Business Strategy For Mojo Ringroad Restaurant Medan Using SWOT Analysis

by ADMIN 73 views

Business Strategy for Mojo Ringroad Restaurant Medan Using SWOT Analysis

In today's highly competitive restaurant business world, entrepreneurs are required to develop the right strategy to remain relevant and able to compete. One example of a business engaged in food and beverage is Mojo, a restaurant located on Jl. Black Crow No. 99 (Home Centra), Asam Kumbang, Medan Selayang, Medan. From October 2022 to September 2023, the sale of Mojo food and beverage products experienced significant fluctuations every month, which had an impact on increasing or decreasing the benefits of the restaurant. However, Mojo Ringroad still has shortcomings that must be improved in order to compete with other restaurants around it. In this context, it is essential for Mojo to design a business strategy that is appropriate to face these challenges.

Understanding the Importance of SWOT Analysis in Business Strategy

SWOT analysis is an effective method for evaluating internal and external factors that affect the performance of a restaurant. This analysis is crucial in identifying the strengths, weaknesses, opportunities, and threats that a business faces. By conducting a SWOT analysis, Mojo can gain a deeper understanding of its internal and external environment, which will enable the company to make informed decisions and develop effective business strategies.

Internal Factors Evaluation (IFE) Matrix

The IFE matrix is a tool used to evaluate internal factors that affect a business. In this study, Mojo's internal factors were identified through the IFE matrix with 9 factors produced and a score of 2,731. The IFE matrix helps to identify the strengths and weaknesses of a business, which are essential in developing a business strategy. By understanding its internal factors, Mojo can identify areas that need improvement and develop strategies to address these weaknesses.

External Factors Evaluation (EFE) Matrix

The EFE matrix is a tool used to evaluate external factors that affect a business. In this study, the analysis of external factors using the EFE matrix produces 7 factors with a score of 2,595. The EFE matrix helps to identify opportunities and threats that a business faces. By understanding its external factors, Mojo can identify areas that offer opportunities for growth and develop strategies to address potential threats.

SWOT Analysis and Business Strategy Development

SWOT analysis conducted then leads to the development of 8 alternative business strategies that can be taken by Mojo. One important result of QSPM (Quantitative Strategic Planning Matrix) analysis is the determination of promotional strategies through social media platforms. In the current digital era, marketing through social media is very important, especially for restaurants who want to reach more customers. By following the latest trends and utilizing the video format to show the ongoing collaboration and promotion, Mojo can increase its visibility and attractiveness in the eyes of consumers. This strategy has a bag (total attractiveness score) of 84.24, indicating that this is one of the best options for business development going forward.

The Importance of Implementation and Evaluation

Although the strategy that has been chosen offers great potential, effective implementation and periodic evaluation remain the key to long-term success. Mojo restaurants need to develop performance indicators to assess the effectiveness of the strategies applied. In addition, training for employees in the field of digital marketing and delivering consistent messages through various communication channels will be very helpful in achieving business goals.

Conclusion

By applying SWOT analysis, the Mojo Ringroad restaurant can find and formulate the right strategy to compete in an increasingly competitive market. Emphasis on promotions on social media, supported by good training and evaluation, can be a good first step to attract more customers and increase profitability. In the future, adaptation to changes in trends and the needs of consumers must also be part of a sustainable business strategy.

Recommendations for Mojo Ringroad Restaurant

Based on the analysis conducted, the following recommendations are made for Mojo Ringroad restaurant:

  • Develop a business strategy that is appropriate to face the challenges of the competitive market.
  • Emphasize promotions on social media to increase visibility and attractiveness in the eyes of consumers.
  • Provide training for employees in the field of digital marketing to improve their skills and knowledge.
  • Develop performance indicators to assess the effectiveness of the strategies applied.
  • Deliver consistent messages through various communication channels to achieve business goals.

Limitations of the Study

This study has several limitations that need to be addressed. Firstly, the study only focuses on Mojo Ringroad restaurant and does not consider other restaurants in the same market. Secondly, the study only uses SWOT analysis and does not consider other strategic planning tools. Finally, the study only provides recommendations for Mojo Ringroad restaurant and does not provide a comprehensive business strategy for the company.

Future Research Directions

Future research can build on this study by considering the following directions:

  • Conducting a comprehensive business strategy for Mojo Ringroad restaurant that considers other strategic planning tools.
  • Analyzing the impact of social media marketing on the sales of Mojo Ringroad restaurant.
  • Developing a performance measurement system to assess the effectiveness of the strategies applied.
  • Conducting a case study of other restaurants in the same market to compare their business strategies.

