Mkt strategic marketing plan essay
The Middle East affiliated restaurant will be the eatery of choice because it open doors for everyone and every person will be treated fairly plus with the greatest respect. Market objectives The restaurant marketing objectives are based on becoming the premier eatery joint in the United States by providing exquisite meals at realistic prices with exemplary hospitality services. The restaurant wants to penetrate in a new market to grow its revenues and minimize the concentration threat. Since the restaurant is coming with a unique identity to build its reputation unlike the competitors it will promote its services via catalogues, social media, and promotional texts. Value chain analysis The Adriatic restaurant would like to get a better comprehension of its significance proficiencies and pinpoint the certain areas that require improvement depending on the market.
The eatery will manage costs through the conservative strategy to remain on the safe side in the industry. The meal will be of high quality accompanied with excellent services. The eatery will consider two significant marketing values in the hospitality industry which are brand and image. The Middle East affiliated restaurant will encourage good values of the hospitality culture and philosophy. Services The Adriatic restaurant will offer international meals (locally embraced, Mediterranean and Asian meals) and superior hospitality service. The prices will be reasonable. The eatery will be mindful of the health of both the employees and the customers. All stakeholders will be treated with dignity and the utmost respect. Customer need will be anticipated and responded in good time and with a lot of courtesy.
The core objective is to build brand awareness, better internal communications and customer interaction, launch first-hand meals, and set 25% profit mark-up by end of the next two year, maximize sales, target new customers, and enhance stakeholder relations. Some of the concerns to observe are economic upturns and downturns, Interest rates, economic growth, labour costs, inflation, energy costs, and the cost of raw materials which are not fixed. These concerns can be volatile or friendly at times. Social Factors Since the hospitality industry has been condemned by the social-cultural community of obesity. The restaurant should conform to the social outlooks and beliefs of the Atlanta people based on how their population is growing, career outlooks, age distribution and how they are mindful of their health to build a positive image that considers the health concerns of the locals.
Technological Factors The Adriatic restaurant should embrace tech which has let plenty of opportunities for promoting hospitality services. Bargaining Power of Suppliers The bargaining power of the supplier in the restaurant service industry is not strong enough. Since this is a service field, several employees will be needed to operate in the restaurant and offer services to customers (Cheng, 2013). The employees are the main suppliers in this restaurant. Besides, every employee is entitled to a monthly salary, an annual bonus and is privileged to negotiate for pay and quit the post. Bargaining Power of Customers The bargaining powers of customers happen to be somewhat bigger in instances the restaurants and the competitors are more. Target Market The Adriatic restaurant seeks to open its service to Atlanta inhabitants in six months.
The eatery will be the best eat out joint arguably for all ages. Customers can check in anytime since it will be a 24hr operation setup offering existing delicacies. The meals will be exotic while there will be a wide range of cuisines to choose from. The manpower will be well refined and suitable to work in the establishment to offer the best service. The eatery features a comfortable atmosphere for these strata who would like to eat and strike business deals without disturbance. The other targets will be couples or people in intimate relationships. The Middle East restaurant will paint an intimate and enticing environment where people can have dates while enjoying the services offered in the restaurant. The restaurant will be the supreme date location compared to its competitors.
Most of the lovers are successful working professionals who prefer eating out in restaurants instead of cooking in their homes. Competition Even though the hospitality labor market faces volatility, the Adriatic restaurant is keen on the growing demand from Atlanta residents for dining experiences. The restaurant will edge the competitors tactically by considering digital offerings and also timely and quick service strategy. The eatery solves customers concerns of affordability, an evolving menu, and convenience. Additionally, Adriatic will factor value while encompassing a meal solution strategy that betters the homemade meal plan. Homegrown GA restaurant, Rays in the city and Marrakech express command 45% of the market in Atlanta (Tang, & Jang, 2009). The eatery will embrace teamwork at all times for employees to complement their skills.
Technology and social media are the models made to market the restaurant and attract customers. The Adriatic restaurant will have a Wi-Fi connection for customers to browse and communicate with the restaurant. A friendly website will assist potential customer lookup for Adriatic from their tablets, laptops, and phones. Consistency in quality delivery won’t be compromised. The restaurant business outlook is welcoming. The Middle East affiliated restaurant will offer high-value proposition services and an innovative menu. The restaurant will provide tech-savvy meals with the aid of beacons, Yelp, and Open Table app that will assist customers in selecting what they want and make bookings. The restaurant will not compromise convenience delivery. Meals will be delivered at real-time with the help of Uber EATS, Chick-Fil-A-One and Grub Hub.
