Seafood Chain

Restaurant
 Planning for a new restaurant business

Submitted to
Dr. Sarker Rafij Ahmed Ratan
Assistant Professor, School of Business & Economics
United International University

Submitted by

Name ID
Mesbah Amin 111211062
Maria Afrin Mily 111211019
Aleya Begum 111211052
Sakib Ahmed Sabbir 111193112
Ashrafunnesa Tamanna 111211020
Sakib Karim 111211094

School of Business & Economics

United International University

Date of Submission: 23rd December 2022

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Letter of Transmittal

20 December, 2022.
Mr. Sarker Rafij Ahmed Ratan
Assistant Professor, School of Business and Economics (SOBE), UIU
Subject: Preparing a marketing Plan on innovative business idea
Respected Sir,
With due respect & admiration, we are delighted to state that, we are submitting our
marketing plan on an innovative business idea which is focused on a “The seafood chain
Business”. While preparing this innovative idea, we have followed your instructions and
guidelines with attention and diligence. The report has been completed by the knowledge
that we have gathered from the course “Introduction to Marketing”. This marketing plan has
been completed primarily with the help and information from different teammates for
knowing about types of food that will be innovative and special and also new to the
customers. We express our special gratitude to you for dedicating your valuable time, expert
guidance and support. We will be pleased to answer any sort of query you may have
regarding this plan.
However, we would be thankful once again if you please give your judicious
advice on effort.
Sincerely,
Ashrafunnesa Tamanna
Maria Afrin Mily
Sakib Karim
Aleya Begum
Mesbah Amin
Sakib Ahmed Sabbir

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Declaration of the student

We, the undersigned solemnly declare that the report is based on our own work carried out
during the course of our study under the supervision of “Sarkar Rafij Ahmed Ratan sir”.
I further certify that the work contained in the report is original and has been done by us
under the general supervision of my supervisor. The work has not been previously or
concurrently submitted for any other degree at UIU or other institutions.

We have followed the guidelines provided by the faculty in writing the report. Whenever we
have used materials (data, theoretical analysis, and text) from other sources, we have given
due credit to them in the text of the report and given their details in the references.

Sincerely,

Ashrafunnesa Tamanna
Maria Afrin Mily
Sakib karim
Aleya Begum
Mesbah Amin
Sakib Ahmed Sabbir

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Acknowledgment
In the first place, we would like to thank Almighty Allah for all strength and with the help of
Almighty Allah finally we have successfully done our report. We would like to express our
deep Gratitude to our course instructor Mr. Sarker Rafij Ahmed Ratan, Assistant Professor,
School of Business & Economics (SOBE), United International University, due to his generous
and gracious guidance. Our honorable faculty has invested lots of time making us
understanding this plan and how to prepare a new business, techniques it will help us to
stand a business. His willingness to give us time in this report has been very much
appreciated.

We are also grateful for him to for helping us to understand some miniature issues as well as
helped us to complete this report easily. Working under him was an amazing experience and
we stored great deal of knowledge from him.

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Executive Summary
Our team has made the decision to start a brand-new food-related business. We developed
a novel concept that isn't very well known in our country yet because the food market is
quite competitive. So we considered establishing a franchise restaurant for seafood. “Only
what you consume is charged” will serve as the positioning for our food chain. Even though
the food sector is expanding, especially in Dhaka, people are still battling for the best tasting
seafood. Since some of us come from business families and we'll make sure the food's
quality as well, the combination of our expertise and commitment to excellence will
guarantee that we'll have repeat customers.
The primary market objective is to achieve first year BDT sales of 30 lakhs. Also, the second
year objective is to double the sales from the first year. If we are able to get consumer
satisfaction and insure them the best service then we can increase the price of our foods
and get profited. As its new business we will assess brand awareness and knowledge so that
we can tailor our marketing strategy as needed. So our restaurant seafood chain is planning
tight control measures to closely monitor product quality, brand awareness, brand image,
and customer satisfaction which matter the most. And we could take necessary steps in the
meantime to be saved and to stay in the market in a good position.

