MARKETING PLAN FOR RESTAURANT SERVICES ASSIGNMENT 2020
Executive Summary
The report highlights the analysis of the marketing plan of Indigo Richmix Shoreditch. The report has presented the SWOT analysis. It has also presented the PESTLE analysis and Porter’s five forces analysis. Moreover, it has also analyzed the positioning of the business by the STP model. The report has provided the SMART objectives of the company and it has also presented the action plan in improving the marketing strategy of the company. This plan helps to forecast sales and product liability of an organisation by describing supply chain procedure and customer management.
The marketing plan is a strategic backbone for any business process for providing a solid strategy to analyse the current market situation of the company. On the other hand, this plan helps to forecast sales and product liability of an organisation by describing supply chain procedure and customer management.
Overview of the company
Indigo Richmix Shoreditch is a famous Indian street food restaurant located on Bethnal Green Road, London, United Kingdom. Indigo Richmix Shoreditch provided delicious Indian food such as chaat bites, different flavoured biryanis, tandoori kebabs, tikkas, different Indian curry and others. The business principles of this organization are to offer spicy Indian taste to the citizens of the United Kingdom. The marketing expansion areas and functional areas of the organization Indigo Richmix Shoreditch is very limited. For the development of the functional areas and entering new market areas, the organization needs an effective marketing plan for developing the business process of this company by analysing the situation and ensuring a proper marketing mix.
It is required to analyse the strengths and weaknesses of an industry for gaining data about its current situation in the business market. As per the view of Gürel and Tat (2017), SWOT analysis, PESTLE analysis and Porter’s five forces analysis can help to determine the current situation of Indigo Richmix Shoreditch in the business world.
SWOT analysis table is given below to understand the strengths, weakness, opportunities and threats of the above-mentioned organisation in a crucial manner.
| Strength | Weakness |
| ⇒ Culture and heritage of Indian food and products are strong
⇒ Offers different types of Indian street food at a reasonable price ⇒ Safe and hygiene food are delivered to the customers ⇒ Good customer services and polite behaviours of the staff ⇒ Telecommunication service and online services are available to book dining online and check the menu |
→ Staff management and relationship with internal stakeholders is poor
→ Channel strategy and value proposition is not correct → Interaction with suppliers are also very poor → Online strategy is poor in nature → Lack of home delivery process |
| Opportunities | Threats |
| 🡺 Adventure food is highly facilitated by this organisation to grow interested among food-loving people
🡺 Opportunities to expand the restaurant chain in another region of the UK by adopting an effective marketing strategy 🡺 Developing customer services by providing online delivery 🡺 Qualitative service can be delivered by them 🡺 Communication with local people is sustainable to gain strategic advantages |
ü Conventional marketing process has delivered a number of constraints for this restaurant service.
ü Competitors offer more authentic foods in low price. ü Delivery and service quality of competitors are better than this restaurant. ü Quality of foods are better in case of competitors. |
Table 1: SWOT analysis table
(Source: Madsen, 2016)
PESTLE analysis table of Indigo Richmix Shoreditch is projected below to understand the political, socio-cultural and economic environment of this organisation under ethical terms and conditions
|
POLITICAL |
🔾 Taxation from the government is heavy in case of UK based restaurant
🔾 Engagement of local and central government with the food industry is high 🔾 Stable politics of UK does not hamper on global customer’s perspectives |
|
ECONOMICAL |
❑ The foreign exchange rate is high in case of this organisation
❑ The demand of the customers is high in nature ❑ Economic efficiency is high for this food industry in the UK ❑ The business cycle is improper and the profitability of the organisation can be reduced due to this |
|
SOCIO-CULTURAL |
❖ Culture, languages and traditions of different customers reduce central business provision
❖ Craziness for spicy hot Indian food influence the business performance of Indigo Richmix Shoreditch |
|
TECHNOLOGICAL |
⮚ Food service of this restaurant is based on advanced technology.
⮚ No online payment is accepted by the restaurant authority and phone billing is not accepted also. ⮚ This restaurant has its own webpage in social media and a number of food services are related to them. ⮚ Speed of food supply is minimum due to lack of technology in operation management process. |
|
ENVIRONMENTAL |
⇨ Environmental sustainability can be offered by this organisation that in turn reduces business vulnerabilities
⇨ Vigilant customers are acquired by this organisation to gain strategic development in restaurant services ⇨ A traditional business process can be hampered due to excessive global food fusion rate |
|
LEGAL |
⮊ The wage rate is high and this delivers strategic advantages for the organisation
⮊ Operating cost and budget control rate of this restaurant is moderate in nature ⮊ Production cost is higher than profitability that in turn reduces market emergence of this company |
Table 2: PESTLE analysis table
(Source: Achinas et al. 2019:5981)
2.3 Porter’s Five Forces Analysis
Porter’s five forces of Indigo Rich are given below to analyse the threats of new entrants, competitors, substitutions, buyers and suppliers.
