3.9: Chapter Glossary and Notes
- Page ID
- 22162
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Trading Area Restaurants. The overall number of restaurants in the marketplace as well as the restaurants you compete against on a daily basis
Direct competitors. Foodservice operations that are after the same customer, have similar types of menu, level of service, and are within plus or minus 15% of your pricing.
Indirect competitors. Restaurants that sell food and beverage but not trying to attract the same type of guest. For example, a fine-dining restaurant is an indirect customer for a quick service restaurant. The importance of knowing all of your competitors lies in the quantification of disposable income - there is only so much and everyone wants a portion.
Competitor marketing strategies. These strategies focus on the seven basic principles of hospitality marketing referring to price, promotion, place, process, participants, and physical evidence. All competitors in one way or another manipulate these principles commonly referred to as the 'marketing mix' of an operation.
Disposable income. The money left after one pays all necessary monthly expenses.
Notes
Rainsford, Peter, and David H. Bangs. (1996). Restaurant planning guide. Upstart Publishing.
Walker, John R. (2007. The restaurant from concept to Operation. Wiley.
Stair, Ralph, and George Reynolds. (2009) Principles of Information Systems. Cengage Learning.
Barcellona, Nicola. 2017). Restaurant Competitor Analysis: How to do it. Forketers Restaurant Marketing.