Commercial in Confidence iFood®
About a thousand years ago, Maoris were the first inhabitants arriving to New Zealand. They account for about 15% of the New Zealand population. Maori culture is rich and varied and includes traditional and contemporary arts. Their language and culture has a major impact on every aspect of New Zealand life. Pakehas are the other important settlers in New Zealand, with a British origin. Egalitarianism and anti-intellectualism are the distinguishing features of the Pakehas. Their pop culture is often visible and highly valued. Other than these, people from many different countries have settled in New Zealand developing a variation on their home countries culture. The large urban centres are seeing an influx of immigrants from all over the world especially people from China, Korea and Japan. 10
1. Executive Summary
iFood® has completed the initial stage of development and relies on the techniques of anticipating, acting and reviewing to formulate its strategies and tactics for starting and growing the venture.
Market identification and research has been completed. The venture is looking to move into the start-up stage where a prototype will be developed and tested in-house and with customers.
In this report, an in depth market analysis of the External and Internal factors pertaining to the restaurant industry has been carried out and presented. The researchers have studied the social, economical and environmental facts and trends (backed up with statistics)of the strategic location i.e. New Zealand in order to come out with their analysis. They have also considered the anticipated market risks and issues and planned for control measures and alternatives.
2. External Analysis
2.1 Economic trends and issues
New Zealand has a small export-dependent economy which operates on free market principles. It has a highly efficient agricultural sector complimented by sizable manufacturing and service sectors. Commodities account for around fifty percent of total exports thus making New Zealand highly dependent on the primary sector. About one third of real expenditure GDP results from exports of goods and services. Over the past twenty years, the government of New Zealand has transformed the economy from an agrarian based to a more industrial based free market economy, thereby, making it globally competitive. Owing to this dynamic growth, the technological capabilities of the industrial sector have turned out to be broader and deeper thus boosting real incomes, but left behind the many at the bottom of the ladder.
New Zealand has performed significantly better economically after suffering a weak growth during 1980s. Looking at the 2.1, it can be seen that, the economy grew very strongly during the 1990s, particularly from 1993 to 1996 with annual average growth in GDP peaking at 6.8% in 1994. Based on our analysis, food industry is the fourth largest contributor in terms of GDP to New Zealand. The GDP by industry group is as shown in the 2.2 below.
Since 1990, inflation has averaged around 2.5% and is likely to be below 2% by 2010. According to our analysis, the 2.3 shows the drop in the inflation over years, which is a welcoming factor for iFood® as we will be venturing into New Zealand by around 2010.
The outstanding total debt of households has increased more than six times from 1990 through 2008. The 2.4 indicates that people are borrowing more and more money and hence their spending power has been increasing gradually. Again, this is an important point for us to consider as people would also like to experiment trying out different cuisines.
It can be clearly seen in 2.5, that the unemployment rate, after seeing a peak in the 1990s, has currently fallen to levels not experienced in the last twenty years. From our analysis, this is an important factor as it would increase our market size.
During early 2000s, there were mixed feelings about the future of the New Zealand economy. However, the country has been quite successful in diversifying its agricultural base and also benefiting from the international trade liberalization. The key focus is on new niche markets like ostrich feathers, new varieties of wine, fruit etc. Further hope is also found in service sectors like tourism and software industry.
However, there are some issues as well as areas of concern invoking pessimism. It is likely that there would be an increase in socioeconomic inequalities during the ongoing trade and investment liberalization. Increase in airfares, might have a considerable impact on New Zealand tourism industry. The way in which these issues will be resolved will depend on the social and economic policies of the New Zealand government.
