What Makes A Good Resturant? A Consultancy Service using Online Consumer Reviews.
Khan, Zunaira (2018)
Khan, Zunaira
Laurea-ammattikorkeakoulu
2018
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2018111517268
https://urn.fi/URN:NBN:fi:amk-2018111517268
Tiivistelmä
Understanding consumer preferences are the key to success in a rapidly growing restaurant industry. Traditional approaches that rely on consumer surveys and interviews are not plausible in the age of digital revolution when massive amounts of big data are available in the form of online reviews. However, analyzing the huge data is challenging, and few experts are able to extract the needed useful information. A promising approach is to use technology to analyze consumer reviews and obtain insights that are useful for the restaurant industry.
Technology companies can create efficient data analytical approaches but lack the ability to interpret these insights in a way that is easily understandable by the restaurant industry. While on the other hand, the restaurant industry fails to recognize the power of consumer reviews that can revolutionize the landscape of food and beverage industry and bring value to their businesses. This thesis seeks a potential business value in interpreting and translating the analysis given by the technology companies to generate useful consumer-related in-sights for the restaurant industry. The thesis presents a consultancy service business that can translate the insights obtained from the technology-based review analytics for advising restaurants to improve their consumer experience. The thesis also formulates a detailed business plan of a review-based consultancy company stating the industry, market and customer analysis.
To validate the business idea the thesis conducted a proof-of-concept study in collaboration with a tech company using publicly available consumer online reviews. The results not only validate the business idea but also demonstrate the usefulness of the consultancy service for the restaurant industry. The findings suggest that the key attributes which make a good restaurant are food, staff, and service.
The thesis concludes that the consultancy service built on online consumer reviews creates collective value for the restaurant industry, tech companies, and the consumers.
Technology companies can create efficient data analytical approaches but lack the ability to interpret these insights in a way that is easily understandable by the restaurant industry. While on the other hand, the restaurant industry fails to recognize the power of consumer reviews that can revolutionize the landscape of food and beverage industry and bring value to their businesses. This thesis seeks a potential business value in interpreting and translating the analysis given by the technology companies to generate useful consumer-related in-sights for the restaurant industry. The thesis presents a consultancy service business that can translate the insights obtained from the technology-based review analytics for advising restaurants to improve their consumer experience. The thesis also formulates a detailed business plan of a review-based consultancy company stating the industry, market and customer analysis.
To validate the business idea the thesis conducted a proof-of-concept study in collaboration with a tech company using publicly available consumer online reviews. The results not only validate the business idea but also demonstrate the usefulness of the consultancy service for the restaurant industry. The findings suggest that the key attributes which make a good restaurant are food, staff, and service.
The thesis concludes that the consultancy service built on online consumer reviews creates collective value for the restaurant industry, tech companies, and the consumers.