Marketing Plan of a Hawaiian Restaurant - Assignment Example

?I. Overview: This report outlines a marketing plan and it covers the following components: operation, insurance component, and risk analysis. The report covers a lot of details about how this Hawaiian restaurant market intends to offer delicious food stuffs and how it will employ wonderful staff members and chefs who will work there. The marketing plan will also highlight how the Hawaiian restaurant will be transformed through the use of social media to boost its popularity in order to attract many customers. The marketing plan also highlights in detail the operational strategy that will be used by this Hawaiian restaurant as well as its organization structure. These components are essential since they can determine the success of the restaurant in its operations. Additionally, the plan will outline how I will provide insurance for all employees, and insurance for my restaurant. II. Marketing Plan: In general, I have four methods that will be used to carry out marketing activities for my new restaurant and these include the following: the traditional way by words of mouth, online media, banner & brochures, and redemption door prize& discount. I believe that these methods would increase the popularity of my Hawaiian restaurant and this strategy can also contribute towards attracting a lot of customers. II.1.Words of Mouth One of the crucial aspects in business is the use of traditional method of marketing where the word of mouth will be utilized. The members of society often respond in different ways to a market offering where they may be surprised, disgusted or complain due service failure. Therefore, words of mouth are essential since they can be used as the initial strategy to respond to the concerns of the members of society and the targeted consumers. With this opportunity at hand, I anticipate that my restaurant will be one of the hottest spots in Washington D.C. since it will be the only Hawaiian restaurant. Therefore, I should win the first impression of consumers so that these people can also refer their relatives and friends to my restaurant. Apart from relying on customers to attract others, I will also tell all of my friends to visit my Hawaiian restaurant. I will also appeal to my employees to invite their relatives, and friends to my restaurant. I am pretty sure that this word of mouth marketing strategy will help me to attract a lot of loyal customers because of family relationships and ties with the employees. This strategy will positively contribute to the success of the restaurant in its operations since it will mainly involve direct interaction with the potential customers. II.2.Online Media During the current period, it can be seen that the media particularly social media have been transformed into an effective platform for people to discuss various current issues, and events. I will hire people with good public relations, and communication skills to organize and manage my social media campaigns for my Hawaiian restaurant. First of all, I am going to concentrate on Yelp, and Trip Advisor because people often refer to these websites when they are looking for a restaurant in their area. I should try to create and maintain trust among the customers that will visit my restaurant. I will also make sure that we give feedback to the customers through Yelp, and Trip Advisor. In addition, my public relations division should update the restaurant website, Facebook pages, Instagram, and Twitter with current events, new menu, and any changes with our office hours every week. This will attract people to visit my restaurant to see upcoming events such or musicians who will entertain my Hawaiian restaurant customers. II.3. Banner & Brochures This is one of the marketing strategies that I will use for my restaurant. I will create attractive banners and place them on the streets, and I will also hire students from college and high school to spread the brochures at the Metro station, and public grocery stores. There would also be a frequent brochure that will highlight my restaurant’s future activities, discount hours (happy hours) and events. Furthermore, the banner is going to be designed in an attractive manner and it will include delicious foods. It is also going to be colorful, show location, and type of food in my restaurant. I hope this is going to attract many customers. Additionally, I also have a vision for my restaurant where I will provide unique foods that people have never tasted in Washington D.C. I will establish my restaurant as the first Hawaiian restaurant in D.C. area. II.4. Door Prize & Discount II.4.1 Door Prize In order to boost the popularity of my new Hawaiian restaurant, I should invest in some form of door prizes like iPAD, iPhone, Samsung S4, and Sony TVs for lucky drawing. Diners at my restaurant will have the opportunity to win those items. My restaurant will hold a social event every six months to announce the winner. This will attract more people to dine in my restaurant because they would think that by spending $20 on their dinner, they can win prizes worth more than $500-$700. II.4.2. Discount I will provide loyalty discount cards for customers. This will give my loyal customers 10% discounts in every purchase above $50, so by having these cards, my customers can also help to market my Hawaiian restaurant to their friends. They can ask their friends to sign up for the discount cards for free foods. I believe this program will create intimate relationships between the customers, and my Hawaiian restaurant. It is because customers who have these cards will feel that they are part of my restaurant. II.5. Marketing Graph in Table II.6 Marketing Concentration The list below shows my concentration structure on the marketing method that I am going to use to market my product. I will concentrate more on words of mouth, social media, and door prize & discount. III. Operation: In the operation section, there will be organizational structure, the blue print of my restaurant, items that are needed, menu outline, and overall operation costs. II.1 Organizational Structure: III.2 Organizational Structure Description: 1. President: He leads the entire organizational structure. The President also has work to bring fresh innovation, make decisions, and organize the financial, operation, administration, and marketing officers. The president needs to maintain healthy relationships between workers, and organize restaurant staff to achieve a big profit. 2. Executive Vice President: He assists the President in delegating tasks to the Hawaiian restaurant employees. The Executive vice president also has the task of acting as a bridge between the President, and the employees. The Vice President should keep the President updated with the current events that happen in the Hawaiian restaurant. 