03 Mar For ?the final assignment of the class, you will tie ev
Fine Dining
For the final assignment of the class, you will tie everything together in an effort to build a successful restaurant with multiple locations. As with the Week 2 assignment, you will work through a simulation titled "Restaurant Mogul", provide an explanation and critique of your performance, and make comparisons to your own proposed food service operation you have been examining since the first week of class [Industry Specialization]. Be sure to review instructions for all parts and use the Q & A forum if you have any questions.
(1) — The first part is to work through the simulation.
You can access the Restaurant Mogul simulation by clicking or by copying the following link:
ProSim – Knowledge Matters simulation
Having completed previous assignments, you should be able to log in using the login credentials you established when registering.
The simulation will be on a larger scale than the week 2 assignment and you will apply your knowledge to building a restaurant empire. You will start by opening your first restaurant and address several key facets of operations, such as pricing and staffing for example. Once you establish a profitable restaurant, you will open the doors to a second one, adding more restaurants to reach a total profit goal for the business.
(2) — Provide an explanation and critique of simulation performance.
As with the Week 2 simulation and assignment, you will be expected to provide a summary of your experience. The summary will describe the scenario that was presented to you, the decisions you had to make, and your reasoning for the decisions you made. References are expected to support, refute, or corroborate your perspective or reasoning. As a part of your summary, you will need to describe the results you anticipated and what the actual results were.
Your analysis will need to address the following simulation goals:
- Select a location based on demographics and survey data.
- Set up the business (layout, staffing, menu design, and purchasing).
- Attract customers through advertising and social media.
- Monitor ratings, messages, and financials.
Identify relevant elements and variables, explain their significance or input, and evaluate levels of performance and possible outcomes. The following questions should be addressed in your analysis:
- What aspect of restaurant operations did you focus on most? Which seemed to be most important?
- Explain your strategy for locating a new restaurant and how you go about setting it up.
- Discuss how all the functions of a restaurant must work together in order for it to succeed.
- What parts of the simulation were most challenging for you? And why?
- What elements of restaurant operation were not included in the simulation?
(3) — Identify and evaluate financial data and how it can be used.
Now that you worked through opening multiple restaurants and considering the concept you have proposed and examined, you will select three [3] financial performance measures identified in Week 7 [financial performance measures] and the Cost-Volume-Profit analysis and explain how those measures could be used with the simulation restaurant[s] and your own concept. Using the simulation and your concept as a basis of comparison, discuss how each measure would be used to appraise operational performance and provide a critique of what you can learn by using the selected measures and how they might affect business decisions, planning, and achieving your specific objectives for your concept.
Use the Internet and personal interviews to make comparisons to existing businesses when possible.
1
Simulation
Greg Saunders
APUS
January 16, 2025
Part 1: Simulation Walkthrough
Following is a step-by-step guide on how to complete the simulation about Digital Marketing at vb.knowledgematters.com using a course key to register and participate in the activity. This is a simulation that drops the student into the world of digital marketing strategies for a fictional restaurant. The student will make decisions on the creation and targeting of social media advertisements, review restaurant performance metrics, and adjust marketing efforts for optimal results (Saura, 2021). This game provides immediate feedback on the choice of decisions and its consequences in terms of profitability of the restaurant.
Section 2: Description and Evaluation of Simulation Performance
Experience Analysis
1. Variable Conditions and Choices
In the simulation, I encountered market dynamics about seasonal changes, likes, and preferences of the customers, as well as variation in the intensity of competition. Some of the decisions that were included in the simulation included designing social media ads, image selection and text selection, targeting on the basis of demographics and interests amongst others (Tosatto et al., 2023). The simulation brought forth how any change in strategy would result in the modification of the effect.
2. The Reasonability of the Decisions
I emphasized high-definition pictures and summarized words that would appeal to the targeted readers. For example, families needed friendly words and pictures. The young generation depended on fashionably colored pictures. I also intelligently shared the budgets to areas where human traffic is very high or interests in dining outdoors are.
3. Expected vs Actual Results
I am definitely expecting a far better traffic and, thereby, better revenues shortly after the run of such well-thought-of ads. While during the first days it was really great, I have underestimated how the frequency times of ads play their role in generating returns that diminish. Underperforming areas have since been targeted with a fresh creative and are showing better improvement in return:
· Performant and Profit: Among them are some measures that I got from this simulation, such as revenue, ad reach, and cost of customer acquisition. I should be able to use them for assessing the restaurant and also checking the marketing Return on Investment.
