Business Marketing Plan: Lexus Unit Restaurant - Term Paper Example

Business Marketing Plan and number Content Executive summary Introduction 2 Business 2 Business location 2 Business ownership 2 Mission statements 3 Industry 3 Product and services 3 Justification of business opportunity 4 Business goal and objectives 4 Short term objectives 4 Long term objectives 4 Marketing plan 5 Customers analysis 5 Market share 6 Competition 6 SWOT analysis 7 Advantages over competitors 8 Product/ services strategy 9 Promotion and advertising strategy 9 Services/ sales strategy 10 Market strategy 10 Pricing strategy 10 Segmentation strategy 10 Entry and growth strategies 11 Works Cited 12 Executive summary 1 Introduction 2 Business name 2 Business location 2 Business ownership 2 Mission statements 3 Industry 3 Product and services 3 Justification of business opportunity 4 Business goal and objectives 4 Short term objectives 4 Long term objectives 4 Marketing plan 5 Customers analysis 5 Market share 6 Competition 6 SWOT analysis 7 Advantages over competitors 8 Product/ services strategy 8 Promotion and advertising strategy 9 Services/ sales strategy 10 Market strategy 10 Pricing strategy 10 Segmentation strategy 10 Entry and growth strategies 10 Works Cited 12 Business Marketing Plan Executive summary The proposed business will serve under the name “Lexus Unit Restaurant” with an ultimate goal to provide satisfactory meals and comfortable dining environment. The Restaurant is predestined to be locally established mainly targeting internal, local and external customers. The main objective is to fulfill the interest and needs of the customers by providing quality dining services in a fun atmosphere. The business is expected to compete with other businesses that are already in the market within its location like the Whales restaurant and Dinners restaurant. These businesses are believed to have certain weaknesses that Lexus will capitalise in in order to compete favourably in the market. The business will employ a marketing strategy where our sales representatives will visit institutions to show case the products and services we offer. Brochures, fliers, and posters will be developed to be used in marketing strategy with most of information to be accessed through the website page. We aim to capture majority of the market share in the 1st one year. The business is also planning to use several others strategies like product differentiation, pricing, place/location, segmentation and growth strategies. Together with these, the SWOT analysis of the business is to be examined in order to know all the areas to improve in. Introduction Business name The proposed business is to be registered under the name “Lexus Unit Restaurant”. “Lexus” is a term in Germany translated to mean satisfactory and comfortable surroundings. The decision to use the above name is based on the restaurant’s ultimate goal of ensuring maximum client’s satisfaction in terms of meals served, lodging services in a favourable dining environment. Business location “Lexus Unit Restaurant” a 1,200-square-foot restaurant will be setup at Outer Drive within Sioux City and it will be the only restaurant business located on the 25-acre tract of city-owned land targeting middle level income earners. The site is supposedly convenient for the business because it serves as the central point with good proximity and accessibility to potential customers with a good infrastructure such as good road network, electricity, water and telecommunication services. The Metropolitan area highly secured and exposed to several customers that tours the city projects hence need for quality meals and favourable environment to dine. Business ownership The proposed business will be a sole proprietorship form of business sponsored by me and who shall also be the manager of the enterprise. I will keep truck of the management roles such as planning, coordinating and motivating to spearhead the Restaurant towards its destiny (Anderson 31). As a sole proprietor, I enjoy all the profit as well as freely conduct decision making processes. Mission statements Vision: To offer the customer with great dining experiences a fun atmosphere for both dining and social interaction. Mission: To be the leading institution in tourism industry in provision of the best dining, accommodation and refreshing services in a fun atmosphere. Industry The business will be registered under Ministry of Tourism & Heritage due to the fact that the business is purely founded on tourism sector both internally and externally. Product and services Following the mission of the restaurant to lead in provision of quality dining services, the business will serve throughout providing quality services all times night and day. All meals will be available including; Beef stew, curry or fried, Pizzas, Chicken stew, Roaster or fried, Ugali,1 Tea, Coffee, Rice, sodas, milo ,Kebabs, Sausages, Samosas, Sponges, Chapattis, Cake, Chips and cultural foods depending on the cultures as it shall be segmented. It is important to note that all meals will be served with home-style care by qualified professionals. There is an additional future plan of opening Lexus Ballroom: Ballroom rentals for half-day or full-day time spans and Space rental with a per-head full-service catering fee or as a fee separate from catering and beverage (Milton 12). Justification of business opportunity According to a survey done, there is a large unexpected demand for the dining services in the area therefore starting of the business would not only