The paper "Restaurant's Marketing Mix and Today's Eating Trends" is a worthy example of coursework on marketing. The Marketing Mix is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to a particular target customer group. It is also referred to as the 4 Ps - Product, Price, Promotion and Place, or the 7 Ps the 4 Ps with the addition of People, Process and Physical Evidence. Currently, the restaurant must target the grey market i. e.
the couples that are the regular costumers and the family market i. e. two adults and their children who are the costumers during the high season. Due to the growing competition between restaurants, it is not surprising to see restaurant owners paying more attention to growing trends in eating habits. By following the minutest trend a restaurant could see a change in their market share and survivability. This assignment will look at five of the largest foodservice trends and how to adapt to a more contemporary marketing mix. Product Strategy By changing product lines to include healthy choices such as not fried baked, and alternative choices such as vegan, and gluten-free, Mildmay colors inn can target consumers with special diet restrictions or preferences.
Also, fun new ways of eating foods can be incorporated to provide more variety and convenience as well. For example, menus can include wraps, which are hand-held and can be consumed on-the-go. One way to incorporate more multicultural foods is to add new flavors to sauces or seasoning packs. This offers an inexpensive way to test market different flavor mixes without an overhaul of the menu.
As new flavors become popular, whole entrees can be based around the flavor mixes while still incorporating classical American ingredients and larger portions. The product component may also be manipulated to be tailored towards some of today's biggest spenders: consumers under the age of eighteen. Offering kid-friendly portions; fun, brightly-colored meals; and incentives such as toys included in the meal, should stimulate more business from younger consumers. Another avenue to pursue may be the "gross-out factor. " This would include providing items such as green ketchup and gumballs that look like eyeballs for pint-sized consumers (Gilleran, 1993). Pricing Strategy Price generates profit so is an important element of the mix.
You need to consider - 1. What your target group of customers will be prepared to pay for your product or service. It is important not to set the price too low as customers may think there is something wrong with the product. Equally, if you set the price too high, customers may think that it is too expensive for the benefits offered. Think about how you have positioned, your product in terms of quality.
This will help you to assess how to price it. 2. What it costs you to produce it. This will show you what you need to charge and not what you could or should charge.