Identifying Market Gaps for a Restaurant Business Near Kean University

Jennifer Hernandez Vasquez

Co-Presenters: Yoselyn Escamilla, Marlon Orellana, Jancarlo Gomez

College: College of Business and Public Management

Major: BS.MANAGEMNT-SUPPLYCHAINMGT

Faculty Research Mentor: Han, Min-Chung

Abstract:

According to Niche, 75% of students at Kean University are from minority groups, however, most on or near campus restaurant, primarily serve traditional American food. These options lack to meet the needs of Kean’s diverse community, indicating a potential gap for authentic and affordable food with greater menu variety in the local restaurant market. The objective of this study is to identify unmet students need for more affordable and larger variety food options and purpose a new restaurant that address those needs. This study uses a quantitative survey of at least 30 students at Kean, to analyze their restaurant preferences and consumption habits. In addition, a competitive analysis, SWOT analysis, and PEST analysis were conducted to support restaurant position and strategy development. The results of the survey indicate that students prefer a greater variety of food options near Kean with affordable options and a welcoming atmosphere. These findings provide further insight to support the development of a more diverse food options located near Kean University that includes its diverse community and offers value to stakeholders.Keywords: Restaurant Business, University Marketing Analysis, Consumer Preferences