Flench Wine Bar - Providing a Community of Education, Enjoyment, and Relaxation - Business Plan Example

Marketing Plan Project Executive Summary A marketing plan is a part of an overall business plan. An effective marketing strategy is the base of a well-developed marketing plan. An effective marketing plan includes a list of strategic actions (Dibb & Simkin, 2008). The following study will provide a proposed marketing plan for a newly developed wine bar in Sweden. The name of the organization is Flench wine bar. This particular wine bar business is becoming one of the potential and profitable businesses around the world. A favorable business place is required in order to develop this specific business unit. The Flench Wine Bar is tending to enter in the potential and emerging wine market in Sweden. The organization has selected Gothenburg as their business operating place. Gothenburg is one of the most historical places in Sweden. The city is popular for its emerging food and wine market. Moreover, several leading colleges and businesses are situated in this city. Most importantly, various popular wine bars and restaurants are competing with each other within this potential and competitive market place. Looking into these favorable factors, The Flench Wine Bar is trying to set up and develop their business operation in Gothenburg. In an addition, several favorable aspects, such as economic development of Sweden, increasing disposable income of middle class people, social tradition, political stability of the country and availability of resources and advanced technology have influenced the business organization to operate in Gothenburg. The organization is tending to execute sustainable business operations in order to overcome several legal and environmental threats. The product differentiation strategy of Flench Wine Bar will help them to achieve huge competitive advantages in this competitive market place. The organization will try to maximize business profits and generate more revenue and take the advantage of economies of scale. An effectual marketing plan will provide the organization a transparent idea about the setting of business objectives and strategy implementation. Introduction The aim of the research is to determine the greatest opportunities for the newly developed business venture in the Gothenburg community in Sweden. The Flench Wine Bar is a newly established wine bar. The organization is trying to conduct business operations within one of the most competitive and potential market place of Sweden. A feasibility strategic analysis and implementation plan has been determined for the effectual business operation. The marketing plan of Flench Wine Bar will propose an internal and external situation analysis. Moreover, the research work will highlight specific business objectives and goals. A market positioning strategy and target market analysis has been executed for the purpose of the study. Moreover, the study will follow a marketing mix strategy in order to recommend an effective marketing strategy for the newly developed organization. Lastly, the study will be completed with an implementation and evaluation & Control of the stated business objectives. Mission Statement The mission statement of Flench Wine Bar is “At the Flench Wine bar we will provide a community of Education, Enjoyment and Relaxation”. Objectives and Goals Business objectives and goals are the necessary ingredients of an effective marketing plan. The following part will provide the business goals and objectives of the Flench Wine Bar. Goals The Flench Wine Bar will fulfill the satisfaction and comfort level of the customers by offering adequate in-store customer service. The organization will practice sustainable business operation and will focus on the business profitability annually. The Flench Wine bar will bring effectiveness in the business process to differentiate themselves from other existing competitors in Gothenburg. The company will focus on acquiring new customers and retaining the existing customers. Objectives 12% sales growth in initial six months. The deposit amount of the organization should be raised by 10%. The sales figure will be increased by 12%, 20% and 30% respectively in fast three years. The organization will introduce new differentiated products and inform the target customers about the features and benefits of the products and services within 4 months of its establishment. The organization should increase its market share by 40% in next three years. Flench Wine bar should keep stocking 15 new differentiate bottled wines in every year. The business objective has followed SMART. The below table will reveal it. Specific The organization should increase its market share by 40% in next three years. Measurable The sales figure will be increased by 12%, 20% and 30% respectively in fast three years. Attainable The company will focus on acquiring new customers and retaining the existing customers. Realistic The deposit amount of the organization should be raised by 10%. Timely 12% sales growth in initial six months and the organization will introduce new differentiated products and inform the target customers about the features and benefits of the products and services within 4 months of its establishment. Situation Analysis In this study both internal and external situation analysis has been provided. Internal Environment Analysis In order to determine the internal environment analysis a SWOT analysis framework has been implemented. SWOT Analysis This strategic analysis tool will determine the internal strength and weaknesses of Flench Wine Bar. Moreover, this