Joe Restaurant Marketing Plan - Case Study Example

Marketing Plan [Joe Restaurant] Contents Contents 0 0 Executive Summary 1 Marketing Vision 1 Purpose 1 Introduction 2 2.1 Political and Legal 2 2.2 Economic 2 2.3 Socio-cultural 2 2.4 Technology 2 2.5 Environmental concerns and influences 3 3. Competitive Review 3 3.1 Direct competitors 3 3.2 Substitutes 3 4. SWOT Analysis 3 4.1 Strengths 3 4.2 Weaknesses 4 4.3 Opportunities 4 4.4 Threats 4 5 Target Market 4 6 Marketing Objectives 5 7 Marketing Strategy - Positioning 5 Corporate 5 Long Stay 5 Conferences 6 8Marketing Mix 6 8.1 Product 6 8.2 Pricing 6 8.3 Promotion 7 8.4 Place 7 9 Monitoring and evaluation 7 Appendix 7 Executive Summary Joe Restaurant marketing plan provides the management of the restaurant with reliable, up to date and implementable tips that will help to reach to the potential clients. Joe restaurant marketing plan is drawn from a point of view of a restaurant profession. A restaurant is not like any other business because they pose unique online challenges and opportunities. Restaurants are also faced with unprecedented competition and corporate chains with huge marketing budgets. Marketing Vision Joe Restaurant is a premier luxury hotel and its main aim is to attract visitors to a high-end cosmopolitan hotel setting. The restaurant aims at providing aesthetics, luxuries and superior customer services. Goal The goals of the manager include; Reducing shift management time to 25% of time and devoting the remaining time to marketing direction and strategy. Devoting at least 2hrs per day to marketing activities. Marketing goals To achieve annum revenue of at least $1.8 million Open another branch in 2014 Strategic Goals: To become a top tourist restaurant by the end of the third year. Tactical Goals: To initiate Joe Points customer loyalty program To establish a customer feedback system To come up with a staff incentive system with monthly bonuses To create a Facebook page and expand Joe restaurant website Purpose This marketing plan shows how to implement a marketing plan with small marketing budget and using superior marketing techniques. As such, social media and search engines have been considered as primary marketing methods if properly utilized. Introduction This marketing plan has been designed to be a blueprint of Joe Restaurant establishment that goes beyond to meeting the restaurant’s clientele expectations. The restaurant aims will grant a five star rating after its few years of consistency in it service. Joe restaurant will dedicate itself to consistency and to finding new ways to attract many visitors and customers to create worth experiences much more than the clientele pay for. Joe restaurant believes that luxury should be pleasantly unpredictable for it to be truly rewarding. 2. Marketing Environment (PESTE) 2.1 Political and Legal The initial step in Joe Restaurant PESTE analysis is considering the legal and political situation in the area. In this case the local politicians in the area are very friendly to the hotel and restaurant business owner who adhere to strict business regulations. Joe Restaurant enjoys stability of political environment, taxes, law, policies, trading agreements and also endorses the government view on terrorism, culture and religion. 2.2 Economic The economic condition have been successfully studied and Joe Restaurant has access to clientele base that possess great disposable income a fact that has made the establishment to have a very great advantage over its competitors. 2.3 Socio-cultural Joe Restaurant’s mission is to uphold cultural diversities. The establishment works toward continuous development and improvement of services and quality of its products. promotes diversity and respect and at the same time integrating into the community environmental oriented goals. 2.4 Technology Joe restaurant focus on using state of art technology. Technological innovations attract customers and Joe Restaurant aim at being a technologically themed place where menus and provisions are lightened in the place to pull customers. Specialized equipment in this case is the larges technological factor being considered by the management. The management also focuses on use of the internet and social media to communicate with its clientele on bookings and offered services. 2.5 Environmental concerns and influences The establishment works to minimize environment pollution through use of reusable cups, recycling in stores. The Joe Restaurant also reduces energy consumption by purchasing renewable energy. We also continue to use water saving technology in the restaurants equipment specifications. 3. Competitive Review 3.1 Direct competitors The direct competitors with Joe Restaurant are neighboring restaurants and five star hotels that have superior facilities for tourist and locals. These establishments have established themselves as international destination for business tourist and are strategically located. 3.2 Substitutes Many of the local residents prefer using small hotels, motels and bars which are scattered everywhere in the town. These establishments though lack superior services and variety of products, they are very cheap and have been noted to attract bi populations. 4. SWOT Analysis 4.1 Strengths The restaurant has a clean and tidy exterior Services offered are relatively cheap compared to other restaurants of the same caribre Joe Restaurant’s style is new in the area Unique product that are not offered by restaurants in the area Joe restaurant has a branded image 4.2 Weaknesses There is limitation of funds We are offering a product that is already in the market Customers must travel further to get to the restaurant 4.3 Opportunities There are ready complex being build nearby A new housing development has been built nearby The main competitor has relocated their business A neighboring building has been made available for expansion. 