GAC012 Assessment Event 2: Project-Written Report

Business Plan:

Korean Burgers

Student’s Name: Jihun Ko

Student ID #:

Teacher: Mr. Choi

Due Date: July 16 2012

Word Count: 1650

Table of Contents

Executive Summary 1

1.0 Introduction 2

1.1 The objectives of the research 2

1.2 The context 2

1.2.1 Prime function 2

1.2.2 Key competitors 2

1.2.3 Legal structure 2

1.2.4 Choice of Business 2

1.3 Background knowledge 3

1.3.1 3

1.3.2 3

1.4 Thesis Statement 3

2.0 Method 3

2.1 Data collection 3

2.2 Research objectives from data collection 3

3.0 Findings 4

3.1 Key success factors 4

3.2 SWOT analysis of the business and an alternative 4

3.3 Summarization 5

4.0 Discussion 6

4.1 Interpretation 6

4.2 Assess the effectiveness of the research 7

5.0 Conclusion and recommendation 7

5.1 Identification and Justification 7

5.2 Competitive edge 8

Reference List 9

Appendices 10

GAC012 AE#2 Jihun Ko

Executive Summary

·  Purpose: To support rice burgers for people.

·  Thesis statement: To create successful company, I need to make a variety of menu about rice burgers, find appropriate location, and much lower price than any other burgers franchise. If this company will make many menu considering Korean, be located in suitable place, and suggest lower price, It will become competitive company among many various markets .

·  Method: When I research about this business, I used internet site to get information about other companies and interview two competitors of my business. By using these method, I got a variety of information.

·  Findings: Through I knew SWOT, I could analysis of my business and Through I also research and interview, I could know how much price about rice burgers and management system, even there are some menu about burgers.

·  Key conclusions: I choose plan A which is located in Konkuk University subway station number 1

·  Recommendations: I will consider about some factors such as location and competitors which are really important things when I start up my own business. If I will choose strange location, no one finds and consume in my store and that become really difficult point for running my business.

1.0  Introduction

1.1  The objectives of the research

To research information new creating and useful small rice burger franchise stores. This business will become popular store within 2 years. I hope to open another franchised stores in other area in Korea.

1.2 The context

1.2.1 Prime function

My company's prime function provides a variety of rice burgers considering Korean flavor. Because Korean generally eat rice for a long time ago.

1.2.2 Key competitors

One of the strongest competitors is Bon Gousse rice burgers. That company already has many clients such as student and salary men. Because many students and salary men have a lot of task so they also have don't have enough time to eat breakfast and lunch. That company aim to that point so it is popular franchise in this area

Another company is Lotteria. That company is the most popular companies in Korea, so many people often visit this company at every meal time. This company occupied our eating activity. But this company has only some hamburgers they do not have a variety of rice burgers considering Korean. Therefore they will worry about our company.

1.2.3 Legal structure

I will choose partnership as my company structure. It is really hard for me to manage my small company by myself. Therefore, If I choose the type partnership style, I will run my company with 2 or 3 person then managing our company is more easily than running company by myself.

1.2.4 Choice of Business

The reason why I chose this type of company is that I want to give students and salary men who do not have enough time to eat a variety of rice burgers which consider Korean favor. Many franchises only provide some food which considers Western favor such as hamburgers and toasts so I want to provide Korean food such as kimchi, and rice. For these reasons I want to build this company.

1.3 Background knowledge

1.3.1

SWOT analysis is really helpful and important way for planning business. By thinking about the Strengths, Weakness, Opportunities, and Threats of your own business plan, you can know that what are your advantages and disadvantages of your business plan. Also, through you think about your business environments. You will make sure your business plan and prepare well than that you don't make any plan.

1.3.2

Before you are starting up your own business, constructing business plan is really important point. Because that plan might really help you to prepare and run your business successfully. When you make business plan, you should consider your goal and business strategies for your business. If you were using specific business plan, it is possible for you to prepare and run your own business more successfully and you can also achieve your own goals more easily.

1.4 Thesis Statement

To create successful company, I need to make a variety of menu about rice burgers, find appropriate location, and much lower price than any other burgers franchise. If this company will make many menus considering Korean, be located in suitable place, and suggest lower price, it will become competitive company among many various markets.

