Marketing Plan on opening a restaurant - Marketing Essay Example
Marketing Plan for the Opening of Saisaki Restaurant
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This research paper seeks to prepare a marketing plan for Saisaki Restaurant, a new Japanese restaurant that would be put up in Rome Italy.
2.1 Situational Analysis and SWOT
Saisaki Restaurant- “a Japanese restaurant,” unlike a usual restaurant, will provide a distinct combination of excellent food to be perceived at value a happy and entertaining atmosphere. Since the restaurant is an increasing demand for food business in the area, the company will deliver value to customers for everything that they purchase.
The business environment in Rome was studied to rather stable but growth is still possible because of the changing taste and preferences for customers. It is therefore has become more difficult to differentiate one restaurant concept from another but Saisaki Restaurant’s can do this by being not an ordinary Japanese restaurant in the area. The company will provide its customers with distinct Japanese food with Japanese entertainers every week. Extracting therefore the SW or strengths and weaknesses from the SWOT, it could be argued that the restaurant business in Rome, Italy therefore perceive to possess the strength the accommodating different culture and customers for Japanese restaurant would not limited to Japanese people but the industry’ weakness may take the form of changing taste and preferences of customers.
The opportunities and threats or OT of the SWOT analysis may also take the ever constant visit of different kinds of people from all over the world for the historical Rome and the continuing desire of people who have the economic capacity to have that distinct food taste for value as opportunities for the food business industry which Saisaki can take advantage for more profit. The threats include the increasing competition as more food business in the form of fast foods chains come in.
2.2 Mission Statement
The company aims to outperform few Japanese restaurants in the local area by having our guests and customers to have the unique and remarkable experience when they visit Saisaki Restaurant.
2.3 Marketing Objectives
The company’s marketing objectives are designed to accomplish Saisaki’s mission, In addition to receiving great meals, the company will provide its guests with a relaxing and happy atmosphere by its conduct of Japanese Village evenings and occasional cultural dance nights. Saisaki therefore envisions one that leaves to the customer a dining experience that is enjoyable to the senses particularly of taste.
Pursuant to the above mission and vision, Saisaki Restaurant’s objectives for the first five years of operation include: (1) To get a good market share in Rome’s restaurant business, (2) Keeping food cost fewer than 33% of revenue, (3) Keeping employee labour cost between 14-16% of revenue and (4) Building a good reputation in business life.
2.4 Segmentation/target marketing strategy
The company targets first and foremost the Japanese people living in the area to continue enjoying their culture. In addition it also target business peoples, professionals, tourist who regularly visits Rome and students of the Food business industry who would want to experience eating food from different cultures. It does not however divides its customers in terms of sex, religion or whether in singles or in families, or whether young or old for the restaurant is designed to serve everybody who has the capacity to pay.
2.5 Positioning Strategy
As Saisaki is not an ordinary restaurant in Rome, it enters under a unique positioning strategy that its products and services are not matched by competitors. It does not only sell food for value but will also add relaxation and entertainment while the food is enjoyed by customers.
2.6 Complete discussion of the marketing mix strategy; Discuss the 4 P`s paying particular attention to the promotion section.
Saisaki will market restaurants with its products and services via different media such as the radio, and the local newspaper and even making sponsorship of some TV programs which watched in Rome. Mouth-to-mouth marketing will also be used in advertising. The company will manifest its value in restaurant market, by making customers perceive greater value for the latter’s than what competitors can provide. A marketing campaign towards big companies and societies in Rome will also be launched in Rome were the company will promote an atmosphere and that would attract these companies to bring their visitors to eat Saisaki. The company considers not entry into the market as a problem because of the accessibility and high visibility of the place where local residents and passersby including students eats in new restaurants and the frequency of tourists in Rome makes the entry of company not difficult. To ensure entry, the company budgeted the amount of US $15,000 for advertising and public relations campaign before the opening of operations.
Hand in hand with the above promotion strategy, Saisaki will have product strategy as discussed next.
Saisaki Restaurant will create a competitive advantage (Churchill, Jr. and Peter, 1995) over its competitors by its product uniqueness with its distinct quality, highly motivated employees as shown by their good sales attitude and innovativeness and aggressiveness in proving the products and services to the customers.
Saisaki will be the one of few restaurants among all the competition which gives the entire menu on Japanese food. We believe that our target customers will pick out Saisaki as the goal location for Japanese cooking that promotes the healthiest quality of products and their having tried and experience the restaurant will complemented and made more realizable by not only efficient and knowledgeable but also friendly personnel
Since the company will just start operation after some preparation for the restaurant, it is adopting the following operation strategies as part of its product strategies
The restaurant at v del Tritoni in Rome Italy is a 500 Square meter space with an old building that will need some structural modifications to be able to function as a restaurant. In addition, new equipment and dining room furnishings, which will make the place operation will be purchased and installed by the hired contractor. Part of the agreement with contractor is also assurance that all the licenses and codes’ issues will be in order. In running the business, The restaurant will be open for lunch and dinner 7 days a week, with services to be available beginning at 10:30 in the morning and end at 10:30 in the evening. The only days that the restaurant will be closed are on Christmas and Maundy Thursday and Good Friday. There could be come modification in the opening hours during any other public holiday.
In putting its product in terms of foods and facilities to the market the question of price to address competition is also an important of the 4 P’s of marketing as discussed next.
It is a fact that there are other restaurants from other cultures in Rome but the company believes that Saisaki Restaurant will bring something better to the scene and we will make a big difference from our major competitors by providing the best food and the remarkable experience.
Since price the value that customer will use to measure in terms of competitors, the company will operate by packaging the food and the service for value that will leave a mark in the minds of the customer that the company will not only sell food but entertainment and happiness too during dining time.
Place strategy is defined in marketing (Churchill, Jr. and Peter, 1995) as making the goods and services available to customer at the right place at the right time. To attain the same for Saisaki, the company will make it sure that it make the business available seven days a week in the one of accessible areas of Rome and where people normally pass by to enjoy their stay in Rome. Since the capitalization of the business is expected to come from owners in the amount of US $60,000 and a loan from a bank in Rome in the amount of US$70,000, the company would be able to rent the premises, hire a chief cook and, buy the required equipment needed and to cover first year of operation expenses to keep the business going.
Saisaki Restaurant has studied the environment using the SWOT analysis, adopted its own mission, defined its own objectives based on mission and prepared its strategies based on analysis made. It an applied the four P’s of marketing is trying to attain defined objectives that would lead the company to the fulfillment of its mission.
4. Appendix A- Expense Report for the first month from date of opening of restaurant
Churchill, Jr. and Peter (1995), Marketing: Creating Value for Customers, IRWIN, and Sydney, Australia