This has created an opportunity to Vinny's Prima Prego venture in advancing to the upper market since this competitor fails to uphold the tenet of reciprocity.
Vinny's Prima Prego has a number of competitors. There are two types of competition that the restaurant is exposed to. That is national competitors and local competitors.
National Competition
A number of restaurants are competing Vinny's Prima Prego at the national level. The first restaurant that it competes with is the Olive Garden which is offering customers sauces, ingredients and noodles of their choices. It allows the consumers to gather their dish the way they wish. The quality of food that is provided by this restaurant is average.
Carrabba's Italian Grill is the second restaurant that Vinny's Prima Prego is competing with at the national level. The restaurant is having a small selection. However, dishes are served with ingredients of high-quality. The restaurant charges very high price. The quality of food that is provided is, however, good.
The third restaurant that Vinny's Prima Prego competes with at the national level is the Romano's Macaroni Grill. The restaurant is offering pasta which is rationally fresh and practically innovative. Besides, their charges are lower price. This firm was sold in the recent years, and as a result, the management direction of the firm has remained stagnant in the recent times, thereby resulting into excessive worker turnover.
Local Competition
Besides the national restaurants competing Vinny's Prima Prego at the national level, there are several other restaurants competing it at the local levels. The restaurants include the Garozzo's which is an expensive Italian restaurant with limited pasta dishes selection. The dishes served are very good despite the fact that the selection is pricey and limited and pricey.
Cascone's is the second local restaurant that Vinny's Prima Prego is in competition with at the local level. The firm is an Italian restaurant having an extremely respectable selection of pasta. However, the quality of their dishes is inconsistent.
The third restaurant that Vinny's Prima Prego competes with at the local level is the Bice Bistro. The restaurant is expensive and fashionable. It is having a very large selection of wine as well as good salads. Any other thing that is offered by the restaurant is mediocre and is always over-priced. The Services provided by them is always very poor.
In a nutshell, a SWOT analysis is important in that it can help decision making on the next course of action to be taken by the venture which might include; adding superior value to customers and a review of the management styles if need be. On the other hand SWOT analysis brings to the marketing force, contemporary issues which can be an impediment to business success if not well handled.
2.3 Competition
Competition is a very important aspect of business survival and success in the market, it is therefore imperative for firms that wish to succeed to analyze their competitors strategies with the aim of countering the same. In analyzing competition it is important to consider a number of forces including; the bargaining power of customers, the bargaining power of suppliers, the bargaining power of the employees and the substitute products. Competitor analysis is important in that it enables the business to gather relevant information that's helps in the development of the firm's strategies. It also helps the firm to identify and capitalize on the weaknesses of the competitors.
There are a number of restaurants with the same range of offerings within our locality. All these ventures have their targets on both low and middle class of the market segments. Most of these ventures compete on price but to a greater extent service quality. Since price alone is not a long-term competitive strategy, most of the firms have resorted to quality and creativity as their main competitive tools.
In the current situation, there is only one competitor in the up market segment. This competitor, though well established in the market, has not been able to respond adequately to the needs and expectations of the customers. It has also been identified that they have experience a steady decline in. This has created an opportunity to Vinny's Prima Prego venture in advancing to the upper market since this competitor fails to uphold the tenet of reciprocity.
2.4 Product (Service) Offering
Since Vinny's Prima Prego has been in existence for the past one year, it has been able to provide a range of quality products to its customers. The restaurant has been gaining popularity among the customers due to the fact that it offers creative and attractive pasta cheeses, fresh vegetables, salads and desserts, and premium meats. The...
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