2.0 Method

2.1 Data collection

l  Research

1.  http://www.bongoussericeburger.kr

2.  http://www.mcdonalds.co.kr/careers/grow-with-us

3.  http://www.lotteria.com/menu

l  Interview

1.  Bon Gousse Manager Sohee Jeong (Tel. 02-2282 - 2900)

2.  Lotteria Chulmin Kim(Tel. 02-2297-7111)

2.2 Research objectives from data collection

l  Research

1. www.bongoussericeburger.kr - Provided information about how many franchises in our country and what is the purpose of that franchise.

2. www. mcdonalds.co.kr/careers/grows-with-us - Provided information about how to manage their employee and know their working system.

3.www.lotteria.com - Provided information about what kind of burgers do they have each franchise.

l  Interview

1. Manager Sohee Jeong(Bon Gousse) - She said that what is the advantages and disadvantages of this franchise and she also taught that the benefit of location such as founded near high schools and universities.

2. Manager Chulmin Kim(Lotteria) - He said that what is the main product and main customers of Lotteria and why did come many people this store. He also explained about the advantages of location.

3.0 Findings

3.1  Key success factors

1. Location - High schools, Universities - Because purpose of this franchise is selling for students or salary people.

2. Item - Rice burgers are fresh item because these items only consider Korean or Eastern people who mainly eat rice. Therefore, they generally want to eat rice every meal time rather than eating bread or spaghetti like western food.

3. Cheapest Price - These items have low price compare to any other burgers.

3.2  SWOT analysis of the business and an alternative

Location - Konkuk University subway station number 1 Exit

Strength
·  Easy to start up because It do not need to large place for starting.
·  Almost Take out
·  Good item - Rice burgers is rare and fresh item.
·  Because of location, many people will visit there. / Weakness
·  Because of the first franchise, no exactly information area analysis.
·  Many people don't know yet this franchise so advertising is hard point.
·  There are already many famous franchises.
Opportunities
·  Well-being options to attract health-conscious customers
·  Low start-up costs
·  Available to spread Eastern eating culture if this company grown up. / Threats
·  Lack of information about market area
·  It is hard to advertise this company at starting period

People - E - Mart in Wangsimni subway station

Plan B

Strength
·  Easy to advertise because many people visit there.
·  Good and Fresh item
·  Make sure stable income / Weakness
·  More expensive money for starting in E-Mart
·  Rice burgers franchise already located near Hanyang University
Opportunities
·  Advertising our rice culture to foreigner who live near Wangsimni
·  Well-being options to attract health-conscious customers / Threats
·  Lack of information about example of rice burgers.
·  Competitors are well business extends.

3.3  Summarization

Question / Bon Gousse Rice Burgers / Lotteria
How long have you been to open / About 5 months / About 30 years
Product / Mainly rice burgers, beverages / Mainly hamburgers such as bulgogi, ricebulgogi, chicken burgers etc.
The most popular product / High school students - cheap rice burgers(spam)
University students - (bulgogi, spam cheese) / Korean beef burgers
Bulgogi burgers
The busiest time / 12:00pm ~ 12:30pm, 6:00pm ~ 6:30pm / Morning, lunch, evening
Coupon / NO / Burger exchange coupon
Main customer / At the begin - High school and University students
Nowadays - Commuter and all students / Student
Salary men
Resident near wansimni subwaystation.
Advantages of Rice burgers / New item for Korean!
Near school and University / Fresh menu - many people prefer this item than any other burgers.

4.0 Discussion

4.1 Interpretation

First, we can know that location is really important point in these two interviews. One of the most important way to success in business is location. In the first interview, you can know that the store is located in front of Hanyang University and Hanyang high school and middle school.

She said that this place is suitable place. Many high school and middle school students are walking around and university students are also walking around this area. Also Wangsimni subway station is located near this store. Therefore, many students and residents come to this store. But I will not start up this area. Because this store already popular franchise in this area.

Move to the interview 2, Lotteria is located in Wangsimni subway station. Therefore, there are many people such as students, residents, and salary men. Also in that subway station, there are many stores such as enter six which is clothes store. Many people come to this store at morning, lunch, and evening. I realized that location is really important thing by communicating with these interviewers. Considering these information, I will start my own business at front of Konkuk University. There are not only many university students and middle school students but also that place is located in front of subway station.

4.2 Assess the effectiveness of the research

When I will start up my business in Konkuk University, I should consider price of ingredients on rice burgers. Students will not buy this product because of their financial conditions. Even though they prefer or want to this product than any other product, if they will not have enough money, especially they cannot consume this product. Many popular hamburgers and kimbob will also threat our product. Because these product also have cheapest prices and great taste like my product.

