doing well, your odds for success are higher. Some restaurants wont have their menus on their website. It is enough to indicate if they are part of a global franchise, an umbrella restaurant group or are an independent restaurant. For every food category, write down the highest and lowest price of items to determine the range (i.e. Conclusion Youre almost ready to start looking at restaurant spaces in viable locations, but your competitive analysis doesnt end here. Competitors can be divided into direct and indirect competition. Of course, its important to note that competition isnt the end-all-be-all when youre choosing your location.
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Also note if the restaurant responded to the complaint with an offering like a personal note, a coupon, or a free meal. Promotions include coupons or freebies. These competitors wont add much to your location analysis. W eaknesses: What could the competitor do better? How many guests can they accommodate? 17,000 of those people make up your competitors target market. In our competitor analysis template, fill in the following information. It is a metric to be taken into consideration with other factors, including demographics, traffic, complementary businesses, the building, the space itself, zoning, and availability. M, moi Lum Restaurant was founded in the 1920s by founder Mr Khong Yu Lum. They are two completely different restaurants but both cater to the same target market, which means they classify as indirect competition. By understanding what your competitors are doing right, you can do it better. What is a competitive analysis?