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Marketing Plan Strategy : Business Restaurant

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Question:

Describe about the Marketing Plan Strategy for Business Restaurant.

 

Answer:

Introduction:

The business objective of this fast food restaurant is to serve people who are regular consumers of fast foods with a diverse and most competitive style. In the age of globalization and rat race, people have little time to shop for groceries and time to prepare elaborate meals like previous generations (Lang, & Heasman, 2015). The Daily Bread sandwich shop wants to provide the working population of Auckland a healthy fast food option with excellent customer service. This plan sketches an approach for success, and sub divided into wide-ranging, actionable mechanism so that it will allow the management to realize and execute marketing activities to endow with a concrete return on investment. The following plan is considered to harmonize the business plan, but it will also facilitate the management to manage the different environmental factors which can affect the organizations performance and achievement in the downtown area of Auckland. The report elaborates the marketing plan and explains how the fast food restaurant plans are different from its competitors and can offer unique product to offer to the customers and explain the business strategy that will give The Daily Bread a competitive advantage in the market.

Purpose:

The purpose for this start up business is to provide people of downtown area of Auckland through an innovative, healthy and in most comprehensive style. The primary purpose of the business is to earn revenue profit and gaining competitive advantage by maintaining sustainability in the market by providing world class exclusive customer service. The Daily Bread aims to be the market leader in providing a well balanced nutritious, wholesome and healthy diet upholding quality standards of the food materials that will be used as main ingredients. The principle aim of the management is to offer a hygienic fast food item but maintaining unique delicious tastes of sandwich and excellent customer service experience. The Daily Bread desires to provide a super fast, convenient and healthy option in the daily lives of fast food lovers by making available the most magnificent dining experience. The marketing objective of The Daily Bread is to acquire 25% market share in the New Zealand fast food industry and to position the business as a local business organization with strong ties to the local communities. It also wants to portray itself as one of the hygienic, healthy alternative fast food restaurants and most quick to respond “Quick Service Restaurant” in Auckland.

 

Industry Analysis:

New Zealand as one of the most fierce competitive fast food industry with major fast food restaurant joints maintains opening of new restaurants across the state. McDonalds is the lead market player in the industry with a 49% market share in 2015. New Zealand has one of the most matured fast food industries in the Asia Pacific region. Even though, the total fast food consumption is comparatively high in comparison to its small population size. According to a report in 2013, the total fast food consumption per person was 2-3kg per year and the total expenditure on fast food per person was $US1500 (app.) (The New Zealand Herald, 2016). The average eating out rate was thrice a week by an average person in New Zealand. The Quick Service Restaurants in New Zealand are the fastest growing in the fast food sector with the largest market share of amount US1.1 trillion in 2013 (Kiwis eating the easy option, 2016). A Quick Service Restaurant can be explained as a fast food restaurant which are a explicit kind of restaurants where the food served is fast and without hassle free service and also has comparatively least table service (Counihan, & Van Esterik, 2012). The Quick Service restaurants are taking the trend in the fast food sector as it is fast and easily accessible food and service. As the number of immigration population increases in New Zealand, there is a sharp rise in the fast food industry especially in the urban sectors. There is an increase in consciousness especially on the youth regarding the healthy eating and fast food health effects. So, there is a demand for organic and healthy fast food diet which The Daily Bread can utilize to gain market share and sustainability.

Marketing Mix:

An effective business report requires a well investigated industry and market analysis because before deciding sales strategy it is important to recognize whom to serve and what to serve (Jobber, & Ellis-Chadwick, (2012). Then an effective marketing and sales plan can be successfully implemented. A marketing plan facilitates to analyse and recognize the communication process to attract the target audience and build a long term sustaining relationship for business growth and development (Hollensen, 2015).

Product Analysis:

The Daily Bread is downtown based sandwich restaurants which will be open from 7 am in morning to 12 pm in the night. SO, it will serve all breakfast, lunch, dinner and in between meals and snacks. The basic product of The Daily Bread is sandwich, which will be made from locally grown fresh organic foods. To recognize and respect different individual taste, The Daily Bread will allow its customers to choose filling from a variety of available options like, green salads, tofu, pork, ham, chicken, cheese, sausages, hummus, sweet potatoes, tuna, roasted vegetables and even freshly chopped fruits. Along with sandwiches, the restaurant will also have fruit and vegetable juices, espresso and coffee to offer for the customers.

 

Place Strategy:  

It is important for a fast food restaurant to open its outlet in a premier position so that customers does not face hassle to find out the store as it has been observed that people tend to eat in places that are convenient and easy to locate. That is why the management has decided to locate the restaurant at the heart of the downtown of Auckland city.

Pricing Strategy:

The Daily Bread should implement a cost plus pricing strategy to become profitable in terms of revenue collection. Cost plus pricing is a framework for setting up of the prices of the product according to which the producer include jointly the direct material cost, direct labour cost, and overhead costs and including a mark up profit so as to gain the value of the product. As The Daily Bread is a healthy diet fast food restaurant in downtown areas of Auckland, they should offer reasonable priced healthy food diets and also include Kids Special menu specially emphasising on children’s healthy diet.

Promotion Aanalysis:

The success of The Daily Bread will have to be attained by engaging more on serving healthy fast food and offering excellent hassle free swift services. The management has to utilize the marketing plan to draw the customer attention towards the uniqueness of The Daily Breads. The Daily Bread will constantly endeavour to attract customers by proactive marketing strategies and stay aware about the current market trends and changes in the industry. The management should utilize the following to achieve sustainability in the market. The marketing team should gather database about possible potential customers and start email promotional material announcing the grand opening of The Daily Bread. The management can steady update the database by collecting the information of the visiting customers and conducting monthly lucky draw. The management can also start a loyalty club by providing a complementary treat to a person visiting fifth time in fortnight as according to a recent survey this simple technique can increase sales by 15%. active participation in local community activities and welfare programs can also increase awareness (De Mooij, 2013).