5.0  Conclusion and recommendation

5.1 Identification and Justification

I will chose Plan A because there are already similar franchise near wangsimni subway station such as Bongousse rice burgers, Lotteria, and Mcdonald but in the plan A location, no franchise sell only rice burgers. Therefore, my business will become competitive company in that place.

5.2 Competitive edge

One of the most important things in my business factor is great location and coupon system. My product is cheaper than any other burgers franchises. then many students will come and consume my products because our product consider Korean flavor, students and salary men's financial condition, and making well-being product with vegetables. Nowadays, many people concerned about their health, and they really want to make healthy body so they really consider their diet every diet. Because of these strength points, my company will become more competitive company than others

Reference List

"Bongousse Rice Burgers." Bongoussericeburgers. Bongousse Riceburgers. 2012. Web. 8 July 2012.

Jeong, So Hee. Personal interview. 8 July 2012.

Kim, Chul Min. Personal interview. 9 July 2012.

"Lotteria Coupon System." Lotteria. LOTTERIA.CO.LTD. 2012. Web. 7 July 2012.

"Mcdonald Management System." Mcdonald. Mcdonald. 2012. Web. 8 July 2012.

Appendices

Interview 1

나: 개점한 지 얼마나 되셨어요?

매니저: 5개월 정도 된 것 같아요.

나: 주로 판매 하시는 상품은 어떤 것들이 있나요?

매니저: 밥버거랑 음료수만 판매하고 있어요.

나: 가장 잘 팔리는 상품은 어떤 것 들이 있나요?

매니저: 학생들은 아무래도 경제적으로 어른들에 비해 부족함으로 비교적 값이 싼 스팸밥버거나 봉구스밥버거를 많이들 찾으시고, 어른들의 경우에는 조금 더 비싼 스팸치즈밥버거나 닭갈비밥버거를 많이들 찾으십니다.

나: 쿠폰제는 있나요?

매니저: 아직 없습니다.

나: 가장 바쁜 시간대는 언제에요?

매니저: 보통 점심시간 12시에서 12시반 사이에 한양대학교 학생들과 주변에 왕십리 자취하시는 분들이 많이 오시고 저녁시간 때인 6시와 6시반 사이 정도가 가장 바쁜 시간 때 입니다.

나: 주로 고객층은 어떻게 되나요?

매니저: 처음에는 학생들이 많았지만, 요즘에는 다양한 고객들이 다 오십니다.

I: How long have you been open this franchise?

Manager: Maybe... About 5 months

I: What kind of product do you sell mainly?

Manager: Our franchise generally sells rice burgers and beverages

I: What is the most popular product in this store?

Manager: In terms of students, they have not enough money comparing to adult so they normally bought spam rice burgers and bongousse rice burgers. But in adults, they usually bought more expensive product than students. Therefore they bought spam cheese rice burgers and any other expensive rice burgers.

I: Do you have any coupon system.

Manager: Not yet

I: When is the busiest time?

Manager: Most people who are Hanyang university students visit our franchise at 12 ~ 12:30 which is lunch time, and evening time at 6 ~ 6:30. Nowadays people who live near wangsimni and high and middle school students also bought our products.

I: Who are the main customers in this franchise?

Manager: As I said before, firstly main customers are Hanyang university students or high school students. But nowadays, all of people who live near our franchise visit our franchise.

Interview 2

나: 개점한 지 얼마나 되셨어요?

매니저: 롯데리아가 개점한지는 한 30년 됬어요.

나: 주로 판매 하시는 상품은 어떤 것들이 있나요?

매니저: 햄버거랑 음료수 물론 밥버거도 판매하고 있습니다.

나: 가장 잘 팔리는 상품은 어떤 것 들이 있나요?

매니저: 불고기버거, 새우버거, 한우버거 등 요즘에는 야채라이스불고기버거도 잘 팔립니다.

나: 쿠폰제도 같은 것은 있나요?

매니저: 따로 쿠폰제는 없구요, 햄버거 교환권은 있습니다.

나: 가장 바쁜 시간대는 언제에요?

매니저: 보통 출근시간인 아침 시간하구 점심시간 그리고 물론 저녁시간에도 저희가 왕십리역에 있기 때문에 항상 붐비는 시간이조.

나: 주로 고객층은 어떻게 되나요?

매니저: 아시다시피 다양한 고객분들이 오십니다.