Marketing Strategies in the Digital Age

This assignment delves into the realm of modern marketing strategies, specifically focusing on their application in the digital landscape. It examines a range of theories and frameworks, including PESTEL analysis, Porter's Five Forces, and the impact of technology on consumer behavior. The task involves analyzing case studies, drawing comparisons between traditional and digital marketing approaches, and proposing innovative strategies for businesses operating in today's dynamic market environment.

BUSINESS ESSENTIALS

TABLE OF CONTENTS
Introduction......................................................................................................................................1
TASK 1............................................................................................................................................1
PART A..................................................................................................................................1
PART B..................................................................................................................................3
TASK 2............................................................................................................................................4
Task 3...............................................................................................................................................6
Part A......................................................................................................................................6
Part B......................................................................................................................................7
TASK 4..........................................................................................................................................11
Task 5.............................................................................................................................................15
Task 6.............................................................................................................................................15
Conclusion.....................................................................................................................................16
REFERENCES..............................................................................................................................17

Introduction
Hospitality sector contributes well in the economic development of the country. People
like to go on restaurant and hotels to spend some time with friends and families. Business
planning is the crucial part for that management has to think logically and in structured way.
London is the potential market for opening a new restaurant business (Yaish, Peng and
Rothstein, 2014). It is necessary to plan the activities, target market and barriers effectively. By
this way any new firm can get established and can accomplish its objective. Present report is
based on the new restaurant business which is planning to open a branch in middle of the
London. Assignment will discuss the business idea of new restaurant business and it will
describe marketing strategies of the organization. In addition, it will launch the event and will
produce a budget that would help in identifying the overall profit of new firm (Yoneshiro and
et.al, 2013). Significance of operational, tactical and strategic decisions will be illustrated in this
study. At the end of the report distribution methods of the company will be discussed in order to
analyses the plan of the entity.
TASK 1
PART A
Commercial and economic activity which are done by a person or entrepreneur is
identified as a business. In the industry there are several types of businesses are established and
operated in various sectors to gain and earn sales and profit. In the current scenario a company
will be open by an entrepreneur for the purpose of provide services and products to the students.
For attracting students the best business idea will be related to the restaurant which offer several
types of food items and dishes to them (Savina and Kuzmina-Merlino 2015). Further, the idea of
restaurant will be good as well as profitable because students are always seeks towards the food
items. Along with food items new restaurant will offer beverages as well by which students will
attract more towards it.
In the current case, foods and beverage sector is selected because students are highly seek
towards the new and different kinds of food items. Apart from this, the students want various
types of beverages like as juice, shakes etc. In the food items the restaurant will offer Italian and
Chinese food items which are most liked by the students. Further, due to such reasons, the food
and beverage sector is to be selected. In context to the location, the restaurant will be established
and open nearby university. Reason for choosing the university is that students are available near
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to the educational institutes. Apart from this, students are always tried to take different types of
food items as well as beverages. In this context, the business such as restaurant will be operate
through online as well as offline. When the students are not able to come out from the lectures
and hostels then online services will be more beneficial for it. Further, for spending times at the
outside with the food then in this case offline services helps to increase sales (Uhl and Gollenia,
2016).
The students and customers are always wants to eat new and innovative food products
and when the restaurant will offer innovative dishes then it able to attract more number of
students. For increasing and meet with the wants and needs to the potential and new students the
restaurant come up with the various innovative food dishes as well as beverages. The restaurant
will offer Indo-Italian and Thai dishes such as red curry etc. along with the multi shakes and
beverages. It helps to meet various expectations and needs of the students and customers by
which it able to generate more amount of revenue and profit at the year ending. In context to this,
the new restaurant will be offer different new schemes and discounts by which it able to attract
existing and new consumers and students (Hair, 2015). In addition to this, with the help of
providing combo offer of two or more types of dishes and beverages such as coke and shakes it
able to meet with needs of the students.
