the other han d, fine dining restaurants are willing to pay a premium for high quality, durability, after-sales service, cost effectiveness, prestigious supplier and fast delivery. Restaurant owners on a regular basis participate in local and international equipment trade fairs, allowing them gateway to the latest hotel equipment technology.E. Competitive ForcesThere are about 45,220 restaurant establishments in the domestic economy and about 80% of them belong to the fast food sub-sector. Food franchising is extremely popular. There are 1,057 franchised quick serve restaurants, 14 casual dining and theme restaurants, and 507 coffee shops, bakeries, and confectioneries.The industry in which the restaurant and fast food firms operate has increasing consumer demand for every improving product. The growth is proven by the rapid amplification of food outlets in key areas in Metro Manila and the provinces. The popularity of fast food establishments came in the 1980s, and over the last years, the in dustry has consistently posted double-digit growth rates. Competition is fierce in the restaurant industry, particularly the fast food sub-sector. The market is large but consumers are price conscious and exhibit flaw loyalty. With a wide range of restaurants and fast food establishments to choose from, pricing schemes and marketing strategies determine market shares. Market strategies of industry players, therefore, aim to achieve two primary objectives 1) hammer in value-for-money concepts and 2) create brand consciousness and loyalty.Market shares in the restaurants are won or lost in pricing. Industry players regularly offer price cuts and discounts to lure in new customers. Moreover, major players invest heavily in denote to create brand consciousness and loyalty. Marketing strategies include raffle draws, free gift items and specially prized meal combinations, discounted toys and school items for every certain minimum food purchase. Celebrity endorsements are used in the hop es that the market will identify with the endorser. Likewise, intense competition urges players to come up with new products to capture bigger market shares. Restauranteurs have to be keen at finding the latest food and wine concoctions here and abroad and adapting them to local taste. Targeting the Filipinos tastebuds, several fastfood chains that usually serve only western food have introduced items that appeal to the local markets palate.Raising quality standards and improving service have also been focal points of competition, particularly in the fast food sub-sector. Players give incentives and compensations to motivate employees to be efficacious on their jobs and thus help maintain the fast food outlets high standards of quality service and cleanliness. Also, a major importance in a fast food and restaurant is accomplished and friendly personnel. Not surprisingly, speedy service is among the more salient attributes people would highly expect from a fast food restaurant.