Market Segmentation:

Market segmentation is a method of segregating a large market to target the potential customer as customer segments that have common demand and interest in order to recognize psychological and Scio-demographic link of the target audience (Kotler, et al. 2015).  The Daily Bread has mainly three segments who will be the target audience for the fast food restaurant business. A proper market segmentation allows the business organization to meet the customer demand more effectively (Andreasen, et al. 2003). The segmentation is done according to age group and also concerned about health related issues. The segmentation is family, elite and premium. The family customers are usually who visits restaurant for family treat and outings. Decisions are often taken as a family matter. The second is the elite, people who are aged between 31 and 45; they mostly are single but concerned about healthy diet. Lastly the new age customers, the young generation aged between 16 to 30 years of age. For the family segment, the management should position their product as healthy for family diet and with special kids menu focusing on kid diet and also focusing on the family friendly environment of the restaurant. For the elite the product should be positioned as a healthy alternative to fast food which will just go with their busy life style and fulfil the daily nutritious requirement of our health. And lastly for the new age customers, the product should be placed as a trendy fast food product which is tasty as well as healthy which will help them to be active throughout the day.  

 

Situation Analysis:

Situation analysis is an important step in business plan as it assists the marketers to understand and recognize the organizational potentials, target audience and business environment (Kotler, 2008). A situational analysis is regarded as an establishment of an effective marketing plan (Hitt, et al. 2012). The Daily Bread is a quick service restaurant, which will be a combination of a fast food counter as well as a sit down restaurant. This is a going trend in New Zealand market as people are willing to send more than what they are sending in a typical fast food counter. The marketing environment for The Daily Bread has a lot of opportunities although it contains some challenges and setbacks which on successful implementation and execution of market plan can achieve sustainability and growth in the market. The author has conducted a SWOT analysis to emphasize on the strength, weakness, opportunities and threats of The Daily Bread. A well structured SWOT analysis represents a practical outline of the business position in the industry (Sargeant, & Jay, 2014).

Swot Analysis:

Strengths:

Organic food ingredients use in the food material will set The Daily Bread one of its kinds in the market when other fast food restaurants are selling unhealthy food products. The management should build strong relations with the suppliers so that they receive freshly grown organic food produced from them. The location of the restaurant plays an important as people prefer eating out at places which are easily accessible. Excellent staff service who are given through training and development for skills up gradation so that the customer experience a swift and hassle free service.

Weakness:

The Daily Bread is a new a new restaurant and not a establish brand name in the market, it is possible that people may mistake with just another fast food restaurant selling junk foods which are harmful for health. As this is a new venture so the marketing and promotion budget is limited and not unlimited as big players like McDonalds and KFC, so The Daily Bread may face a setback when it comes for intensive promotional campaign.

Opportunity:

New Zealand fast food industry is growing with significant growth of people who are looking for alternative healthy food diet for fast food junks. Thus it is possible that most of the people of Auckland do not know about The Daily Bread and its healthy diet menu. The restaurant has introduced special meals for children exclusively focusing on Healthy Kids Meals which will be a new concept in downtown area.

Threats:

Fast food industry is one of the most competitive and thriving industry in the world. There is a huge competition in the fast food industry from both global as well as from local levels. The level of competition is high also making the entry level barriers more difficulty. The increase in operational cost for producing healthier food recipes can also poses a threat for The Daily Bread.

 

Conclusion:

After analysing the environmental factors and SWOT analysis, the author has identified four main areas that can be strategically implemented by The Daily Bread to achieve competitive advantage. Firstly, the planning and execution of strict financial controls that will be crucial as the fast food industry is highly competitive. Secondly, The Daily Bread should focus on sustaining in providing high quality fresh and healthy food ingredients which will make it unique from the other fast food competitors in the market. The working staff in The Daily Bread should be trained and highly skilled in providing customers service with a smile. Lastly, the management should make sure that it has an effective target marketing campaign to assists the business for revenue generation.

 

Reference:

Andreasen, A. R., Kotler, P., & Parker, D. (2003). Strategic marketing for  organizations (pp. 44-53). Upper Saddle River, NJ: Prentice Hall.

Counihan, C., & Van Esterik, P. (2012). Food and culture: A reader. Routledge.

De Mooij, M. (2013). Global marketing and advertising: Understanding cultural paradoxes. Sage Publications.

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2012). Strategic management cases: competitiveness and globalization. Cengage Learning.

Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.

Jobber, D., & Ellis-Chadwick, F. (2012). Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education.

Kiwis eating the easy option,. (2016). Kiwis eating the easy option. Stuff. Retrieved 21 October 2016, from https://www.stuff.co.nz/auckland/local-news/7934507/Kiwis-eating-the-easy-option

Kotler, P. (2008). Principles of marketing. Pearson Education India.

Kotler, P., Burton, S., Deans, K., Brown, L., & Armstrong, G. (2015).Marketing. Pearson Higher Education AU.

Lang, T., & Heasman, M. (2015). Food wars: The global battle for mouths, minds and markets. Routledge.

Sargeant, A., & Jay, E. (2014). Fundraising management: analysis, planning and practice. Routledge.

The New Zealand Herald,. (2016). Fast food trends for 2016 - Business - NZ Herald News. The New Zealand Herald. Retrieved 21 October 2016, from https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11591086

Westwood, J. (2013). How to write a marketing plan. Kogan Page Publishers.

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