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Cold Call Summary From 1964-72, Rocky Aoki built Benihana into a successful restaurant chain (15 locations, $12M revs). Major drivers of success include: • Efficiency: Cost control o Achieve high levels of customer service with less skilled labor o Limited menu reduces food and waste costs o Fast table turnover due to limited menu and cooking time, food and info transfer inefficiencies reduced by eliminating servers o Large bars increase beverage (high-margin) % of sales o 78% floor space is dining or bar (vs. 70% elsewhere) o Simple management structure (4 execs + controller in corporate), good incentive plan, high level of control • High quality and customer service: Cooking at the table is entertaining, attentive and reassures Americans that exotic foods are OK. Chefs are highly trained showmen. Only USDA prime beef used. • Advertising & PR: Spend unprecedented 8% of sales on programs with “impact philosophy” – visible, visual, creative, offbeat ads to attract first-time customers, to be retained by the quality of their experience. • Authentic Japanese atmosphere: Chefs, décor, etc. all from Japan.
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