Marketing Plan for the Italian Renaissance Restaurant - Semester 1

This report presents a comprehensive marketing plan developed for the Italian Renaissance Restaurant, addressing key aspects of the business's marketing strategy. The plan begins with an executive summary and table of contents, providing an overview of the restaurant's current situation, market opportunities, and challenges in the Australian business landscape. A detailed situational analysis examines the restaurant's internal strengths and weaknesses, along with external factors like market trends, competition, and economic conditions. The report identifies the target market, considering demographic, geographic, psychographic, and behavioral factors to segment and understand potential customers. Marketing objectives and goals are established, followed by a strategic marketing mix, including product, price, place, and promotion strategies. The report also includes a budget allocation and outlines a monitoring and control system to track performance and ensure the plan's effectiveness, culminating in a conclusion summarizing the key findings and recommendations. The report is designed to assist business owners in making informed decisions and achieving success in the competitive restaurant industry.

Running head: MARKETING
Marketing plan for the Italian Renaissance Restaurant (Assignment 3)
Name of the student:
Name of the university:
Author note:

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MARKETING
Executive summary
Marketing is an art where the sellers need to be aware of the tactics to lure the buyers. In
this, developing unique value proposition for the products and services is crucial for gaining
trust, loyalty and dependence from the clients and the customers. This can be done through
the means of a marketing plan, which enhances the awareness about the effectiveness of
the strategies. Typical components of this plan are situational analysis, target audience,
marketing objectives, budget and monitoring and control. All these elements are synthesized
in this assessment for helping businesspersons like Roberto in terms of starting self
business with safety and security from the external challenges. Consistent evaluation is
crucial in terms of upgrading the standards and quality of the services and gaining large
scale customer satisfaction.

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Table of contents
Introduction............................................................................................................................ 4
Insight into Australia as a prospect for business.....................................................................4
Situational analysis.................................................................................................................5
Target market......................................................................................................................... 9
Objectives and goals............................................................................................................ 12
Strategic marketing mix........................................................................................................13
Budget.................................................................................................................................. 15
Monitoring and control..........................................................................................................15
Conclusion........................................................................................................................... 18
References........................................................................................................................... 20

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Introduction
Planning is
crucial in terms of achieving the outcomes
according to the requirements.
Consideration of the goals and objectives
is assistance for aligning the performance
on the right track. Short-term goals are apt
for laying strong foundation to the plans.
Allotting time for completing the tasks is
assistance for securing the future. These
aspects prove true for marketing, which
requires proper planning for luring the
customers (Chernev, 2018). This
assignment develops a marketing plan for
Italian restaurant, Renaissance.
Insight into Australia as a
prospect for business
The
market is such, which supports
technological innovation. The threat of
new entrants is low, which is an
advantage for businesspersons in terms of
securing the business. High bargaining
power of the buyers aggravates the
complexities in terms of efficient execution
of the operations (Abs.gov.au, 2019).
Over-expectations lead to exploitation of
the resources, ending up in loss for the
companies and organizations. High
saturation of the market is also an issue in
terms of competing with the contemporary
brands.
Employment
legislations would be an opportunity for

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MARKETING
Roberto in terms of standardizing the
restaurant business operations. Moderate
supplier power is beneficial in terms of
averting the instances of resource
inadequacies (Abs.gov.au, 2019). The
customers are cooperative, which is
needed in terms of upgrading the
standards and quality of the services.
However, fluctuation of the buyers is an
issue, which needs to be deal with proper
strategies like product differentiation and
strategic alliance with the contemporary
brands.
Situational analysis
In the
present era of competition, innovation in
the products and services are needed for
luring the customers. Herein lays the
effectiveness of the product diversification
strategy, which helps in expanding the
business to the extent of the foreign
markets (Bagozzi, Rosa, Celly & Coronel,
2018). This innovation can mean
refreshment of the existing goods,
reposition of the products or rejuvenation
of the products and services.
Businesspersons like Roberto are
common, as they lack the proper planning
skills for the maintaining the balance in the
responsibilities. The marketing concept is
based on levying best quality products to
the customers for gaining their trust,
loyalty and dependence.
Wagner
and Eggert, (2016) is of the view that by
conducting the value chain analysis, the
marketers get assistance for excavating
the original value proposition, which
secures the market position. Marketing
objectives are vital for setting the activities
on the right track. Rational thinking is an
essential component in this aspect for the
solving the complicated problems, which
can stall the path to enhance the
organizational effectiveness of the
restaurant, Renaissance (Homburg, Jozić
& Kuehnl, 2017).