2.2 Socio-Cultural trends and issues
New Zealanders are largely sophisticated and highly educated urban dwellers with a unique and vibrant multicultural society. Most of them are embracing and imbibing the 21st century technology and culture effectively. Although, New Zealand has a diverse population, it has some uniting features making it unique in the world. With a famous ‘Kiwi Ingenuity', people are quiet and independent, yet resourceful and self-reliant, owing to the relatively isolated South Pacific location and rugged landscapes. This isolation and exposure to elements had made early New Zealanders hard and multi-skilled. Today, the same skills can be seen in the young new generation who are Kiwi business executives, computer software builders, film-makers, fashion designers, and sportspeople making waves around the world. Many of the New Zealanders have an inclination towards outdoors. They enjoy Hiking, mountaineering, kayaking and also exploring their landscape with a trip to the beach or a bush walk. From 1970s through 1990s, a large number of immigrants from Asia, Europe and many other countries settled in New Zealand. These new arrivals not only contributed to the changes in the technological front but also created a totally new national identity. It is a fact that New Zealanders are some of the highest mobile phone and internet users.
About a thousand years ago, Maoris were the first inhabitants arriving to New Zealand. They account for about 15% of the New Zealand population. Maori culture is rich and varied and includes traditional and contemporary arts. Their language and culture has a major impact on every aspect of New Zealand life. Pakehas are the other important settlers in New Zealand, with a British origin. Egalitarianism and anti-intellectualism are the distinguishing features of the Pakehas. Their pop culture is often visible and highly valued. Other than these, people from many different countries have settled in New Zealand developing a variation on their home countries culture. The large urban centers are seeing an influx of immigrants from all over the world especially people from China, Korea and Japan.
2. 3 Summary of major environmental trends and issues
The New Zealand political and social framework is stable and it focuses on modern social welfare systems like primary and secondary education entitlement and easy availability of medical facilities for the people. The government of New Zealand has realised that its economical, social and environmental policies should be based upon sustainable development principles, both at the domestic level and international level. The issues pertaining to all of these are taken care by different policies. The government funding is aimed at health, education, support for middle and low income families and a wide range of pensions and benefits are given to unemployed, single parent, sick and old people. This is because, New Zealand being a less populated and limited industrialized country, has a lot of concern from the economic and public health issues which in fact are a part of the environmental issues in the 21st century.
3. Industry Analysis
3.1 Size and Growth
According to our analysis, the total sales for the food service industry for the year 2009 is $5,602 million. About 83,971 employees are employed in 11821 locations.
The restaurant industry achieved a growth of 46%, with annual sales of $5,062 million in 2009 as compared to $3,466 million in 2008. The industry employed 83,971 people, a 15% increase since 2005. Interestingly, the industry is expected to employ over 27,000 people over the next decade, which is much more than the labor force currently available in the country. According to an estimation done by Restaurant Association of New Zealand, the restaurant industry ranks number in list of largest private sector employer, employing about 4.7% of the labor force. Another noteworthy point is that, the CPI indicates restaurants and take away food are in great demand and the prices are up 43% in this year.
Based on our analysis, it can be seen in the 3.1 that the food industry sales as a whole has been growing every year since 2005 in every food sector, with restaurant industry sales growing at a steady pace of 5%. This rate is anticipated to grow in the next 5 years or so, owing to the increase in international tourism and increase in buying power of the residents.
3.3 Food Service Industry Statistic Analysis
From the 3.2 below it can be seen that, for more than a decade, the food service sales has been outperforming the GDP index and the gap has increased over the last five years. The 3.3 shows the sales revenue per food service outlet in New Zealand.
The number of people employed by the industry in various sectors has also been increasing for the past five years, as seen in 3.4. By 2011, the demand for labor is anticipated to exceed the total available labor workforce in New Zealand.
Number of Outlets
Restaurants and Cafes, Coffee Houses other and Caterers
Fish & Chips, Ethnic Food. Hamburger and Chicken Takeaway
Lunch Bars, Ice-Cream Parlors and Takeaways
TOTAL FOOD SERVICE INDUSTRY
3.4 Summary of major industry influences
Tourism plays a very important role in the New Zealand economy. NZD $ 21.7 billion was the worth of the industry in the year 2009. About 2.5 million international tourists visited New Zealand by September 2009 and the number is expected to grow at the rate of 2.5% each year till 2015. This includes International students who come to study for a period of less than twelve months; a potential market for the restaurant industry. Domestic travelling (Long Term) expenditure is also growing at 1.8% per annum, which clearly indicates the opportunity for restaurant industry to capitalize the market. Another major factor stimulating the restaurant industry is the changing life style of New Zealand residents. Over the years, they have shifted their preference from home eating to eating out, diversifying and experimenting international cuisines and also more of convenience food. So, the future for restaurant industry in New Zealand looks real promising.
