Virtual Business Sim

Someone who visits your establishment, orders from your menu, and pays what you charge for a beverage or meal.

The process of collecting and examining data about your customers and competitors.

Characteristics, such as age, gender, and income, of potential customers in the area that your establishment is located.

The group of people you wish to draw into your restaurant, such as teens, families, or those interested in a particular theme.

A market segment is a subgroup of consumers with similar interests, such as teens or office professionals.

What people want; this is usually measured by the popularity of items on the menu.

The percentage of sales your restaurant will make out of all the sales possible.

Data that is collected “firsthand” by the person doing research. Collecting the data yourself also ensures that it is current and closest to the source of the information

Data that is collected by someone other than you or your staff. This kind of data is farther from the source and probably older than primary data, but still useful for developing business strategies.

The number of people surveyed, interviewed, or polled about your restaurant ideas.

The city’s plan for land use and the accompanying rules and regulations that enforce that use.

How far your customers will go to get to your location.

The number of people walking in the area of your restaurant.

Will generate business to your establishment.

A local or regional public economic development organization that helps promote local businesses.