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Roberto and his wife planned to
open a restaurant for which they took a
loan from his parents. The restaurant was
opened in a mall named Strip mail. The
settings of the restaurant are such that the
customers can easily access the services
at the night time. Before this, there were
two shops in a café in the Woolworths
market, which did not run for a long time.
Watrobski, Jankowski and Ziemba, (2016)
proposes that overstating income, poor
management, high rents and dwindling
sales assisted Chiristina to consider it as
an opportunity for increasing the value in
the business through increasing the sales
revenue. 7 years ago, Roberto invited his
brother, Micheal to join him in the
business.
Deal was
made for taking 25% of the business.
Commitment assisted in establishing the
business according to the plans. Michael
works in the kitchen, where his
qualification in TAFE helped in performing
the operations of a cook. On the other
hand, Philips is in charge of managing the
front house operations. He is well
acquainted with the operations, as he has
studied hospitality management from a
university. According to the arguments of
Järvinen and Taiminen, (2016), this
partnership is a productive one, as the
focus is on maintaining the stability in the
relationship.
Christina is the claimant of 25%
share of the business. This is the reason
for which the customers perceive her as
Roberto’s boss. The vacation has acted
assistance for Roberto in terms of
experimenting with renovation plans for
enhancing the attractiveness of the
restaurant. Dedication and commitment of
Robert has lured Christina. According to
the plans, the sight view from the
restaurant needs refreshment. However,
there is lack of clarity in the ways and
means to achieve this renovation. Adobe
stock images have helped the brothers to
construct the pictorial architectural plan.

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Weinstein
and Pohlman, (2015) opine that social
media forms one of the efficient means for
increasing the trafficking of the audience
towards the restaurant. This media is also
an advantage in terms of gaining an
insight into the opinions of the customers
regarding renovating the location of the
restaurant.
Revamping
the menu has been considered to help in
enhancing the brand image of the
restaurant. Typical reference can be cited
of removal of the oatmeal coloured meals
to white papers with black fonts and big
texts. Philips needs to praised for planning
to add a seasonal touch to the menus.
This is in terms of catering to the specific
appetite needs of the customers. Di
Benedetto et al., (2018) argues that
consulting the customers like Neil is a
productive option in terms of enhancing
the standards and quality of the restaurant
operations. In the statements of Neil,
crucial elements have been projected.
One of the advices is writing the plans with
reference to COMP factors, which clubs
the Customers, Organization, Market
and Product.

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Hiring the
professional experts is assistance in terms
of gaining an insight into the ways and
means of attaching proper placement to
the food items, so that large scale
customer satisfaction can be achieved
(Atwal & Williams, 2017). However, the
price negotiation needs to be proper, so
that stability in the relationship can be
achieved.
Australian economy is supportive
for Roberto in terms of starting the
restaurant business. This is in terms of
1.32 lakh crores USD GDP. According to
the reports of the World Bank, the annual
growth rate is 2%. In the era of 2018, the
annual growth rate was 3.8% per annum,
where the main source of income was
household sector and the net exports
(Theguardian.com, 2019). Based on these
factors, it can be said that Roberto needs
to indulge in contact with the
governmental agencies for enhancing the
awareness about the latest revisions in the
legislative requirements.
Decrease in the prices of the
houses has placed the focus on the two of
the markets of Sydney and Melbourne.
This would suffice the need for
geographical segmentation. Coalition tax
has broadened the gap between the
wealthy and the workers (Abs.gov.au,
2019). As a result of this, the Federal and
the State government has planned to
increased the wage by 3% to $740.80 per
week. This would be assistance for
Roberto in terms of gaining skilled labours
for completing the restaurant activities.
Fig: Percentage contribution top
economic growth
(Source: Abs.gov.au 2019)

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According to the figure, the highest
growth factor is that of the governmental
assistance. Therefore, Roberto needs to
contact the government for getting the
adequate financial assistance and support
for introducing innovative services for the
clients and the customers.
Fig: Industry growth output, Australia
(Source: Abs.gov.au 2019)
According to the figure, the growth
for accommodation and foods is merely
2.2%, which reflects the need for more
infrastructural growth in the restaurant
(Abs.gov.au, 2019). Typical mention can
be made of the latest food processors,
which would be effective in processing
high quality foods for the customers.
Judicious
use of these processors would indicate
quality control tests for ensuring whether
the food items align with the standards.
Frequent examinations are needed in
case of the processors for averting the
instances of malfunctions, virus attacks
and hacker intervention. In this, mention
can be made of the Data Protection Act
(1998), which is crucial for securing the
confidential data (Johnsen, 2018).
Target market
Identifying
the target is one of the basic functionalities
of the marketers. This is in terms of adding
value and focus to the business
operations. For this, the influence on the