generate much more profit but also meet the craving local client’s needs (Jacquelyn 5). Prosperity of the restaurant is quite evident since its competitors targets high class clients hence leaving a large market niche that form the background of Lexus Unit Restaurant. Business goal and objectives Lexus Unit Restaurant is expected to rise and be a premier restaurant in the highly competitive business environment .We wants our guests to have the total experience in a visit to the premise. The business is also destined not only to offer the customer with great meal but also to provide a fun atmosphere for both dining and social interaction. The main interest for the business is to feature a large selection of freshly-prepared food, most in full view of the guests. We will feature 20 items daily that are full of flavour and zest at unbelievable prices. Short term objectives We aspire to fulfil the interest and needs of the customers by providing quality dining services in a fun atmosphere and to realize profit to enhance physical growth. Long term objectives We aspire to: Rise and be a premier Restaurant in the highly competitive business environment. and to provide employment to professionals with expertise in all areas in the business Renovate and upgrade the interior of the ballroom and to utilize the ballroom on 40% of days by the end of the third year and to maximize profit Marketing plan Introduction Marketing is the popularization and creating of awareness of products, institutions, services etc (Cohen 24). Marketing is one of the major expenses that Lexus restaurant will incur in order to improve sales. The overall impact that marketing has on profit is so great that business cannot ignore it in its expenditures. Marketing makes people know more about our products/services as a restaurant. Lexus Unit Restaurant plan to focus its initial efforts on quality service provision to all its customers by achieving the following objectives (Luther 53); To prepare food full of flavour and zest at unbelievable prices and to rise and be a premier restaurant in the highly competitive business environment. To employ skilled workers that can match skills and technology they can with stand the competitive world of business. To learn the weakness of the competitors and take advantage where necessary and to ensure that customers are treated well and given the best dining experience. Customers analysis The customers The principal customers will be both city dwellers, project workers, city campus students and those who work in the nearby Hydropower Generating company who are youths between (18yrs to 35yrs) and constitutes 62% of the market, city dwellers 28%, students takes 10% of the portion while the remaining for tourist who subsequently tours the area. The remaining customers will be driven by the quality dining services and the favourable dining environment that the business is destined to establish. Due to this, the business will attract several ladies since they are very sensitive to favourable environment. For the industrial market where the surrounding institutions like colleges, schools and private organization fall, there is derived demand. Market share Market share refers to the general percentage the business will take in the market with respect to market competition. The market share of the business will largely depend on the population that will be available in the business situated area. Competition Competition is important aspect in business development since it is the only way that makes the consumer get what is quality, rightfully his and at the right price. Lexus Unit Restaurant will adopt a well-defined strategy in facing market competition. This will be achieved by defining its strengths and weakness. And also know its opportunities and threats and try to improve where necessary. There are two segments of restaurants that is opted to be the business main competitors, they are Wales Restaurant -the casual dining steak house that is situated 500M away from the business and Dinners Restaurant-family value steak restaurant also few meters from the enterprise SWOT analysis The business will carry out SWOT analysis to know the strengths, weaknesses opportunities and threats in its business operations.2 SWOT will be carried out in comparison with our business main competitors like Dinners and Wales restaurants. Strengths: The business top management will ensure that it hires competent staff with adequate knowledge and skills and also ensure that it constantly develops their workforce capability through trainings and further studies. With time, the business will also be equipped with the necessary modern technology in requisition for service, provide good dinning environment, good working conditions for our staffs also so that they can produce their best in servicing the customers. The customer’s car parks will be available. Weakness: The business is likely to face problem of inadequate knowledge and acquisition of modern software that is efficient in business automation because they are very expensive and require high experience in working with the software. Threats: much is not expected to be a threat to the business as it is in its incubation stage. With time, any threat to the business is likely to be dealt with as the show up. Opportunities: The business is expected to be the only one that provides dining services in a fun atmosphere service. With affordable prices as compared to our competitors, we hope to take the opportunity and provide better services to attract more customers. 