Marketing Strategies for Tasty World Restaurant - Research Paper Example

?Marketing Plan Affiliation with more information about affiliation, research grants, conflict of interest and how to contact Marketing Plan I.  I plan to start a restaurant that offers a variety of tasty as well as quality food. Food industry is really vast and has enormous opportunities. I am ready to acquire success through hard work and also help others along the way. So according to me, restaurant business is an ideal option for me and my crew. I am sure I can afford to invest money for commencing this business. As can be seen, restaurant is a place which provides services that satisfy people’s hunger and thirst. By starting such a business, I would be able to deliver good quality food products to my customers. My crew and I planned to locate our restaurant in New Jersey, United States of America. New Jersey has a lot of scope for starting hotel business, because there are many people working in New Jersey in different industries like printing and publishing, pharmaceutical industry, financial industry, telecommunication sector etc. Men and women work alike and even students are involved in the work as part time jobbers. Majority of people eat outside their homes, like in restaurants and hotels due to their work and as they do not have time to cook and eat. We could find a number of colleges, industries, companies etc in New Jersey. So we take this as an opportunity for us to start a new restaurant in Jersey City, Hudson County. The reason for choosing this place is its abundant population and the fact that this place has a good infrastructure as well as is diverse in ethnics. Asians, African-Americans, Italians, Latinos etc are the different ethnic groups in Jersey City.       Name of the restaurant would be “Tasty World,” that indicates tasty foods from different parts of the world. We would be providing Chinese, South Indian, North Indian, Italian, Spanish dishes, because these cuisines are popular and very tasty. That would be our USP for the company. We are sure that we can make good profit out of it, though it is very a risky step for an initial business group like us. Our vision is to spread our business network to more places and to satisfy our customers’ needs and requirements by making this restaurant among the most reputed organizations. Our mission is to provide great service and good quality, variety of food to our customers. At the initial stage of commencing, I myself would be the Managing Director and in future, if needed, partners would be included. Our company has personal values that are to be considered in order to get maximum satisfaction from all the customers and to provide good quality food at reasonable prices. II. A. The external environment is a little bit complicated because there are many other restaurants operating in this place. So it would not be so easy for us to run this organization in profit at the initial stage. But we have strategies to counter attack that situation. At present, the global economies are in a crisis and are facing more challenges, but for us it would be the perfect time to start our business in Jersey City. As I mentioned earlier, there are many students as well as employed people in this place, so the marketing demography for our business would particularly be college students, youth and working people. ‘Tasty World’ has entered a matured market, which is highly competitive. There are many other restaurants in the city of Jersey but Tasty World offers 100 types of Spanish, Indian, Italian and Chinese cuisines. Majority of the people living in that place go to restaurants at least once a week and more than 10000 individuals pass that way (where restaurant is proposed). Our workforce would consist of highly experienced people who possess great skills in preparing delicious food. We also plan to serve the dishes at the tables in the fastest time possible. STP of our company would be: Market Segmentation- Potential customers can be segmented into students, working professionals and youth. Target market- Middle class and upper middle class. Positioning- The restaurant would be positioned as “A restaurant that specializes in Spanish, Indian, Italian and Chinese food.”High quality products and customer centric services would be our main priority. Product mix strategy -100 varieties of Indian, Spanish, Italian, Chinese foods -North Indian and Italian special Price mix strategy: average pricing to attract more middle class customers. Promotion Mix strategy- Promotion will be done through newspapers, pamphlets, as well as TV and radio advertisements. The location of the Tasty World would be in the heart of Jersey City. This location is ideal because it provides access to all the potential customers discussed in the market demography. Market research has given an indication that around 10000 people pass this street every day. There are many students in the adjacent college and there also exist many companies. The equipments required are furniture, chairs, air-conditioners, kitchen equipments and others. The layout will be a simple place with a searing capacity to accommodate 100 people at a time. Storage space such as a separate storage room or a small warehouse would be required.         B. Internal Environment Analysis:      1) The Strengths of the company: 1. Quick Service: It will help to save lots of time. 2. Affordable rate: - Our Company normally charges affordable and reasonable prices to the customers.  3. Attraction: - The advertisements of this industry are very appealing, particularly to the youth and the younger age group. 4. Free home delivery services. 5. Experienced staffs.        2)  The Weaknesses of the company: 1. Various preferences: Peoples who have various tastes and preferences. Being a beginner industry, it will very hard to meet the demand of the customer. 2. Shortage customization: - Our Company offers free home delivery services to its clients. So some type of food offered by our company is generally pre-packed and pre-made and not so fresh comparatively. So once the dish is prepared, it cannot be changed according to the consumer’s option or preference.       3)  The Threats to the company: 1. Location: - One of the main threats faced by the industry is the location.   2. Economic circumstances:  Economic atmosphere of the country is one of the main threats faced by the food industry.        4)  The Opportunities for the company: 1. Oppositions from various businesses: - Due to the variety of preferences in cuisines, some opposition is faced by the food industry. This will provide various opportunities to the company. 3. Ready- to-eat: - Currently, ready to eat food items, or junk food/ fast food are demanded more in the marketplace and also lead to the increasing opportunities for the company. 