Restauraunts and Competiton?!?

Question

Alright, lets say you are the owner of a medium-size family restaurant. A new Chinese restaurant, as well as a McDonald’s, has opened up within a mile of your establishment. Even though they are different types of restaurants, are they still considiered competiton? and how do you keep customers coming to your place

Answer 1

If you have to ask that question, then maybe you are in the wrong business. The way you keep customers coming in, and coming back is word of mouth, and better service and food than the next one.

Answer 2

Yes they are technically competition b/c they're still restaurants and customers could decide "Hmmmm, for lunch I think I'll go to the Chinese Place or Mcdonald's instead." To keep customers coming in, at MINIMUM have great food and great service! AFter that do advertising and marketing (maybe get people to sign up and get a free appetizer/dessert for the month if you come inside). The point of that is that the coupon expires quickly and there's a higher chance that they'll buy a dinner or more stuff if they come inside to sit down. Look at the positive though, most people want different stuff everyday so if you were a hamburger shop some people might go to you one day, get some other type of food the next day, want McDonald's the day after that. I remember looking at how Coke vs Pepsi wars was happening and I'm like I get both drinks calm down!!! but you gotta make money so...

Hope that was enlightening!!!!