Marketing assignment on- Marketing of a Restaurant

Marketing of a Restaurant Assignment Help

Marketing is the way companies communicating, delivering, interacting and exchanging offers with customers, consumer and people to create relationships with them. Organizations use marketing to identify their audience or target customers before advertising to them (Westwood, 2002). Today, marketing is an essential aspect to survive in competitive market. For developing marketing strategy of a new restaurant, restaurant owner need to bring a marketing plan. Marketing strategy is a process that can allow restaurant to concentrate its resources and achieving the goals of increasing sales and revenue. Restaurant owner needs to begin with a well structure marketing strategy that is based on marketing research, target market, competitive positioning and attainable outcomes.

Restaurant owner should develop a marketing strategy with the help of a marketing plan. It should include ten basic parts of a marketing plan to develop an effective marketing strategy (Groucutt, Leadley & Forsyth, 2004). As per marketing case study assignment help experts, following are the ten key component of a marketing plan, which should be considered by restaurant owner while developing a marketing strategy of the restaurant: Marketing Research: Marketing research is a very important component of a marketing strategy of a restaurant. Organizations conduct market research to gather information or data about markets and customers. Restaurant owner conducts marketing research to identify the current position or situation of market or industry and identify the potential customer in market. Marketing research helps them to analyze the competition in market and current trend of industry (Zikmund & Babin, 2007).

It will be beneficial for restaurant because on the basis of marketing research, it will take the several decisions or make strategies related to marketing such as market segment, buying decisions, target markets, etc. Target Market: Target market is a group of customer that a company wants to sell its products or services and focus on them to attract it through marketing. A well defined target market is the first element of a marketing strategy because other decision related to marketing activities depends on it. Restaurant can identify its target market and divide them into segments and then concentrate its marketing efforts on few key segments (McDonald, Frow & Payne, 2011). It is an effective way to attract the potential customer and attain a key position in the market. Product or Service:

In this part of marketing plan, organizations describe its products or services and relate them to the market. On the basis of marketing research and target market, restaurant owner can identify market need. It analyze services provide by them as per the market need and then modify them accordingly (Ciletti, 2010). It is an effective way to improve their services and attract more and more customers. Competition: Restaurant owner can describe its competition and analyze its competitor for developing the unique marketing strategy to easily attract the more customers. It will be identified as its competitor marketing activities and would assist in analyzing its position in market in compare to competitors for developing the unique marketing strategy (Westwood, 2002). It will be beneficial for them to develop unique marketing strategy and develop and effective image in the market. Mission Statement & Objectives: A mission statement is written by a firm which reflects its core purpose, values and principle, and business aims.

Restaurant owner should write the mission statement and objectives of its marketing strategy through considering the several factors. It should consider the target market, potential customers, demand of market, industry benchmark, growth trend of industry, etc while developing the mission statement and objectives of its marketing strategy (Ciletti, 2010). Mission statement and objectives regarding the development of marketing strategy is essential for every business to effectively attain its marketing goals and increase the sales and revenue of business. Market Strategies: Marketing strategies refers as the fundamental supporting of marketing plan to fulfill marketing need and achieve the objective of marketing. After writing the mission statement and objectives, restaurant owner need to select the marketing and promotional strategies that will be used by them to attract, communicate, and exchange offers with customers. It should select the appropriate channel of marketing to increase awareness between the people about the services or products provided by them (Rogers, 2001). In this step, it will select the appropriate advertising media through considering the cost of media and reach of media in between the target audiences. Television, radio, cinema, internet/web, mobile, social media, press or print are the main media sources that should be used by the restaurant. Selection of appropriate channel of marketing and media of advertising is beneficial for firm to attract the customers and create its brand image in market. Pricing, Positioning and Branding: On the basis of data and information through collected through marketing research, restaurant should determine the price of its products and services. It should take decision related to the pricing, positioning and branding for positioning its products or services in the target market.

Branding, positioning and pricing decisions are interrelated and impact the competitive brand position of organization (Ferrell & Hartline, 2010). Pricing, positioning and branding are important element of marketing because it contribute in the success of organization in market. Budgeting: Budget means the proper estimation of all the expenses and revenue for a specific period of time. Restaurant should prepare the budget before the marketing of products and services. On the basis of budget of marketing activities, it should select the appropriate channel and media for marketing. Budget is an effective way to control and effective utilization of resources and to achieve the desired results under the cost (Ferrell & Hartline, 2010). It is an essential way of marketing strategy to control the cost and expenses of marketing activities. Marketing Goals: Goal is a desired result of a plan and commitment to achieve the result. Restaurant owner should develop the short-term goals such as goals might be to gain at least 30 new customers or to increase restaurant income by 15% this year while considering the mission statement and objectives of marketing plan (Doole & Lowe, 2008). Short-term marketing goals are beneficial for them to achieve objective of marketing strategy. Monitor Result of Marketing Plan: Restaurant should test and analyze the outcome of its marketing activities and identify that marketing strategies are working effectively or not.

It should use various technique to monitor result of its marketing activities such as conducting the customer survey of visitors visiting its web site or social media page, percentage of sales increase, etc (Pride & Ferrell, 2011). Without monitoring result it is not possible to analyze the effectiveness of its marketing strategies. So, these are the ten key component of effective marketing plan that should be considered by restaurants owner while developing the marketing strategies. Through researching markets, competition and determining target market and its unique positioning, restaurant can effectively promote and sell its product and services.

References Ciletti, D. (2010). Marketing Yourself (2nd ed.). USA: Cengage Learning. Doole, I. & Lowe, R. (2008). International Marketing Strategy: Analysis, Development and Implementation (5th ed.). UK: Cengage Learning EMEA. Ferrell, O.C. & Hartline, M.D. (2010). Marketing Strategy (5th ed.). USA: Cengage Learning. Groucutt, J., Leadley, P.J. & Forsyth, P. (2004). Marketing: Essential Principles, New Realities. USA: Kogan Page Publishers. McDonald, M., Frow, P. & Payne, A. (2011). Marketing Plans for Services: A Complete Guide (3rd ed.). Great Britain: John Wiley & Sons. Pride, W.M. & Ferrell, O.C. (2011). Marketing 2012 (16th ed.). USA: Cengage Learning. Rogers, S.C. (2001). Marketing Strategies, Tactics, and Techniques: A Handbook for Practitioners. USA: Greenwood Publishing Group. Westwood, J. (2002). The Marketing Plan: A Step by Step Guide (3rd ed.). Great Britain: Kogan Page Publishers. Zikmund, W.G. & Babin, B.J. (2007). Exploring Marketing Research (9th ed.). USA: Cengage Learning. How to get marketing assignment Help and case study help with our experts You can avail marketing case study help and assignment help of all subjects. From our US and Australian assignment help experts, you will get complete and original marketing assignment help services without any mistake and good number of references. You can also check our youtube video for how to get case study assignment help from assignment help experts com