Building your marketing plan/ week 3 - Assignment Example

Useful Information One of the most important pieces of information related with this business and market plan is the analysis of the social and economic trends. It is largely the case that social trends will be the single most important data source which can allow us to get an important insight into the way eating habits of our potential customer change. This information however, will be more effective if it can be leveraged through social media as many believe that restaurant operators can only successfully operate if they are good at understanding and analyzing the social trends related with eating out.

Mobile payments as well as spread of word of mouth and quantifying the same will be the most challenging and important pieces of information for overall success in this business. Data indicates that people are increasingly using mobile phone for their payment purposes. Hotel operators can rely on this piece of information and leverage their business by facilitating their customers to actually pay through the mobile phones.Quantification of word of mouth is another important trend which will be important information to look for.

The source for this data will be constant evaluation and surfing of social networking websites such as Facebook and Twitter. Both these sources can offer an important insight into customer preferences and tastes and how they actually view our restaurant and its comparison with other restaurants in the neighborhood. We will also be monitoring the local events to extract data regarding local consumer tastes and preferences.Market-Product GridFollowing Market-Product Grid provides a critical insight into the overall segmentation focus of our restaurant.

Market SegmentsProduct OfferingsBreakfastLunchSnackDinnerTotalLocal Customers32229Students23128Families22228 3 = large 2 = medium 1 = small 0 = noneThe above grid suggests that segmentation focus on the local customers will be more beneficial for our restaurant. Local customers are relatively easier to tap into and provide a ready-made market segment which can be easily accessed. Tapping into the local market segment is to provide low cost of communication as well as marketing hence helping us to control and save cost.

Further, the second most important segment to serve is students as well as families. It seems that we may be experiencing student rush at the lunch hours as at that time, students are usually out for their classes. In order to cater to this time slot, we will be offering relatively better variety as well as more discounts in order to generate more sales during this time. It also seems that breakfast and lunch times are the best times to actually serve the customers and our focus will therefore be on catering to our customers for their breakfast and lunch needs.

Though we will be operating till late night however, we expect that more customers will be coming during lunch and breakfast times therefore we will be offering more food varieties at these times.