TGI Friday's is an American restaurant chain focusing on casual dining. The company is a unit of the Sentinel Capital Partners and TriArtisan Capital Partners, who purchased the company from Carlson Companies in May 2014. The name is asserted to stand for "Thank god it’s Friday", although as of 2010 some television commercials for the chain have also made use of the alternative phrase, "Thank God it’s Friday's."[3] The chain is known for its appearance, with red-striped canopies, brass railings, Tiffany lamps, and frequent use of antiques as decor. One critical success factor for Fridays is to increase its market share in order to achieve more customers and keep up with competitors. Another critical success factor is for employees to have positive and friendly attitudes in order to provide guest satisfaction. Another critical factor to Friday’s success is the consistent decor music and lighting across their restaurants in order to provide a lively environment that keeps an engaging atmosphere for customers to feel welcomed and have a good time.
TGI Friday's target market is the middle and upper middle class people from urban areas between the ages 22 to 55. This is due to the fact that despite being perceived as good value for money, Friday’s menu is still costly. TGI Friday’s business strategy is to spend 3% of revenue for advertising and promotion. Spreading the name in the market to improve its awareness is one of the company’s main focuses. The company is always looking to expand while maintaining the food and quality service. TGI Friday’s has more than 1,000 restaurants in 61 countries which is very impressive for only being around for 45 years. Fridays also aims it’s product at the target market of families with young children as they provide a fun and relaxed environment whilst providing kids menus and colouring books for example.
