This report discusses market analysis, STP, marketing mix and customer journey mapping for La Italia restaurant in the UK. It includes recommendations for product, price, place, promotion, process, people and physical evidence. The report also covers customer persona and academic marketing theory supporting the recommendations.
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Executive Summary Digital marketing plays a crucial role in increasing sales of company. The report examines, market trend analysis, segmentation, targeting and positioning of restaurant. Recommendations of marketing mix i.e., product, price, place, promotion, process, people and physical evidence. Critical evaluation of marketing mix is discussed and customer journey mapping is discussed.
INTRODUCTION It is important to conduct market analysis before opening a restaurant. This helps in making better plans and profit can be earned (Alalwan and et.al., 2017). A new restaurant is opened in UK i.e., ‘La Italia’. The report includes, market analysis, STP, marketing mix and customer journey mapping so that business can run smoothly. ASSESSMENT -1 IN PPT ASSESSMENT – 2 Market Analysis Market analysis plays a crucial role in determining choice of people. It is essential to conduct market analysis so that they can achieve goals and objectives. Managers of restaurant are responsible for handling all issues and make plans which is beneficial for growth and development of restaurant. It is important to take necessary steps to make good quality products and satisfy need of people so that more profit can be earned. Managers should conduct market analysis before making any product and identify choice of people (Harzig and et.al., 2018). After determining needs and wants of people, product should be made accordingly because it helps in generating more profit and increase sales of restaurant. Nowadays, competition is increasing in market and choice of people is changing rapidly, so it is important to conduct survey and analyse need of customers so that there will be no confusion later. This helps in satisfying need of people and attract more customer. It is essential to focus on satisfying need of customer because they are the king of market and helps in increasing profit of restaurant. Market analysis is beneficial for restaurant because it helps in interacting with people and their choice can be identified. Market analysis helps in identifying opportunities in market and managers can make plans accordingly. It is essential to conduct market survey so that need of people can be satisfied and services can be provided according to latest trend. Market analysis helps in determining trends and better plans can be made to attract customer. Market analysis helps in reducing risk, identifying market trends and increase revenue of restaurant (Dzwigol, 2020). Competition is increasing day by day and there are many restaurants in UK which are providing good services to customers. So, managers are responsible for identifying products and services which is provided by other restaurant and provide different product so that goals and
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objectives can be accomplished. Market analysis helps in determining plans and strategies made by competitorsandmanagersof LaItaliacanmakebetterplansand strategiestogain competitive advantage in market. This is beneficial as it helps in earning more profit and good image can be created. When plans are made after analysing market then it becomes easy to satisfy need of people. It is essential to conduct market analysis to create positive image in minds of customers and good services can be provided to them. Determining choice of people and make plans accordingly so that need of people can be satisfied. It is important to conduct market survey and determine choice of people so that restaurant can provide good services to customer. Segmentation, Targeting and Positioning (STP) Segmentation-it means to divide market on the basis of demographics, common interest, behavioural, needs, priorities. Managers of La Italia restaurant divide market on the basis of demographic segmentation. Managers are making arrangement for different age group so that all people can enjoy and it helps in increasing sales and more profit can be earned. It is important to divide market so that promotion can be done properly and it helps in achieving goals and objectives of restaurant (Camilleri, 2018). Targeting-it means to identify target audience and make plans accordingly so that their needs can be satisfied. La Italia restaurant is targeting ‘Gen Z’ and making plans accordingly. it is the responsibility of managers to identify target audience and their needs so that goals and objectives can be accomplished. It is essential to make products as per choice of target audience so that profit can be earned. Targeting means to identify a particular group of people to whom managers of restaurant want to provide service and their aim is to attract them. this is beneficial for growth of restaurant and more revenue can be generated (Paruchuri, 2019). Positioning-positioning means to provide good quality product and services to customer so that positive image can be created. This helps in attracting more people and profit can be earned. Managers should make product which satisfy need of people of Gen Z. It is essential to determine need of customers and make products accordingly so that business can run smoothly and it helps in achieving goals and objectives of restaurant. It is important to create good image in minds of customer to gain competitive advantage. It helps in attracting more people and profit can be generated (Vinuales and et.al., 2019).
Customer persona Recommendations Marketing mix plays a crucial role in success of restaurant. There are 7 P’s in marketing mix which managers should identify i.e., product, price, place, promotion, people, process and physical evidence. This helps in satisfying need of people and attract more customer. These are some elements of marketing mix which can be applied by managers and identify choice of people so that their needs can be satisfied and it helps in generating more profit. Managers should make products after analysing market situation like, plans and strategies which is applied by competitors and try to make better products to attract people and more profit can be earned. Marketing mix should be applied by managers so that they can make better plans and identify strategies which is applied by competitors.
