Introduction and executive summary
Marketing is an extremely important business activity. It helps create higher levels of effectiveness in reaching out to the target markets. In case of marketing for a restaurant, the first task is to effectively identify the target customer segment. This helps form the marketing strategies accordingly. It helps create the right kind of pricing and promotion strategies.
The organization Ninety Two is a restaurant that focuses on providing its customers higher value through food and service. The restaurant management should adopt strategies which are quotable and achievable within time frame dedicated. The restaurant should have targets to achieve a particular milestone in every segment such as finance, marketing, operation, HR every year (McAlister & Ferrell, 2002).
Section 1: Marketing Strategy and Mission Statement
The marketing strategy of Ninety Two restaurant is to provide higher value to customers through quality and taste. Their mission statement is, "to spread happiness through high quality and great taste". A marketer needs to understand the process of rationalization as this helps them understand that the consumer looks out for value for money. Rationalization is one of the most important aspects of consumer buying and budgeting decisions. When the rationalization process is considered in case of Ninety Two, it clearly shows that they are to focus on providing higher value to their target customer segment. In this way it is possible to reach out better to the customers by beating competition and focusing on a distinct customer segment.
Section 2: Understanding the Customer
The consumer forms an important part or element of the value chain as he is at its receiving end. The understanding of the tastes and preferences of the consumers form the central aspect or the pivotal criteria in business decisions. Businesses that are aligned with the needs and preferences of the customers have a better chance to succeed and be more competitive. It is important for the business to focus on understanding the customer in order to develop a new product according to his taste, preferences, culture, lifestyle and decision making or rationalization process (Samiee & Roth., 1992).
Section 3: New Product Development
The new product to be developed is an Irish menu as a segment in the menu of Ninety Two restaurants. One desired idea that is translated into a reality for a restaurant like an Irish style combination is for the establishment provides a unique service of both food choices and a likeable, friendly atmosphere, and having to attract the customer who is looking for personalized service coupled with quality food without the higher prices. This is not only innovative but also provides high value to consumers and so is a high value concept. A form of great service and competencies would be showcased by the ability of the servers or managers to quickly relate to and remember what customers want as they come into the establishment and this addition would help attract new customers as well.
Section 4: Distribution & Pricing
Being a service, it would be distributed throughout the existing chains of Ninety two restaurant. The pricing would be a combination of value based pricing and competition based pricing. Competitive advantage is an element that can help the firm create higher value for the customers. It helps bring out the best in the firm and also helps use the competitive advantages as well as the strengths in order to strengthen its market position. This makes it crucial to ensure that the pricing strategy is framed in such a manner that it can help provide a competitive advantage to the firm.
Section 5: Promotion Strategies & Public Relations
The promotion strategies and public relations methods or tools to be used for marketing of Ninety two restaurant include the usage of mass media, word of mouth, corporate sales and integrated marketing. The marketing and product objectives of this Irish restaurant is to be able to provide its customers with ethnic Irish food so that they are able to relish a meal along with the entertainment and pub and bar facilities provided in the same restaurant. It becomes very important that the market and products are well aligned in a restaurant in order to provide value and satisfaction to the customers. This helps in achieving market leadership. It has caused the creation of a contemporary fusion concept which helps project the restaurant as innovative and also helps differentiate it from several other competitors
The target markets lay between the age group of 20 to 30 years. This forms the main target market and needs to be focused on. Furthermore this can be classified into two – one being the diners and the other being the event hosts. As the restaurant is suitable for both these purposes, and the needs and preferences of each of these segments vary to a great extent, it becomes essential for the restaurant to focus on them separately (Samiee & Roth., 1992).
Section 6: Evaluation Plan
The evaluation of the performance of the business is to be based on its growth as well as the feedback that it receives from its customers on an operational basis. This can help the restaurant improve and plan better for the future as well. It forms the basis of an active process of innovation and aligning to customer needs which leads to progress and better performance. The creation of an appropriate marketing plan for this business requires the analysis of customers, competitors and company. Then aligning the strategy to these components can help form the right form of integrated marketing strategy (Johnson & Scholes, 2008). So, it is crucial to base the evaluation plan on the customers perspective as well.
Recommendations and evaluation of success of the marketing plan
It is recommended that the restaurant adopts integrated marketing. The promotion strategy is to bring about a detailed word of mouth strategy. Price promotion strategy can also be implemented. This price promotion strategy would help the organisation be able to create a very strong initial impact in the market.
The evaluation of success of the marketing plan can be based on financial growth and achievements. Moreover, it is extremely useful to use the flexible budget in case of analysis of cost, volume and profitability. This can be extensively used for the purpose of evaluating the performance and success of the marketing plan.
Conclusion
References
Johnson, G. & Scholes, K., (2008). Exploring Corporate Strategy. USA, Pearson Education
McAlister, D.T. & Ferrell, L. (2002). The role of strategic philanthropy in marketing strategy, European Journal of Marketing, 36(5/6), pp.689 – 705
Samiee, S. & Roth, K. (1992). The Influence of Global Marketing Standardization on Performance, The Journal of Marketing, 56 (2), pp. 1-17