Identification of competitors:
In the UK there are various number of restaurants are operating in the foods and beverage
industry which provide different food products as well as beverages. These all the restaurants are
competitor or rivalry firms of the new restaurant which will be open currently. Some competitors
are such as follows:
 Nama restaurant
 Typing Room
 Pizarro restaurant
 CoBo restaurant
 Escocesa restaurant
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PART B
The restaurant will be open near to the university in the London which has various
objectives. By using and having some purposes and objectives the entrepreneur will open new
restaurant which are given as below:
 To provide innovative food products.
 To use and adopt new and innovative technology for reducing costs
 To offer food products and beverages at the lower and affordable prices.
 To increase market share in food and beverage industry of UK.
The above mentioned objectives are interrelated because in short all helps to increase
level of profit and margin in the food and beverage industry of UK. With the help of using
effective and attractive marketing and promotional activities the restaurant will be able to attract
and enhance students and consumers which helps to increase sales and revenue. Apart from this,
when the restaurant adopt new as well as innovative techniques and technologies then able to
make effective, nutritional and hygienic food products and beverages (Wilson, 2014). Along
with this, it helps to reduce cost for producing and cooking different Italian and Chinese food
items. Due to this, it can easily offer products and beverages at the lower and affordable prices to
the potential and new students and consumers. By providing innovative food products at lower
prices compare to rivalry firms then more number of consumers will be attract. Ultimately,
market share of the restaurant will be increase in foods and beverage industry of UK.
Different form of ownership:
In the corporation world, there are various types of companies are operated and generate
income and profit which are such as sole trader, limited, partnership etc. The sole trader is the
firm in which there is only one owner who run as well as operate overall firm in the foods and
beverage industry. The firm which listed in the stock market and on which different types of
legal rules and legislations are imposes by authority body and government are known as limited
companies (Cobanoglu and et.al., 2011). Apart from this, when there are two or more
entrepreneurs establish and run business are called as partnership firm.
In the current case, restaurant will be open and establish as a sole trader company because
in this there is only one owner who have overall ownership as well as liability of the restaurant.
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When it exists in the foods and beverage industry with the sole trader types of firm then any kind
of legal terms and conditions are not imposes on it. With this, it able to run and operate overall
restaurant using its own rules and objectives without following rules of authority bodies. Hence,
in the current case, sole trader restaurant will be establish and open by the entrepreneur.
TASK 2
PESTLE analysis
The restaurant business is the most profitable business in UK. It is that place where food
is serves to people (Rachet, 2014). There are different types of business factors which mat effects
performance of the organization. To run business operations successful it is important to make
scanning its factors which may have created huge impact of the business and it operations. With
the help of the PESTLE analysis the firm can evaluation of its strategies and other factors which
may effected business and its operations. This is considered as the best strategic tool which helps
to organization for evaluating it external factors which directly or indirectly effects business
operations.
Following are PESTLE analysis of restaurant business.
Political factor
Political factor includes different types of polices which implemented by government on
business. It also includes country's political stability and their relation with other country. UK
government and its business polices have huge impact of restaurant business and it's operations.
There are different types of rules and regulation which is compulsory to follow (Mkude and
Wimmer, 2015). In order to run businesses operation successful restaurant need to maintain there
standard of cleanliness and lobar laws and along with this they need to also follow tax rules.
Government checks quality of food and ingredients which are used in preparation of food. In
many restaurants not use quality of food and people may suffer from health related problems
such as heart diseases, cholesterol and obesity problems. Organization need to maintain there
quality of food and kitchen as well.
Economical factor
It includes different types of economical factors such as economic polices, tax rate,
fluctuation in currency and impact of exchange rate. Government tax polices may effects
organization and its business. If UK government impose tax rate on the consumers items then,
restaurant also need to increase rate of their food. The change of inflation rate is also effects
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businesses as the prices of the ingredients may also increasing. Apart, from this other economic
changes may also effects restaurants such as slow economic growth and highly risky market.
