Wine Bar Marketing Plan Elaboration - Term Paper Example

? Marketing Plan Executive Summary A marketing plan is one of the important elements of a business plan. A significant marketing plan includes several strategic action plans. A successful marketing strategy is the important support of a marketing plan (Kerin, Hartley and Rudelius 23). The study will offer a marketing plan for a newly developed Wine Bar in Sweden. Wine bar business is one of the profitable businesses around the world. A potential crowded place is required in order to establish a wine bar business. Finch wine bar is trying to enter in the potential and competitive Swedish wine market. The organization has selected Stockholm as their business operation area. Stockholm is one of the leading historical area enrich with numerous business hubs and colleges. The city is famous for its emerging wine and food market. Most significantly several popular restaurants and wine bar are operating within this competitive and potential market place. Seeing these favorable factors, the organization is trying to establish their business in Stockholm. Moreover, several favorable aspects like high disposable income of people, favorable social tradition, economic development, political stability, availability of advanced technology and resources have encouraged the organization to enter in the business field. The organization is trying to achieve competitive advantages through effective product differentiation strategy and sustainable business operation. The aim of the study is to reveal the potential business opportunities for the particular business venture. The marketing plan includes situation analysis, business objectives and goals, target market analysis, a marketing mix frame work. The strategic plans have implemented in this study to achieve the business objectives. Finally, the study will locate implementation and control of the stated objectives. Situation Analysis An internal situation analysis has been provided in this study. SWOT Analysis This strategic analytical tool will determine Finch Wine Bar’s internal strengths, weaknesses and external opportunities, threats. A summarized table of SWOT analysis has been provided in the appendix part. Strengths The business operation place is the most crowded place in the country. Skilled management team and differentiated product range will help the organization to create a potential customer base. Availability of several international and domestic wines will increase the core competency of the wine bar. Effective customer service and closed-line product and service technology will bring efficiency in the business process. Significant waste management system and water recycle facility are the most significant strengths of this organization. It will help to increase the brand reputation of the organization. Weaknesses Lack of brand awareness in the mind of the customers is one of the greatest weaknesses of the organization. Lack of sufficient resources at initial stage of business operation will limit the organization to achieve significant business output. Lack of effective relationship with distributors and suppliers can affect the supply chain management process of the organization. Opportunities The Swedish market is potential for wine bar business. Recently Sweden has joined WTO that will increase the business activities. Festive seasons and favorable location will help the organization to more number of customers. High disposable income of people and technological development of the nation will encourage the organization to undertake aggressive business strategy. Threats The Swedish wine bar market is highly competitive due to presence of several potential Organizations. Several political threats including licensing problem can affect the business Process of Finch wine bar in near future. Recent economic recession and European financial crisis has affected restricted the buying decision of middle class people. Now-a-days, the tendency of Swedish people is changing towards the healthy drinks and green tea consumption. Focus and Goal Settings Business objectives and goals are the effective elements of a marketing plan. Followings are the proposed business objectives for Finch wine bar. Measurable Objective 12% increase of sales in next one year. Increase in market share by 30% in next three years. Deposit amount should be raised by 10%. Target Market Consuming wine in a wine is a Swedish tradition. The target audience of the organization will be the young students and business executives. Moreover, the organization can try to target the people who are health conscious. Introduction of healthy wines will help the organization to target the health conscious customers. The organization should try to target the following groups of customers. Income: More than 16,000 US dollar monthly. Sex: Both male and female. Age Group: 21-60. Residence: People of Sweden and European community. Points of Different Points of different can be determined through three aspects. These are “Desirable to consumer”, “Differentiating from Competitors” and “Deliverable by the Brand”. The organization should offer the products according to the need of the customers. Moreover, the organization needs to create desire to consume the products through innovative business strategies. Differentiated products and services will help the organization to differentiate themselves from the competitors. Last but not the least; it is necessary for the organization to deliver value added products and services. Marketing Programs A marketing mix framework has been proposed to Finch wine bar to implement effective product, pricing, place and promotional marketing strategy. Product The organization has differentiated their product line by introducing various healthy wine products. The organization is trying to offer several international and domestic wines for the target customer group. High quality is the key competency of the products. Implementation of effective information communication technology and effectual customer service are the examples of effective product strategy. Price The organization needs to implement the pricing strategy basis on the customer’s value. Stockholm is a competitive place for this kind of business. A reasonable pricing strategy will help the organization to attract more customers. Offering discounted price and happy hour service will help the organization to create a significant client base. Place Stockholm is one of the most crowded places within Sweden. The favorable location will help the organization to create brand awareness in the minds of young college and office goers. High mobility of the location will help the organization to create potential customer base. The distribution activities of wine should be enhanced through a middle man within the distribution channel. Taking distributorship of several brands will help the organization to sell the products in low price level. Promotion The organization needs to create a social networking page. They should add some photos of the events in their Facebook page. Promoting college prompt night will be an effective promotional strategy for the organization. Promoting through local magazines and offering in-store happy hours can create huge brand awareness. Implementation This part of the study will propose an implementation analysis of the strategies. Business Activities of Finch Wine Bar Date Advertising in local youth business magazines. March 10, 2014. Certificate registration of cleanliness, food safety and bar license. Within June 2014. Giving free trial to target customers. Entire July, 2014. Evaluating the ideas of customer’s idea creating contact with the distributers. August-November, 2014. Executing a platinum or gold customer loyalty plan for the group of target customers. December 10, 2014. Creating website and promoting through Facebook page. January 21, 2015. Execution of digital media promotional strategy. March 1, 2015. Evaluation and Contingency Plans (Control Phase) This specific section of the study will propose an evaluation and control plan. The following table will help the managers to understand about the business projection plan. Firm Activities Responsibility Required Methods Frequency Review performance to corroborate the customer’s satisfaction level about services. Internal Audit. Feedback process at the time of check-out. Half-yearly/Annually. Financial outcomes measurements against the highlighted projection. Accountants. ……. Annually. Take justified action plans. Operation Manager. ……. Half-yearly/Annually. Performance appraisal of the operation department’s employees. Operation Manager. ……. Monthly. Work Cited Kerin, Roger, Steven, Hartley, and Rudelius, William. Marketing “Core”, 5th Ed. New York: McGraw-Hill Companies, 2007. Print. Appendix: SWOT Analysis Table Strengths Potential area for business. Skilled management team. Differentiated product and service range. Effective waste management system. Effective customer service and availability of differentiated product range. Weaknesses Lack of strong relationship with distributors and suppliers. Limited brand awareness. Lack of capital and effective resources. Opportunities Favorable social trend and nation’s technological development. Increasing disposable income of Swedish people. Potential location will help the organization to attract more number of customers. Threats Several political problems like licensing. Recent economic recession and financial crisis has limited the buying decision of people. The tendency of Swedish people is changing and high competition within the market can affect the business performance. Read More