101 Tapas Marketing Plan: Business Development Report

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Workplace Managing Enterprises
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Table of Contents
CHAPTER 2....................................................................................................................................3
Reference List................................................................................................................................13
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CHAPTER 2
2.0 Management process (Marketing)
Introduction:
The marketing is one of the most significant parts of the business. This section of the study will
discuss about the various marketing procedures and approaches of 101 Tapas.
2.1 Market Planning:
101 Tapas plans to offer their customers with high quality and cost-effective food along with
excellent Spanish environment and flamenco shows. Moreover, the company aims at practicing
self-service technique to earn more profits in the market. In addition, the corporation plans to
provide their customer an appropriate experience while ordering and receiving their food with
the help of digital systems. The management of 101 Tapas plans to expand their business around
London and United Kingdom. The aim is developing small investments in the busy areas and
outlets in mall centres.
2.2 Target Market:
The target audience of the management are the individuals, who appreciate high quality food and
quick services at considerable prices. This will also be a suitable place for people who want to
celebrate their different occasions with family and friends, while enjoying a flamenco show.
2.3 Market Analysis:
The market analysis will help 101 Tapas to identify the various threats and opportunities that are
provided to them by the UK market.
Market size: The total turnover earned from this market in 2017 was £97 billion and the turnover
in 2018 was almost £100 billion. In the last five years, the UK hospitality industry has observed
a growth by 20% in the number of the total companies. There are almost 202,600 companies as
of 2018, operating in the country in this sector. Moreover, this industry represents almost 10% of
the employment in the country (Pirani, 2016). However, the Brexit may have a negative impact
on this industry leading to shortage in staffs and resources.
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Market growth rate: The UK hospitality industry has been subjected to a steady growth in the
last five years. There has been an increase in the total number of firms in this sector by almost
20%. Moreover, this sector has been ranked as one of the top industry in the country based on the
total tax delivered. Moreover, the hospitality contribute almost 5% to the GDP of UK (Solnet,
2015). Currently, the major companies in this sector are Premier Inn, Beefeater, and Brewers
Fayne.
Market trends: The current market trends in the UK hospitality industry are:
Food Waste: The UK consumers have high awareness about wastage of food products. The
customers are highly concerned about the impact that the wastage has on environmental and
social factors of the country. Therefore, the consumers favour restaurants with minimal food
waste. Various effective technologies and procedures have been discovered for proper waste
management. Major companies aim to reduce, reuse, and recycle their resources to earn higher
profits and customer attraction.
Transparency: The consumers are highly concerned about the impact of the food on their health
and environment. Therefore, the most of the firms are now aiming at providing the full details
about the ingredients of the food that is delivered to the customers. This allows the company to
attract the customer with specified needs. For example, health concerned citizens will aim at
buying food with minimal gluten from the specified restaurants. Further, this transparency helps
the company to gain higher customer loyalty.
Small restaurants: There has been general rise in the number of small and authentic restaurants in
UK in 2018. Further, this has originated a positive feedback from the various consumers due to
their reduce complexity in their kitchen and small dedicated menu. Further, these restraints will
have lower wastage and minimal food cost. These small outlets have been either independent or
externals to large restraints. These independent small outlets have been very profitable for the
UK hospitality industry and it has been estimated that the numbers will grow in 2019.
Technology evolution: The technology has played a huge factor in this sector. This delivers
unique appeal and experience to the customers. The technological systems have increased the
convenience and cost-effectiveness of the various companies in the hospitality industry.
Moreover, the social media and the technological ordering systems have increased the customer
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satisfaction. The consumers are inclined towards restaurants that are more technologically sound
and use efficient techniques to deliver the food and receive payments.
Key success factors: The efficient distribution channels of United Kingdom prove to be a key
factor for the various restaurants to achieve success. Further, the United Kingdom is one of the
leading countries with advanced technologies.
2.4 Market Research:
Primary research technique will be used to gather data regarding customer preference, tastes, and
necessities. The large consumer base of United Kingdom mainly prefers a good quality food that
is not harmful to their health conditions. In addition, it can be said that the customers are inclined
towards organic days. In general, the health and environment has been the key concerns for the
customer. Moreover, the general citizens prefer services that are quick and effective along with a
unique environment. Moreover, the customers tend to choose restaurants that have high
responsibility towards the well-being of the country’s social and environmental factors.
2.5 Sales Target and Objectives:
Sales target:
The target of the company is to develop the business in the next 3 years in various locations
across London. Further, the firm aims at gaining 5% increase in profit every year.
Objectives:
 To provide rich and efficient customer services with the help of proper digital and
technological procedures.
 To open their franchise and outlets around London and UK and this will allow them to
expand their business and gain more profits from the customers.
 To increase their marketing and promotion with the help of extensive promotional
strategies
 To establish partnership with Spanish food companies
 To increase the sales of the company by a margin of 5% in the coming years
2.6 Product, Service, and Development:
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The products of the company include various drinks and 101 tapas options. Moreover, the
speciality of the restaurant will be the house-made bread and almost eighty kinds of sandwiches.
The restaurant will also serve various rich wines.
101 Tapas will practice a unique service procedure. Initially, the consumers will be provided
with the menu on the display screen in a table formal along with its ingredient. Further, after the
order is done, the company will deliver the food within 30 minutes and the name of the customer
will be displayed on the television. The consumers can then take their food from the till. Further,
the company will invest money to increase the social awareness among the customers to increase
their sales.
