Profit Opportunities in a Business Research Assignment (Essay Sample)

Profit Opportunities in a Business
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Profit Opportunities in a Business
Profit is an additional amount of money made by restaurant after paying all the operating costs. The main reason for the opening Red Robin restaurant was to make profits. Generating profit assists, the restaurant expand and survive in the service industries. Increasing the level of profit in a restaurant means that the restaurant has to apply strategic ways. Application of the strategy enables red robin easily identifies profit opportunity gaps available in the service industry. Profit facilitates the future expansion of the prestigious restaurant. Accumulated profits enable the management of the restaurant purchase all the relevant equipment required for expansion. Generation of profits assures the survival of the restaurant in the competitive service industry. The best way of increasing the profitability level of the Red Robin involves profit increment without increasing the operating costs. The following opportunities enable red robin increase the profitability.Attracting new customers increases the profitability for the restaurant. New customers purchase food from the restaurant at the required prices. Attracting new customers creates a brand name for the restaurant. Robb (2012) illustrated that the new customer enables the restaurant management analyze and study customer needs. The restaurant creates customer loyalty by offering the customer good meals. The new customer expands the market-operating base of the restaurant. Attracting new customer’s enables, the restaurant improve on service delivery. The management improves on service delivery because new customers always give out correct opinion about service delivery (Reeves, 2013). New customers assist the restaurant make profit because the clients add up to the existing number of consumers that the restaurant serves. The customers increase the profitability level by bringing friends and relatives to eat in the restaurant in the future. Attracting new customers enables the restaurant increase the profit levels.Reduction of irrelevant costs increases the profitability level of Red Robin restaurant. The irrelevant cost makes the restaurant operate at losses. Reeves, (2013) explain that eliminating the cost involved in employing public relations worker in the restaurants increases profit for the business. The restaurant outside appearance performs the role of public relations. Reducing the costs involved in purchasing foodstuffs from the restaurant increases income. The restaurant can purchase the foodstuff directly from the farms at cheaper prices. Reducing the costs involved in purchasing glass plates increases earnings (Robb, 2012). The purchases of cheaper and lighter plates enable the restaurant increase the profit share. Reducing the number of employees in the restaurants facilitates the eating-place earn revenue. The reduction of irrelevant labor enables Red Robin management has a manageable workforce. The manageable workforce enables the restaurant increase the profitability level of the red robin restaurant.Making quality food increases profit for red robin restaurant. Most customers come to a restaurant to eat quality food. The cooking quality food enables the restaurant increase the profitability level. Williams and Williams (2013) the cooking of tasty food enables customers gives out positive views about the restaurants. The positive views attract the potential customers into the restaurant. Cooking tasty food facilitates the restaurant creates customer loyalty amongst the numerous customers. The making of quality foods creates a brand name for the company (Reeves, 2013). The creation of brand name makes the restaurant popular in the operating environment. The popularity of the restaurants brings in more customers for the company. Most customers purchase specific food from specific restaurants. Cooking quality food enables customers purchase every food that the restaurant provides.Good customer relations increase the profitability level of the restaurant. The restaurant creates good customer relations by offering proper services to the customer. Customers return to most restaurants because of good consumer relationships. The company creates good customer relations by appreciating the customers. Reeves (2013) explain that appreciating the customer makes the restaurant maintain the consumer. Consumer maintenance creates security for the restaurant in case the customers reduce. Creation of good customer relationship starts with employees. Proper employee treatment enhances good customer relationship. Employees have close contacts with customers. Bad treatment of the workers leads to bad treatment of customers that come to the restaurant. The management creates good customer relationships ...