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Table of Contents
Letter of Transmittal..............................................................................................................................ii
Declaration of the student...................................................................................................................iii
Acknowledgment.................................................................................................................................iv
Executive Summary...............................................................................................................................v
1. MARKET ANALYSIS............................................................................................................................1
1.1 Current Market Situation............................................................................................................1
1.2 Market Description.....................................................................................................................2
1.3 Product Review...........................................................................................................................3
1.4 Competitive Review....................................................................................................................4
1.5 Channels & Logistics Review.......................................................................................................5
2.0 SWOT Analysis.................................................................................................................................6
2.1 Strength.......................................................................................................................................6
2.2 Weakness....................................................................................................................................6
2.3 Opportunities..............................................................................................................................6
2.4 Threats........................................................................................................................................7
3.0 Objectives and Issues......................................................................................................................8
3.1 First-year objectives....................................................................................................................8
3.2 Second-year objectives...............................................................................................................8
3.3 Issues...........................................................................................................................................8
4.0 Marketing Strategy.........................................................................................................................9
4.1 Positioning...................................................................................................................................9
4.2 Product Strategy..........................................................................................................................9
4.3 Pricing........................................................................................................................................10
4.4 Promotion.................................................................................................................................10
4.5 Place..........................................................................................................................................10
5.0 Action Program.............................................................................................................................11
6.0 Budget...........................................................................................................................................12
7.0 Controls.........................................................................................................................................13
8.0 Conclusion.....................................................................................................................................13
9.0 References.....................................................................................................................................14
1. MARKET ANALYSIS

1.1 Current Market Situation

Residents of Dhaka have been traveling to Cox's Bazaar or Chittagong for years merely to sample
diverse seafoods! However, there have been complaints about the price and the cleanliness of this
market. People want to consume goods that fit inside their budgets and are also close by. As we
have already stated, this industry is still relatively unpopular in our nation, making it less difficult to
gain significant market share.

Residents of Dhaka have been traveling to cox’s bazaar or Chittagong for years merely to
sample diverse seafood’s! However, there have been complaints about the price and the
cleanliness of this market. People want to consume goods that fit inside their budget and are
also close by. As we have already stated, this industry is still relatively unpopular in our
nation making it less difficult to gain significant market share.

No industry inside this area generates processed fish food in large quantities, even though it
is popular on both the domestic and international markets. Since there is a surplus of fish
production compared to consumer demand, only shrimp are truly processed for export.

The companies involved in fish processing say that there are many types of processed
chicken food in the country because it is easy to process. But there are many risks involved
in making fish products by processing fish, and the cost is much higher. That is why
entrepreneurs are not going to play an important role in adding value to fish through
processing for the local market.

The seafood industry is reaching new heights in every part of the world in terms of
production, supply, and consumption. The consumption of fish and other products is rapidly
growing due to rising awareness about the importance of seafood-based products and
changing lifestyle patterns. Since most countries experienced the lockdown effects, a
shortage was observed in the production capacity due to the closure of production plants
and reduced purchasing power of the consumers.

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1.2 Market Description

The restaurant market consists of many different types of food. Varieties of fast foods
including: Burger, pizza, pasta, Fried chicken and so many other cuisines. But these
restaurants have hardly any seafood items on their menu. So, consumers just have to satisfy
their hunger with whatever is available before them, but some restaurants are trying to
come out from typical items.

Seafood restaurants are typically found along the coast, close to the water, in locations
where people go to relax and enjoy themselves. If your restaurant is near the coast, it is
most probable that your customers will be leisurely diners looking to enhance their own
enjoyment.

A look at the ranking of the top 500 restaurant chains in the Bangladesh. Reveals that the
country is burger and pizza happy, increasingly dines on tacos and enchiladas, and can’t
resist chicken wings. But whatever happened to Bengali’s love of seafood, including shrimp,
lobster, and fish at full-service eateries? Of the top 500 eateries, it takes awhile to get to full-
dining seafood specialists such as Red Lobster.

Seafood can be costly and that challenges operations. “You have to give the guest the entire
experience including drinks, appetizers, and desserts. It’s a package—that’s what gives us
our competitive edge,”

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1.3 Product Review
Our “Sea Food Chain Station” offers the following features:
1. Customer get to select the items directly from the freezer
2. Consumers can place their order through the digitalized monitor
3. Live food kitchen across the hall; customer can witness the food processing through
the tab.
4. No fixed price; It will be fixed on the sizes and on the amount of the purchased
items.