2.7 Sales Forecasts:
Year 2019 2020 2021 2022
Sales (£) 92703.34 97338.49 102205.4 105.371.4
Growth Rate - 5% 5% 3%
2.8 Marketing Strategy:
Paid Marketing: These are the advertisements that are paid by the venture (Li, 2014). Further, the
company through bidding obtains these ad spaces. The consumers will be provided with more
information about the venture and 101 Tapas will be able to achieve more number of customers.
Internet Marketing: This is the type of marketing through internet and electronic devices. In
addition, 101 Tapas aims at investing twice the money for improved social marketing. This will
help the company to achieve more efficiency in marketing and will be able to deliver to the
targeted audience (Bianchi, 2016).
2.9 Market Situation (PESTLE):
Political:
The Brexit movement might have severe impact on the trade systems and might be rise in the
supplier charges and cost of resources.
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The political stability and firm hierarchical division of UK will make it easy for 101 Tapas to
achieve proper authorisations and certifications (Moran, 2015).
Economic:
The high FDI (Foreign Direct Investments) rate of the country will help 101 Tapas to establish
proper marketing in the region.
However, the increased inflation rate to 3% will lead to higher bargaining from the suppliers
(Bournakis, 2018).
Social:
The large diversification in UK cultures will lead to imbalanced work culture of 101 Tapas
UK is considered as one of the top countries in terms of education level. This will help the
company to achieve better skilled workers (Cheung, 2014).
Technological:
More than half of the citizens of UK prefer to buy and order food online. Therefore, these
technological advancements will assist the corporation to reach out to greater number of
customers across the country (Richmond, 2017).
Environment:
Environmental Act 1995: The UK government to restrict the operations of various companies
under a certain boundaries formulated this law. The main motto of the government is to reduce
the scale of industrial pollution.
Corporate Responsibilities: The UK consumers of the country are more inclined towards the
companies, which have proper contributions to the environment and social surrounding
(Gutierrez, 2015).
Legal:
The Equality Act, 2010: This law formulated by the UK government ensures that the various
employees are paid equally and there is no gender discrimination (Lee, 2015).
2.10 Market Competitors (Porter’s Five Forces):
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Threat of new entrants (Moderate): The UK hospitality industry provides a huge scope for the
new enterprises. However, the new entrants in the market can pose huge threat to the existing
companies. Further, this provide major cost cutting challenges and the existing ones need to
make proper modification to ensure survival in the market.
Bargaining power of buyers (Moderate): The buyers have the ability to influence the pricing of
the products served by the company. Further, the companies must ensure favourable and
appropriate costing systems to attract higher number of buyers. 101 Tapas must adjust the cost
based on their target audience.
Bargaining Power of Suppliers (Moderate): The activities and demands of the suppliers play a
huge role in the operations of a restaurant. Weaker negotiation skills can have a negative impact
on the growth of the company. Moreover, 101 Tapas must be able to establish proper relations
with third part suppliers.
Threat of substitute products (Low): Products that serve the consumers in more than one way can
be a huge threat to the company. This reduces the scope of the target audience (Takata, 2016).
Moreover, in this scenario, the consumers in 101 Tapas may be served with the front row and
food without proper bookings. This might reduce the significance of the Flamenco show.
Therefore, 101 Tapas must demand premium payments for their services to the consumers.
Competitive Rivalry (High): The intense competition from the other major rivals in the industry
plays a key role in the success of the company. Therefore, 101 Tapas must identify the features
of the rival companies like Premier Inn and further provide better services at premium rates to
ensure success.
2.11 Market Segments:
Segment: The segment of the buyers that is being targeted by 101 Tapas is the customers who
look forward to cost effective and quick food services. Further, the citizens who wish to
celebrate their various occasions with friends and families in a beautiful ambience will find this
restaurant suitable and favourable.
Target: The main target of the company is the students of the country. The price range and time
consumption for having a meal in this restaurant is suitable for them.
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Positioning: Along with the high quality food, the firm will organise Flamenco shows for their
customers. Further, the extensive social marketing procedures will allow the company to enhance
their awareness among the citizens of the country.
2.12 Market Needs:
101 Tapas aims at providing the best ambience and food to the consumers at the considerable
price rates. People have specific needs based on the prices and services of various restaurants.
The consumers require good quality food, quick lunch, and a suitable place to celebrate their
various occasions. Further, this company, along with great food, provides entertainments like
Flamenco show. In addition, the customers will be provided with rich hand-made bread and fine
drinks.
2.13 Marketing Mix (4p): Products: The products of 101 Tapas mainly consist of food and
drinks. The company delivers products like house-made breads, almost 80 different types for
options for sandwiches, and drinks like red wine.
Place: The products of the company will be delivered at their restaurant outlet in Soho, London.
Further, the company has planned to open new outlets and restaurants in other locations in
London and United Kingdom. This will be done to deliver their products to greater number of
buyers.
Promotion: The Company must use efficient technological and social methods to promote their
brand among the buyers. This could be done through advertising, sales promotions, direct
marketing, and public relations. However, this firm will invest a considerable amount of funds in
marketing through social media platforms (Huang, 2014).
Pricing: The 101 Tapas will use bundle-pricing strategy to estimate the prices of their products.
This strategy will enable the company to deliver products in bundle at a discounted price range,
which is low compared to the price of the products when bought separately.
Conclusion:
This report discussed about the various marketing techniques and strategies that will be used by
101 Tapas to achieve efficient profits from the industry.
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