4. Customer Analysis
4.1 Market Segmentation
The New Zealand resident population was estimated to be 4.32 million as of 30th June 2009, with an annual growth of 46,900 (1.1 %) as compared to last year. Migration from different countries has been a significant contributor during the year. The median ages of females and males are 37.4 and 35.5 years respectively. People over 65 years of age made up 12.8% of the population, children under the age of 14 years made up 20.7 % of the population and people aging between 15 to 4 years made up the remaining 66.5 %. The Maori ethnic group population was estimated to be 652,900.
The shifting society trends and changing economy have definitely had an impact on New Zealanders' eating preferences. Although in the last couple of years, considering the global economic slowdown, people have been preferring takeaways rather than dining in restaurants, the market still looks promising in the near future to come. The 4.1 below gives an idea of the spending on meals away from home by the New Zealanders:
Based on our analysis, from the 4.3, it can be seen that household spending on Restaurants and Cafes has 75% of the market share and people still prefer dining outside rather than Takeaways.
Restaurants and Cafes, Coffee Houses and
Fish & Chips, Ethnic Food. Hamburger and Chicken Takeaway
Lunch Bars, Ice-Cream Parlors and other Takeaways
4.2 Summary of major customer-related issues:
In the restaurant industry, the primary drive for success is nothing but customer satisfaction. Nonetheless, meeting customer expectation i.e. people from different cultures and countries having different food habits and different tastes is definitely not easy. Cuisines have to be no doubt of premium quality, but also should suffice the different categories of customers. The restaurant industry is also very price sensitive. Cuisine prices cannot be hiked as and when we like because customers might tend to opt for cheaper alternatives like takeaways or dining at home. Maintaining high standards of cleanliness and hygiene are also essential.
5. Competitor Analysis
New Zealand has an array of fine quality dining choices available to people ranging from restaurants, bars, caterers and cafes, specializing in various types of cuisines. There are over 10,500 places for people to eat outside. But, iFood®'s specialization is in the international cuisines category, as it is not only targeting the local people but also the ever increasing market of tourists. Although there can be a number of fine dining restaurants who could be potential competitors, iFood® is only focusing on the competitors who specialize in international cuisines. In our analysis, we have identified couple of main, well established, famous and award winning restaurants, who we feel, are noteworthy.
Names of 2 major Competitors:
1. ANNABELLES Restaurant On The Bay
Owner: Susan Cho
Location: St. Heliers, Auckland.
Awards: New Zealand Beef & Lamb Hallmark of Excellence 2006, 2007 and 2008
2. The White House Restaurant
Owners: Andrew Cameron, Paul Hoather
Location: Oriental Bay, Wellington.
Awards: Fine and Contemporary Dining- Entertainment Gold Award Winner
Fodor's Choice 2008
ANNABELLES Restaurant On The Bay
Ø Excellent waterfront location with amazing scenic views and welcoming atmosphere; restaurant can be divided off for people seeking privacy
Ø Wide range of exotic and mouthwatering dishes (predominantly European) emphasizing specially on sea food and finest of the wines
Ø Warm hospitable service creating everlasting impression on the customers, which makes them come back
Ø Efficient award winning Head Chef
Ø Affordable prices, kept constant even at times of increasing ingredient costs
The White House Restaurant
Ø Strategic location with a spectacular elevated outlook over the harbor by the day and cityscape by the night, ideal for a romantic dining pick
Ø Extremely delightful ambience with delicious cuisine and extensive list of wine to match
Ø Focus on organic and sustainable produce ingredients without a compromise on quality
Ø Separate provisions like private rooms for business meeting dinning
Ø Rated as one of the top 5 restaurants in New Zealand
From our analysis, we understand that the main strengths of both our competitors is that they are not only strategically located, but also provide a high quality cuisines that enhances the overall dining experience of the customers. In addition, they are very hospitable and build a very good rapport with the customers. The fact that they are well established is also a key contributor to their success.