3. Increasing nuclear families: - At the present time, it is said to be the age of fast food. Parents and children mainly prefer fast food due to its speedy service and also the tasty meals it includes.        C. Overall SWOT Analysis considering the External and Internal Environment: 1)    Strength Strong brand image. Market leader of the products offered. Diversified business across the globe. Competent and expert distribution channel. To have the most trustworthy and dedicated employees. 2)  Weakness: Failure in guiding the city center markets. Lack of marketing procedure. Lack of experience.       3) Opportunities: Increasing demand for food products. Diversifying market appeal.       4)  Threats: Economic circumstances. New participants. III. Marketing Objectives:     Marketing objectives of the food outlet were determined while buying the franchise of the company in US, New Jersey. The main aim was to cater to the customer’s requirements and tastes so that the business is a successful venture. It also sought to influence as much consumers as possible for better business. The objectives of the marketing strategy must be capable to eliminate or mitigate the internal weaknesses. Main objectives include: 1. Increasing the number of customers 2. Increasing revenue earned by the restaurant 3. Raising sales of products in the market 4. Promoting not for profit organizations with legislators as well as the community. 5. Making the consumers aware of the new marketing offers in the fast food service industry. 6. Providing dishes that are of superior quality. 7. Keeping the clientele happy with various cuisines. 8. Allowing customers to self-serve themselves according to their own free will, just like a buffet. 9. Supplying food at reasonable prices for all clientele. 10. Adopting marketing activities that are economical. 11. Developing and maintaining the number one position.   Marketing Strategy: It is believed that most marketing based companies do chalk out detailed marketing strategies that are to be pursued during the course of the year or for earlier planning in subsequent years. While the main aspect that needs to be considered can be seen in terms of increased effectiveness and efficiency.  The marketing strategy of the product is to be focused on the differentiation strategy in the market. This includes possessing excellent position in the market in terms of price and quality.   Making the products even more popular in each nook and corner by concentrating in rural market.   Advertising strategy:  The e-marketing is considered to be a critical success of the firm and also its different factors like the organization, employees, and coordinators. Link Exchanges: If the advertising budget for the company is limited and if it is a newly started company or one that is advertising for the first time, the fear of losing money may prevent them from making the advertisement as the site advertisement may cost a lot to the company. At such instances, the business owners are required to sell or offer their complementary products. News letter advertising: News letter advertising is useful when the idea is conveyed to a particular group of customers. They give more importance to the in-depth advertisement in the newsletter, which may be given to the potential customer. It is an expensive method of advertisement and may also lead to unwanted attention from the customers. The packaging of the product is an essential factor in the product marketing. The package is specially designed with attractive colors like red, orange and yellow, so that it attracts elders and children together. The aluminum foils are used in the inner part where there are less chances of getting the food spoilt and stale.  The promotion or communication to the target market is very important and it involves the kind of promotion where people come to know about the business and become loyal customers of the particular firm. Marketing Campaign:  The marketing campaign consists of different kinds of campaigns conducted by the organization for the promotion of their products. There are different stages for campaigning:  Choosing targets: Choosing targets is a method used for the process, like the pay per click method for the advertisement and the use of mail catalogue and also fixing target as to how many are actually needed to be targeted. Different kinds of tools used for the promotion are the search engine optimization, email marketing, pay click method and the online classification of the advertisements. The main aim of these is to transform the web visitors into online shoppers. Many online advertisements convey deep knowledge about the products to the customers and help them purchase the material at ease. This can be useful in the marketing program, especially for the students who are keen to know the details of the course mix and also to pursue the course. Pricing of the product is much important, the cost plus pricing is useful as they “set the price at your production cost, including both cost of goods and fixed costs at your current volume, plus a certain profit margin. For example, your widgets cost $20 in raw materials and production costs, and at current sales volume (or anticipated initial sales volume), your fixed costs come to $30 per unit. Your total cost is $50 per unit. You decide that you want to operate at a 20% markup, so you add $10 (20% x $50) to the cost and come up with a price of $60 per unit” (Allen, 2011). Implementation and Control: As the company comes under the food retail sector, a vendor and a middleman is only required as a promoter of the business and for the delivery of the products. The cost of the company is mainly calculated by the cost of the products including the delivery charges and the taxes included for the same. Budget: The budget is the main process where the members of the organization come together and thorough analysis is made about the budgetary constraints before fixing the price for each product. The budget should be allocated for each process in detail depending on the nature of advertising.   Ad-content: The content of the advertisement is very important and it is to be correctly provided for making the customers understand, as this is the place where the perception of the people plays a vital role. The evaluation of the marketing plan is very essential. It is the only way of analyzing whether the plan is feasible in carrying out the operations or not. The plan can also give immediate results when the test marketing is carried out and the changes can be made at the time of the plan implementation for the success of the business.  Reference List Allen, S. (2011). Pricing Methods. About.com. Retrieved Dec. 05, 2011, from http://entrepreneurs.about.com/od/salesmarketing/a/pricingstrategy_2.htm Read More