Age and ethnic restaurant visiting frequency - Theseus

elief, what kind of style and healthy living does customer have, travel habit and hobbiesand interest etc. (Businessplan, 2012)26Companies those are selling similar products and services or close substitutes orserving similar needs in the market are competitors. Competition is way of life. Inevery sector in every scale there is competition for survival. Before starting a businessanalysis of competitors is necessary. Knowing the competitors we can specializeour products and make different to customer. It is always better to haveknowledge of strength and weakness of the competitor by which we can make planstrategically to grab opportunity and avoid threats. (Bellis, 2012)We must identify our competitors in marketing plan section. Competitors for restaurantsin Varkaus can be identified just by market visit or local business pages. Thesecond step would include task of gathering information on competitor and creatingcompetitors’ profile. While analyzing competitor we need to consider what market orin which market segment competitor are serving, what benefit do competitor offer tocustomer, What do customer buy from our competitor, what is buying trend of customerand more data as much as possible about competitors products or services ,pricing and promotional activities and plan. (Ward, 2012)In narrow minded concept price is the amount charged for a particular product orservices or it is an expected amount of money for a particular service or product. Butin a broad sense price is sum of all values for which customer give up to get the benefitfor consuming it. To be in safe side and be financially sound, price should behigher than cost. Before pricing own product, a business needs to consider and understandhow services and product are priced. Price is one of the important competitivevariables that determine where a business stands with respect to its competitor.Knowledge of competitors’ pricing strategy is important input to the pricing strategyformulation. Cost structure of products and services, competitors’ pricing, customers’willingness to pay and demand and uniqueness of products are important businessvariables that determine price of products and services. (Amstrong and Kotler, 2011,303)3.6. Financial PlanFinance is the life blood for business organization. It is essential in every steps of abusiness. Regardless of stage of business cycle, whether it is just start up or boom-