Marketing MixRecommendations (Marketing Mix) JustificationAcademic marketing theorysupporting the recommendation ProductForidentifyingneed ofcustomer,market analysisshouldbe done so that choice of GenZcanbe identified.Managers shouldapply marketingtheoryto identifychoiceof peopleandstrategy applied by competitor. This is the best way to identifyneedof peopleandbetter products can be made which is beneficial in growthand developmentof restaurant. Nowadays, competitionis increasinganditis importanttomake product as per choice ofcustomersothat peoplecanbe attracted and it helps increatinggood imageinmarket. Productisthemain elementbecauseit attract customer and if itisnotmade according to choice of Gen Z then restaurant has to face challenges. So,managersare responsible for doing marketanalysisand identifyplansor strategiesmadeby competitors and make betterplanstogain competitive advantage. Marketingtheory which can be applied bymanagersofLa Italia is Porter’s five forces because it helps indetermining differentfactors which is beneficial for growthand developmentof restaurant.Withthe helpofporter’sfive forcesstrategyused by competitor can be identified and it helps inaccomplishing targets. PriceManagers of La Italia shouldapply Competitionis increasinginmarket Therearedifferent typeofpricing
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penetrationpricing strategybecausein thispricesarekept lowinstartingto attractmorepeople. Aftersometime, prices are increased to earn profit. This helps inattractingpeople and goals of company can be accomplished. andtogain competitive advantage it is important to keep priceslowas comparedto competitorssothat morepeoplecanbe attracted.When restaurantisnewin marketthenprices should be low so that customercanbe attracted and it helps in earning more profit. strategy which can be appliedbymanagers butasitisnew restaurant so to attract peoplepricesshould below.Penetration pricingstrategy should be applied so thatpeoplecanbe attractedandprofit can be earned. In this initiallypricesare kept low as compare tocompetitorsand after sometime, prices are increased to earn profit. PromotionPromotionisoneof the important element whichisusedby companiestoattract peopleandprovide information to them. it isimportantto providerelevant information to people so that they can visit restaurant.Withthe helpofpromotion morecustomerscan beattractedandit It is essential to use sometoolsand techniquesfor promotionsothat peoplecanget relevantinformation. Thishelpsin attractingmore customersandprofit canbeearned. Promotioncanbe donebygiving advertisementin newspaperorsocial Nowadays, people are more active on social networking sites so it isthebestwayfor promotion.Managers of La Italia restaurant shouldgive advertisementon socialsitessothat peoplecanget informationabout new restaurant and it helpsinincreasing revenue.If
helpsinachieving goalsandobjectives ofrestaurant. Promotionplaysa crucial role in success ofrestaurant. Managers should use social media tools to attract people of Gen Z. sitessothatpeople can be attracted. This increasessalesof restaurant. advertisementisnot given then people will notknowabout restaurant.So,to attractpeople advertisementshould begivenonsocial sites so that goals and objectivescanbe accomplished. Promotion is the key element of marketing mix because it helps in increasing sales and moreprofitcanbe generated. PlacePlaceshouldbein market so that people didnotfaceany problem. Transportation facility should be available so that people can come torestaurant. Restaurant should be locatedinmarket becauseitis convenient for people and there should be no restaurantinnear. Thishelpsin Managersshould decideplaceafter analysingmarket situationand according to need of people. It is important to focuson needof customerandopen restaurantinplace wherethereisno restaurant and there is noissueregarding transportation. Sometimes, restaurants are open in Managersshould conductmarket analysis so that they canknowwhere restaurantsare situated and at which placetheycanopen restaurantsothat morepeoplecanbe attracted and it helps in achieving goals and objectives.Itis essential to do market analysis so that they can get idea for where
attractingpeopleand profit can be earned. the outer part of city. So,peopleface problem to go there. It is important to decide placeafteranalysing allthepointsand make better plans. theyhavetoopen restaurant and attract people. It is essential toopenrestaurant wherepeoplecan come easily. ProcessProcess is the flow of activitiesthattake placewhenthereis interactionbetween peopleandbusiness. Managers should give propertrainingto employeessothat they can provide good services to customers andsatisfytheir needs.Employees shouldprovidegood services to consumers and behave properly. Managersare responsiblefor managingallthe activities.Staff members should treat customersproperly andprovidegood services to them. Forachievinggoals andobjectives,itis essentialtoprovide propertrainingto employeesandtreat customerswith respectsothattheir needs can be satisfied andithelpsin increasingsalesof restaurant. Managersshould makeproperprocess anddividework amongemployeesas per their specialisation so that all can do their workandgood servicescanbe provided to customer. When correct process is applied then it helps inachievingtargets becausethereisno confusionamong members and need of people is satisfied. PeopleTherearemanyIn restaurant there areForrecruitingand
