Currently the pub is offering a wide range of services to its clients this include, free packing space, guest beers and real Ales, Room for events such as weddings, funeral reception and birthday parties, big screen TV sets for kids cartoons and sports, bed and breakfast accommodation among other services. The pub is well rated in this region due to its high quality services. However, the pub has been facing stiff competition from the pubs that surround to a thing that calls for immediate measures to counter the prevailing competition arising from its direct competitors who have turned into gastro pubs thus attracting guest from the entire globe.
As a marketing advisor I would propose that we also change midways, colours into gastro so as to have a wider customer base, compete effectively and increase profitability. The pub targets family market since it has the necessary accommodation services for them i. e. adults plus young children. To force competition in a better way the pub will target the tourist market so as to target visitors from foreign countries who came at this region during the high season. Products and services at Mildmay colours should be of a much higher and better quality ahead of those of its main competitors, the restaurant should offer high quality food with a provision of various delicacies from every corner of the world so as to acquire a wider customer base.
The bar should stock a variety of drinks to ensure that whenever a customer comes the bar will always have something for him/her, the bar should offer high quality accommodation services to ensure comfort and satisfaction to its visitors, to allow room for business expansion the bar should set up a bigger building with spacious rooms for private factions, a wide parking gone.
The bar should develop a brand name that has a root of origin and that which is short and easily pronounced in other languages with global acceptance. Its trade name logo should be designed in a way that it can be easily interpreted by the visitors so as to record a higher impact in attention catching. (Frank, 1998)A strong brand will ensure that the pub gains competitive advantage as a result o f its prestigious and popular brands.
More customers will join midway while the old ones will be retained. The business industry puts more emphasis on creating a strong brand that will remain an important factor in determining the number of clients a business enterprise will have. Most consumers will prefer a choice of brand to that of location an idea, that Midway Colours Inn should bank on. They should have sophisticated modern buildings with highly skilled services in accommodation facilities, catering and conference facilities.
(Frank, 1998)To record increased sales and compete effectively with its direct competitors Mildmay pub should employ various pricing strategies. The company should adopt competitive pricing strategy with this strategy the pub will be selling its products and services at medium prices which will go in line with prices changed by various pubs that has an international status similar to that of Mildmay. This medium competitive pricing will help the pub to meet the market competition arising from its direct competitors. It was also created a good impression to most customers that the pub does not neither overcharge nor undercharge its clients.
The pub should also adopt premium pricing whereby its accommodation services, drinks and foods in the restaurant will be offered at very high prices this will help it to compete with those pubs offering higher prices to its products and services making it a high class pub. It will create an impression that cheap is expensive making more customers to flow in the pub after all people do not like cheap things as long as they have got the money.
Lastly the pub should adopt penetration pricing whereby services and products will be offered at low prices so as to achieve a quicker market entity. This will also be aimed to avoid unnecessary competition that may be created by its direct competitors. All these pricing strategies should have a price tag that ends with digit 9. This is because the pricing will bring a psychological impact on the customers mind in that many of them will tend to ignore the least significant prices for example, if the set prices is $199.90 consumers will particularly ingot the 90 cents although they will be clearly seeing them! .
This will be psychological. A different scenario will occur if prices will be set at $200 this way consumers might view it as a very exorbitant price though the difference between the two given prices will be negligible and insignificant. Such pricing will also assist the pub in keeping pace with the ever dynamic pricing across the globe. (Schultz, 2000)