Marketing Plan1 Contents ...............................................................................................................................................................0 ...............................................................................................................................................................0 Marketing plan.....................................................................................................................................2 Marketing demand.............................................................................................................................2 4P......................................................................................................................................................2 Market segmentation.........................................................................................................................4 Marketing strategies..........................................................................................................................4 Marketing channel.............................................................................................................................5 Concept delivery....................................................................................................................................6 Role- out time line.............................................................................................................................6 Key milestone....................................................................................................................................6 Key personal and their roles..............................................................................................................6 References.............................................................................................................................................7
Marketing Plan2 Marketing plan Marketing demand The target markets identified by the restaurant are given below: Millennial The millennial generation in Melbourne and Victoria is growing faster. Millennial accounts for 37.3% of the total population of Melbourne and China (Mccrindle, 2019). The restaurant is likely to target this segment. The millennial even eat the maximum share of their meals in the restaurants. Their taste is quite different from the older generations. The millennial have started to eat healthier. They are considered as the largest healthy eating consumer group in Melbourne and Victoria. This generation is embracing more of fresh and healthy food choices. The millennial are more educated, connected, demanded and more empowered and make the healthy choices. The restaurant can provide healthy food choices to the millennial in the form of soup, veggie rolls, steamed vegetable dumplings, chicken with broccoli, shrimp with lobster sauce, steamed veggies and lean protein. Chinese visitors The Chinese visitors from China who visit Australia are also targeted by the restaurant. Such visitors like to have their traditional Chinese food. Bendigo has a rich and prosperous heritage and is the 2ndhighest producing goldfield in Australia which attracts travellers to visit this place. Bendigo has also some Chinese history. The 20% of the population in Bendigo in the mid-1800s also hailed from China. Chinese people here came as miners and merchants. They bring their customs, culture and beliefs to the goldfield which is treasured by the city in the form of Chinese Joss house (Bendigo, 2019). Their hand made brick construction is evident from some exquisite buildings in Bendigo. There is even Golden Dragon museum in the city. The cultural event also takes place which honours to the contribution of the Chinese to the city. All these factors give pride to the Chinese visiting Bendigo. The restaurant can easily target to the Chinese visitors by offering their authentic meals. 4P Product
Marketing Plan3 The restaurant will provide all kind of Chinese cuisine. The main products in the marketing mix willEgg roll, Soup, Fried Rice, Lo Mein and Chow Mein. The various kinds of meals will also be provided by the restaurant. The self service will be avoided in the restaurants for the comfort of the customers. The restaurant will offer memorable experience to the customers by the efficient delivery that they will like to come back. The service will be provided within few minutes (Fan, Lau & Zhao, 2015). The atmosphere will positively contribute to the ambience of the restaurant. The restaurant will be designed with a lot of tile and pastel colors. MENU Appetizer Egg roll$10 Shrimp Egg roll$11 Spring roll$11 Boneless Spare Ribs$13 Cream Cheese Wonton$12 Sweet Biscuit$10 Fried or Steamed Dumplings$14 French Fries$10 Fried Baby Shrimp$12 Fried Chicken Wings$15 Chicken Stick$13 Teriyaki Beef$15 Fried Scallops $12
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Marketing Plan7 Price The pricing of the restaurants product line will be done in the cost effective manner. The restaurant is going to compete with the major food players in Bendigo. The product prices will be kept in such a way that the cost and prices get minimized. The market based pricing approach will be undertaken where prices are laid out to keep in mind market demand and supply with the competitive pricing of the alike products (Kukanja, Gomezelj Omerzel & KodriÄŤ, 2017). The average spending expected by the restaurant is $50. As people are likely to try two to three dishes as per their diet and taste main-main dishes of the menu. The bundle pricing strategy will also help restaurant in generating greater revenues. The value meals comprising combos can be offered by the restaurants than the individual products. Place The restaurant will initially open single branches in Melbourne and Victoria. As soon as the restaurant conducts operations successfully in the first six months, it will open two more branches in Melbourne and Victoria. The restaurant will even have various modes of the provision of products to the customers. The orders will be taken and served through quick service restaurants, websites and mobile applications. The vouchers and freebies will also be offered at the many instances on the online delivery in order to promote sales (Harrington, Ottenbacher & Fauser, 2017). Promotion As a part of the marketing plan, the restaurant will typically depend on the advertising as a means to generate revenues. The restaurant will even train its staff to sell products where they can know the possible and desired options for the customers. The restaurant will even make use of the campaigns in order to promote sales. The campaigns will offer food at the discounted prices which can be motivation for the customers to purchase food at the Chinese restaurant. 20% of the population of the Bendigo is also Chinese and this population is going to love the authentic taste to be provided by the restaurant. The Chinese people will give the most preference to the Chinese restaurant. The Chinese food has also huge popularity in Melbourne and Victoria which can be biggest advantage for the restaurant. Market segmentation Demographic: The main population structure changes in Australia are implied due to the declining birth rate and growing population of the seniors. The general market segment of the