Conclusion

In conclusion, this study provides a comprehensive analysis of the business strategy of Mojo Ringroad restaurant using SWOT analysis. The study identifies the strengths, weaknesses, opportunities, and threats that the company faces and develops 8 alternative business strategies that can be taken by Mojo. The study also provides recommendations for Mojo Ringroad restaurant to improve its business strategy and increase profitability. Future research can build on this study by considering the limitations and future research directions identified in this study.
Q&A: Business Strategy for Mojo Ringroad Restaurant Medan Using SWOT Analysis

In our previous article, we discussed the business strategy for Mojo Ringroad restaurant Medan using SWOT analysis. In this article, we will answer some frequently asked questions (FAQs) related to the business strategy of Mojo Ringroad restaurant.

Q: What is SWOT analysis and how is it used in business strategy?

A: SWOT analysis is a strategic planning tool used to identify the strengths, weaknesses, opportunities, and threats that a business faces. It is used to evaluate internal and external factors that affect a business and to develop effective business strategies.

Q: What are the internal factors that affect Mojo Ringroad restaurant's business strategy?

A: The internal factors that affect Mojo Ringroad restaurant's business strategy include its strengths, weaknesses, and resources. These factors are evaluated using the IFE (Internal Factor Evaluation) matrix, which produces 9 factors with a score of 2,731.

Q: What are the external factors that affect Mojo Ringroad restaurant's business strategy?

A: The external factors that affect Mojo Ringroad restaurant's business strategy include its opportunities and threats. These factors are evaluated using the EFE (External Factor Evaluation) matrix, which produces 7 factors with a score of 2,595.

Q: What is the recommended business strategy for Mojo Ringroad restaurant?

A: The recommended business strategy for Mojo Ringroad restaurant is to emphasize promotions on social media to increase visibility and attractiveness in the eyes of consumers. This strategy has a bag (total attractiveness score) of 84.24, indicating that it is one of the best options for business development going forward.

Q: Why is social media marketing important for Mojo Ringroad restaurant?

A: Social media marketing is important for Mojo Ringroad restaurant because it allows the company to reach a wider audience and increase its visibility. In the current digital era, social media is a crucial tool for businesses to connect with their customers and promote their products.

Q: What are the performance indicators that Mojo Ringroad restaurant should use to assess the effectiveness of its business strategy?

A: The performance indicators that Mojo Ringroad restaurant should use to assess the effectiveness of its business strategy include sales, customer satisfaction, and employee engagement. These indicators will help the company to evaluate the success of its business strategy and make adjustments as needed.

Q: Why is training for employees in the field of digital marketing important for Mojo Ringroad restaurant?

A: Training for employees in the field of digital marketing is important for Mojo Ringroad restaurant because it will help the company to improve its skills and knowledge in this area. This will enable the company to develop effective digital marketing strategies and to stay ahead of its competitors.

Q: What are the limitations of the study and what are the future research directions?

A: The limitations of the study include the fact that it only focuses on Mojo Ringroad restaurant and does not consider other restaurants in the same market. The study also only uses SWOT analysis and does not consider other strategic planning tools. Future research directions include conducting a comprehensive business strategy for Mojo Ringroad restaurant that considers other strategic planning tools, analyzing the impact of social media marketing on the sales of Mojo Ringroad restaurant, and developing a performance measurement system to assess the effectiveness of the strategies applied.

Q: What are the recommendations for Mojo Ringroad restaurant based on the analysis conducted?

A: The recommendations for Mojo Ringroad restaurant based on the analysis conducted include developing a business strategy that is appropriate to face the challenges of the competitive market, emphasizing promotions on social media to increase visibility and attractiveness in the eyes of consumers, providing training for employees in the field of digital marketing to improve their skills and knowledge, developing performance indicators to assess the effectiveness of the strategies applied, and delivering consistent messages through various communication channels to achieve business goals.

Q: What is the conclusion of the study?

A: The conclusion of the study is that by applying SWOT analysis, Mojo Ringroad restaurant can find and formulate the right strategy to compete in an increasingly competitive market. Emphasis on promotions on social media, supported by good training and evaluation, can be a good first step to attract more customers and increase profitability. In the future, adaptation to changes in trends and the needs of consumers must also be part of a sustainable business strategy.