Group Marketing Plan Assignments | Online Homework Help
We are doing a group marketing plan on a restaurant. I have attached abstract of our plan.
A 2-3 pages Document has to prepared on Target customers
1. who will be target customers
2. How to market and where to find them
3. strategies to attract them etc….
APA format and references
Group Marketing Plan
BA 601-71 G2 Marketing Management
|Group D – Mohamad Kaafarani, Sravya Kandagatla, Mayuri Katapally, Sai Srunjitha Kavuri, Satyatej Koganti, Sai Krishna Kolipaka, Sindhu Reddy Kommera, Dwipika Konduru, Sunil Kotala, Pavani Kottapalli, Shashikant Kallem, Udayganesh Kommalapati
Abstract: Group D introduces The Kentucky Sizzlers. A multicultural restaurant with 50 dining and 10 lounge seats. The menu offers authentic food from Indochinese cuisines. The Kentucky Sizzlers will be designed to provide customers with an authentic and wholesome experience with soothing music, candles, pleasant colors, fresh flowers, antique designs and an elegant longue. The restaurant’s location will on 4th street in Louisville, KY.
Executive Summary: The future is promising for this location as the 4th street in Louisville, KY is very popular, has tons of attractions and provides customers with an authentic experience. The restaurant would be targeted by either customers who are looking for authentic Indian and/or Chinese food, or customers spending time in the city. The restaurant will be open Monday through Sunday, have a friendly environment, excellent customer services, and experienced cooks. We expect our investment in hiring the best suited staff and training them will pay off in providing excellent services to attract and retain customers to our restaurant.
As part of our marketing plan, we will hire a skilled marketing team who has the expertise in promoting our business into the market. They can help us establish our target market by gaining customer insight. This insight can be used to further enhance out marketing strategies effectively. (Toni, D. D. et al. 2017). In addition, we will complete a SWOT analysis. This will help us understand the business’s strengths, weaknesses, opportunities and threats. (Bekoglu & Onaylı, 2016). To develop an effective marketing plan, a company must have attractive pricing deals such as discounts for loyal customers. Analyzing our competitors’ businesses will also be helpful in understanding the market to develop strong promotional strategies for our restaurant. Another important aspect is having an efficient delivery team. Customers can see delivery team members on the street and will know more about the business. Last but not least, we firmly believe in an online presence to help promote our business (Schwarzl & Grabowska, 2015). Aggressive online marketing has played a dominant role as almost all consumers use one social media outlet or another. We plan on establishing a strong social media presence through Facebook, Instagram, Snapchat, Yelp and YouTube. Also, creating a user-friendly website for the restaurant will make it accessible for customers to order online, view our menu, story, and mission statement.
The key for our financial success is expertise and quality services. The expected start-up expenditure is roughly $300,000 while expecting $800,000 in revenue by the end of second year. Besides partnering funds, we may seek 60% of the start-up costs through a loan from the bank. Our plan is to return the investors fund with a 2% interest. Our objective is to keeping supplies cost under 30% and keping labor cost between 20-25% of the revenue. The Kentucky Sizzlers will start out as a small business initially and gain the brand value through excellent services and feedback. We also plan on keeping sales between $900,000-$1,000,000 per year and advertising the services to expand the market. The goal is to get a return of 15% on investors principal amount in the first two years and 18% by the third year.
Bekoglu, F. B., & Onaylı, C. (2016). Strategic Approach in Social Media Marketing and a Study on Successful Facebook Cases. European Scientific Journal, Vol. 12, No. 7, 261-274.
Schwarzl, S., & Grabowska, M. (2015). Online marketing strategies: the future is here. Journal of International Studie, Vol. 8, No. 2, 187-196.
Toni, D. D., Milan, G. S., Saciloto, E. B., & Larentis, F. (2017). Pricing strategies and levels and their impact on corporate profitability. Rausp Management Journal, Vol. 52, 120-133.