|
Threats from new entrants (Low) |
Threats from new entrants are low in nature as Indigo Richmix Shoreditch provides authentic business on a daily scale. As per the opinion of Phadermrod, Crowder and Wills (2019), better accessibility of economic schemes helps this holiday service in a proper manner. Apart from this, the location of this organization has delivered strategic advantages for this company. |
|
Threats of substitution (Moderately High) |
Substitution threat is moderately high for Indigo Richmix Shoreditch as this organisation has no space to keep additional vehicles (parking areas). As per the opinion of Vlados and Chatzinikolaou (2019), vehicle facilities are demanded by the consumers for staying a place. |
|
Power of the buyers (Moderately Low) |
Power of buyers is moderately low due to the specification of business and lack of globalisation in the business process. |
|
Power of suppliers (High) |
Power of suppliers is high in case of Indigo Richmix Shoreditch as foods and material suppliers deliver a number of products for this industry. As pointed out by Christodoulou and Cullinane (2019), customers are satisfied in a business service when regular commodities are fulfilled properly by them. |
|
Competitive rivalry (High) |
Rivalry from potential competitors is low in case of Indigo Richmix Shoreditch as there are very low Indian restaurants in present in the United Kingdom. As per the view of Kara (2017), international competitors have delivered cross border competition for any organization and it becomes quite difficult to gain competitive advantage. |
Table 3: Porter’s five forces
(Source: Lüttgens and Diener 2016)
Segmentation, target and positioning are required for any marketing plan of business to ensure the strategic backbone for an industry. As per the opinion of Aithal (2016), correct market segmentation is required for any business process for targeting potential consumers. On the other hand, it becomes possible for the above-mentioned business organisation to gain the correct business position by implying proper business strategy.
|
Segmentation |
All the segments such as geographic, demographic and psychographic will be acquired by Indigo Richmix Shoreditch for gathering proper customer base for their organisation. This company has a plan to diverse its arena to entire United Kingdom for delivering deshi Indian flavour for foreign consumers. As per the view of Aithal (2017), identification of proper location in the international sector can help an organization to gain more profit at any consequences. Therefore, diversification of business in the entire London can deliver them sustainable profits(indigostreetfood.com, 2020). |
|
Targeting |
There is a plan to target the populations between the different age groups. The diverse range of customers will be selected by this organisation to enhance their business viability under sustainable ethics. As pointed out by Fang (2019), the selection of a diverse range of customers can help an organization to emerge in their business field. In the case of Indigo Richmix Shoreditch, loyal customers will be determined for gaining extra profits in their business process. Local residents and cinemagoers will be targeted by this restaurant service to provide cheap foods with high quality. |
|
Positioning |
Indigo Richmix Shoreditch has a target to be one of the three popular Indian street food restaurants in the United Kingdom within the next three years. Along with this, globalisation perspectives of them can also be fulfilled by monitoring such commodities. |
Table 4: STP strategy of Indigo Richmix Shoreditch
(Source: Kang 2017)
Figure 1: Positioning map of Indigo Richmix Shoreditch
- SMART objectives
Objective 1: To up bring technology of the restaurant for sustainable time period
| S (Specific) | More number of visitors will be offered and free wi-fi zone will be created within the restaurant. |
| M (Measurable) | Brand image of the food products will be moderated by implementation of technology in business process. |
| A (Attainable) | All the challenges regarding online business will be reduced in a potential manner and it becomes quite easy to rule over competitors |
| R (Realistic) | Any kind of hurdles like customer’s satisfaction and employee’sperspectives will be monitored also, |
| T (Time Bound) | The restaurant has an idea to meet this objective within next three years. |
Table 5: SMART objective 1
Objective 2: To enhance infrastructure of the restaurants for attracting people
| S (Specific) | Number of consumers will be offeredauthentic foods and local foods will also be offered. |
| M (Measurable) | Social influence will be delivered for the consumers to enhance productivity level. |
| A (Attainable) | Inner design of the restaurant will be modified as per Indian heritage to enhance viability. |
| R (Realistic) | Unique taste of foods will be offered for the customers. |
| T (Time Bound) | This objective will be met within next two years for acquiring competitive advantage. |
Table 6: SMART objective 2
The 7Ps of marketing consist of product, price, place, promotion, process, people, and physical evidence. They are as follows:
Product: The product exemplifies the goods and services that the corporation offers to their potential customers. In order to boost up the sale of the corporation, they have to provide proper and adequate information about their products or services. According to Wu and Li (2018), in case the corporation is able to provide the proper adequate information about their services then it would ensure the customers to access if their requirements are fulfilling or not. In this aspect, Indigo Richmix Shoreditch is aiming to improve the services that they offer. As mentioned by Išoraitė (2016), if Indigo Richmix Shoreditch is able to provide proper information about its product and food menu then it has a positive impact on the retention rate of customers. For example, they can introduce traditional Indian drinks such as Lassi, NimbuPani in order to provide ultimate comfort to the customers.
