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The Business Plan The Difference Between Marketing & Sales Marketing Planning & Strategy Market Assessment, Demand, Potential & Competition Analysis Marketing Mix-The 4 Ps Promotion
BUSINESS PLANS
Increases the probability of success. Assists in obtaining financing. Communicates to potential investors. Defines operational purpose.
BUSINESS PLANS
Mission statements generally do not change. Goals are reviewed as often as necessary. Goals should be established for each key operational area (e.g., sales, food, service, beverage, labor costs, etc.). Strategies or action plans are the how to reach the goal. They are more specific than goals & are generally short-term. Strategies are specific as to the date by which they are to be achieved and how much should be achieved. Based on strategies, a detailed action plan with individual responsibilities should be implemented.
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MARKETING Restaurant marketing is based on a marketing philosophy. Marketing philosophy patterns the way management & ownership have decided to relate to guests, employees, purveyors & the general public in terms of fairness, honesty & moral conduct. Marketing is finding out what guests want and providing it at a fair price. Marketing asks would-be operators to ask themselves, Who will be my guests? Why will they choose my restaurant? Where will they come from and why will they come back?
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MARKETING
Includes sales and merchandising. Determines who will patronize the restaurant & what they want in it. Is an ongoing effort. Gets into psyche of present & potential patrons. Marketing is about solving guest problems.
SALES
A part of marketing that focuses on the needs of the seller. Activities that stimulate the patron to want what the restaurant offers. The actions of restaurant employees that influence patrons after they have arrived at the restaurant. Sales mentality exists when seller thinks only of his or her needs & pushes an item on a customer. Closely related to advertising, promotion & public relations.
SALES focuses on the needs of the seller. MARKETING focuses on the needs of the buyer.
The strengths & weaknesses focus on internal factors and can, over time, be controlled by management. Opportunities & threats deal with external factors.
MARKET ASSESSMENT
Analyzes the community, the potential guests, the competition & helps to answer the all-important questions: Is there a need for a restaurant? Who will be the potential guests?
How old are they? What are their incomes? What is their sex? What is their ethnic origin or religion? What are the guests wants and needs? Why would people become guests? What will they like or dislike about the proposed restaurant? What do they like or dislike about existing restaurants?
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MARKET DEMAND
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MARKET SEGMENTATION
The marketthat is, the total of all actual and potential guestsis generally segmented into groups of buyers with similar characteristics. Within these groups are target markets, which are groups identified as the best ones for the restaurant to serve.
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TYPICAL SEGMENTATIONS
Geographic
Country, state/province, county, city, neighborhood. Age, sex, family life cycle, income, occupation, education, religion, race. Occasions, benefits sought, user status, usage rates, loyalty status, & buyer readiness.
Demographic
Behavior
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MARKET SEGMENTATION
Once the target market is identified, it is important to position the restaurant to stand out from the competition & to focus on advertising & promotional messages to guests. The key to positioning is how guests perceive the restaurant.
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Competition Analysis
Analyzing the competitions strengths and weaknesses helps in formulating marketing goals and strategies to use in the marketing action plan. When analyzing the competition it makes sense to do a comparison benefit matrix showing how your restaurant compares to the competition. You choose the items for comparison, which include name recognition, ease of access, parking, curbside appeal, greeting, holding area, seating, ambiance, food, service, cleanliness, value, and so on
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MARKETING MIX
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PLACE/LOCATION
PRODUCT
The main ingredient is excellent food. People will always seek out a restaurant offering excellent food, especially when good service, value, & ambiance accompany it.
3 levels of restaurant product: Core Product: function part of the product for the customer.
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PRODUCT
Product analysis: Covers the quality, pricing & service of the product offered. Restaurateurs are placing greater emphasis on atmospherics, the design used to create a special atmosphere. Product development: Innovative menu items are added to maintain or boost sales. Product positioning: Conveys to the customer the best face or image of the restaurant, what people like most about it, or how it stands out from the competition. Restaurant Differentiation: Restaurant owners usually want their restaurant to be different in one or more ways, to call attention to the food or ambiance. Product Life Cycle: Restaurants, like all businesses, go through a product life cycle from introduction to decline.
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PRICE
The only revenue-generating variable in the marketing mix. Several factors affect price:
The relationship of demand and supply Shrinking guest loyalty Sales mix The competitions prices Overhead costs The psychological aspects of price setting The need for profit
PROMOTION
To increase consumer awareness of the restaurant. To improve consumer perceptions of the restaurant. To entice first-time buyers to try the restaurant. To gain a higher percentage of repeat customers. To create brand loyalty (regular customers). To increase the average check. To increase sales at a particular meal or time of day. To introduce new menu items.
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TYPES OF ADVERTISING
In-house Tie-Ins and Two-for-Ones Loss-Leader Meals Advertising Appeals Travel guides Yellow pages Mailing lists
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The End