The Service Industry Segment of Tasty Steak

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This increase can also be attributed to other several factors, including the rise in consumer income, smaller family size, increasing numbers of working women and the development of web marketing.

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Fig.1 Production Value of the Taiwan F&B industry

1.4 The current trends in the F&B industry

1.41 The growth of F&B industry mainly comes from China market.

A. Mainland China has Large F&BMarket

The “12th Five Year Economic Plan” proposed by Ministry of Commerce, PRC, aims to promote the development of food and beverage industry, and strives to maintain the annual growth rate at 16%, with the retail sales amount reaching more than 3.7 trillion RMB by 2015.

B. Taiwan F&B industry Prospers in China market.

The similarities in cultural,taste and consumption habits between Taiwan and China mainland bring Taiwan F&B industry a great success in China market, and the cultivation, service and innovationis even a better plus. Based on “2011 100 Franchised Chain Stores in China” released by China Chain Store and Franchise Association, there are six Taiwan companies including Yong-He Soy Milk, Liang-An Café, Happy Lemon, Ueshima Coffee Lounge, Dicos (Ting-Hsin Group) and Dio Coffee, along with KFC and Quan Ju De. 85℃and Wang Steak have delivered good revenues in China market--85℃even became a listed company in a few years and the paradigm for many Taiwan F&B companies.

1.42 Taiwan Food and Beverage Industry Expands its Size and Scale.

Since Taiwan F&B companies are small-or medium-sized, brand management and building is not an easy task. The business scale is less likely to be expanded, and the controls over share and organization are also chaotic, thus degrading its cooperation investment value. Based on a 2012survey by China Credit Information Service (see Table 1), the revenue ratio of the top 10 companies have risen during 2006 to 2011. By 2011, Noble Family corporation(including those in China market) have reached 3.4 billion NTD; Wang Steak’s have reached 7.7 billion; An-Hsin Food’s (MOS Burger) 4 billion; and the newly listed TTFB’s have reached 1.5 billion NTD in 2011.

Taiwan F&B industry currently is moving to large size and chain operation, dramatically increasing its appeal for corporation investment.

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1.5 The competitive environment of the industry

Taiwan food and beverage industry has a fierce competitive environment, in such an environment, Taiwan food and beverage industry grabs better developing opportunities. In 2009, facing the external environment of the global economic downturn, Taiwan's restaurant turnover still increased by about 478 million yuan from the previous year, maintaining a certain growth .

At the same time, cooperate with the development of service industry, enhance the value of food and beverage services and create its diversified development.In 2010, the government also actively promote the internationalization of Taiwan food, more integrated resources into the restaurant industry in Taiwan, to assist the development and prosperity of the ascension of food and beverage services and international level.

The characteristic of Taiwan food and beverage market is entry threshold low and easy to copy, makes the competition more intense, the future food need more attention to brand management, to create their own uniqueness and additional value, and actively lead Taiwan food and beverage brand gradually towards the world.

In recent years, Taiwan food and beverage industry gets increasingly more favour from mainland China gradually, so more chain food and beverage brands come out. In 2011, the total number of chain restaurant brands is 619, including 92 (about 17%) is new catering brand, brand innovation speed is quite fast. These brands can be subdivided into coffee casual dining chain restaurant, the western style restaurant, Chinese snacks, leisure drinks, breakfast store and fast food chains and other different types.

1.6 The leading company in F&B industry

WowPrime Group was established in 1993, Wowprime Group is one of the most successful multi-brand restaurant group in Taiwan, the creation of 13 catering brands, the global total number has more than 300, the restaurant business development across different types, including western, Japanese, barbecue, hot pot and teppanyaki, etc.It committed to brand management and service innovation, diligence and breakthrough unceasingly. The 13 brands with different market positioning target at different marketing segments and grow continuously in the past few years the group annual turnover is more than USD 425 million, and maintain a 20% annual growth rate, become Taiwan's biggest restaurant group, become a trade mark,as a model of restaurant operators. Through Brands Franchise and Joint Venture way to brand output in the international market, WowPrime group has been successful in opening in Thailand, China, Singapore. WowPrime Group looks forward to become the world's best chain restaurant group.

The following tables and graphs show the statistics of WowPrime Group, from the store numbers, sales revenue, and market share in the whole industry, it is obvious to see the leading position of WowPrime Group.

Store numbers in China

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(Victoria)

2. Service strategy

2.1 Strategic service concept of the company

2.11 Product

A. Physical good features

Although Tasty is a steakhouse, but is carried out in strict Western process of dining, like antipasto, salad, soup, sorbet, main dessert drink. There are approximately 30 dishes, but those are exquisite and beautiful. As for the choice of steaks, Tasty also has its own ideas. Normally, the choice of steak has an international standard: Steak should full of juice.