Wk 2 EOC: Themed Restaurants

There are many themed restaurants out there that are gutsy. Many of them don't make it because they didn't know the target market so well. In order for a new restaurant to be successful, these are the things that they have to learn about first. Who lives in that area, what they like and how are their spending habits. "The process of selecting a target market can be thought of as a series of decisions that focus on markets with the most potential." Now many restaurant do succeed because they have done their homework and know exactly what the people want. Such as Pitch Black restaurant where you eat with your sense of smell and taste, rather than with your eyes like normal. These kind of restaurants are quite popular especially after some of them debuting in movies such as "When in Rome." Another aspect that will help with success is knowing what they're spending habits are like, do they want a normal themed restaurant where the prices are fairly low, or a themed restaurant where the prices are much higher than normal. "The data that managers use to help form their plans must be accurate and up to date. Marketing information is simply the data, often in the form of facts or figures, used for making marketing-related decisions. Good information helps managers make strategic decisions that are wise. Decisions based on poor or incomplete data can cause a marketing plan—and an operation—to fail." This can be the make it or break it point for any business. The other factor that greatly helps too is the economy. "The economic environment consists of those factors that directly affect the purchasing power and the spending habits of those in the target market."