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Marketing Plan and Risk Analysis : Report

   

Added on  2020-05-28

15 Pages3866 Words57 Views
Running Head: MARKETING PLAN 1Marketing Strategies and Tactics: VTIDiner

MARKETING PLAN 2Table of ContentsIntroduction......................................................................................................................................3Task 1...............................................................................................................................................3a.Marketing vision and goals...................................................................................................3b.Marketing needs, trends, description and segmentation.......................................................4c.Core marketing and product/service strategy.......................................................................4d.Sales strategy, Advertising and promotion including any strategic alliances......................6e.Alignment of above strategies with overall strategies..........................................................7f.SWOT analysis.....................................................................................................................8g.Marketing objectives to improve SWOT analysis..............................................................10h.Legal and Ethical Requirements and considerations..........................................................10i.Takeovers and Franchises for business expansion.............................................................11j.Risk Analysis of Marketing Plan........................................................................................11Conclusion.....................................................................................................................................11Task 2 Summary of Marketing Plan..............................................................................................13References......................................................................................................................................14

MARKETING PLAN 3Introduction Marketing plan is one of the most important documents of an organization. When a companyintroduces its new products and services, it needs to develop a marketing plan that assists inapproaching and attracting its target customers (Baker, 2014). Same as other organizations, VTIDiners has created a marketing plan that includes all the important marketing aspects of thecompany. VTI Diners is serving quality food products and situated at 190 Queen Street,Melbourne, where the people can arrange their family togetherness around the love of traditionalAustralian diner. The organization is serving very delicious and quality food to the people ofAustralia and attracting the Australian people by implementing a unique theme. This reportincludes different strategies and tactics according to the given marketing objectives in themarketing plan of VTI Diners. There is the discussion regarding various aspects of marketingplan and risk analysis of the given marketing plan. Task 1a.Marketing vision and goals Under its marketing plan, the vision statement of the VTI Diners is to provide a place fortogetherness arranged around the love of Australian diner. This organization surpasses a uniquetheme restaurant by placing real heart in the services to customers and quality of food. Thus, it isoffering an exclusive presentation of the food and attracting the customers (Bauer, 2012). Underits marketing vision, it seeks to develop a comfortable and entertaining atmosphere, which bringsolder people back to the easiness of 70s and 80s. It gives them chances to strengthen the relationacross different generations.In addition to this vision, company has established different goals, like; marketing goals,strategic goals and tactical goals. Under marketing goals, the organization seeks to attain therevenue of 1.8 million within the timeframe of three years. With this, it looks for openinganother restaurant in the year 2020. By establishing the strategic goals, the restaurant wants tobecome one of the top family restaurants Melbourne within next three years. Furthermore, VTIDiners plans to implement various systems and policies to attract the customers towards itsrestaurant services (Birt, 2013).

MARKETING PLAN 4b.Marketing needs, trends, description and segmentation One of the most important market trends is that the people today love to eat outside and want tospend time with their family and loved ones under a comfortable and relaxed environment. Thereare various needs, which are considered for introducing this new restaurant in Australia, like;Variety of food with quality standards Clean and comfortable environment Attractive and peaceful ambience People want a fun and enjoyable experience Effective customer treatment and respectful serving by the staff By considering these marketing needs, the company is going to introduce its restaurant andtargeting wider market audiences, like; 25 to 70 years old people, income more than $ 50000,business professionals etc. The major target market for the company is older people from the eraof 70s and 80s as the environment takes them into this era by providing simpler and comfortabletime. Thus, it is segmenting the market on the basis of demographic and psychographiccharacteristics, like; age, income and interests (Chang, 2016). c.Core marketing and product/service strategy Under its marketing plan, VTI Diner is implementing an effective marketing strategy that willassist in attracting a large customer base towards its products and services. Through thismarketing strategy, the organization wants to put the marketing message that it is family fun andentertainment in a non-fast food and nostalgic atmosphere. By identifying the target audiencesand competition, the organization will focus on the core elements of brand, like; website, menus,wall decors, theme nights, server uniforms etc. Under this marketing strategy, the company willconsider different elements of marketing mix, i.e. product, price, place and promotion. Theprices of product will be affordable for its target audiences (Grzinic, 2007). The company willuse effective distribution channels to approach the customers and effective ways for promotingthe services among people. The marketing message of the company is “Your Way-Back-WhenDiner”. The product and service strategy at VTI Diner is very innovative. Each and every item in themenu will be named uniquely with the appropriate and colorful logo and image. The company isgoing beyond the packaging of traditional Australian food diners to provide an exclusive

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