Restaurant businesses is also considered as the most risky businesses as there are many factors
which may slow the growth of company. In UK, other economical factors such as low
purchasing power of consumers and low income of individual is creates huge impact of business.
Social factors
The restaurant business is considered the most highly risky business. For conducting any
business successful it is important to understand the social culture in which they are operating
their business. People are now becoming more educated and developing more healthy habits so
they can prevent from diseases. They are looking for the quality of food. In this the restaurant
need to offer healthy food items to their consumers. As increases in number of population,
number of restaurant is also increases. Now individuals becoming more aware regrading to their
food items and check their quality as well. Restaurant is offering there services to students which
like top consume more fast food. So the entity need to focus on this they have to create such
products which contain high quality at low prices along with healthy for their customers.
Technology factor
The impact of technology on business is very huge. There are different types of technology
factors such as use of internet and social media. There are various types of technological tools
which can be used by organization. In UK there are many restaurants which uses TV and It
technology for their publicity (Sicotte, Drouin and Delerue, 2012) Along with this organization
can also provide their food detail to their customers through their websites. In this organization
can also use different types of products and services for attracts more customers in its business.
For attracting college students they can also use mobile through which they can send SMS to
their customers regrading food items. Some restaurants also use automation technology in there
food chains. Restaurants can also use make delivery of products through mobile which helps to
them for increases profit.
Environmental factor
There are some ecological factors which may apply on the environment consumer food
company. The government made different types of rules and regulation on the health food and
nutritious. Restaurants need to adopt sustainable strategy to grow their business (Pagla and
Brennan, 2014) The environmental issues are now becoming growing issues it is great concern
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for atmosphere. The organization need to make sustainable contribution thorough their business.
Restaurants business should aware regrading to this business changes and adopt such strategics
which helps to them for building strong relationship with society and other people.
Legal factor
There are various type of government agencies which are working for regular supply and
quality of products. They have implemented some specific rules and regulations to control
supply of food products in market (Wilson, 2014) Restaurant need to follow this rules and
regulation so they can run their business operation smoothly. Apart, from the business have to
maintain laws related to wage and welfare to employees. Company need to create lawful
environment within organization along with this they have to maintain high quality products and
services for their customers.
Task 3
Part A
In the modern business world people are busy in their life so to get relaxed they go to
restaurant and clubs etc. In the London there are many restaurants are running and customers go
there frequently (Zhang and et.al, 2015). So opening a new restaurant is crucial for that cite d
firm will have to launch an event that can help in making people aware with the brand. New
restaurant business is having objective of increasing sales and satisfying needs of consumers. In
the launching event cited firm will circulate flyers, which have detail of food and other services.
Apart from this it will give discounts of 25% to its women customers (Buppert, 2014).
For students it will give offer of free drinks on order of over 500. this would be attractive
for all people and professional or official people will go there and many organizations will
organize in such restaurant because it would be cheaper for them. New restaurant business will
take support of social media market and it will advertise the variety of food of company on Face
book, Instagram and Twitter (Camaligan, 2016). By this way it will be able to make
communication with mass audience. It will attract many customers by this way company will be
able to accomplish its objective of increasing sales volume. In the event cited firm will give 20%
cash back offer by this way number of people will get increased. There will be package for
whole family in which sweet dish will be complementary (Epstein and et.al, 2016). Apart from
this new restaurant will organize a live event in which it will target women because ladies like to
do kitty parties so by targeting to them cited firm will be able to influence their mind and they
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will be positive towards the brand. By this way they will come here and will take the experience
of its food and services (Hassan, 2013).
