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This report details a venture project aimed at increasing sales for a downtown Toronto restaurant located at 369 Yonge Street. The initiative, "Drinks and Desserts," focuses on offering affordable options, priced between $2.00 to $3.00, including fruit juices, milkshakes, and small desserts. The team, composed of students and professionals, enhanced its skills in leadership and creativity while learning the importance of customer preferences in product development. The findings emphasize the value of consumer insights and effective task delegation in launching new products.
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Final Report Helena Chiu March 28th, 2012
Venture Introduction • Growth opportunity within a small enterprise • Located on 369 Yonge Street, in downtown Toronto • Project name is “Drinks and Desserts”, and the purpose of this venture is to increase sales for the restaurant, and increase options for consumers • I wanted to promote something that is between the price point of $2.00 to $3.00 • In the end, we launched a series of fruit juices, milk-shakes, and small desserts.
The TEAM The TEAM consists of four people in total: Student: Helena Chiu (Me) I am responsible for designing the practicum, setting the objectives and goals. I am also the one deciding what strategies to use, how everything would be done, designing the process and the one who is generating the ideas. Professor: Peter Miller Peter was responsible for giving suggestions to what ideas and projects we could potentially do, and guide the process of the practicum. Professional: Vincent Chan Vincent was responsible for giving professional advice and teach strategies and give expertise. Student Advisor: David Bremang David was responsible for helping keep the venture on track and evaluate ideas.
What I Learned • Process of creating a new product to promote in a restaurant • Leadership and creativity skills. • Must take more time in gathering information of what your customers like, it would be beneficial to attracting more consumers to buying the product • Improved workflow by having people do assigned tasks • We could have been prepared if we had spent a little more time on seeing what the consumer’s preferences were. • For the people who come in for the all-you-can-eat menu, the consumers find more value in a refillable $1.75 drink, compared to fresh juice and milk-shakes that were for $2.00 and $2.50. • Overall, the experience was helpful, it allowed to me to take a deeper look into the process of launching new products, and decided what drinks and foods to carry in a restaurant.