Marketing Plan8 restaurant will be millennial and Chinese tourists. On the wide basis, the restaurant will segment high income groups and business classes which can spend money on the best dishes (Chung, Song & Lee, 2017). Geographic: When the population increases, it also shifts and expands geographically. It implies that the restaurant will have to open new outlets and move locations to endure the demand. The geographic segmentation of the restaurant will be the famous locations in the Bendigo. As soon as it establishes will open more outlets in the city. Behavioural: The behavioural approach emphasis on the relationships with the restaurant or product. For example, light or heavy users, brand switchers or brand loyal. The behavioural segment will comprise class where people love to spend money on eating (Ryu & Lee, J.2017). Psychographic: The psychographic segmentation involves comprehending the opinions, interests and lifestyle of the customers. It will also comprise the people with the good attitude concerning food sense and who want to have good time with friends and family. Marketing strategies Pricing strategies: The restaurant will make use of the different pricing strategies like market based pricing strategies and bundle based pricing strategy. The restaurant is going to utilise market based pricing through assessing the prices of the restaurant offering Chinese cuisine. Depending on the features than the competition, the restaurant will set prices lower or higher the competitors. The bundle pricing will also be used by the restaurant by offering one plus one free meal, combos and value meals. The customer will pay for a specific meal and get another for free. The bundle pricing has great role in attracting to the millennial as they are always interested in having value meals. Advertising strategies: The restaurant will typically depend on the advertising strategies in order to generate revenues. The restaurant is going to train its staff so that they can suggest meals to the customers as per their preferences. The restaurant will place its ad on in the newspaper, TV, radio and online. It will frequently display the ad. The restaurant will even track results from the ads displayed. The advertising strategy will surely assist restaurant in appealing customers to have authentic taste of China (Stead & Hastings, 2018). Distribution strategies: The distribution strategies have role in making products accessible to the target customers. It will be deployed by the restaurant in order to make sure that the
Marketing Plan9 offerings can reach to the maximum potential customers at the minimum costs. It can assist restaurant in maximizing revenue and profits. The distribution strategies should also be updated constantly according to the market parameters through demand and supply analysis. It can only keep up with the current marketing circumstances. The restaurant will also include several other parameters like location of the business, location of the target market, reaching the target market and more. Marketing channel Employing several marketing channels can only help restaurant in constructing and maintaining a solid reputation in the market. The restaurant will make use of the loyalty programs like it can partner up with the online food apps. It can be an important consideration for the restaurant marketing plan. Partnering with the online applications surely inspire consumers to check out the restaurant through gamification and customer loyalty programs. It will offer visitors a free purchase or discount for the specific number. The standard food apps integrated with the loyalty programs are Foodora, Menulog, Deliveroo, Uber eats and more. The punch cards will also be used by the restaurant. The restaurant will even create its strong Instagram presence. It is another marketing tip of the restaurant. The trend of using Instagram is also increasing. The restaurant will use Instagram to promote best visual content of the restaurant. The storefront will be showed off along with the top dishes. On the page the restaurant will reveal the process behind the food like cooking, kayaking, farming and more activities. It will be surely enjoyed by the users and they will like to pay visit to the restaurant. The restaurant will even advertise on the regular basis (Namin, 2017). Concept delivery Role- out time line The delivery options are developing and it is taking restaurants with it. The restaurant will provide various delivery options like delivery through phone, restaurant’s website, 3rdparty site (food apps), social media and chat. The consumers can directly ask to the restaurant vies phone for the delivery of the food. The consumers can even order food on the website of the restaurant. The website of the restaurant will view all the options offered. The payment can also be made online. The food applications are the most prevalent method. The customers can
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Marketing Plan10 easily order the food through the apps and get delivered in the short span of time (Han, S. H., Nguyen & Lee, 2015). Key milestone The food will be delivered to the consumers within the thirty minutes. The food will be served in the safe food packaging and will be served hot. The consumers will be even able to track the food till the time it arrives. Key personal and their roles The key personnel required for the delivery will be the persons taking order and the delivery boys. The persons taking order will inform to the delivery boys and the delivery boys will be liable to get ready orders and deliver to the consumers.
Marketing Plan11 References Bendigo, 2019. Chinese History.Retrieved on 15May from https://www.bendigotourism.com/about-bendigo/history/chinese-history Chung, N., Song, H. G., & Lee, H. (2017). Consumers’ impulsive buying behavior of restaurant products in social commerce.International Journal of Contemporary Hospitality Management,29(2), 709-731. Fan, S., Lau, R. Y., & Zhao, J. L. (2015). Demystifying big data analytics for business intelligence through the lens of marketing mix.Big Data Research,2(1), 28-32. Han, S. H., Nguyen, B., & Lee, T. J. (2015). Consumer-based chain restaurant brand equity, brand reputation, and brand trust.International Journal of Hospitality Management,50, 84-93. Harrington, R. J., Ottenbacher, M. C., & Fauser, S. (2017). QSR brand value: Marketing mix dimensions among McDonald’s, KFC, Burger King, Subway and Starbucks.International Journal of Contemporary Hospitality Management,29(1), 551-570. Kukanja, M., Gomezelj Omerzel, D., & Kodrič, B. (2017). Ensuring restaurant quality and guests’ loyalty: an integrative model based on marketing (7P) approach.Total Quality Management & Business Excellence,28(13-14), 1509-1525. Mccrindle, 2019. Australia’s population map and Generation Profile Update.Retrieved on 15May fromhttps://mccrindle.com.au/insights/blogarchive/australias-population- map-and-generational-profile-update/ Namin, A. (2017). Revisiting customers' perception of service quality in fast food restaurants.Journal of Retailing and Consumer Services,34, 70-81. Ryu, K., & Lee, J. S. (2017). Examination of restaurant quality, relationship benefits, and customer reciprocity from the perspective of relationship marketing investments.Journal of Hospitality & Tourism Research,41(1), 66-92. Stead, M., & Hastings, G. (2018). Advertising in the social marketing mix: getting the balance right. InSocial Marketing(pp. 29-43). Psychology Press.