Summary of major Competitor-related issues
The major issues related to competitors are that, there is every possibility that the existing or potential competitors can copy the new business models that new restaurants come up with. Also, they can remarkably mark down their cuisine prices to attract more customers and thereby drive new entrants out of business. They can also shell out lumps of money on marketing and advertising which naturally a start up restaurant cannot afford. Anticipating this threat, iFood® has already planned for counter measures, which will be discussed in detail later in the report.
6. SWOT Analysis
1. Good understanding of the industry. High buyer power. Seeks advantages of being the first-mover into the market
2. Hard to copy recipes and uses innovative technology and VRHN resources
1. No brand recognition in the New Zealand market
2. Little practical experience in managing and implementing franchised outlets
1. Franchising. After brand recognition achieved further expansion in other cities
2. Increased demand and popularity will contribute to higher market share
1. Economic downturn may have an impact on the industry and spending patterns may change
2. Competition as second movers may enter the market and also reverse engineering of iFood®'s innovative technology is possible
7. Internal Analysis
7.1 Summary of Sustainable Competitive Advantages
First to market the concept in Australia: Seeks advantages of being the first-mover into the market. Hard to copy recipes, the intellect of iFood® etc helps to seek SCA controlling VRHN resources.
Emphasize franchising as iFood®'s expansion strategy has a significant, positive effect on its growth and survival.
Strategic alliance with suppliers of technology that provide iFood® the systems below market price. Through the technology's reporting system, the data collected unobtrusively in terms of customer's ordering/buying habits, provides important information, which brings value to the restaurant.
In addition, an alliance with a wireless network provider such as Cisco systems, allow the venture to leverage their reputation and provide credibility in the security of wirelessly transmitting credit-card information.
7.2 Strategic Objectives and Market Opportunity
To win the smiles of every customer by being the best select-food taste experience restaurant offering choices, outstanding quality, service and value
To bring customers back to the present moment by enhancing each of their eating experiences through food innovation and secret recipes while delivering value to customers
To establish successful long-term partnerships with clients and suppliers
2. To gain high market shares by capturing a sufficient portion of the Australian restaurant and fast food segment within 5 years of operation by evaluating the dimensions of opportunity and resource orientation
3. Apply value innovation strategic logic
4. Consider joint developments and strategic alliances when necessary and fight competition
Engage in R&D for new product/service development
Expand into local and viable international markets through hybrid arrangements (franchising)
Consider realistic exit strategies for successful future exit
The new product or service concept:
This self-service, auto-ordering/paying innovative revolving-seating restaurant will cater towards the needs of customers of any age, taste, eating habits and spending patterns. The restaurant will provide an innovative experience for customers, acting between a ‘fast-food joint and a restaurant' during lunch hours and relaxing restaurant during nights. It will use innovative recipes to produce sandwiches, melt-breads, melt-rolls. i.e. super sloppy Joes, philly steak-sandwich, BBQ beef-melts, ants on a buffalo etc. during lunches and hot platter sizzlers etc. (that have never been explored in the market) during dinners.
The restaurant will use auto-ordering and paying systems tested in-house and overseas. The use of this technology in the overseas sector has had successful impacts on customers as it attracts them to its error-free and super-fast ordering/paying services without the need to queue. It costs iFood® 0.9 million AUD to get this up and running. These will be made available at the four corners of the revolving restaurant with credit card scanners or cash collectors.