Segment Needs and Corresponding Features-

Targeted Segments Customer Need Corresponding Features

1. Health  Maintain optimum weight  low in saturated

Conscious  Optimize nutrition levels fats, high in protein,
 Avoid fried things and packed full of
 Desire to consume something important nutrients
tastier even it is from including omega-3
restaurant fatty acids, vitamin
A, and B vitamins
2. Athletes  A variety of seafood at least  EPA and DHA
twice a week, aiming to omega-3s are
consume an average of 250 to beneficial for
500 milligrams of omega-3s EPA circulation and
and DHA per day heart rate
 The omega-3 fatty acids in  2 grams or more
seafood have anti-inflammatory daily of EPA and
effects that can benefit people DHA reduce
who experience joint pain exercise-induced
post-exercise
muscle soreness
and speed recovery

3. Millennials/  Mass Media Advertising  Invasive online &

Gen Z  Likes to stay in trend social networking
tactics.
 Help the body to
regulate memory

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1.4 Competitive Review

The restaurant industry is extremely competitive as new eateries are opening up like locust
swarms all over the place. Our clients are constantly taken by new competitors who
frequently enter the market. As a result, we must constantly embrace new techniques to
raise the bar and tactics to outperform the competitors in the restaurant industry without
reducing earnings. Because of this, we must develop distinctive and cutting-edge methods of
promoting our restaurant in order to set it apart from competitors.

As the restaurant market entered a strong growth phrase in last 10 years, the category
began to expand. Even though there are few sea food restaurants that serve quality food in
Dhaka, but they are actually holding the market power and doing great in terms of business.

 The Fish & Co: Fish & Co. is a casual dining, family-friendly, international brand of
seafood restaurants that specializes in frying up premium, westernized seafood
dishes. Fish & Co. Restaurants, along with their amiable crew, are cheerful, pleasant,
and have a relaxed, nautical atmosphere. At Fish & Co., all seafood is prepared simply
and uncomplicatedly utilizing only the finest fish and seafood as well as organic
ingredients from all over the world, including olive oil, herbs, and different kinds of
spices. Customers have been delighted by Fish & Co.'s delicious meals in ample
amounts and warm, welcoming service that bears true signs of quality and value.
 Manhattan Fish Market: At Manhattan Fish Market, guests are treated and served by
friendly staff to a smorgasbord of an all-American-style seafood. It serves us
comprising lip-smacking dishes from the famous Manhattan Fish n’ Chips, favorite
Garlic Herb Mussels and the grand delight of the Manhattan Flaming Seafood Platter
to indulge all fans of seafood.
 Krua Thai: The menu of Krua Thai presents an upscale interpretation of Thai cuisine
in a lively contemporary atmosphere. Here, eat Thai food that is both homey and
professionally cooked. Simple foods are skillfully prepared, featuring beautiful
textures and delicate flavors. Some of Dhaka's best renditions of Thai dish are served
at Krua Thai. The menu of Krua Thai presents an upscale interpretation of Thai
cuisine in a lively contemporary atmosphere. Here, eat Thai food that is both homey
and professionally cooked. Simple foods are skillfully prepared, featuring beautiful

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 textures and delicate flavors. Some of Dhaka's best renditions of Thai dish are served
at Krua Thai.
 Yama Hotpot: It is an authentic oriental Hotpot and Grill experience. The place is in a
cozy and warm. There will be a variation of seafood which is unlimited and you can
have as much as you want in a given period of time.

1.5 Channels & Logistics Review

As the above restaurants are an independent outlet, they serve different features and became their
own Brand in our country.

Competitor/ Brand Features

The Fish & Co. Different types of fish items are served in a bowl.
Manhattan Fish Market Different types of fried fish items are served with some refreshing
drinks.
Krua Thai It is located in a very calm and peaceful area. People can select the
fish from the fridge.
Yama Hotpot It’s the place where they serve unlimited sea food with a soup
bowl.

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2.0 SWOT Analysis
2.1 Strength

Sea Food Chain Station can rely on the following important strength-

 Innovative Idea: We provide a live kitchen experience that none of our competitors
do. People can place orders using a desktop that will be fastened to their table,
which will make dining easier for them.
 Quality: By guaranteeing the highest quality, the fishery items will be exported
directly from Cox’s Bazar, Chittagong and Khulna Sadar.
 Taste: We have gathered a variety of spices from throughout the world, so our
products will be the ideal combination of savory and nutritious.
 Trends: People have a propensity to follow trends, and our restaurant will feel trendy
by keeping this in mind.

2.2 Weakness

 Shipment Disturbance: As the raw materials will be exported frozen, there may be
delays and a high cost.
 Lack of Brand awareness: As an entirely new restaurant, Sea Food Chain Station will
enter the market with limited or no brand awareness. This may create an issue in the
case of promotion and distribution strategies.

