Product Strategy The overall focus of our product strategy will be to offer variety- variety in number of foods available for s to buy. As discussed, the overall differentiating point of our business from others will be to offer products which are different from our competitors but are also diversified. Though the range of our products will be based upon only the Mexican as well as Italian foods however, within that range, we will be offering a lot of variety. Referring to three different levels of the products, we aim to offer our product in following manner: Core product The core benefit of our product will be to provide tasty and affordable Italian and Mexican food to our customers. Actual Product The actual product will be different food items of Mexican and Italian nature with read to eat nature. Augmented Product The overall augmented product will include free deliveries of our food at selected areas. Our core customer base will be individuals looking for quick Italian and Mexican meals.
The focus will be on those customers who wish to eat on the move however, this business will also focus on families.
In order to further refine our product strategy, a qualitative research customer research will be undertaken. The overall purpose will be to actually engage into one-to-one conversation with our potential customers. This will not only help us to validate our segmentation model but will also help us to identify the right mix of marketing strategies to employ from time to time. New product will be different on the basis of price as well as the variety as the focus will be on offering lot of food varieties at prices which are just affordable for everyone.
The focus of our strategy will always be based upon offering products at relatively affordable price. The new product will also be different as we will be offering free home delivery services in selected areas with an aim to expand the serving areas. This will help us to serve larger base of customers which not to prefer to collect the food from restaurants. Stages in Product Life Cycle At the introductory stage of our product, we will be offering this product with limited choices in terms of number of stores to be opened.
Since introductory stage will be a stage of uncertainty therefore at this stage, focus will be on offering our product at the selected restaurants. However, at the growth stage of product, more varieties will be added along with more stores to be added. Growth stage will also be based upon offering a product which caters to the wider level of customer base along with focus on new markets and places to expand. At the maturity stage, however, product will be offered to an already established customer base and the overall focus will be on retaining the customers.
At the decline stage, however, we will be adding more variety to our menu and will include other foods from different countries and cultures. Marketing Mix Product Product will be Italian and Mexican foods offered through our various restaurants aimed at people who are looking for ready to eat meals. The additional USP of this product will be to offer ready to eat Italian and Mexican dishes. Price We will be following value based pricing where based on the perceived value of our product for customers, prices will be selected.
The pricing strategy will focus on determining how much customers value our food along with affordability for customers. Promotion Our promotional activities will be based upon in-store and flyer promotion wherein we will be promoting our products through in-store products. Further, we will also be distributing flyers in homes besides generating word of mouth. We will also be introducing periodic discounts and free giveaways. Place Our products will be primarily offered through our selected restaurants wherein restaurants will be opened at two primary locations i. e.
residential areas and commercial hubs of the cities. Residential area restaurants will be primarily focusing on families as our core customers whereas stores opened at commercial hubs will be aiming those customers who commute for their jobs and want to have a special lunch at really affordable prices. Packaging Strategies Foods served in our restaurants will be offered either through disposable food containers or through specially designed crockery. Food delivered in homes however will be delivered through specially branded disposable green packaging. Focus will also be in delivering food in a packing which can keep it hot till the point of delivery to our customers.