KARIN KA MAN CHAN, HIU TUNG WONG, WAI-KI WONG

AGENDA

BUSINESS

OVERVIEW

ANALYSIS OF

POSSIBLE SOLUTIONS

RECOMMENDATIONS RECAP

BACKGROUND ▸ Vision

▸ To become the most prestigious and iconic family-like restaurant in Tacoma

▸ Mission▸ To serve customers local and unique food in a family-like environment

▸ Value▸ Friendly and personal customer service

▸ Great food at reasonable prices

▸ Integrity in all you do

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GENERIC STRATEGY

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Source of Competitive AdvantageCost Differentiation

Cost

LeadershipDifferentiation

Focused

Cost Leadership

Focused

Differentiation

Sco

peN

arro

wB

road

ISSUE IDENTIFICATION▸ Passed a new minimum wage law

▸ How to maintain balance for the concerns and expectations of the stakeholders?

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Year 2015 2016 2017 2018

Min. Wage $9.47 $10.35 $11.15 $12.00

FACTS ABOUT MINIMUM WAGE▸ Protect lower class

▸ Cost transfer to somebody

TRUE?

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ANALYSIS OF POSSIBLE SOLUTIONS

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▸ Decrease the number of hours worked per employees

▸ Decrease the number of employees

▸ Increase the price

▸ Develop some new compensation package

▸ Receive service charge that gets evenly distributed to employees

RECOMMENDATIONS▸ Budgeting

▸ Human Resources

▸ Marketing & Public Relations

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BUDGETING▸ Original profit margin = 3.62%

▸ Boost sales at least by 3.16%

▸ By increasing quality of food and service

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HUMAN RESOURCES▸ Salary

▸ Benefits

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Source: http://www.myemployees.com/blog/restaurants-are-an-ideal-industry-for-employee-recognition-done-right/

HUMAN RESOURCES▸ Salary

▸ Increase everyone’s salary by ratio

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HUMAN RESOURCES▸ Benefits

▸ Impose efficiency wage

▸ Empower employees by holding social activities

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MARKETING & PUBLIC RELATIONS▸ Loyalty Program

▸ Social Media

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Source: http://focuspos.com/wp-content/uploads/2014/06/bigstock-Waitress-Serving-Food-To-Senio-47117440.jpg

▸ Loyalty Program

▸ Give out punch cards for free event

MARKETING & PUBLIC RELATIONS

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▸ Social Media

▸ Update customers with new menu and promotions

▸ Maintain close relationships with customers

▸ Remind customers “Come home for dinner!”

MARKETING & PUBLIC RELATIONS

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▸ Social Media

MARKETING & PUBLIC RELATIONS

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RECAP

INCREASE

PRICE

IMPROVE QUALITY OF

SERVICE & FOOD

MEET ALL

STAKEHOLDERS’

NEEDS AND WANTS

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