Marketing Plan Assignment 2020

Marketing Plan Assignment 2020

Executive Summary

The Company

The name of restaurant is the Paragon South Indian. The reason behind of this idea is to create the simple, traditional yet authentic traditional south Indian food restaurant so that south food lovers can satisfy their needs and wants on fullest manner. The location of restaurant will be river side in order to present the great ambiences.

Kerala is famous for boat racing so the people can easily enjoy the racing from restaurant. So, I will be planning to make sculpture of this boar for serving the food to people on boat as well. Thus, this outside serving area can appeals larger consumer base towards the restaurant.

I found this business idea quite relevant in term to apply on practical manner as Kerala is major famous for the food and its ambiences. So, these facilities can easily available for the business to be implemented.

Marketing plan Rationale: Situational analysis

The marketing plan rationale will include the analysis of external as well as internal situation of firm. However, the environment will analyze through cover PESTLE method in order to get an idea about the political, economical, social, legal environment of industry and world.

Along with this, the location and community analysis tend to involves for deciding the right location for restaurant. However, SWOT analysis would be included in order to evaluate the internal environment.

In a similar manner, the competitor analysis will be undertaken in order to figure out the key players and their marketing strategies so that decisions can be made accordingly.

Marketing plan Rationale: Selected Marketing Strategy

The marketer will develop STP for targeting right consumers. The selected marketing strategies could help to gain the goals and objectives and provide depth knowledge about the geographic or demographic location. Positioning strategy also undertakes to mark the product on the mind of consumers.

Implementation Plan

The implementation plan is the major practice to execute the plan into the reality. This included an activities, duration and cost. The budget layout will guide the marketer to present the ideas and activities in order to execute it and achieve the objective for long-run.

Vision & Mission

Vision Statement

The vision of Paragon South Indian is to influences the employees as well as customers in a way to fulfill the food needs and wants on appropriate manner. This can be done through create excellences and innovative restaurant ambiences (McDONALD, 2016).

Likewise, the restaurant goal is to gain the maximum satisfaction and loyalty of consumers. For this, restaurant plans to create the authentic decor and food presentation. So, these areas could assist to achieve the vision of restaurant.

Mission Statement

The mission of restaurant is to offer the quality services to consumers through incorporate best technology and resources which support the supreme services. The marketer to achieve the mission will focus on the ambiences or location of restaurant in a way that restaurant will be placed on side of river (Perreault, 2018).

Along with the sculpture of boat will also present for attracting the consumers. These innovative services could allow the restaurant to appeal the larger consumer base towards organization.

The mission of business also include the development of positive and great environment for the employees in terms to provide them timely remuneration or incentives (Bowie et al., 2016).

The offering of love and respect tend to be another aspect on which firm focuses so that restaurant gains the maximum satisfaction of employees and consumers.

Marketing Plan Rationale

A) Situational Analysis Highlights

I) Environmental Analysis

PESTLE Analysis

This analysis will present the political, economic, social, technological, legal and environmental of food sector in state of Kerala.

Political Factor Kerala consist of stable political environment where interferences of leader tend to be less as compare to other state of India (Zalengera et al., 2014). This could give opportunity to Paragon South Indian restaurant to properly operate its business.
Economic Factor Kerala consist of large tourism within which food of state is specially served to individuals. In that case, Paragon South Indian can able to gain more customer appeals and loyalty.
Social Factor Kerala food demand is more originated from their culture. So with the offering of their local food along with innovative service then it may take the attention of both local individuals of Kerala and tourist of state.
Technological Factor Technology is something which food industry in Kerala largely focused upon whether in their serving or packaging of food. This areacould assist the restaurant to improve their customer service and deliver the food on time without any delay.
Legal Factor The government of kerala includes various safety standards whether it is on storing, transportation or preparation of food (Lee et al., 2016). Thus, the Paragon South Indian will require to including such legal aspects for offering quality products to consumers.
Environmental factor The environment of Kerala is quite fertile whether it is related to climate condition or production process so this will support the restaurant for timely available of resources in order to satisfy the consumer well.

