Open AccessCOMBINED BUSINESS STRATEGY IN COASTAL AREA AFTER COVID-19 SITUATION: A CASE STUDY IN COX’S BAZAR
Author(s) -
Zahid Hasan,
Talha Ibne Hafiz
Publication year - 2021
Publication title -
international journal of students research in technology and management
Language(s) - English
Resource type - Journals
ISSN - 2321-2543
DOI - 10.18510/ijsrtm.2021.911
Subject(s) - competitor analysis , business , originality , purchasing , profit (economics) , marketing , novelty , business model , economics , microeconomics , philosophy , theology , creativity , political science , law
Purpose of the study: The purpose of the study is to set up a restaurant business in Cox’s Bazar in this Covid-19 scenario with a low budget and providing premium services. People's purchasing power has been decreased due to this situation and they demand to get premium services at cheaper prices.
Methodology: A market analysis has been performed as well as the present situation has been studied. A proper business plan has been setup with the layout of the restaurant.
Main Findings: It has been found that a better amount of profit can be achieved by satisfying the customer with lower price than the present competitors. It also has been observed that combining more than 2 businesses will help to achieve the profit margin in quick time. Customer satisfaction is also high in this type of strategy.
Applications of this study: New entrepreneurs made enough observations to create their new business model which will help them to make this business profitable. This model is an ideal model for a start-up business with a low budget.
Novelty/Originality of this study: As the real-time study has been studied and the real situations have been considered, this study will be helpful for the new entrepreneur.