3. Chief Financial Officer: He or she will be responsible for compiling all of the financial data from the financial analyst officer, and organize the final reports with all details. They also have to analyze about the current investment of the Hawaiian restaurant if it is worth it. CFO has to report all of the cash flow, income statement, and balance sheet to President. 4. Financial Analyst Officer: assists CFO to do all of financial tasks. They need to help CFO in arranging the entire financial plan for the CFO. 5. Chief of Operation Officer: compiles all of the operation reports, and analyzes the operation performance in Hawaiian restaurant to the President. COO should monitor operation analyst officer, culinary, and legal strategy. 6. Operation analyst officer: provides COO with the operation reports, employees’ evaluation, and food quality. 7. Legal & Strategy: helps the restaurant keep in line with the regulation in D.C. area, and form the best strategy so the restaurant can generate huge profits while following the regulations. 8. Culinary: chooses menu, and foods, and decides from where the restaurant will get the raw materials for chefs. 6. Operation Analyst Officer: assists the Chief of Operation to execute all of their jobs on the fields. Help to gather data like survey from customers about input of my Hawaiian restaurant. As a result, we can improve our operation in order to satisfy customers. 7. General Manager: manages, and organizes delivery services, waitress, servers, chefs, bartenders, receptionist, and sushi master so they can operate efficiently. Waitresses or servers will act as cleaning service. 8. Marketing: arranging and planning the marketing strategy in general. Additionally, they are responsible for giving tasks for social media publication, and public relations. 9. Social Media Publication: manages, and organizes the online publication about discount, current events, and market new delicious foods. 10. Public Relation: maintains the relation between my Hawaiian restaurant and society. This division has a job to market my restaurant by words of mouth. Furthermore, they need to contact the musicians, and entertainment companies to perform at our restaurant. III.3 Number of Employees: President = 1 Vice President =1 Chief Financial Officer = 1 Chief Operation Officer = 1 Administration Manager = 1 Marketing Manager = 1 Social Media Publication = 1 Public Relation = 2 Waitress & Servers = 10 Bartenders = 4 Sushi Master = 4 Delivery Services = 5 Chefs = 5 III.4 Operation Hours, and Happy Hours: 1. The restaurant is open from Monday to Sunday10.00AM-01.00AM. 2. The delivery services are open from Monday to Sunday 12.00pm-8.00pm. 3. Happy drinking hours discount 15% on alcohol every Wednesday. 4. Happy food hours discount 10% for all food every Tuesday. 5. Free sodas hours every Thursday from 7.00pm-9.00pm. III.5My Menu Outline on Menu Card: III.6 Hawaiian Restaurant Blue Print: III.7 Hawaiian Restaurant Blue Print Details: Total Restaurant Area = 1,089,000 Ft2 Sushi and Bar = 43,560 Ft2 Decoration =10,500 Ft2 Fish bowl kitchen = 13,500 Ft2 Loading dock = 7,000 Ft2 Podium = 7,000 Ft2 Receptionist desk = 3000 Ft2 Restroom = 3,600 Ft2 Hawaiian playground = 750,000 Ft2 Table for two with chairs = 800 Ft2 Table for four with chairs = 1600 Ft2 III.8 Operation Cost Report: I will open my restaurant in February 2014, so I will come up with the initial operation cost. As it stands, the biggest expense will occur in January 2014. IV. Insurance: IV. 1 Insurance (non vehicles included): I am going to have insurance policy on the following: Insurance (non vehicles included): - Including workers compensation, - Property coverage, - General liability coverage, - Commercial excess coverage - Benefits for my employees. Total = $10,000 per year Vehicle: 3 Cars = $ 2,400 per year Total = $12,400 per year V. Industry Risk: V.1 Financial Risk: The biggest financial risk is likely to be experienced at the beginning when the restaurant will be opened. I need to make a big investment on kitchen equipment and tools, restaurant decoration, and restructure the organization. This fixed asset investment takes a big portion of initial investment. Besides the fixed assets, there is overhead cost, furthermore; there are also variable costs that occur in this initial investment. According to the data of operation cost, I need to invest $163,470. My prediction is that my restaurant will reach the breakeven point in the second month. This estimation comes from the research of the income of the Roy’s Hawaiian Restaurant Baltimore. In Baltimore, they can get $3,000 gross sales during weekdays, and $5000 on weekends. It means that in a month, my restaurant would make $100,000 gross sales per month. My restaurant would close in losing -$63,470, but they will reach the breakeven point by the end of second month. There is a low risk in this business because it will be the only restaurant which currently does not have any competitors due to its uniqueness. It means I will monopolize the market in the Washington D.C. area. This fact supports the income predictions for my restaurant. By looking at the estimation, there is no significant financial risk in investing in this particular business, even though I need to spend a lot of money during my initial investment. V.2 Operation & Management Risk: V.2 Operation & Management Risk: V.2.1 Operation Risk: 1. Chefs can be injured in the kitchen. 2. Broken tools, or decoration. 3. Delivery car may bump into another car. 4. Customers are not satisfied with services. 5. Food poisoning. V.2 .2 Management Risk: 1. Administration I consider administration division has the biggest problem because this is the new restaurant. The administration will encounter a hard time to build a perfect formula in the management system. I believe that there will be a lot of issues during the first four months of the restaurant. This is because administration should manage bartenders, waitress, servers, delivery services, sushi master, and bartender at the same time. They also should make sure that the waitresses and servers can serve food to the customers on time while still maintaining cleanliness at the restaurant always. 2. Chief of Operation In actual fact, there would be a lot of problems anticipated during the first 4 months after opening business, so this position would pose the second biggest pressure. It means that maybe the one who will work in this position could leave the job because of pressure and he or she should come up with the solution. VI. SWOT: Strength- unique brand Weakness- some customers in Washington DC may not enjoy the taste of Hawaii food Opportunity- no competition Threat- changing market trends such as financial crisis Read More