 

II) Location& community Analysis

The restaurant will locate on the river side or the water frontage on the back side of restaurant so that visitors could enjoy the boat racing which is into Kerala traditions. This concept may appeal tourist as well as local people of Kerala (Gagić, 2016).

The restaurant will locate near to Alappuzha where popular Vallam Kali event held within which Boat race is organized. Thus, this location would be appropriate to gain larger target audiences and appeals them towards the restaurant food. The community of Kerala is found to be supportive in terms to supplies of raw-material and these results on the offering of quality food to right customers.

At the same time, the another benefit which Paragon South Indian will gain is that Kerala is the state where usually common cultured people exist so this help the restaurant to achieve the larger appreciation  of community members.

III) Competitor analysis

There are various big player are already exist at Kerala and these competitors could give threat to Paragon South Indian in respect to food quality, pricing strategy and promotion activities. This is because these are those restaurants which already gain the satisfaction of local people. It includes Arathi’s Southern Delight, Dhe Puttu and Madurai Vegetarian etc.

these restaurant famous for its curries and for South-Indian dishes. So, these competitors give strong competition to the business idea of Paragon South Indian (Jin et al., 2016). Thus, it is important for restaurant to design their idea in such a way that is financial viable and able to gain high return over the investment.

Benefits Paragon South Indian (My restaurant)Arathi’s Southern DelightDhe Puttu
Food quality and presentation styleHighMediumMedium
Food serviceTable/Dinning servicesTable/Bar serviceTable/Bar service
ConveniencesHighHighMedium
ParkingMediumMediumHigh

Thus, this study clearly signified that Paragon South Indian will get the high recognition at local market and able to get the competitive advantage against their key competitors.

IV) SWOT analysis

This section includes the strength, weakness, opportunities and threats of business idea.

Strength

·         Unique and innovative location

·         Offer the quality services

·         Include 24-28 curries on the buffets

·         Offer food on traditional way

Weakness

·         Late entrants on Kerala market

·         High cost investment

 

Opportunities

·         The favorable climate condition of Kerala can help restaurant to deliver right quality food to consumers

·         The availability of human resources and technology could assist the restaurant to smoothly run of the business.

Threats

·         The presences of large competitors on local market may give strong competitions to restaurant.

·         The existences of limited cultured people may not provide large productivity to firm.

 

B) Selected Marketing Strategy

I) STP strategy of marketing

The restaurant will segment the market based on the demographic factor within which individual age and income are the major focus area for the marketer in order to decide the target market.

The cause of select these factors due to restaurant have quality offering with priced value (Pyo, 2015). So, the marketer wants to target those ages or income people who enjoy and afford it and satisfy their need to fullest manner.

In respect to this segment target, the targetmarket will be the local people of Kerala who belong to the age group of 19-30 as the ambiences of restaurant tend to create as a cool hangout spot (Canhoto et al., 2013).

However, the marketer also prefers to have high income group of individual for restaurant as it won’t compromise on quality and ambiences for just increasing customer.

II) Marketing strategy and objectives

The marketing strategy of restaurant will include the following:-

  • Digital marketing
  • Social-media marketing
  • Word-of-Mouth marketing

This marketing main aim is to the objectives:-

  • To gain the sales of restaurant by 50% (Dibrell et al., 2014)
  • To exceed the visitors of restaurant through include high satisfaction

III) Positioning Approaches

The positioning strategy would be done through highlights the ambiences of restaurant along with the presenting the restaurant as a quality oriented one which appeals larger younger people (Christopher et al., 2013).

Implementation plan

A) Activities plan

This section will outline the Activities plan for 1st year.