Part B
Budget of restaurant business
Year 1 Year 2 Year 3
Revenue of the organization 505,600 557,419 670,350
Cost of sales of products and
services 151,192 158,752 169,335
-------------- -------------- --------------
354,408 398,667 501,015
Administrative expenditures 84,930 88,899 168,578
Selling expenses 58,200 72,360 163,934
-------------- -------------- --------------
Operating profit of
organization 211,278 237,408 168,503
Corporate tax 52,820 59,352 42,126
-------------- -------------- --------------
Net income 158,459 178,056 126,378
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Cash Flow statement of restaurant business
Year 1 Year 2 Year 3
CASH FLOWS FROM
OPERATING ACTIVITIES
Profit before taxes 211,278 237,408 168,503
Depreciation 5,550 16,800 111,300
--------------- --------------- ---------------
216,828 254,208 279,803
Taxes paid - 52,820 59,352
--------------- --------------- ---------------
Net Cash Flows from Operating
Activities 519,250 531,406 459,601
--------------- --------------- ---------------
CASH FLOWS FROM
INVESTING ACTIVITIES
Purchase of PPE 45,000 700,000
--------------- --------------- ---------------
CASH FLOWS FROM
FINANCING ACTIVITIES
Proceeds from share issue 10,000 - -
Dividends paid 39,615 44,514 31,594
--------------- --------------- ---------------
Net Cash Flows used in
Financing Activities 29,615 44,514 31,594
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--------------- --------------- ---------------
Net increase/ (decrease) in Cash
and cash equivalents 489,636 441,892 271,993
Cash and cash equivalents at
beginning - 489,636 931,528
--------------- --------------- ---------------
Cash and cash equivalents at end 489,636 931,528 659,535
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Balance sheet statement of restaurant business
Year 1 Year 2 Year 3
Non-current assets
Property and equipment 49,200 77,400
666,10
0
------------- ------------- -------------
Current assets
Cash and cash equivalents 489,636 931,528
659,53
5
------------- ------------- -------------
Total assets 538,836 1,008,928 1,325,635
========= ========= =========
Equity
Stated capital 107,750 107,750
107,75
0
Retained earnings 131,504 265,046
359,82
9
------------- ------------- -------------
239,254 372,796
467,57
9
------------- ------------- -------------
Non-current assets
Deferred tax 182,716 405,176
578,64
5
------------- ------------- -------------
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Current assets
Current tax liability 52,820 59,352
42,12
6
------------- ------------- -------------
Total equity and liabilities 474,790 837,324 1,088,350
TASK 4
Marketing objectives
The marketing objectives of restaurant business includes various objectives such as
offering low cost products to their customer along with the quality of products. In this the
company's main target are college students which mainly like fast food items. Following are
marketing objectives of the restaurant business (Wilson, 2014)
Specific It will about the target which need to be targets in specific time period. The
target of the restaurant is expanded its businesses in existing business market.
For this they restaurants target more than 500 students in next 4 months.
Measurable The objective of the restaurants states that company would like to increase its
market share by the to more than 500 students in next four months (Pagla and
Brennan, 2014). It will support for monitoring the performance of business
against the set standards and it is easier to measure the progress against the
set standards.
Achievable Proper market analysis has been conducted organization. Before deciding the
objectives, all facts and information have been collected through market
research (Sicotte, Drouin and Delerue, 2012). It has helped in identifying and
evaluating about potential increase in market share that can be achieved by
the firm.
Reliable Deadline of 4 months have been set for the adding more customers in
business. It is realistic objectives which is implementing by the company. it is
possible for increasing the market share of enterprise by implementing
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effective strategies and procedures.
Time bound This marketing objectives have been set are time bound and the time scale of
this is set for 4 months.
Apart from this there are some other business objectives which need to be assessed. The
main objectives of the company is top offers its services to college students. Restaurant want to
offer its services to mass customers (Masterson and Pickton, 2010) Along with this they are also
trying to offer their food products at low cost so they can add more customers in their business.
Marketing objectives of restaurant business is added 500 students in their business as customers.
For this they are trying to offer low cost products to its customers because their consumers are
mostly youngsters so they have to keep their prices low.
Target markets
The restaurants business is based in UK and their targeted customers are college students.
For this the entity is offering different types of foods and beverage sector is selected because
students are highly sought towards the new and different kinds of food items (Czinkota and
Ronkainen, 2010) Apart from this, the students want various types of beverages like as juice,
shakes etc. The restaurant is also offering Chinese, Thai and Indian food items. Most of the
students like to eat different types of food items. In order to target the market the company is
trying ton use various types mixed food items which enhances their experiences.