analytical tool will highlight the organization’s opportunities and threats. Strengths One of the most potential trafficked and crowded areas in the country. Well-trained management teams. Differentiated product range. International and domestic products. Effectual in-store customer service. Effective closed-line business service technology. Effectively processes waste management system. Weaknesses In adequate relationship with the existing suppliers and distributors. Huge difference in domestic and foreign currency. Lack of brand awareness in customer’s mind. Newly established organization will be lack of appropriate resources. Opportunities Sweden is popular for wine products. Implementation of new advanced technology. The nation has joined WTO. Selected location and festive seasons will effectively pull more target audiences. High disposable income of middle class people in Sweden. Threats Huge competitive market. Unstable policy of Swedish policymakers. Licensing problems as political threats may create problems in initial time. Economic slowdown of nation can restrict the buying decision of people. The tendency of people is changing towards green tea and healthy drinks. Several new competitors are entering in the Gothenburg market with similar range of products. External Environment Analysis PESTLE analysis has been executed in this study. These two analyses will determine impact of several external environment elements on Flench wine bar situated in Gothenburg. PESTLE Analysis This analysis will determine the social, political, economical, environmental, legal and technological factors of Flench Wine bar. Political Sweden is a politically stabled country. The Swedish legal system used to depend upon the constitution of the country that was developed in the year 1974. Sweden used to follow strict corruption regulations. There are various political parties in the country. The Swedish government has executed several important regulations and laws for the liquor industry within the country. For an example, without liquor and bar license any organization cannot open a wine bar. Thus, it is feasible that, The Flench Wine Bar needs to follow the rules and regulations in order to operate within the bar industry of Sweden. Economical Sweden has significantly affected due to the recent financial crisis and global recession. The government of Sweden has promptly implemented the Fiscal policy. The superior access to the Swedish capital market is the major reason behind the economic upturn after and during the recession era. Moreover, effectual policy regarding labor market has developed a healthy relationship between the employee and top management of several organizations. Observing, these aspects, it can be state that, The Flench Wine Bar can conduct their business operations under these favorable economic situation. Social The disposable income of Swedish middle class people is high. Moreover, the par capital income of people is increasing significantly. Consuming drinks in the wine bars with friends, relatives and colleagues has become the social ritual in the country. People of young generation are always tending to go to several happening wine bars for the entertainment and recreation. Therefore, it can be state that, favorable social aspects will help Flench Wine bar to operate effectively in Gothenburg. Technological According to the Information Technology report in the year 2010, it is feasible that, Sweden has top the list. In an addition, it has evidenced that; implementation of information communication technology in several business units has increased the core competency of the business organizations. Flench Wine Bar is trying to implement advanced technology in their business process in order to attain superior technological support. Legal The Swedish legal body has provided various regulatory laws. The organizations need to register at the specific registration office in order to open a new business. In an addition, the taxation structure is very much straight forward and simple. The corporate tax level is very low in Gothenburg. The government of Sweden used to allocate incentives in order to establish a new business. Thus, it can be state that, Flench Wine bar has to face limited legal barriers in order to operate their business effectively. Environmental The Swedish government has implemented several business environmental laws in order to sustain the country’s environment. The organization needs to follow these regulations in order to avoid environmental and legal challenges. As the organization is going to establish their store in a potential city within the country, it is necessary for them to practice sustainable business operation. Target Market The Flench Wine Bar is tending to operate in Gothenburg. The company is trying to target the people who loved to consume Wine. The target people of the products of Flench Wine Bar are young college and office goers and business executives of several organizations. Gothenburg is hugely crowded and trafficked area. Moreover, the organization has that much potentiality to develop potential customer base within the selected area. The newly developed wine bar is tending to target the customers according to the following segments considering its wine products and business services. Sex: Female and Male. Age: 20-60; Business executives, young office and college goers. Marital Status: Both Unmarried and Married. Household Income group: More than 15,000 US dollars on monthly basis. Residential Status: European community especially the Swedish community within Gothenburg. Recently, the trend of people