Core product:- Create the positive atmosphere through offer unique presentation of cuisine

Tangible product:- Encourage the people to take dinner at boat in order to get the memorable experiences

Advertising Strategy:- promote the product with the boat racing competition through design the boats on the name of restaurant. Besides that, social-site promotion will also emphasize to get high recognition.

 

Marketing Budget

Activities Estimated cost
Product strategies20%
Deciding of location50%
Pricing strategy30%
Promotional strategy40%

 

B) Marketing control Procedures

Result expects from each activities includes the consistent visiting of target audiences along with the achievement of higher satisfaction of consumer tend to be another expectation that is from this marketing plan.

These expectation are set due to business idea is unique and innovative in nature within which it becomes easy to target the larger customer base and make them loyal towards the brand.

The expectation from the social-media marketing is to get the high awareness among the target audiences and get the large visitors at restaurant. It is also supposing that restaurant will get 60% occupancy rate with the social-media marketing (Taplin et al., 2014).

This is because now majority of individual is on the social-site application. So in that case, it becomes easy to access larger consumer base.

C) Evaluation Procedures

The marketing plan efficiency can be measured with the implementation of different methods. It includes the recording of feedback from the visitors so that the review of them makes the manager cleared whether they are inclining on right path or not.

So, the feedback method is effective for evaluating the response of different individuals. Moreover, the calculation of point of sale is another important yet influential method to analyze the sales and consumer satisfaction. It is found that consumer only visit the restaurant when they find the food delicious (Olivia and Christopher, 2015).

The satisfied consumer always brings positive word of mouth. So this influences the sale of restaurant. Thus, the sales calculation will give an idea about the people response over the restaurant food, location and service quality etc. Therefore, the implementation of these methods could support the restaurant to analyze their marketing plan efficiency.

References

Bowie, D., Buttle, F., Brookes, M. and Mariussen, A., 2016. Hospitality marketing. UK: Routledge.

Canhoto, A.I., Clark, M. and Fennemore, P., 2013. Emerging segmentation practices in the age of the social customer. Journal of Strategic Marketing21(5), pp.413-428.

Christopher, M., Payne, A. and Ballantyne, D., 2013. Relationship marketing. UK: Routledge.

Dibrell, C., Craig, J.B. and Neubaum, D.O., 2014. Linking the formal strategic planning process, planning flexibility, and innovativeness to firm performance. Journal of Business Research67(9), pp.2000-2007.

Gagić, S., 2016. Restaurant innovativeness: A case study of Vojvodina. The European Journal of applied economics13(2), pp.57-69.

Jin, J., Ji, P. and Gu, R., 2016. Identifying comparative customer requirements from product online reviews for competitor analysis. Engineering Applications of Artificial Intelligence49, pp.61-73.

Lee, C., Hallak, R. and Sardeshmukh, S.R., 2016. Drivers of success in independent restaurants: A study of the Australian restaurant sector. Journal of Hospitality and Tourism Management29, pp.99-111.

McDONALD, M.A.L.C.O.L.M., 2016. Strategic marketing planning: theory and practice. In The marketing book (pp. 108-142). UK: Routledge.

Olivia, G.S. and Christopher, T.A., 2015. In-use monitoring of buildings: An overview and classification of evaluation methods. Energy and Buildings86, pp.176-189.

Perreault, W.D., 2018. Essentials of marketing. New York: Mc Graw Hill.

Pyo, S., 2015. Integrating tourist market segmentation, targeting, and positioning using association rules. Information Technology & Tourism15(3), pp.253-281.

Taplin, J., Dredge, D. and Scherrer, P., 2014. Monitoring and evaluating volunteer tourism: A review and analytical framework. Journal of Sustainable Tourism22(6), pp.874-897.

Zalengera, C., Blanchard, R.E., Eames, P.C., Juma, A.M., Chitawo, M.L. and Gondwe, K.T., 2014. Overview of the Malawi energy situation and A PESTLE analysis for sustainable development of renewable energy. Renewable and Sustainable Energy Reviews38, pp.335-347.

 

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