The paper “ Fun Features Restaurant - Strategic Marketing Plan, Opportunities and Challenges" is a thoughtful variant of case study on marketing. This is a marketing plan for a full-service restaurant-‘ Fun Features Restaurant’ in Parramatta, New South Wales. The restaurant will focus on providing a community garden, themed dining areas, and complimentary services in addition to dining settings. Its mission is to offer a rewarding dining experience in a relaxing, casual, and comfortable setting. It hopes to attain a growth of 10% in each of the first three years of operation.
The market for the restaurant presents overwhelming opportunities and challenges that the restaurant has to meet successfully. Complimentary services such as taxi, valet, and babysitting services will be made easily available to attract and retain customers. The restaurant will focus on growth by diversifying its food products and services or market development. In the restaurant industry, the bargaining power of customers is high whereas that of the suppliers is low or weak. There is a very high threat of new entrants because the starts up costs of a restaurant are low and there are low entry barriers.
Their degree of rivalry in the industry is also high. This indicates the need for a good business strategy in order for the new restaurant to remain competitive. Offering diverse products and services will also the new restaurant to remain competitive in the industry. Company DescriptionThe restaurant will offer both local and international foods, cuisines, and drinks and also seek local entertainment and offer individuals a chance to display their talents in specially advertised evenings. The marketing approaches will allow the restaurant to attain a market size of the projected 6,000-targeted customers with a projected sales growth prospect of 10% in the next 3 years.
The capturing of large market shares in the restaurant industry whilst tactically carrying the business to become the market leader in the restaurant sector in the area will reflect the success and achievement of the restaurant objectives (Parsa, Self & Sydnor-Busso et al. , 2011). The restaurant will focus on providing a community garden, themed dining areas, and complimentary services in addition to excellent dining services hence offering a unique restaurant experience. Mission StatementWe are committed to offering only the best in local food as well as entertainment with an enthusiastic and knowledgeable wait-staff.
Our desire is to offer a rewarding dining experience in a relaxing, casual, and comfortable setting. We endeavor to better the quality of life of every local resident by offering a welcoming environment, which encourages all those in the community to come and share time together. The ‘ Fun Features Restaurant’ will provide an opportunity for the local businesses to grow while simultaneously keeping the restaurant expenses lower because of the experience that the local suppliers will bring. SMART ObjectivesDuring the next three years, ‘ Fun Features Restaurant will: Provide only the best in local food as well as entertainment with an enthusiastic and knowledgeable wait-staff Offer a rewarding dining experience in a casual, comfortable and relaxing setting Offer the finest choices in seafood and meat brought in from local suppliers already established and respected in the community To attain sales of more than $1 million in the first year To attain growth of 10% in each of the first three years of operation Profitable in year 3 Obtain financing to expand its food product lines Obtain financing to expand its operations to three other cities Develop a conservation program, which will help the local people. Situational Analysis-SWOT Analysis