Price: The price of the product can be computed in several ways such as cost-plus pricing, value-based price. In order to boost the sale of the Indigo Richmix Shoreditch, they will have to maintain a price range that will help them in attracting customers towards them. As mentioned by Liu et al. (2017:83), in case the Indigo Richmix Shoreditch is able to implement the cost-plus pricing strategy then it will assist them to cover the cost of the services that the restaurant offers (indigostreetfood.com, 2020). On the other hand, if the corporation is able to implement the value-based pricing strategy, then it will ensure them to implement the pricing strategy according to the service of the organization.
This signifies that if the Indigo Richmix Shoreditch is able to provide a high-quality service to the customers then they will have to set their price high. According to Liu et al. (2017), the pricing strategy of the restaurant has a great role in enhancing the sale of the corporation.
Place: The third P of the marketing strategy is the place of the organization; this signifies positioning of the corporation. The positioning of the organization has an important part in accelerating the sale of the restaurant. As mentioned by Fang (2019), the corporation will have to analyse the geographical areas that will help them in attracting customers towards them. They can open up their service in the outskirts of London which would assist them to attract new customers towards them.
Promotion
The promotional strategy has an important part in the marketing strategy of the Indigo Richmix Shoreditch. In order to accelerate the sale of the restaurant, they will have to focus on the promotional strategy of the organization. According to Isaac (2018), the promotional strategy of the corporation will insist on talking to customers. This can be done by improving the social media marketing strategy of the Indigo Richmix Shoreditch. For example, Indigo Richmix Shoreditch can promote their product through Facebook, Instagram, and other social media platforms that will insist them to attract new customers towards them. This situation in the market also leaves an impact on the sale of the corporation (indigostreetfood.com, 2020).
Figure 2: 7Ps of Marketing
(Source:Nuraini, and Purwanegara 2020)
Process
The process signifies the buying exposure of the corporation; this can be done by improving the website of the Indigo Richmix Shoreditch. As mentioned by Nuraini, and Purwanegara (2020), in case the website of the organization improves then the customers will be able to select their necessary plan (indigostreetfood.com, 2020).
People
People are the main factor in a business, in this regard the people signify to the targeted customers of the organization (Soh, and Nam 2018). In this aspect, the corporation will have to target young people who love regional and spicy Indian food.
Physical evidence
In order to understand the demand, they will have to understand the demand of the customers. According to Soh, and Nam (2018), in doing so, the Indigo Richmix Shoreditch will have to conduct a study of the customers that will attract customers towards them.
| PROJECT NAME | PROJECT MANAGER |
|
|||||
| Marketing plan for Indigo Richmix Shoreditch | Xxx | ||||||
| ACTION | RESPONSIBLE | PRIORITY | STATUS | START | END | NOTES | |
| Goal #1: Select Venue | |||||||
| Identify venue options | xxx | High | Complete | 9-30 | 10-2 | ||
| Visit venues | xxx | High | Complete | 10-5 | 10-9 | Must send contracts by 10/10 | |
| Sign contract | xxx | High | Complete | 10-12 | 10-12 | ||
| Goal #2: Secure Speakers | |||||||
| Recruit speakers | xxx | High | In progress | 10-7 | 10-12 | ||
| Speaker bios | xxx | Medium | Not started | 10-12 | 10-14 | ||
| Create and send speaker packets | xxx | Medium | Not started | 10-13 | 10-16 | Send to stakeholders | |
| Confirm speakers | xxx | High | Not started | 10-17 | 10-18 | ||
| Goal #3: Recruit Sponsors | |||||||
| Identify sponsors | xxx | High | In progress | 10-13 | 10-19 | ||
| Write up sponsor agreement | xxx | Medium | Not started | 10-15 | 10-16 | ||
| Send emails | xxx | High | In progress | 10-19 | 10-21 | ||
| Make call | xxx | Medium | Not started | 10-21 | 10-23 | From the sales team | |
| Goal #4: Promote event | |||||||
| Create banners | xxx | Low | Not started | 10-26 | 10-28 | ||
| Order swag | xxx | Low | Not started | 10-28 | 10-28 | Coffee mugs, totes, pencils | |
| Create a social media strategy | xxx | Low | In progress | 10-13 | 10-26 | ||
| Make marketing materials | xxx | High | Not started | 10-26 | 10-30 | ||
| Monitoring process (collecting daily feedback) | Xxx | High | Started | 10-26 | 10-30 | ||
Table 5: Action plan
(Source: Created by the learner)
Based on the above study it can be concluded that the report has been presented as an analysis of the marketing strategy of Indigo Richmix Shoreditch. This study has presented the marketing strategy of Indigo Richmix Shoreditch, in doing so it has provided the SWOT analysis. It has evaluated the SMART objectives in presenting the analysis of the marketing strategy of the corporation, it has also provided the 7 P’s of the marketing mix and action plan in improving the marketing strategy of the organization. Thus, if the Indigo Richmix Shoreditch is able to improve the marketing strategy then, it is able to attract customers towards them.
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