In the present era there are many students who become more health concision so for the
that the organization is delivering healthy food items to their customers. In order to gain more
market segments they are also offering green products to their consumers (Huang and
Sarigöllü,2012). Through this they can target their customers in effective manner. Apart from
this, target market of company is also considered to all those customers who live around the
college. The main target of company is young people so for that the company is developing such
practices so they can add more customers in their business. In this strategic it is also includes
make partnership with many other restaurants so they can target market effectively. Under this
strategic it is also includes that to target to mass customers through their business (Ashurst,
2016). The mass customers approach helps to company in order to maximise their customers.
In UK the market of restaurant is very high so for that the company is using different types of
tactics and actions. For targeting the market the company is using segmentation process in which
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they divided market into different variables (Stone and Woodcock, 2014) The first step is
segmentation in which market divides market into diffident variables such as income, age,
gender and geographical area of consumers. The target customers of organization is age in which
they are targeting to the young customers who belongs to age group of 16- 25. In this next steps
of targeting they target one or two segments of market. Restaurants targeting to that young
people who prefers to buy low cost food items. In this the organization is trying to offer low cost
food items to their customers along with standard quality. At the last stage of this process
includes positioning. In which they are using pricing strategy. The targeted customers of the
company are young people so they like to prefer low cost products and services. With the help of
this strategy they can target their customers in effective manner.
Marketing strategics
For developing effective marketing strategics Marketing plan help to manager to
enhances their marketing expansion (Sicotte, Drouin and Delerue, 2012). For targeting the
market the company us using different types of tactics and actions. The restaurant is covering all
important part of advertisement. For promoting its products in markets company also uses social
media for promoting its products. Organization is planning to develop their market in next four
month and they are solving adding 500 customers in their business. For this social media is
considered as the best plat from for the customers. Social media marketing helps to company to
develop their market. Online ventures considered the network of wide people and thorough this
organization promotes better services to their customers. The another benefit of social media is
that most of the youngsters use this and company receives more customers at global level. Main
target of restaurants business are young people and for that social is considered the best place.
Another way to communication which is developed by the company is offering different
types of attracting offers to their customers (Pagla and Brennan, 2014). Through this they can
target their customers in effective manner. Along with this restaurant can also offer different
types of schemes to their customers on special festivals. Apart from this they can also make
delivery of food items through mobile or via sms. With the help of this type of services add
values in businesses. In UK college there are many types of students come who belongs to
different types of cultural backgrounds. All the students have different taste and preferences. So
the restaurant also add many more food items in their menu. In order to this they can offer
different type of food items to their consumers (Wilson, 2014). The restaurant can also hire some
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professional persons who can make variety of food. So they can attract more customers in their
business. In addition, the restaurant can take participation in food festivals which are organised
by the college.
Marketing Mix
Marketing mix is the powerful tool that supports in organizing the activities in
appropriate manner. It consists of four elements product, price, promotion and place. Apart from
this three other part of marketing mix are physical evidence, process and people (Yaish, Peng
and Rothstein, 2014). These are important for the organization, effective marketing mix can
support in accomplishing goal of organization significantly.
Product is one of most import part of business, if company offers quality products and
services then it can support in attracting consumers towards the brand. New restaurant business
is offering variety of food to the customers as per the need and demand (Zhang and et.al, 2015).
This assist in making people loyal towards the firm and they will give positive feedback to other
clients too. By this way organization will be able to get established in the market.
Place is another component of marketing mix. New restaurant business has selected most
appropriate place for the business. Middle of the London is posh area and near many offices.
This place is convenient for the public and they can come here easily (4 Principles of Marketing
Strategy In The Digital Age, 2013).
