Essays on Strategic Marketing Plan Fun Features Restaurant in Parramatta, New South Wales Case Study

Download full paperFile format: .doc, available for editing

The paper "Strategic Marketing Plan Fun Features Restaurant in Parramatta, New South Wales" is a good example of a marketing case study. This is a marketing plan for a ‘ Fun Features restaurant’ a full-service restaurant in Parramatta, New South Wales. The restaurant will provide a community garden, themed dining areas, as well as complementary services in a casual, comfortable, and relaxing setting. Complimentary services such as valet, taxi and babysitting services will be used to ensure repeat purchases. Both local and international cuisines, foods and drinks will be offered.

In addition, the customers will be given a chance for displaying their talents in specially advertised evenings. The restaurant seeks to attain a market size of 6,000 customers and a projected sales growth prospect of 10% in the next 3 years. It also seeks to capture a large market share in the restaurant industry and become the market leader in the industry. Offering a unique restaurant experience will be the key driver of remaining competitive in the industry-the restaurant will be a prospector and will focus on growth through diversifying food product offerings and services.

The value-added services, as well as diversified products and services, will enable the restaurant to have a sustainable advantage over the already established restaurants. The restaurant has numerous growth opportunities for the restaurant and challenges that have to be counteracted in order to ensure the profitability of the business venture. The restaurant industry is currently very competitive and as a result, there is a need for good business strategies for ensuring that the restaurant remains competitive. In order to attract more customers, the restaurant will use various technological inventions such as self-service ordering points, digital displays and social media platform which will have a positive impact on the restaurant management.

It will also focus on ‘ green initiatives’ which will show the company environmental awareness in its operations. Generally, the restaurant seeks to offer varied food product offerings in a strategic location that is centrally placed to capture customers from both remote and urban areas. Product Life Cycle The product offerings by the restaurant will go through the introduction, growth, maturity, and decline phase. During the introduction phase, the product offerings will be promoted in order to create awareness and to develop a market for the offered foods and services whereas, in the growth stage, the restaurant management will seek to increase market share and build brand preference.

During the maturity stage, the main objective will be to defend the market share whilst maximizing profits (Walker, Gountas, & Mavondo et al. 2011). The decline stage might be characterized by a decrease in sales because of new and better food products or services. The restaurant will use different options in dealing with the products or services in the decline phases.

After the introduction of the product offerings and services, the restaurant will gain more and more customer as it grows and eventually the market will stabilize for some of these products and they will become mature. With time, some products might be overtaken by the development or introduction of superior competitors and hence go into decline and eventually withdrawn by the restaurant (Walker, Gountas, & Mavondo et al. 2011). The figure below shows the different stages that the product offerings will go through

References

Della-Piana, V., Low, M. & Lyman, K. (2005). The Business Strategy Audit. Axminster: Cambridge Strategy Publications.

Mittal, S. & Swami, S. (2004). What Factors Influence Pioneering Advantage of Companies? Vikalpa, 29(3), 15-33.

Stark, J. (2011). Product Lifecycle Management: 21st Century Paradigm for Product Realization. (2ed). Springer.

Thompson, J. & Strickland, A. (2003). Strategic Management: Concepts and Cases. McGraw-

Hill/Irwin

Walker, O., Gountas, J., Mavondo. F., & Mullins. J. (2011). Marketing strategy: A decision- focused approach. (2ed.). North Ryde: McGraw-Hill.

Download full paperFile format: .doc, available for editing
Contact Us