EXECUTIVE SUMMARY
The objective of Red Lobster is to expand its number of restaurants to 900 no later than the year 2000. To achieve this objective, diversification and internationalization of Red Lobster will be able to open up more new profitable markets. With the company’s experience in Chinese restaurant market by China Coast, Red Lobster should explore the opportunity to set up its chain in South East Asia.
Location: Hong Kong
Population: 6.3 million
Objectives: Open 10 restaurants in 1st yr & achieve 20% market share
Target market: Age 25-55, annual income level HK$(300,000-800,000)Middle to Upper-income group
Product: Mainly seafood, complement with steak and chicken
Image: Healthy, classy, and high quality
Market entry: Cooperation with Holiday Inn and franchising agreement
Promotion: Mainly TV commercials and newspaper advertisements
Pricing: Competitive with Planet Hollywood and Hard Rock Cafe
1996 Cost Budget: Approximate US$570,000
1996 Sales Forecast: US$21 million