Marketin Theory And Practice Assignment

Running head: MARKETING THEORY AND PRACTICE
Marketing Theory and Practice
Name of the student
Name of the university
Author note

MARKETING THEORY AND PRACTICE1
Introduction
This report aims to clearly shed light into a new fictional product or services
which can be successfully branded and launched into the United Kingdom market. The
report has been divided into three sections where the product, promotion, and pricing
and distribution aspects have been evaluated and justified for in the research. In this
report, a new restaurant is being launched named Meatio which will address the fast
casual segment in the United Kingdom.
Part A: Product
Vision and Mission
Meatio has the vision of becoming the best fast causal restaurant in the United
Kingdom along with sustainable measures for protecting the environment. The mission
statement of Meatio is to offer the highest quality of meat dishes at value for money to
all the consumers. The company wishes to spread happiness by developing new
innovative meat dishes using innovation and creativity.
Company and services
The brand has been named Meatio and as the name suggest it focuses on
offering sustainable meat options to consumers in the United Kingdom. The restaurant
is expected to open its first chain in London as it is hub of business and consists of a
huge target market for the fast causal industry. The restaurant has its resemblance to a
fast food restaurant as Meatio will not offer full table services to the consumers but
unlike other fast food restaurant, the organisation would offer higher quality food
consisting of fresh ingredients. The organisation wishes to bridge the gap between fast
food and casual dining. Meatio will also offer a bar section where alcohol will be served
to the consumers. However, the speciality of the restaurant will be meat dishes
consisting of different types of steaks, burgers, fries and others. These dishes will be
developed by taking inspiration from meat preparation styles in different countries.
Gordon Ramsey, one of the most popular Michelin star chefs and restaurant owner will
be consulted as an advisor for developing the menu.

MARKETING THEORY AND PRACTICE2
Figure 1: Restaurant Concept
Source: (deloitte.com 2019)
Current market trends
Fast casual has continued to grow in the past decade in the United Kingdom and
grown at a pace greater than other segments of the restaurant industry. However, due
to BREXIT, there has been a decrease in consumer confidence among the consumers
in the year of 2017 in respect to their appetite for discretionary expenditure (Nguyen et
al. 2018). It directly affected the growth of the casual dining sector in the United
Kingdom. The casual dining has experienced high pressure due to the increase in
labour cost, food cost and business rates. It is a result of weaker pound since the
declaration of BREXIT and EU referendum.

MARKETING THEORY AND PRACTICE3
Figure 2: Key trends
Source: (deloitte.com 2019)
There has been change in consumer trends due to the change in the macro
environment in the United Kingdom. The growth of the food industry and casual dining
has been driven by the younger consumers who have higher frequency of eating out.
The figure 2 shows that consumers belonging to the generation Z and millennial are
driving the growth of the casual diners (deloitte.com 2019). These segment of the
population spent majority of their time on eating outside in various restaurants. The
casual dining industry has been facing significant issues in implementing digital
technology within their operations. It not only affects the overall customer journey and
business operations (Jochim, Ottenbacher and Harrington 2015).