Promotion strategy of the organization is very effective. It is going to promote its brand
through social media marketing. It will give advertisement on face book and Twitter. By this
way cited firm will be able to make communication with number of people. It will make them
aware with the testy and hygienic food so that they come here and take experience. It will
describe offers and discounts in the advertisement so that maximum people take interest in the
new restaurant (Hassan, 2013). By this way organization will be able to enhance its business to
great extent.
Price is the major element that affects the business plan. If company offers quality
product at affordable price then people will come but if prices are high then customers will turn
to other brand. New restaurant business has decided to keep its products prices low and
affordable for all class consumers. It has adopted penetration pricing policy that will assist in
attracting mass public towards the brand (Zhang and et.al, 2015).
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Task 5
There are many essential decisions that are needed to take by the firms smartly. These are
such decision that can influence the business activities of the organization. These are such as
operational, tactical and strategic decision (4 Principles of Marketing Strategy In The Digital
Age, 2013). With the help of effective judgment organization can accomplish it s objective soon
and can fulfill its target within decided time frame work.
Operational decisions are related with the operation activities of the organization.
Decision of opening restaurant business in the posh area of London is very important. If
company opens in wrong place then it may face huge loss because at that location people will not
come there (Yaish, Peng and Rothstein, 2014). The perfect location of restaurant is middle of
the city. That can be known as perfect location for the organization because it would be
convenient place for the consumers and they can go there easily. Decision of location of cited
firm is accurate, it is located near the office so people will go there to have breakfast and lunch.
Selection of location is essential that can help in measuring that whether business plan will work
or not (Zhang and et.al, 2015).
Tactical decisions are much more related to the production. Restaurant business needs to
look upon the factor that what people want and what they expect. It should offer them food and
services according to their demand (Epstein and et.al, 2016). It will help in attracting more
consumers toward the brand. For that cited firm do proper market research so that it can satisfy
needs of consumers well. New restaurant business emphasis on hygiene and healthy food so that
it can increase satisfaction level of consumers.
Another essential decision is strategic decision which is related with the strategies of
organization. Restaurant business focus on development and sustaining in the hospitality industry
for longer duration (Buppert, 2014). It takes support of social media marketing and advertise its
foods and services through promotional camps. This is great strategic decision because it can
spread brand name of the company effectively and can help in increasing its business. Apart
from this social media marketing is cheaper but effective so company will not have to spend a lot
on promotions with the help of this tool (Hassan, 2013).
Task 6
Distribution is one of the crucial part of business operations. There are two types of
distribution mediums that is used in the hospitality industry; direct and indirect. Restaurant
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business takes support of direct channel and provides food and services directly to final user.
New venture will focus on direct selling rather than including mediates in the business
(Camaligan, 2016). New restaurant business is planning to open branch in middle of the London.
People can come here and take the experience. Apart from this home delivery services are also
provided by the restaurant to its clients. That will help in increasing satisfaction level of
consumers and as no intermediary are involved in the operations so cited firm can get high profit
(4 Principles of Marketing Strategy In The Digital Age, 2013).
Company is planning to treat its guests as assets of the organization. It takes feedback
time to time so that they feel happy. By this way people will share their feeling and they will
give innovative suggestion that would be beneficial for the growth of restaurant business. With
the help of these strategies cited firm will be able to sustain in the market for longer duration and
it will gain stability too (Zhang and et.al, 2015). Direct selling is the great way that would help in
minimizing operational cost of the company to great extent. This distribution channel will
support in accomplishing goal of the company soon.
Conclusion
From the above report it can be concluded that starting new business is very difficult task
and for that person has to be all rounder and have knowledge about various aspects. Individual
has to develop a strong business idea that can make it differ from other competitors. Apart from
this objectives are needed to be framed so that direction of activities can be decided. Study has
discussed about marketing mix and marketing strategies. It is essential to have effective
promotional strategies that would attract more people towards the brand. Social media marketing
is the best way that can attract more consumers and can spread brand name of entity. Hospitality
industry is highly competitive and to sustain in such market it is necessary to offer unique food
and services to guests. That would help in sustaining in the market for longer duration.
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