Marketing Strategy & Plan

This document discusses the marketing strategy and plan for Neon Memories Diner at Whoville. It explores current market trends, potential opportunities, and recommendations for implementation.

Marketing Strategy & Plan
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Table of Contents
Introduction..............................................................................................................................3
Discussion.................................................................................................................................4
Conclusion................................................................................................................................5
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Introduction
In recent few years, changes in lifestyle patterns have triggered growth for restaurant business
globally (Brown and Duguid, 2017). People have become more tech savvy, are on
smartphones and have less time to cook and do other household activities. This is particularly
why, restaurant businesses have seen a surge in their growth.
Industry income is anticipated to develop at an annualized 2.0% over the five years through
2018-19, to $18.8 billion (IBIS, 2019). Industry income is foreseen to ascend by 0.7% in the
present year, as rising dispensable earnings and positive buyer feeling bolster purchaser
spending on industry services. Consumer interest for quality nourishment and dining
encounters has fueled industry income development in the course of recent years. This is
generally how the changing ways of life of consumers have driven interest for eateries (IBIS,
2019).
In light of the above changing dynamics of the restaurant industry, as Marketing Manager for
Neon Memories Diner at Whoville, would be presenting the review of the marketing plan
created and discuss certain suggestions pertaining to current market trends, potential
opportunities and threats that the diner faces and certain recommendations for
implementation in terms of marketing opportunities that could be exploited.
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Discussion
Neon Memories Diner currently has the business objective to reduce their current shift
timings by almost 25% eventually so that ample time could be dedicated to business building
activities such as marketing and strategies. There is currently need for devoting 2 hours on an
almost everyday basis on these activities. This should assist in driving further revenue to the
establishment. A current target of USD 1.8 million has been set by year 3. That should
provide the capital required to open the second restaurant by Year 3. Not only that, in terms
of likeability and preferred diner, Neon Memories has an ambition to be rated the top
restaurant in Whoville.
Certain small objectives that are tactical to achieving the goals set are introducing the neon
points customer loyalty program. Put in place a feedback programme for the customers at the
diner. For all the employees, a proper incentive and monthly bonuses to keep them motivated.
Start ‘theme nights’ to draw in more business. At least 24 theme nights should be
implemented over year 2.
The current market trends point out that the new customer base for restaurants are working
people and most of them also order for home delivery of their favorite food from restaurants
even on workdays since the lifestyle does not allow them enough time to plan a meal, shop
and cook it thereafter. Takeaways are hence an emerging need for all restaurants to reach out
to customers who cannot come to the restaurants. For this, it is important firstly, that Neon
Memories Diner collaborates with various food delivery companies and brands and advertises
their menu and offering in a mini meal package ta reasonable pricing on these applications
which customers access on their smartphones. This should do two things. Firstly, the
competitors have already moved ahead in doing so and hence, in terms of competition and
market capture, this is a potential threat, a gap that must be addressed immediately.
Secondly, almost everyone is using smartphones and on social media. Neon Memories Diner
has a loyal customer base who could be contacted on these platforms to create fan following.,
Along with Facebook, Instagram and Twitter must be avidly utilized to showcase diner
meals, to generate interest (Grizane and Jurgelane, 2017).
Thirdly, by offering coupons, discount rates on social media pages, a lot of interest and
returning customers could be generated. Usually, with such coupons, even new customers
would get interested to try out the restaurant and the famous dishes offered that the localites
love (Kwok et al., 2015).
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Conclusion
The marketing report created for Neon Memories Diner acknowledges the new group of
consumers who are social media network savvy, who are busy and have less time for cooking
food. It also has an ambition to spread its brand awareness and for that reason a brand new
social media marketing plan for reaching out to new customers on platforms such as
Facebook, Instagram and Twitter is required. Also, identifying the threat of losing out the
market, collaboration with food delivery applications prevalent would set the right
momentum of growth for the diner. Proper social media marketing strategy will increase
brand visibility as well as increase curiosity among new customers who always want to try
out new restaurant food. It would also increase the word of mouth advertising for the diner
and be beneficial.
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References
Brown, J. and Duguid, P. (2017) The social life of information: Updated, with a new preface.
Available at: https://books.google.co.in/books?
hl=en&lr=&id=dynuDAAAQBAJ&oi=fnd&pg=PR7&dq=Changing+social+patterns+have+
driven+income+growth+for+the+restaurant+business+in+the+course+of+recent+years&ots=
2z-ZRlIjBW&sig=9LHUWR70JBmFfQ3V8ZuiLiqUm_Y (Accessed: 7 June 2019).
Grizane, T. and Jurgelane, I. (2017) ‘Social media impact on business evaluation’, Elsevier,
pp. 190–196. Available at:
https://www.sciencedirect.com/science/article/pii/S1877050917301047 (Accessed: 7 June
2019).
IBIS (2019) Restaurants – Australia Industry Research Reports | IBISWorld. Available at:
https://www.ibisworld.com.au/industry-trends/market-research-reports/accommodation-food-
services/restaurants.html (Accessed: 7 June 2019).
Kwok, L. et al. (2015) ‘Documenting business-to-consumer (B2C) communications on
Facebook: what have changed among restaurants and consumers?’, emeraldinsight.com, 7(3),
pp. 283–294. Available at: https://www.emeraldinsight.com/doi/abs/10.1108/WHATT-03-
2015-0018 (Accessed: 7 June 2019).
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