Hazev Restaurant: Marketing Strategies, Techniques, and Analysis

This report examines various marketing techniques that Hazev Restaurant can employ to attract customers and achieve business success. It covers brand extensions, audience segmentation, and social media-based public relations, evaluating their benefits and limitations. The report emphasizes the importance of market research in understanding customer needs, assessing the competitive landscape, and making informed decisions. It also discusses the impact of cultural factors on marketing strategies, highlighting the need for thorough research to adapt to different markets. The report includes an analysis of how these techniques can be applied to Hazev Restaurant, considering the potential for increased revenue, brand awareness, and market expansion. The report also includes references to books and journals related to the topic.

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Contents
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MARKETING
Marketing techniques and
their limitations
There are various marketing
techniques that Hazev
restaurants can use in order to
attract the customers as well as
to fulfil and satisfy according
to the customer needs and
expectations. The techniques
can be: -
Brand extensions: - This
technique can be used by the
Hazev restaurants to extend its
brand by creating new
products to capture the market.
This method can help the
company is leveraging the
awareness of the brand as well
as brand equity which can
result to increase in revenue
and growth in the competitive
market. This method can
impact the company in both
positive as well as in negative
way(Wirtz and Lovelock,
2016).
Social media based public
relations
This technique is the most
trending nowadays most of the
people spend most of the time on
social media. This can help
Hazev restaurant in promoting
their product through
publications by placing their ad
in news outlets and making the
promotion on the profile of
social media. This method has
benefits and limitations.
Benefits
It can help Hazev in spreading
the brand awareness and
increase the reputation.
This method is cost effective and
is cheaper as compared to
traditional marketing.
It can help the company to target
the audience
Significance
Market research will help the
company in knowing the
significance of the business
which it is planning to bring.
Market research will also help
the company to know its
present status and what could
be the possible changes that it
can bring to deliver more
qualitative products and
services. Through research the
company will know the
possible significance it can
bring through its products and
services.
Considerations
Market researching will help
the company I planning its
target customers, best
suppliers, distribution channels
available in the place of
proposed business. Market
research through questions can
provide the company about
more specific points of
considerations. The company
has to do research before make
plans for their effectiveness.
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Benefits
it can help the company in
creating the brand image and
brand name
It can help in reducing the risk
faced by the consumers
it can increase the willingness
among the consumers to try
new product.
Cost can be reduced for
creating new brands.
Limitations
The problem regarding the
cannibalization can arise that
is the resources of the
company can be wasted to
produce the products which
match the original one.
It can create negative publicity
for the product that can affect
the other product which could
have the same brand name.
Brand extension can
discourage innovation that is
limitations
The problem of managing the
resource can arise that could
include the recruiting and
training of staff
This method can be ineffective
that is negative feedback can
arise(Huotari and Hamari,
2017).
Importance of market
research in market planning
Market research is important
before planning for any factor
related to the business.
Marketing research will help the
company in making its
marketing plan effectively and to
the point. Marketing research
will help the company to cover
the aspects in its plan which can
influence the business of the
company. Researching will help
the company to know the market
which the company is going to
serve and the other key factors
of the business (Moorman and
Day, 2016). The main benefits
that Hazev will have from
researching are:
Impact of Cultural Issues that
are needed to be considered
Along with the other factors
company is also required to
research about the culture of
the different countries in
which it is proposing to
operate. Culture is not limited
to the traditions it is a broad
aspect extending to even the
behaviours of the people, their
living styles, their religion
beliefs and many such other
factors (Ashley and Tuten,
2015). Organisations need to
consider the cultural factors
before implementing any plan.
Marketers will have to do
thorough research about the
culture of the country it is
planning to expand. Cultural
differences can damage the
business very badly.
Therefore, the marketers will
be required to establish
communication between the
people and the company. They
have to establish trust among
the people by making special
offerings on their cultural
festival or by conducting
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the company will produce too
many products that can be
“lookalike” products
it can dilute the brand value
because of too many extended
products.
Audience segmentation: - This
is another technique that
Hazev restaurant can use in
this marketing technique it can
separate the target market of
the company into specific
markets which will be based
on the attributes like
demographics, geographic and
behavioural in order to create
the individualised campaign
marketing for each segment of
company's target market
(Homburg, Jozić and Kuehnl,
2017).
Benefits
it can give the company choice
regarding the target market
it can help the company to
focus on the particular market.
It helps in allocating the
resources and focus on the
needs of the customers
it increases the profitability
and enables the company in
Facts
The company will be able to
gather facts about the country in
which it is planning to expand.
The market research will also
help the company to know the
most beneficial market in which
it can establish its business.
Research will also provide the
quantitative data with the actual
facts and figures enabling the
company to prepare actual and
proper budgets.
Functions
Marketing research will help the
company in planning its
strategies that will be most
effective in the market in which
it is operating and is planning to
operate. Research will show the
company what are the success
strategies in a particular market
and how it can reframe them
effectively for their business
keeping in mind the
cultural events which will help
n promoting the sales of the
company. Therefore it is
important for every company
to do thorough research on the
culture of the different
countries to be successful
(Rosson and Ford, 2016).
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market expansion
limitations
There is a possibility of risks
that can occur by generating
new products that can lead to
spoiling the market or brand
image
the extension of market in the
market which are unrelated
that can less reliability
requirements of the market
(Kannan, 2017).
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REFERENCES
Books and Journals
Wirtz, J. and Lovelock, C., 2016. Services marketing. World Scientific Publishing Company.
Homburg, C., Jozić, D. and Kuehnl, C., 2017. Customer experience management: toward
implementing an evolving marketing concept. Journal of the Academy of Marketing
Science. 45(3). pp.377-401.
Moorman, C. and Day, G.S., 2016. Organizing for marketing excellence. Journal of
Marketing. 80(6). pp.6-35.
Kannan, P.K., 2017. Digital marketing: A framework, review and research agenda. International
Journal of Research in Marketing. 34(1). pp.22-45.
Huotari, K. and Hamari, J., 2017. A definition for gamification: anchoring gamification in the
service marketing literature. Electronic Markets. 27(1). pp.21-31.
Ashley, C. and Tuten, T., 2015. Creative strategies in social media marketing: An exploratory
study of branded social content and consumer engagement. Psychology &
Marketing. 32(1). pp.15-27.
Rosson, P.J. and Ford, I.D., 2016. Stake, conflict and performance in export marketing channels.
In Proceedings of the 1979 Academy of Marketing Science (AMS) Annual
Conference (pp. 66-69). Springer, Cham.
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