2.3 Opportunities

 Market growth: Food industry is rapidly growing in our country. Revenue in the Food
market amounts to US$127.20bn in 2022. The market is expected to grow annually
by 9.88%.
 Fewer competitors: Since there are fewer restaurants that serve seafood, it is
simpler to establish a loyal customer base.
 Health Trends: People are switching from junk food to nutritious foods as time goes
on. Given that we've just talked about how nutritious this seafood is, it will draw in
clients of all ages.
 Creating Brand: Due to the rapid growth of social media and digitalization, building a
personal brand will be easier.

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2.4 Threats

 Limited Budget: We may go over budget because we intend to open a restaurant

with all the newest concepts and technologies. Delays in shipments might also result
in losses.
 Execution: People may decide not to come if the plan is ineffective, which will
subsequently pose major problems for the project.

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3.0 Objectives and Issues
The seafood chain has set aggressive and achievable objectives for the first two years of
market entry.

3.1 First-year objectives

During the first year on the market, the primary market objective is to achieve first year BDT
sales of 30 lakhs with the reasonable or discounted price of our goods. Marketing is
responsible for identifying a company’s customers anticipating their needs and wants, and
satisfying these needs while keeping the primary goal which is maximizing profits. So in our
business, we deliver quality services and put a strong emphasis on customers' demands and
that leads us to make more profit. The more we make the profit it will enhance our
restaurant as the brand. Also, we can improve our items with the launch of new items in the
next year.

3.2 Second-year objectives

During the second year, the seafood chain will unveil additional new items on the menu. So
the second year objective is to double the sales from the first year. In the first year, with the
reasonable price customer can purchase their needs as they want which makes them
satisfied. If we are able to get consumer satisfaction and insure them the best service then
we can increase the price of our foods and get profited.

3.3 Issues
In launching this new brand of seafood, the main issue is the ability to establish brand
awareness and a meaningful brand image based on positioning that is relevant to target
customer segments. This may create an issue in the case of promotion and distribution
strategies. Relationships with distributors and retailers must be established in order to make
the product available and offer point-of-purchase information. We'll assess brand awareness
and knowledge so that we can tailor our marketing strategy as needed.

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4.0 Marketing Strategy
Since Bangladeshi people love to eat seafood, we are going for mass marketing. Now it’s
easy to serve all kinds of consumers if we set the price based on quantity or the number of
items that consumers purchased. As the chef will be cooking in front of consumers,
consumers will have the opportunity to customize their food. Such as, adding extra spicy,
jalapenos, etc.

4.1 Positioning

We all know the people of Bangladesh love to consume seafood, especially fish and shrimp.
As we are entering the market without brand awareness, we will encounter issues in
capturing consumers. So, we have to create a position in consumers’ minds by giving quality
food at lower prices than competitors. Such as if we serve one grilled fish steak with fried
rice rather than serving only grilled fish steak consumers will come to our restaurant for
attaining the extra benefit. But not only serving extra benefits will help us to capture
consumers but also, we have to serve the best quality seafood to consumers than the
competitors. In order to do that we’re hiring a professional chef.

4.2 Product Strategy

At first, we are planning to offer many dishes. But these items are special which are given
below:
 Fish and Chips with Salsa Verde
 Crab
 Fried calamari
 Grilled salmon
 Flaming prawns
We’re also planning to serve beverages that include Blue Lagon, Lemonade Iced Tea,
Chocolate Milk Shake, Citrus Sundae, Coke, and Pepsi. After reaching the breakeven point we
are going to add more seafood dishes.

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4.3 Pricing
As we are in the introductory stage, the penetration pricing strategy is the best for capturing
market share from existing brands. But it’s very hard to keep the low price. If we purchase
the fish at wholesale price, we can set the price lower for our seafood dishes than our
competitors. But this issue is solved because we have a person in cox’s Bazar who is willing
to sell fish and crabs at wholesale price. He is one of our partner’s uncle which is why we’re
getting this benefit.

4.4 Promotion
People in Bangladesh are not aware of this kind of restaurant where the chef is cooking in
front of customers. So, we’re going to use social media for promoting our restaurant and
advertise our seafood dishes. In advertisements, we will display how our chefs cook, what
equipment we use, and the environment of our restaurant in such a way that consumers
would become hungry after seeing the ad. Once in a while, we will be offering that if one can
finish 25 Grilled Salmon Large within 3 minutes, he/she doesn’t have to pay for the food.
People will come to our restaurant to attain this benefit. Now we know that all customers
won’t be able to finish 25 Grilled Salmon Large within 3 minutes. So, those who won’t be
able to finish it will have to pay. As a result, of this strategy our sales volume will be
increased.