2 Michael, porters. SWOT analysis: Porter’s five forces model. Competitors strength Weaknesses Wales restaurant Good and stable management Adequate financial resources Lack of proper staff motivation Non-use of modern facilities in provision of services Lack of variety of food Dinners restaurant Good customer relations Adequate financial resources Lack of modern facilities in provision of services Poor meal production open only on certain scheduled time Advantages over competitors Lexus Restaurant will capitalise on the weaknesses of the competitors and ensure that variety of food is prepared with qualified chefs. The business is also planning to work throughout the day and night to ensure that all services required to all kinds of customers at all times. High flow of customers is therefore anticipated due to highly trained expertise with quick services that will be offered in the café for production of quality food product compared to competitors. Product/ services strategy The cost of the services will be based on the class or type of the customers. This is because the business is expected to accommodate both the low-earners and those who earn huge salaries. All menu items are moderately priced as shown below; Tourist - 25% above the normal price system. City Workers - 15% above the normal price system. Students - 5% above the normal price system. The above strategy will ensure that all the customers are accessed to fair and affordable price of services where the normal prices will be slightly below the competitor’s price system. This means that the business will operate under varying selling prices depending on the price at which the competitors offer their services. Promotion and advertising strategy For the business to pick and fit into the market and beat it’s already established competitors, the business plan to conducts an advertisement to make known the business. The advertisement will feature in several Local television and radio stations. The advertisement will be aired all the times until the time the business will attain its minimum customer threshold. In order to penetrate the market Lexus will employ several creative measures to advertise its services. These methods will also include: Posters, Exhibition, Brochures, and Billboards & Website3. Promotional drinks of fresh juices and cocktail will be given to customers who will choose to buy from the new business to attract customers. The business will provide soft music and indoor plants within the business to make the environment lively. The effectiveness of the exercise will be measured in terms of growth in sale and increase in profit, number of customers come in and out of the business whether to buy or inquire about the service will serve as a tool to gauge the fruitfulness of the advertisement Services/ sales strategy In Lexus Restaurant we believe in quality dining services, we are confident that we can fulfil the desires of the viewers and clients. We will sell the benefits of the services it offers and the activities it promote. It will sell the information and balanced lifestyle as we believe it is less expensive to maintain a relationship than it is to develop a new one. Market strategy Lexus Restaurant adheres to the theory that the goal of business is to create and keep customers. Its marketing strategy will reflect on its goal as it reputation the state. It provides much more than meals. The business is also destined to provide adventures and freedom such as excitement, personal growth, ear to ear, and whole lot of fun Pricing strategy Lexus Unit Restaurant will charge its commodities/ services at fair prices with most the prices going slightly below charges endorsed by the competitors. Segmentation strategy In order to ensure that all the customers are certified, Lexus restaurant plans to partition the floors of the restaurant into sections with different section providing different foods depending on the culture and demands. From the understanding of certain culture, certain foods are best consumed in the atmosphere of the culture, therefore cultural practices are expected to be planned in certain occasions to attract customers Entry and growth strategies The entry strategies that will be used include offering quality services at affordable and reasonable price to the customers, employ qualified personnel in human resource management, food and beverages who can skilfully, technically and humanly handle the guests and most importantly ensure that the business is known for its good services through strategist promotion. Lexus unit restaurant also plan to employ growth strategy through opening of other branches in other towns and diversify its services to even more unique products so as to attract all kinds of customers. Works Cited Cohen, William. The Marketing Plan. 5th ed. Hoboken, NJ: J. Wiley & Sons, 2006. Print. Luther, William. The Marketing Plan How to Prepare and Implement It. 3rd ed. New York: AMACOM, 2001. Print. Debelak, Don. Streetwise Marketing Pl++an: Winning Strategies for Every Small Business. Holbrook, Mass.: Adams Media, 2000. Print. Anderson, David. Strategic Marketing Planning for the Small to Medium-sized Business Writing a Marketing Plan. New York, N.Y.] (222 East 46th Street, New York, NY 10017): Business Expert, 2012. Print. Milton, Aybas and Sevior, Elmas. ‘Restaurant management practises’, Journal of Business and Management, 7.9 (2012) 195-203. Jacquelyn , lynn. How to Start a Restaurant. Entrepreneur . Web. 27 Apr. 2015. Retrieved from http://www.entrepreneur.com/article/73384 Read More