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Concept development means taking a basic idea and turning into a complete idea.
Basic idea - 'Hey, let's open a Wild West themed restaurant!'
Concept development is considering questions such as menu, decor, how to handle the portrayal of native American culture, whether to have an integrated casino / play casino / cabaret, etc.
Once you have a firm concept you can start developing a business plan: who is the target market, how much might they spend, and so on.
I leave the answer to the experts, specialists in this field
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