4.5 Place
We’ve chosen a very crowded place. The seafood chain is located at Bashundhara gate. It’s a
very crowded place and many restaurants are located there so we’re assuming that more
customers will come to our restaurant if we place our restaurant at Bashundhara gate. Our
restaurant is on the 7th floor with a wonderful panoramic view.

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5.0 Action Program
Now for starting a business, we need an action plan. Each objective has a series of action
plans for achieving the objective. We can retain our customers by providing the best quality
seafood along with service continuously. And we know that our chefs will be serving our
customers. Hence, we’re more focusing on the chef. Now, our chef can cook the best Fish
and Chips with Salsa Verde, Crab, Fried calamari, Grilled salmon, Flaming prawns which is
why we add these dishes to the menu first. As the chef will be cooking, therefore, based on
chef’s requirements we will purchases equipment and ingredients. We will purchase the best
ingredients from the wholesale market so that we can provide the best quality seafood at
lower prices. Moreover, we need to assign the chef for developing the cost of each menu
item. We will also take feedback from customers so that we can improve our services and
the quality of the food. We will also hire some staff who will assist the chef and keep the
whole restaurant clean. We will pay our staff and chefs from our investment.

After generating profit, we will reinvest for adding more dishes and chefs. We have also
planned that after establishing our Seafood Chain restaurant completely we will open
another branch of our restaurant at Mirpur 1. So, we’re not going to distribute profits among
us so that we can reinvest and open another branch at Mirpur 1.

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6.0 Budget
The estimated cost of operating the entire firm, including marketing, distribution,
production, etc., is referred to as the budget. The estimated profit makes the difference. The
budget provides the basis for purchasing materials, scheduling production, allocating
employees, and conducting marketing operations. As we launch our business, we also have a
financial strategy for it. As we are running students, we don’t have enough money and
sources to run a business individually which is why six of us planned to be in a partnership
business of seafood. For this reason, per person of us has invested 3 lacs to start this
business. So our estimated budget for this business is 18 lacs. With this money, we started
our business and our first-year sales goal is 30 lacs.

We’re also going to save 30% of the profit for expanding the business more in future. After
deducting 30% of the profit we will distribute the rest of the profit among us.

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7.0 Controls
The seafood chain is planning tight control measures to closely monitor product quality,
brand awareness, brand image, and customer satisfaction which matter the most. If we can
do so, then we will be able to correct any problems quickly if they arrive in near future. Also,
we will be able to monitor the early problems of market that may arise in future, and we
could take necessary steps in the meantime to be saved and to stay in the market in a good
position. Contingency plans are also in place because of the market instability to deal with
quick environmental changes including changing customer tastes, new products, and new
competitors.

8.0 Conclusion
We have chosen to launch our seafood chain in full swing very soon after conducting extensive
market research, looking at external sources, and discussing all the factors involved. Our prospects
are what we like to focus on, even if we do have rivals in the market and face our fair share of
dangers to our company. Simply positioning ourselves as a different brand of a healthy food source is
all that we're after. Since we are more than simply a restaurant and care about your health, we do
want to make a profit, but not by tricking our customers. Instead, we will do it by acting ethically.

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9.0 References
I. https://barbradozier.wordpress.com/2017/12/29/marketing-plan-joeys-seafood-
restaurant/?
fbclid=IwAR1KAKZME_jVmGXn8HN3k3h8bGiShSmmG8MNVcFT0pHq6Buj1Ef_33XvYJ
Q#_Toc500962284
II. https://possector.com/marketing-promotion/restaurant-promotion-ideas-seafood-
restaurants?
fbclid=IwAR0BUJURujh707epQki_vrm2VhxhdMzOko6dqGwxV_1_DOUYFVEl1NC2ZTo
III. https://www.meltwater.com/en/blog/why-you-need-a-marketing-communication-
strategy?
fbclid=IwAR0BjU6gsMEwNaBCwA5McUOxCbdGJDKmLSc9bNey3UBY2vUK5TdGO7G5J
rI
IV. https://www.google.com/search?
q=budget+on+marketing+plan+of+bd+of+seafood+market&oq=&aqs=chrome.3.46i3
9i199i362i465j35i39i362l7.2413138j0j7&sourceid=chrome&ie=UTF-8
V. https://thefishsite.com/articles/the-bangladeshi-seafood-sector-a-value-chain-
analysis
VI. https://assignmentpoint.com/problem-and-prospects-of-sea-food-business-in-dhaka-
city/
VII. https://d-list.net/restaurant/the-manhattan-fish-market-bangladesh/

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