· Social Media Ads Development: I learned what kind of ad attracts customers – just by matching or aligning images and text properly.
· Location and Interest Targeting: Segmenting the ad audiences in focusing on locations and interests would raise the probability of conversion; hence, it would increase marketing efficiency.
Advertisement Analysis
1. Other Alternative Advertisement
This will entail print media, flyers, menus, video adverts, radio adverts, and sponsorship in different events within your community. These other forms of advertisement complement digital marketing while developing brand presence in local markets.
2. Advantages/Disadvantages of Digital Marketing
Some of the advantages include: low-cost, highly targeted, can measure performance in real-time, and can reach just about anyone anywhere across the globe.
Some disadvantages include: overload in digital space, dependent on algorithms to 'surface' contents and posts, and amplifies negative customer feedback.
3. Target Niche Customers
This targeting will have to be refined through market research by way of surveys and focus groups, analysis of social media insights, and studying the competitors. An example could be peak dining times or customer reviews.
4. Social Media Beyond Paid Ads
Run your promotions on social media, create a poll to engage your customers, or even run a contest for engagement; publish user-generated content for community trust and post regular updates. Lately, partnerships with influencers have also proved to work when it comes to gaining visibility.
5. Negative Reviews Management
Complaints through social media need to be addressed in as professional and empathetic a manner as possible. For example, the issue at hand should first be acknowledged followed by an opportunity to be resolved in private; follow up with the customer as an act of accountability and transparency.
6. Re: Response to Complaints about Misleading Ads
If advertising was felt by any customer to be misleading, the misunderstandings need to be explained and necessary compensations if called for given while future advertisements ensure realities.
Part 3: Comparing Simulation against my Proposed Food Service Operation
Operation style
Whereas the restaurant in the simulation was a casual dining operation dependent on fast service with high volume, my proposed operation is a boutique café focused on leisurely dining experience but with high value, artisanal offerings. Whereas there was no specific target demographic for the restaurant in the simulation, my café places much emphasis on catering to an intentional middle and upper-income clientele who are desiring specialty high-quality food (Moosavi & Hosseini, 2021).
Product and Meal Experience
The virtual restaurant had a standard menu, typical of the mass market. My coffee shop would use seasonal ingredients sourced from within the locality, coupled with a menu that changes now and then. This shall make dining at my place special for my clients.
Marketing and Target Market
The restaurant in the simulation was based on generalized social media marketing for literally all kinds of customers. My own needs a bit more focused marketing to expose the specialty of the operations in this. For instance,
· Simulation Restaurant: There are advertising appeals merely to an aspect of being people who relate due to the affordable and ease factor (Jaas, 2022).
· My Café: Ads could use exclusiveness, sustainability, craftsman like-qualities relating to the eco-foodies.
Address and Advertisement Medium
The only apparent success of the restaurant simulation has been an urban setting that is highly trafficked. My business is a suburban café, put strategically near commercial districts, relying on social media campaigns, local ambassadors, and events in the community for brand awareness. Mixing online presences with in-person engagement will result in longer customer loyalty for this business venture.
References
Jaas, A. (2022). E-marketing and its strategies: Digital opportunities and challenges. Open Journal of Business and Management, 10(2), 822-845. https://www.scirp.org/journal/paperinformation?paperid=116049
Moosavi, J., & Hosseini, S. (2021). Simulation-based assessment of supply chain resilience with consideration of recovery strategies in the COVID-19 pandemic context. Computers & industrial engineering, 160, 107593. https://www.sciencedirect.com/science/article/pii/S0360835221004976
Saura, J. R. (2021). Using data sciences in digital marketing: Framework, methods, and performance metrics. Journal of Innovation & Knowledge, 6(2), 92-102. https://www.sciencedirect.com/science/article/pii/S2444569X20300329
Tosatto, A., Dahash, A., & Ochs, F. (2023). Simulation-based performance evaluation of large-scale thermal energy storage coupled with heat pump in district heating systems. Journal of Energy Storage, 61, 106721. https://www.sciencedirect.com/science/article/pii/S2352152X23001184
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