The Target Market Which the Business Has to Be Aimed - Assignment Example

Question 1 The target market which the business has to be aimed at is as Firstly, the business will look at independent travellers who travel with a predetermined itinerary and look towards purchasing different services. The prime reason for looking to attract independent travellers is that it comprises about 55% of the people travelling. This thereby forms a large section of the travelling people and attracting those will help to ensure that the business grows (Brassington and Pettitt, 2001). Further, the amount of money spend by the independent travellers is high as they prefer different services which will help the resort to ensure that the different facilities are used and provide an opportunity to grow. Secondly, the business will look at attracting group of people travelling together. Since, this group of people don’t have a set itinerary so attracting and retaining them is difficult as people prefer to shift from one resort to other. This will be matched by attracting local people so that the restaurant business is also developed (Chrisan, 2001). Attracting people in group will help the resort to ensure continuous supply of customers and since they visit in groups it will provide an opportunity to convert those customers into long term potential customers thereby helping in long term sustenance of the business Question 2 Blackfield Hawaii Corporation for the long term prospect of the business can look at having a speciality restaurant which serves specialized food. Since, the area lacks specialized restaurants and the food which is offered by the different restaurants are similar so differentiating based on specialization will help the business. Further the menu which the other restaurants have is small with limited choices for the customers so having a restaurant which serves the different needs of the people will help to attract more and more people (Awni, 2008). Specialization would also help the business to grow in different dimensions as it would help to work on specialization and would thereby meet the different product levels as shown below On the forefront it will meet the core product as it will provide the customers to satisfy the basic need of food and ensure that their desire for food is fulfilled. The generic product needs are also met as a specialized restaurant will look at quality food, proper service level, fresh food, courteous and helpful staff and a nice ambience for customers. This will thereby provide the generic needs and ensure that the product meets the specific requirements through which customers will be satisfied. The restaurant will also help to meet the expectation needs of the customers as customers are looking for speciality restaurant which is different from other restaurants. The speciality restaurant will help customers to ensure that the product provided by the restaurant meets their expectations and is as per the requirements (Czinkota & Ronkainen, 2004). This will ensure better returns for the money the customer is paying and would help to pacify the customers to purchase the products and services again and again. The restaurant will also help to meet the augmented needs of the customers. Since, there is a lack of specialized restaurants so people having food would feel more important and would be able to associate with the restaurant better. This will help to develop the required brand name through which customer satisfaction level would improve and the different needs will be better met. Lastly, the product would look towards meeting the expectation of a potential product as quality products with a good ambience and service would help to transform the business. This would provide an opportunity through which the customer will be better happy and would be able to associate with the product better (Berkman & Gilson, 2001). The process would lead towards meeting the different needs and ensure high customer turnover rates. Thus, a specialized restaurant with a good price point will be able to attract a large customer base. Since, the restaurant will look to price the products that it suits different pockets and provides an opportunity to attract different customers. Price points thereby become important as it will help to bring the required transformation through which business prospects will improve. As a result the restaurant will be better off and will be able to transform the different category of customers towards permanent customers. Question 3 The success of the business is largely dependent on the ability to market the product so that customers can be attracted towards it. The marketing mix which the restaurant will look to adopt has been identified on different parameters which include advertising, sales promotion, offers and direct selling. The details are as Advertising Advertisement Strategies Target Market The restaurant will look to attract individual travellers, group travellers and local people to purchase the product Reach The advertisement will look to reach a large audience and would cover people living at different regions of the world as well Life Span The advertising will be carried out for a period of 6 months by having special focus on different medium in each month Frequency The advertisement will be repeated after a certain fixed interval of time like continuous advertising on radio, daily advertisement in newspaper, monthly advertisement in magazine and so on Medium The medium of advertising will be paper, magazine, social networking sites, television commercials in local language and radio advertising Message The message will be for consumers to come and taste the authentic and specialized food which the restaurant serves and differentiate the services from other players based on quality and service Objective The objective will be to attract customers by creating an impression on the mind of the consumer. The prime focus will be to make people aware about the new restaurant so that they look towards purchasing the product again and again Sales Promotion Sales Promotion Strategies Target Market The target audience will be all category of customer who prefer to dine outside and have a special preference for specialized food Reach The sales promotion technique will look to reach all audience over the globe so that they can be attracted towards the different cuisines which are served Life Span The sales promotion will be carried out on a continuous basis for 6 months so that manner in which the business is gaining can be identified from it (Alvarez & Casielles, 2005) Frequency The sales promotion will be carried out on a continuous basis so that awareness can be created and more and more people can be attracted towards the services. Medium The sales promotion technique which the business will use will be paper, magazine, social networking sites, television commercials in local language and radio advertising Message The message which the technique will look to spread is making people aware about the different products, the service level, quality of food and overall experience which will be enhanced for the customers. Objective The objective of the sales promotion mechanism is to create awareness and look towards attracting and converting people into potential customers. Offers Offers Strategies Target Market The target market will be customers who regularly visit the restaurant and look towards having the sumptuous food which the restaurant will serve Reach It will look to reach the people visiting the restaurant and have food out there Life Span It will be done on a continuous basis as different loyalty programs along with special offers which will be time based will be rolled out Frequency There is no limit on the frequency of loyalty program whereas special offers will vary based on guest visiting the restaurant, occasion and special days Medium It will be a direct one to one interaction as customers will be directly reached and approached for the different offers Message The message will be to give customers some additional facilities and rewards due to their continuous association with the restaurant Objective The objective will be to develop a pool of loyal customers who will look towards the same services again and again Direct Selling Direct selling Strategies Target Market The target market will be customers who regularly visit the restaurant and look towards having the sumptuous food which the restaurant will serve Reach It will look to reach the people visiting the restaurant and have food out there Life Span It will be done continuously so that the different needs of customers are understood and steps are taken to fulfil those needs Frequency It will be done as the customer visits the restaurant and will be a continuous one Medium It will be a direct one to one interaction as customers will be directly reached and approached for the different offers Message The message will be ensure that customer feel satisfied as their different needs and wants are properly addressed and met Objective The objective will be to develop a pool of loyal customers who will look towards the same services again and again The marketing communication will thereby look to address the different needs and will look at meeting the different expectations of the customers. This will thereby help to ensure better customer satisfaction and would help to improve the manner different services are being provided. References Awni, R. (2008). Strategic position indicating. Translated by SeyedAmir Poya seyfzadeh, Management Selected Monthly, 78, 70. Alvarez, B. & Casielles, R. (2005). Consumer evaluations of sales promotion: the effect on brand choice, European Journal of Marketing, 39 (1/2), 54-70. Berkman, H. & Gilson, C. (2001). Consumer Behavior Concepts and Strategies, Kent, Boston Brassington, J. and Pettitt, M. (2001). Principles of Marketing, 2nd Edition, Prentice Hall Chrisan, P. (2001). Marketing: A Behavioral Analysis, McGraw – Hill. New York Czinkota, M.R. & Ronkainen, I. A. (2004). International Marketing, 7th edn. South-WesternPublishing:Australia. Coughlan, A., Stern, W. & Adl Ansary, E. (2006). Marketing Channels, 7e, ISBN 9780131913462 ISBN 10:0131913468 , Pearson Education Read More