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peopleinvolvedin running business like, staffmembers,sales people,customer serviceteamsand otherpeople. Managersshould recruit talented people who have the ability to do several task so thatifthereis shortage of staff then managerscangive worktoemployees who are having skills. many people required anditisthe responsibilityof managerstorecruit andselecttalented employeessothat workcanbe completedontime. Thishelpsin achievinggoalsand objectivesof restaurantand changesbemadeto performbetterthan others.Managersare handlingallissues anditistheir responsibilityto recruittalented employees.for accomplishinggoals andobjectivesof restaurant. selectingemployees, managers should give advertisementfor vacant position so that eligiblecandidates canapply.Managers shouldrecruit candidateswhoare having the ability and skillstowork efficiently.They shouldprovide training to employees sothattheycan satisfyneedof customersandprofit can be generated. Physical evidencePhysicalevidencein marketingmix refers toeverythingwhich customernotices whenemployeesare interacting with them. managers of La Italia should give training to In restaurant, Gen Z peoplearenoticing everythinglike, interior of restaurant, food quality and taste, servicesprovidedto them,howstaff member is interacting Managersshouldbe activeonsocial networkingsitesand make website so that customercangive reviews about services provided to them. it is essentialtomake
employeesforhow they have to interact withcustomersand satisfytheirneeds. Managersshould makeasiteand provideallthe relevant details which isrequiredby customers.This createspositive impact on people and attractthem. managersare responsiblefor providingall information to people and customer can give reviews about service provided to them. with customer. People aregivingfeedback after analysing all the activities.Managers should take feedback inpositivewayand make changes as per need of customerso that their needs can be satisfied and it helps in achieving goals and objectives. improvementsin plans or strategies so thatbetterservices canbeprovidedto customer.Itis essentialtoprovide good quality products andservicesto customertogenerate more profit. It helps in achievinggoalsand objectivesof restaurant.Managers should take necessary steps so that needs can be satisfied. Customer journey mapping Customer journey mapping helps in identifying different stages through which customers are interacting with company. There are steps which can be followed by restaurant to make customer journey mapping like, set targets, create persona of buyer, identify motivations, map out buyer’s journey, maximise touch points, find moments of truth and revise. These are some steps which should be followed by managers of restaurant so that product can be made as per choice of customer (Micheaux and Bosio, 2019). It is essential to provide good quality products and services to customer to earn more profit and attract people. This helps in creating positive image in market and changes can be made as per need of people.
There are some benefits of customer journey mapping i.e., helps in identifying gaps in service or communication, reduced cost, helps in increasing sales and good quality products and services are provided to customer. Customer journey mapping helps in greater customer and employee satisfaction. It helps in satisfying need of customers and better plans can be made so that profit can be generated. Customer journey mapping helps in reducing cost and sales of restaurant is increased. It helps in satisfying need of people of Gen Z and take feedback so that changes can be made (Bernard and Andritsos, 2017).
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REFERNCES Books and Journals Alalwan, A. A., and et.al., 2017. Social media in marketing: A review and analysis of the existing literature.Telematics and Informatics.34(7). pp.1177-1190. Harzig, P., and et.al., 2018. April. Multimodal image captioning for marketing analysis. In2018 IEEE Conference on Multimedia Information Processing and Retrieval (MIPR)(pp. 158-161). IEEE. Dzwigol, H., 2020. Innovation in marketing research: quantitative and qualitative analysis. Camilleri, M. A., 2018. Market segmentation, targeting and positioning. InTravel marketing, tourism economics and the airline product(pp. 69-83). Springer, Cham. Paruchuri,H.,2019.MarketSegmentation,Targeting,andPositioningUsingMachine Learning.Asian Journal of Applied Science and Engineering.8(1). pp.7-14. Vinuales, G., and et.al., 2019. Description and evaluation of an innovative segmentation, targeting, and positioning activity using student perceived learning and actual student learning.Marketing Education Review.29(1). pp.24-36. Micheaux, A. and Bosio, B., 2019. Customer journey mapping as a new way to teach data-driven marketing as a service.Journal of Marketing Education.41(2). pp.127-140. Bernard, G. and Andritsos, P., 2017. A process mining based model for customer journey mapping.InForumandDoctoralConsortiumPapersPresentedatthe29th InternationalConferenceonAdvancedInformationSystemsEngineering(CAiSE 2017)(Vol. 1848, pp. 49-56). CEUR Workshop Proceedings.