The paper "A Marketing Approach - Frank Rainsford " is a perfect example of a marketing assignment. Frank Rainsford first concern was the ability of the new restaurant outlet to attract customers. Frank has been running his barbeque restaurant for more than 30 years and appreciates how difficult it is to acquire a loyal customer base to support a restaurant. Frank believes that the opening of a new restaurant is a huge financial risk since the business will have to rely on acquiring a loyal customer base to survive; something that takes expertise and years of persistent low-cost marketing.
Frank also argues that “ knowing your customers” is the key to success in the restaurant business. Frank is not sure how his son will understand the customer needs in the Darien location. Robert will have to put up a very strong argument of the new restaurant’ s competitive edge in the new location in order to allay the fear that his father harbors concerning the ability of the business to attract and retain loyal clientele. First of all, the Fairfield restaurant has succeeded simply by offering customer quality inexpensive barbeque in a family-friendly setting.
This model proved to be hugely successful. The new restaurant will implement the same best practices to attract loyal customers to a brand that is recognized nationally and unmatched in entire Connecticut. The new restaurant will also be complemented by an online ordering system and extensive digital marketing through the website and social media accounts. The choice of location has also been carefully selected by factoring in aspects such as population size and density, family size, and income levels.
It is expected that the demographic composition of Darien will support Frank’ s all American Barbeque as it is the case in Fairfield. Statistics in the business plan indicate that Americans have spent at least five percent of their disposable income on eating out. In addition, the projected 1.7% growth in GDP and 4% growth in disposable income in the coming will increase the purchasing power of the target market. This means the new restaurant will not find it difficult to attract customer provided the food and service quality is exceptionally high, while the prices are low. Franks other fear is that the ramping up of sauces’ sales might present some problem for the business since most consumers outside Fairfield locality are not aware of the brand.
The sauces are speciality products that cost higher than other sauces and may, therefore, not be competitive in the wider market. However, the results of preliminary market research indicate that the company can anticipate a 20 percent annual growth rate in the sales of sauces over the next five years. Frank’ s four styles of sauces are an added value to the restaurant's barbeque serving.
They have already proved popular with customers of a local supermarket. Roberts can initiate a product development program to improve the branding and packaging of the sauce to reflect the rich heritage of quality and value-for-money associated with Frank’ s All American Barbeque. Robert must also come up with a production plan that will lower the production cost through automation and economies of scale to lower the cost of the sauce in order to compete effectively in case the market becomes price-sensitive.
Goodman, G. (2012). Engagement Marketing: How Small Business Wins in a Socially Connected World. John Wiley & Sons.
Schindler, R. (2011). Pricing Strategies: A Marketing Approach. SAGE Publications.