The market opportunity perceived (and why):
iFood® provides food choices and fine taste to its customers and is a comparatively inexpensive alternative to most restaurants. With the help of technology, it offers exceptional service delivery mechanisms and is more effective and efficient than any traditional restaurant or fast-food joint.
iFood® perceives the market opportunity to offer unprecedented value to the mass of restaurant customers by giving them more of what they need and less of what they are willing to do without. Rivals will try to improve the value curve by offering more for less but IFood® challenges the shape of the curve.
Buyer Power: High: The food/fast-food-segment is dominated by a small number of very large chains (i.e. McDonalds) even though the purchasing/dining concept is innovative
Supplier Power: Low: Many suppliers required exist. This gives iFood® a good bargaining position.
Intensity of Rivalry: Market will taste innovative recipes and use new technology - currently no domestic competitors. Potential for new entrants is medium as the technology is easy to copy but not the recipes.
Threat of substitutes: Alternatives exist such as different cuisines and home-cooking etc.
Threat of new entrants: Second movers are expected to enter the market. They may adopt the technology and market their own products. iFood®, being the first-mover, will enjoy the associated FMAs.
Based on porter's five forces for the food-industry analysis, this report concludes that the industry is promising for iFood® and there is an acceptable market to cater.
TERMS Analysis of the Entrepreneur's Current Resources:
§ Staff (experienced staff recruited)
- Time spent in location choice (busy areas connected through public transportation, major shopping centres and many commercial buildings close)
- Time spent in careful selection of equipment to match digital tables
- Time spent hiring experienced staff
- Failure in land/equipment/staff choices may result in financial losses resulting in emotional stress and anxiety.
- Financial risk involved if equipments fails or location not suitable
- Staff – Adverse selection and shirking risks
- High costs involved in land and equipment
- Medium to high costs involved in staff selection
- Land lease may expire or renewal not allowed due to political or general issues
- Staff turnover due to general reasons or rivals offering more money
Reputational – None
Necessary and needs development
§ Social contacts overseas
(allowing the gain of technology at lower market price)
- Founders are living locally hence low travel time
- But high monitoring costs due to distance
- Negotiation time
- Cultural differences. However not a major obstacle due to previous social relations
- Coordination issues
- Medium adverse selection risks
- Agency risks
- Medium to High cost for highly experienced staff and management.
- Technology suppliers need to visit Australia
- Management staff all hired locally
§ Startup and Working capital
§ Equity funding from four
founders ($ 1.5m)
- Time to acquire capital (equity) through years of savings/investments
- Equity at risk if venture unsuccessful causing emotional stress
- Equity at risk
- High Opportunity cost for capital invested
- Equity invested
§ Intellectual capital of the five founders. 5 from JCU MBA education. 2 from entrepreneurial background (experience in franchising), 1 from family business and other from innovative management having experiences in the food, finance, marketing sector
§ IFood® recipes
- Time spent in gaining work experience and studying MBA
- Time spent in building the innovative recipes
- Mismatches with skills/intellect and assignments may cause emotional stress and hamper the venture
- Adverse employee selection risks
- High risk of losing intellectual property to rivals/competitors
- Exploration of other financial gains
- All founders readily available to support the venture at all times. None of family situations etc. Venture receives full support
§ Technology design and
- Time spent in finding the technology developers and testing
- No risk locally as technology has been tested and successful overseas
- $0.9m equity investment to get the revolving technology and service delivery technology (auto ordering/paying) up and running locally
- Technology may be reverse engineered. Technology developers will want to expand their client base and may make the technology available to rivals
Commercial in Confidence
8. Strategic Control
Gap identification of resources and control needed to achieve strategic objectives and iFood®'s SCA:
1) To establish successful long-term partnerships with clients and suppliers
* Intellectual and Reputational Resources required - Enter into agreements supporting all development stages of the product's life. This will help in obtaining materials at lower cost. Maintain good social relations with the overseas technology developers
2) To gain high market shares by capturing a sufficient portion of the Australian restaurant and fast food segment within 5 years of operation by evaluating the dimensions of opportunity and resource orientation
§ Physical, Reputational, Organizational, Financial, Intellectual and Technological Resources required
§ Attract customers to innovative Select Food items. Demonstrate effective use of technology
§ Offer value for money and ensure customer wait time is minimal. With the help of reports generated study customer ordering/spending patterns and modify value curve accordingly
§ Offer customers more of what they want and less of what they can do without
§ Using all resources effectively demonstrate successful entrepreneurship in terms of iFood®'s opportunity and resource orientation model. iFood® to apt for high performance.