4.4 Threats A superior street brand in the area The operating costs are set to move upwards The business lease needs to be renewed and there will be rent increment The main competitors have lessened their prices starting the price war with Joe restaurant. 5 Target Market Demographics Joe restaurant has considered Gender, Age among other observable characteristics. The restaurant targets mi d age clients of from the middle income earner within the locality. Psychographics On considering psycho graphic segmentation we have divided the market into groups. Our products come with lifestyle and leisure and we want to make Joe restaurant a place where people come for leisure and meetings. Benefit sought Joe restaurant offers its clients with benefits of superior services at discounted prices. The management organize transport offers sporting activities and increased security for its targeted customers. 6 Marketing Objectives Joe Restaurant marketing objective follows SMART i.e. Specific – the restaurant wants specifically to increase its market share, it is not generally aiming on being more profitable Measurable - Joe restaurant is objective in its vision. Its target is to increase its market share to 25% Achievable - the management of the restaurant have accessed the capabilities and the establishments marketing environments to make sure that it objectives are achievable. Realistic – Before establishing a deadline for the marketing objectives Joe restaurant has reviewed its resources, competitors and the current market share to ensure it increases its share to 25%. Time scale – This element has been considered achievable in 18 months time. 7 Marketing Strategy - Positioning Marketing strategy (Positioning) of Joe restaurant is based on different strategies depending in the laid down segments. Corporate Because corporate market segment contributes to maximum shares to Joe restaurant revenues 55% has been the utmost paying capacity, establishment should continue to retain its market share. The corporate segment contributes maximum during the weekdays. Our competitor has traded off his segment with groups since their location gives them an advantage to attract leisure groups to fill up all weekends. Long Stay Joe restaurant has decided to take a conscious decision to use this segment as a filler to that, that gap created by the corporate on the weekend can be traded off with this segment. This segment is realized to contribute 35% occupancy and just 20% revenue share. Conferences Joe restaurant maintains highest share from the conferences since it has the best conference facility hence it charges premiums to guests attending conferences and using the restaurant accommodation facilities. This segment will contribute to 15% to restaurants occupancy and approximately 15% revenue. 8Marketing Mix The management at Joe restaurants understands that in order to make a successful marketing plan the establishment must successfully mix the right products and services, in the right place, sell them at the right price using the most suitable method of promotion. 8.1 Product Joe restaurant provides high quality facilities an exemplary personal service that has been differentiated from competition quality with the entire brand strategy that has been successfully approved to generate high repeat business. 8.2 Pricing Pricing strategy of Joe restaurant has been consistent with the objective of the plan to provide added value for reduced rate as opposed to devaluing and discounting the products and services. Joe’s restaurant rates per room are as follows Corporate single - $90.00 Corporate Double - $120.00 Corporate double deluxe - $ 175.00 Corporate suite - $225.00 8.3 Promotion The primary focuses of Joe restaurant focus remain on mass communication through print ads in trade publication and via internet. The management focuses on daily mail campaign existing clientele and the prospective ones. This will help to maintain cost effective means of targeted campaigning. 8.4 Place A big percentage of costs goes to getting to the customers place and the establishment is concerned with various ways of transporting and storing goods and on how to make services available to customer. 9 Monitoring and evaluation Joe Restaurant’s progress against performance targets in its marketing plan is monitored to establish whether the restaurant is achieving its marketing strategy. The marketing performance and outcomes will be recorded to enable comparing with the planned marketing objectives. The variations on predicted results will be analyzed and recorded. The management of Joe restaurant will prepare reports on progress against marketing plan and the marketing plan will be evaluated against the restaurants strategy and direction. As such staffs are encouraged to propose various ways of improving marketing performance of the establishment. The management will be keen on customer reaction on all aspects of marketing so as to improve targeting and identification of opportunities for improvement. Appendix Artur, B., Karen S., & Gudrun, B. (2003). "Performance Consequences of Brand Equity Management Evidence from Organization in the Value Chain", Journal of Product & Brand Management, vol.12, Taylor. D. (2005). People Resourcing, 3rd Ed. London: CIPD Publication. Woodside, A. & Carol M. (2009). Perspectives on cross-cultural, ethnographic, brand image, storytelling, unconscious needs, and hospitality guest research. Bingley, UK: Emerald. Read More