People with disabilities should be accommodated. The restaurant risks a lawsuit if it recruits illegal immigrants. The restaurant is supposed to give back to the community through sponsorship or charity. Core strategy The Adriatic overriding idea is dream oriented. The drive is to become the finest eatery that stirs a healthy society by providing real and unique food. The pricing strategies in the Adriatic restaurant are favorable to customers, businesses and surrounding organizations. Small and medium-sized companies are expected to be more than large size corporations thus high demand expectations in the small and medium-sized businesses. The projected initial price for Adriatic restaurant will be $30 for low-class meals, $50 for middle-class meals and $70 for high-class meals for the first 5 months. However, the prices are not fixed but will keep changing in consideration to demand levels as from 5th month.
The prices will increase to $36, $55, $75 in order of levels; low, middle and high classes of meals respectively. The dining environments are well ventilated and 24-hour security to ensure the environment is safe for our clients. PROMOTION Elements of IMC The Adriatic restaurant will ensure it maintains effective modes of communication and promotions strategies to make it run smooth with the distribution channels and the customers at large. Advertising This involves making awareness of the product to the market using a chosen best platform. Advertising at Adriatic restaurant will be made through social media, daily nations, and hotel magazines. The adverts will be specified and targeted to the target market and new markets where demand will be high. It aids in accepting price consideration and increasing sales.
Promotion helps in gaining current customer perspectives of products and services we offer in the market. Promotion helps in persuading customers to accept our restaurant products and see them as better than those of competitors. Promotions can also smudge a trademark since customers might asses it as not important. Public Relations This approach encourages relationships with other businesses, corporation and public communities in the same industry who have good reputations in the market. The challenge with this approach is that the chosen agents may give inconsistent information to customers due to varied relation levels to motivate customers. IMC Approach The Adriatic restaurant will use advertising methods such as social media, print media, and mass media to create awareness of the restaurant products and additional services.
The first product advertisement will also take place through sales promotion and discounts. The restaurant will set 2 days a week to give free drinks after every meal a customer buys. This will attract more customers and thus entrance to new markets will be effective. POSITIONING The Adriatic restaurant will take advantage of the surrounding markets of corporations, businesses, and organizations which will ensure fair distribution of the restaurant foods and services to our clients. The restaurant has put measures to ensure all customers get our products at close to their offices or workplaces by providing takeaway meals with staffs employed to deliver the foods on request (Constantinides, 2016). The restaurant has also set the price very favorable for all levels of foods for the customers so to ensure it targets all people in the market regardless of the income levels.
The restaurants also have put strategies to lower prices for customers who purchase directly to the restaurant compared to those who require delivery to increase sales at the restaurant premises MARKETING MIX; CUSTOMER RELATIONSHIP MANAGEMENT The vital goal of Adriatic restaurant is to provide high-quality meals at affordable prices to the customers. The restaurant aims at meeting all customer needs and ensuring total satisfaction by providing meals and other services in the market (Kotler, 2014). The restaurant has to maintain its standards high while carrying out the implementation model perfectly since word of mouth is the imperative marketing drive. The management time will create a luring and welcoming atmosphere with unmatched quality at an extraordinary price. The price tagged on food items will consider the locale meaning that it will be dynamic and not a low priced restaurant aimed at capitalizing on “good “meals only.
The foods served will be exceptional and will be charged at reasonable prices. The eatery will feature how home-style eateries look by offering excellent home-style delicacies. A maximum of two months will be enough for the schedule designated for the activities to be completed (Van Waterschoot, 2015) . The restaurant will have a competitive item which will be used by the sales representatives to compete with the other restaurants. The activity will build the restaurant brand in the next year. The marketing timeline is not complex to follow even though the marketing concepts ought to comprehensive enough to warrant timely delivery. The managers will track metrics as the implementation carries on to assist ascertain whether the undertaking is a success and contrast the gains and the costs incurred in the process.
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