3) Apply value innovation strategic logic
§ Organizational, Financial and Intellectual Resources required
§ See 8.1 below for details on iFood®'s value innovation logic
: 8.1 IFood®'s Value innovation Logic
4) Consider joint developments and strategic alliances when necessary and fight competition
§ Organizational, Financial and Intellectual Resources required.
§ iFood® can share resources and activities with competitors' to pursue a strategy. Alliances can be formed either to exploit resources and competencies or explore new possibilities. This may reduce cost, improve customer offerings and allow for easy access to new geographical markets. iFood® can consider forming a consortia or joint networks to reduces costs and share risks. Leverage Cisco Systems reputation etc.
5) Engage in R&D for new product/service development
§ Organizational, Financial, Intellectual and Technological Resources required
§ Research the four strategic development options and allow market penetration or consolidation
o Protect and build with existing products in existing markets (short-term)
o Pursue product development with new product in existing markets (short-term)
o Pursue market development with existing product into new markets (long-term strategic objective – to be explored during franchising)
o Related diversification through new products into new markets (long-term strategic objective – to be explored during franchising)
§ Seek funding from external parties/potential investors for such development or use internal revenues
6) Expand into local and viable international markets through hybrid arrangements (franchising)
§ Physical, Organizational, Financial, Intellectual, Technical Resources required
§ Maintain good social relations with clients and suppliers
§ Establish contacts in expansion markets to understand any cultural differences, conduct market research and pursue development accordingly
§ Consider franchising opportunities after brand recognition achieved. Consider long-term strategic objectives noted above in point 5
§ Franchising to reduce the problems of adverse selection and moral hazard.
§ Understand disadvantages (residual claimancy etc) and benefits of franchising (enjoy scale economies etc) and their implications. 3.5 illustrates survival rates have dropped from 1983 to 1993 and even more recently
7) Consider realistic exit strategies for successful future exit
§ Intellectual Resource required
§ Strategic drift is an issue for many organizations and often comes about through success in achieving strategy outcomes. This drift also occurs when the organization strategy gradually moves away from the relevance of Porter's forces. Hence, staying abreast of environmental forces is important to ensure that strategic drift does not diminish IFood®'s potential. This is important for development or exit strategies
§ If appropriate at the time consider exit strategies after 10-15 years of expansion (franchising). Research proves most franchising systems have less survival after 10-15 years. Allow for management buyout (high risk as funded by debt). Research alternatives.
Alternative resourcing approaches proposed and critical rational
To consider above control measures and gaps identified we need to also attend to and review proposed strategies through critical analysis of the resources.
Resourcing model chosen:
The preferred resourcing model chosen to achieve objectives:
1. Option 2 in the short-term with Option 1 as fall back model. If banks demands are not acceptable then bootstrapping will be more heavily depended upon.
2. Option 3 in the long-term with Option 4 as a fall back model
Based on our detailed industry analysis of the economic, socio cultural and environmental factors of the strategic location New Zealand, we feel restaurant industry definitely has got excellent opportunities to excel and reach its business goals in the coming future. The increasing tourist numbers and outgoing mentality of the residents will be our main focus in order to capture maximum market. Within a short period of time, establishing iFood® as a brand in New Zealand and then increasing our franchise numbers, is our primary goal.
iFood® will soon succeed as a new food venture due to the innovative use of technology, the quality of the food and the ability of the founders to properly fund and manage the finances of the venture. The firm will pursue an aggressive growth strategy by opening both company-owned stores and franchises in the strategic location, New Zealand.
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