Nusret Market study Company Profile

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Company Profile

This paper is to make a market study for the international globally known restaurant called, Nusr-et Steakhouse. The goal of this paper is to list down all the possible risks as well as opportunities to help the company decide whether opening a branch of the steakhouse in the Philippines is feasible or not. This is important so that the company will enter the country with a clear view of the Philippine market so that they will know both the upsides and downsides of opening a branch in the Philippines.

The main goal of any business venture is to earn profit. What will be the point of doing business if this is not so? “Market research builds a study foundation for a business to be built upon, preparing the company for any threats or weaknesses that may arise as the business grows.

From getting to know your target audience to exploring potential competitors, market research gives businesses a competitive edge, allowing them to thrive in new environments. This is why market study is important before going into a new business venture. As a business consultant of Eksess Business Consultancy Inc, I am tasked to guide Nusr-et Steakhouse as to the feasibility or non-feasibility of opening a branch in the Philippines. To start, this is the company profile of Nusr-et Steakhouse. The steakhouse is named after the famed turkish butcher/restaurateur, Nusret G?kce.

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It is important to discuss Nusret G?kce, because Nusret Steakhouse is Nusret G?kce. The first steakhouse opened was in Istanbul, Turkey, in 2010 and as of 2019 has already increased to 15 branches of steakhouses and burger restaurants all over the world. The logo of the steakhouse is Nusret himself, in his famous white tight shirt, black shades, and slicked hair, posing with his arms lifted up, flicked wrist and the cobra pose. This is a good strategy to depict and made the steakhouse even more famous. Nusret G?kce, undeniably, is the face of the steakhouse.The steakhouse is well known for its top quality steak and impeccable good service, warm atmosphere, and rich food offerings for all meat lovers. According to its, it’s the number 1 address for meat lovers wherever they are, since they open and continue to be until now. The steakhouse is part of the Turkish Holding Group called Dogus Holding AS, a multi, mega, huge holding group that has over 300 other investments in media, cars, real estate and food industries. ( by Bettina Makalintal, March 25,2019) In a span of 9 yrs, the Nusr-et Steakhouse has grown to greater heights in the restaurant industry largely because of Nusr-et G?kce. Aside from serving good but overly priced steaks, he used his good looks and flamboyant and theatrical character to gain more followers in all social media outlets and thus this led to people to become more interested in him and his restaurants. Last Jan 17, 2017, he became viral in his twitter and instagram video. The video showed him “suavely” slicing and dicing an ottoman steak and with much drama and flair, and in a theatrical, sensual and smooth move, sprinkled salt onto the perfectly cooked meat with arms lifted up, with flicked wrist in a sensuous cobra pose. Thus the nickname Salt Bae ( Bae is a term of endearment for a loved one) came about. This video became the meme of 2017 garnering 13 million views during that time. This video alone, the steakhouse gained more clients, including famous figures such as Leonardo Di Caprio and other professional athletes.

As of this day, it has 15 branches of steakhouses and burger restaurants all over the world. Latest additions are in the USA specifically New York. A proof that the steakhouse is really global now. The branches are in Ankara Kavaklidere, Bodrum Yakikavak Marina, D Maris Bay, Istanbul Etiler, United Arab Emirates Dubai, United Arab Emirates Abu Dhabi, Istanbul Bebek, Istanbul Ni Santasi, Istanbul Kanyon, Istanbul Istinyepark, Doha, Miami, New York, Sandal Bedesteni, and Mykonos. They offered an extensive menu in all their steakhouses. Starters such as Beef Carpaccio, Smoked Beef, Smoked Rib Eye, Steak Tartar, Jumbo Shrimp, and Sushi. Salads such as Rocket, Goat Cheese, Mediterranean, Spoon, Avocado, and Tomato Salad. Main Entrees such as Asado Beef Ribs, Entrecote, Marinated Sliced Beef, Beef Tenderloin and the Nurs-et Spaghetti. They also features lamb dishes such as New York Style, Rock of Lamb, Lamb Fillet and Lamb Chop. 2 varieties of Burgers, the Nusr-et and Lokum Burgers. 3 types of Meatballs, the Nusr-et, Cheesy and Heart Shaped Meatballs. They also have a dish called Sucuk which is barbecued turkish sausage. The main star or dish of the restaurants is their Steaks. They offer lots of choices like the Lokum, Fillet Mignon, Tenderloin, Dallas, Kobe, New York, Toscana and the Tomahawk.

Pest Factor

POLITICAL

1) Foreign Equity Participation Law

2) Philippines’ Current Law And Order

3) Philippines’ Food Sanitation Law

4) Philippines’ Tax On Retail Trade

ECONOMICS

1) Minimum Wage/ Income/ and Purchasing power of Filipinos now

2) Exchange rate of the Peso against Lira and US Dollar

3) Philippines’ Booming Economy including the Food Service Industry

4) Too many competitors in the Philippines Food Industry

SOCIAL

1) Filipino likes to eat together

2) Filipinos are into low carb-high protein diet, keto diet, farm grown, and organic food

3) Filipinos are well exposed to new global ideas through their internet usage

4) Filipinos like to humble brag

TECHNOLOGICAL

1) Availability and Access of Credit Cards as mode of payment

2) Availability of Cold Storage Facilities

3) Philippines is not as industrialized as other countries such as Korea

4) Availability of Accredited Appliances for the establishments

For the foreign equity participation, there are 3 categories according to the website of SEC. Category A – that only Filipino Citizens can fully own an enterprise with paid up capital equivalent to Philippine Peso of less than US$ 2,500,000. Category B – that foreigners can wholly own enterprises with paid up capital equivalent to Philippine Peso of US$ 2,500,000 but less than US$ 7,500,000, except for the first 2 yrs after the effectivity of this Act wherein the maximum foreign participation is at 60% only. Category C- that foreigners can fully own an enterprise with paid up capital equivalent of Philippine Peso of US$ 7,500,000 or more. According to “ A 40% foreign – 60 % Filipino Company may invest in a restaurant business if it has at least the equivalent in Philippine Peso of US$2,500,000 as minimum paid up capital” ( ?www.sec.gov.com?)

The current law and order in the Philippines is better than it was before. In a global law and order survey by Gallup, the Philippines is at par with South Korea and Australia in terms of security and experiences with the police enforcements. The Philippines got an index score of 82. (? by M G Martin, June 12,2018)

The Food Sanitation Law is called the Republic Act 10611- “ An act to strengthen the food safety regulatory system in the country to protect consumer health and facilitate market access of local foods and food products and for other purposes” This is also known as the “ Food Safety Act of 2013”. (? Feb 20,2015)