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brand is to be considered for selecting the
right customers. A reference group can be
created by Roberto for identifying the
potential customers, who can contribute in
increasing the sales revenue and the profit
margin of the restaurant (Ingenbleek,
Meulenberg & Van Trijp, 2015). This
reference group categorizes the
references based on normative influence
and comparative influence. Normative
influences come from the club members
conforming to the rules. On the contrary,
comparative influence is gained from the
group experts affecting the decision of the
customers preferring right type of sports
drink, sports shoes, and clothing among
others. Lovelock and Patterson, (2015)
are of the view that social media
marketing is apt for Roberto in terms of
identifying the customers. Uploading the
information of the recent trends and
innovation on social media would be
assistance for increasing the trafficking of
the audience.
Niche
approach can also be beneficial in terms
of identifying the target audience. This is
mostly negated, as it is focused to one
kind of segment, stalling the idea of
expansion. However, Morschett,
Schramm-Klein and Zentes, (2015) think
that the choice of the target selection is
based on the marketing strategy, needs
and objectives. Logical reasoning in this
aspect is beneficial for Roberto in terms of
achieving large scale customer
satisfaction. Typical example of this is
classifying the target market as primary
and secondary targets.
According to
the case study, the primary target market
would be the customers and the
secondary targets would be the customers
having their own business, who can

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supply ideas for achieving the growth in
the restaurant business (Bowie et al.,
2016).
Aligning with
the case scenario, targets can be selected
through the means of advertising
campaigns for the launched food products.
These campaigns would enhance the
awareness of businessperson like Roberto
in terms of the specific tastes and
preferences of the clients and the
customers. Targeting is the stage between
segmenting and positioning (Foroudi,
Gupta, Nazarian & Duda, 2017). Once the
restaurant is placed in the market, then
only the target market can be selected.
For
segmenting the targets, the following
needs to be taken into account:
 Geographic- Amalfi Coasts can be
one of an effective location for
setting the restaurant. This is in
terms of getting the fishes, which
can be used in the menu.
 Demographic- Densely populated
areas can be selected for setting
the restaurant. This is in terms of
reaching to large number of
customers (Heding, Knudtzen &
Bjerre, 2015).
 Psychographic- The customers
preferring the quality products and
service can be the prospective
customers of the restaurant
 Behavioural- The office goers,
preferring readymade foods can be
targeted by Roberto for gaining
customer satisfaction.
 Need based- need analysis can be
conducted for gaining an insight
into the specific needs of the
customers
Erevelles, Fukawa and Swayne,
(2016) opines that for identifying the target
audience, conducting competitive analysis
is crucial. Considering Porter’s Diamond

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Model would be helpful for Roberto in
terms of achieving higher competitive
edge over the contemporaries.
For hotel
industries, the competitive rivalry is high.
Moreover, many of the start-ups have
started their business in the threshold of
Australia (Abs.gov.au, 2019). Mention can
be made of the street foods, which are an
attraction for the tourists. Therefore,
Roberto needs to think of something
innovation for surpassing the street food
owners in terms of income. For example,
using organic ingredients can be an
initiative to cater to the health needs of the
customers.
The bargaining power of the
suppliers is moderate, which indicates a
chance for controlling them according to
the requirements (Abs.gov.au, 2019).
ncrease in the number of suppliers is an
advantage for Roberto in terms of gaining
the necessary raw materials for
production. This aspect would be
assistance in terms of completing the
orders within the stipulated time.
The bargaining power of the
customers is high. According to the recent
trends, the customers prefer healthy diet
(Abs.gov.au, 2019). Therefore, Roberto
needs to be prepare the food items, which
has less sugar content. Considering the
reports of the scientists is vital for
disseminating the correct and authentic
information to the customers.
Threat of substitutes is also high in
terms of preparing foods according to the
specific tastes and preference of the
customers (Abs.gov.au, 2019).
Conducting value proposition can help
Roberto in terms of catering to the needs
of the customers in terms of appetite
needs.