Building your marketing plan – Assignment Example
Company The Eat More will be a restaurant offering Italian and Mexican Food across the whole country with first stores located within theState. This restaurant will offer freshly prepared Italian and Mexican food to the select target market. The firm operating this restaurant will be partnership and will be legally registered as a firm. The firm will comprise of 4 partners with equal participation of 25% shareholding from each partner. The profits and losses of the firm will be shared according to this rate and all partners of the firm will be actively participating into the management of the firm.
Restaurant will be located in the center of the town and will be readily accessible to almost every visitor to city center. The city’s population is over 1 million thus providing a very good marketing opportunity to offer quality food services. There are already few restaurants within the city offering Italian and Mexican food however, their overall menu is limited and they have failed to provide variety of foods to their customers. Our firm will therefore focus on providing variety of Italian and Mexican food at affordable prices.
The Mission Statement of the firm will be:
“To offer variety of quality Italian and Mexican Food to our customers and tourists visiting the area at affordable cost”.
Non- Financial Goals
1. To open five restaurants within next five years.
2. To capture at least 10% of the market share during next seven years.
3. Add more variety to our menu and hire five more qualified and skilled chefs.
4. Further refine our competitive advantage and align our strategy with all business areas.
1. Achieve 50% growth rate in revenue in next five years.
2. To achieve and maintain a return on equity of 25%.
3. To reduce and control costs to maximize profitability of the firm.
The competitive advantage of our firm will be based upon offering freshly prepared Italian and Mexican food in great variety. We aim to offer a great variety of food at prices which will be affordable and targeted at people who live alone or avoid cooking at home. We will also be offering our food to the homes in neighborhood of our restaurants and for which we will be charging no extra price thus offering our customers same food at the same prices. We therefore aim to achieve our competitive through diversification.
1. Variety of food
2. Location- centrally located
3. Low prices of food offered
1. Smaller firm size and market presence
2. Lack of expertise
3. Limited access to customers
1. Opportunity to expand into other areas and cities.
2. Offer other cultural food such as Indian and Chinese food.
3. Opportunity to diversify in packed food business.
1. Low entry and exit barriers thus new players can enter the market.
2. Price competition from competitors.
3. Larger players may further penetrate the market and offer cheaper food to our target market.