Research on Upscale Dining RestaurantsPart 7Strengths and Weaknesses of the IndustryUpscale dining restaurant have become considerably common in the industry. Upscale dining restaurants offer their clients both social and dining satisfaction. This is an element that distinguishes these types of restaurants from other categories such as take-out, delivery and drive through restaurants (Barrows, 2009). In the past, fine dining restaurants were very common though they have become less popular than upscale dining restaurants. Clients experience in an upscale dining restaurant involves not only biological satisfaction but also social gratification. The social aspect in these hotels provides a good environment for bonding, business and holding meetings. Investing in an upscale dining restaurant can be remarkably rewarding as the demand and preference for social-dining places is on high demand in the market. Moreover, the elegance and high quality services offered in these premises attracts the right clientele. In most cases, only the financially well up individuals dine in upscale restaurants (Kotler, 2009). In addition, practices such as business meetings require a conducive environment that is non-congested and can accommodate a group.WeaknessesThe upscale dining market has become highly competitive more so because of new entrants. High competition has, consequently, forced some businesses to shift, close down or change their line of products and culture of business. A rise in the number of upscale restaurants in the market has a negative impact on the profitability margin of all providers in the market. Moreover, investors in this industry are forced by market forces to, constantly, upgrade their services as they lower costs so as to remain competitive and relevant. A major issue that affects the viability of investing in upscale dining is the nature of the market in which they can thrive (Barrows, 2009). An upscale dining business is more favorable in high-end markets than in low-end and middle class markets. This condition limits new entrants to certain markets leading to stiff competition in favorable markets.Opportunities in the IndustryThe upscale dining restaurant industry offers multiple opportunities to investors interested in investing in the market. The number of new entrants in the industry is high however, societal and economic changes and dynamics avail unlimited opportunities (Kumar, 2010). Increased globalization of economic and social activities has increased foreign trade which in turn has increased tourism, inter-state and inter-continental activities. Heightened connectivity and movement across the globe boosts the in-flux of tourists across the nation. Tourists, in most cases, purpose to spend and experience the best a country has to offer more so when it comes to dining (Kotler, 2009). Kumar (2010) emphasizes that remarkable growth in tourism provides a significant business opportunity for upscale dining businesses.The increased growth of high-end markets and the number of high income earners provide the upscale dining industry with a lucrative market for its services. Statistics on the category of individuals who dine in upscale restaurants indicate that a majority of the customers are business people, high-income singles, tourists, families and compulsive spenders/heavy spenders. Highly developed states and cities attract these groups thus making these areas the best markets for upscale dining restaurants (Barrows, 2009). A majority of states, particularly, in the US market have significantly developed over the past decade consequently creating a lucrative and expansive market the upscale dining industry. Moreover, improved economic status and dynamic changes in lifestyle have positively impacted the industrys productivity.Future for the IndustryInvesting in the upscale dining restaurant business has its advantages and shortcomings. Availability of good markets in many different locations is a good measure of likely long-term market availability for entrepreneurs. On the other hand, increased competition resulting from a high in-flux of new entrants demands exceptional marketing strategies for all players (Kumar, 2010). The competition for a stake in the industry is intense and can pose a great risk for investors because of expected high costs of promotion and marketing. The future of the industry is relatively promising on both short-run and long-run basis. For instance, the change in prices for services and food in these restaurants has a positive impact on the capacity of potential customers. High competition is accompanied by reduced prices which in turn has raises the number of potential customers (Moruzzi, 2012). A higher percentage of people are able to afford dining in these restaurants thus increasing their customer base or capacity in the market.Changes in demand in the restaurant industry have a significant impact on projected market demand. Increased globalization, in-flux of foreign residential in a state and a change in food and nutrition preferences provide an opportunity for service diversification (Moruzzi, 2012). The diversity created by a change in the population is accompanied by diverse changes in products and services demanded. This change, in turn, increases the variety of foods demanded thus creating new fields of operations for restaurants. In addition, diversity lessens the baggage of intense competition particularly where all upscale dining restaurants offer the same line of products and services.Advice to a New EntrantInvesting in the upscale dining industry can be rewarding and also challenging. Success in the industry for new entrants is dependent on many factors that affect sales, revenues and profitability. A new entrant in the industry should perform a detailed well structured market analysis before entering into any market (Kumar, 2010). A good analysis would enable the entrepreneur to understand the expectations of the customers and the nature and pricing of products in that particular market. Consequently, data and statistics collected would aid in recognizing the most appropriate target market for the business. Identification of the right target market is influenced by factors such as the goals of the company/business, the nature of services and products the business offers and also the short-term and long-term objectives of the business.A good strategy for new entrants in the industry would be to identify a niche market with minimum competition and a dense population with the right customer base/clientele (Brookes, 2004). This would aid in reducing significant costs such as the cost of mass advertising, extensive market research and expenses associated with preparation of diverse products. Focus on a niche market is also advantageous as it makes management of the business easy and efficient since most occurrences can be predicted. Moreover, changes in demographics are hardly drastic since it is easy to keep up with changing trends in the market.Part 4The Four Seasons is an upscale dining restaurant brand that is found locally and internationally. The marketing mix of the restaurant encompass the 7Ps of a marketing mix which are pricing, product, promotion, people, physical evidence, process, and place (Brookes, 2004). The company has localized its operations in different states especially in high end markets. Promotion of its services is also well structured consequently enhancing the competitive advantage of the company. Four seasons also targets the right consumer base and offers its products at competitive and reasonable prices. The company also offers its clients exceptional consideration, customer service and high quality products/foods. Moreover, the company offers consistent good service, which in turn, boosts productivity and customer loyalty.According to Brookes (2004) the price of food and services in upscale dining restaurants is considerably high. However, current demand changes have led to a reduction of these prices. Lower prices have not necessarily led to compromise on the quality and process in the company. However, some subsidiaries are congested, which in turn leads to reduced efficiency. Moreover, service delivery is considerably slow because of high demand and limited supply. Upscale dining restaurants usually focus on the high end market thus leaving a large percentage of the population unattended to (Moruzzi, 2012). Exorbitant prices in these restaurants also discourage potential customers within the middle class as well as other individuals. The marketing initiative of businesses in this industry should not only focus on what is expected in the market but also on clients demands and expectations. Foods and services offered in upscale restaurants should be determined by conducting regular surveys so as to identify a change in customers tastes and preferences.ReferencesBarrows, C. W., Powers, T. F., & Powers, T. F. (2009). . Hoboken, N.J: John Wiley & Sons.Brookes, R., Palmer, R., & Palgrave Connect (Online service). (2004). . Houndmills, Basingstoke, Hampshire: Palgrave Macmillan.Kotler, P., & Kotler, P. (2009). . Harlow, England: Pearson/Prentice Hall.Kumar, P. (2010). . New Delhi, NY: Tata McGraw Hill Education.Moruzzi, P. (2012). . Layton, Utah: Gibbs Smith.