Hidalgo Resturant, Inc: Succeeding As An Entrepreneur Essay

I. VISIONA. mental imagery avermentFor everyone who works with us to discover in themselves their talent and their potential and to build relationship with each otherB. CommentsVision statements should answer the question What do we want to produce. But Hidalgos vision statement does not answer that question. It doesnt even mention what pattern of championship they are into.C. Proposed Vision StatementTo be the preferred eating place of Filipinos and expatriates, providing total customer expiation through quality, service, cleanliness, and value.II. MISSIONA. explosive charge StatementHidalgo eatery, Inc. doesnt have got specific mission statementB. CommentsA missionary post Statement reflects the companys core purpose, identity, values and principle origin aims. A Mission is defined as Purpose, reason for being. delineate simply Who we are and what we do.Mission statements should possess nine (9) components which are (1) customers, (2) products or run (3) groceryplac es, (4) applied science, (5) Concern for survival, emergence, 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 countrys development, creating standards of excellence which every Filipino may aspire, to be in the crease of grammatical construction relationships and partnerships, among which one partner is the customer, in order to maximize requital that will benefit our supplier, employees, and investors.III. EXTERNAL ENVIRONMENT ANALYSISThe eating place sub- field includes places that litigate intellectual nourishment and drinks, be it self-service or full-service. This covers a range of services including fine dining specialty restaurants, immobile pabulum outlets, canteens, and food for thou ght courts. In terms of its contribution to the national economy, the hotel and restaurant assiduity accounted for 1.35% of Philippines 1998 gross domesticated 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 application employed about 1% (282,142) of the countrys 31,278,000 labor hurtle during the same period. Mean term, the National Statistics Office (NSO) in 1994, classified 46,930 firms as be to the hotel and restaurant industry, employing a total of 221,954 masses. At the clip, each peso enthronement in labor contributed PHP4.40 to the industrys total output while each peso investment yielded a PHP1.27 contribution to the same.A. Economic Forces eating house patrons cross only economic groups. Fast foods and food courts cater to all income classes. Specialty fine dining restaura nts, generally target the A, B, and C crowd. The proliferation of one-stop shop malls that offer various recreational facilities and amenities is also an important growth factor. The heavy pedestrian traffic that the malls attract means big business for the restaurant industry, particularly the libertine food sub-sector. Moreover, these malls spare the restaurant industry from spending extensive business development studies for their outlets mall magnates Henry Sy and jakes Gokongwei Jr. have established formidable track records in building malls. Finally, Filipino communities abroad are strong basis for the export of topical anaesthetic restaurants and stiff food technology. The presence of Goldilocks, Jollibee, Max, Red Ribbon, and Barrio Fiesta, among others, in the US, for example, is a extend of demand from Filipino migrants longing for a taste for home.B. Social, Cultural, and Demographic ForcesThe urban population to which restaurants cater is largely made up of young pe ople who have risqueer disposable incomes and who are more likely to prove with different cuisine. Brand loyalty is particularly strong in the fast food sub-sector of the restaurant industry. Jollibee patrons, for example, generally stay loyal to the franchise irrespective of price increases. Demand for dining out is associated with both the ever-expanding options available, and also with the number one reason most consumers use restaurants they provide a convenient, sensibly 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 entering the workforce and consequently have less time to prepare meals at home. Moreover, the Philippine population is youth-oriented. Almost 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 com mercialise growth for the sub-sector.C. Political, Legal, and Governmental ForcesStrong support of industry associations and trade unions (i.e., Hotel and eating house 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 anaesthetic restaurant sub-sector. They provide training of potential employees and employ strict quality swear systems. In terms of availability of technology, the Philippine market is highly combative with numerous products and cross offs 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. Fo r instance, local single-unit restaurants need inexpensive equipment, so price is the main guiding factor. On the other hand, fine dining restaurants are willing to pay a premium for high quality, durability, after-sales service, cost effectiveness, reputable supplier and fast delivery. Restaurant owners regularly participate in local and international equipment trade fairs, allowing them accession 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 alter product. The growth is proven by the rapid expansion 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 industry has consistently posted double-digit growth rates. contest is fierce in the restaurant industry, particularly the fast food sub-sector. The market is large but consumers are price conscious and exhibit dent loyalty. With a wide range of restaurants and fast food establishments to choose from, price schemes and marketing strategies determine market shares. Market strategies of industry players, therefore, aim to come upon two primary objectives 1) hammer in value-for-money concepts and 2) create brand reason and loyalty.Market shares in the restaurants are won or lost in pricing. Industry players regularly offer price cuts and discounts to lure in late customers. Moreover, major players invest heavily in advertising to create brand consciousness and loyalty. Marketing strategies include raffle draws, free gift items and curiously prized meal combinations, discounted t oys and school items for every certain minimum food purchase. renown endorsements are used in the hopes that the market will identify with the endorser. Likewise, keen 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(prenominal) fastfood chains that usually serve only western food have introduced items that appeal to the local markets palate.Raising quality standards and up 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 efficient on their jobs and and so help maintain the fast food outlets high standards of quality service and cleanliness. Also, a major importance in a fast food and restaurant is courteous and friendly personnel. Not surprisingly, agile ser vice is among the more salient attributes people would highly expect from a fast food restaurant.