is changing towards the health drinks as major of the focused people groups are becoming serious health conscious. Thus, the organization is tending to introduce several differentiated wine products including healthy ingredients. This strategy will help the organization to create huge brand awareness in this kind of untapped Swedish market. Lastly, seasoned workforce and implementation of information communication technology in business process will attract the focus of target customer group towards the products. Market Positioning Strategy The products are in the entry level of the life cycle matrix. The organization is trying to position their newly developed healthy wines as well as their organization as the source of high end dining against a reasonable price range of the products (Ohlsen, 2010). In an addition, the organization is trying to farm out several international and domestic wines with effective quality for the purpose of product differentiation from other existing competitors. The above perceptual mind map is addressing that, the products used to exist in all four quadrants in the map as the organization will satisfy all the criteria of the customers. Marketing Mix: 4Ps Framework In terms of Flench Wine Bar, a marketing mix framework will help the organization to implement product, place, pricing and promotional marketing strategy. Product Flench Wine Bar is trying to differentiate their product line by introducing several healthy wine products and is trying to farm out several international and domestic wines with effective quality for the purpose of product differentiation from other existing competitors. (Bonetto, 2007) Effectual in-store customer service and execution of advanced information communication technology is seemed as an effective product strategy. Price The organization should implement the pricing strategy as the provider of the sense of value to the customers. It has already discussed that, Gothenburg is quite competitive lace for this kind of segmented products. Basis on these issues, it is recommended that, Flench Wine Bar should execute reasonable pricing strategy. Offering happy hour services and discounted price level for the festive season will maximize the brand image in customer’s mind. Place Gothenburg is one of the most trafficked places within the country. Several young college and office goers can easily get aware about the newly developed organization and their products due to the high mobility of the specific location. The distribution job of the wine products should be enhanced through the middle man within the channel. Moreover, they can directly get the products through the manufacturers by taking a distributorship of several wine brands. This strategy will help the organization to avail the products in comparatively low prices. Therefore, by this strategy, the organization can offer the wine products in discounted price level to the target customers. This strategy will help the organization to achieve huge market share within the specific industry. Promotion Promotional strategy of the products is the important part of a marketing plan. Flench Wine Bar should develop a Facebook page and need to add several images of their events. This strategy will automatically increase the brand awareness (Mullin, 2007). Moreover, college prompt night organization will provide huge exposure to the college students. This strategy will help them to pull huge number of customers. Last but not the least, effective in-store customer service, such as offering discounted price and happy hours will effectively increase the brand awareness of the products of Flench Wine Bar. Implementation This specific part will analyze the implementation of the strategies. Several Business Activities Date Promoting through local business and youth magazine. April 25, 2014. Certificate registration of bar license, cleanliness and food safety Within July 10, 2014. Offering free trial to target customers through Supermarkets. Entire August, 2014. Evaluate customer idea and start making contact with the distributers. September-December, 2014. Implementing a platinum or gold loyalty plan for the target customer groups. January 21, 2015. Establishing website and put advertisements in formed Facebook page. February 1, 2015. Promoting through the local radio and TV channels. March 1, 2014. Control and Evaluation This section of the study will provide a control and evaluation plan through the following table. The manager has set up a business projection plan for initial three years. Organization Activities Responsibility Desired Methods Frequency/Date Review work to verify the satisfaction level of customers about services. Internal Audit. Taking Feedback from the customers during the check-out time. Annually. Measurement of financial outcomes against the mentioned projection. Accountants. ……. Quarterly/Annually. Take appropriate Steps. Operation Manager. ……. Necessary on Half-yearly or Annual basis. Operation Team’s Performance appraisal. Operation Manager. ……. Monthly/Quarterly. Conclusion The Gothenburg wine market is very much potential as well as competitive. According to the above analysis, it can be state that, the product differentiation strategy and introducing healthy wine products will help Flench Wine Bar to achieve several competitive advantages. Moreover, it can be suggested that, sustainable business practices and effectual business operation cost control throughout the initial three years will significantly increase the brand value of Flench Wine Bar. References Bonetto, C. (2007). Stockholm. London: Lonely Planet. Dibb, S., & Simkin, L. (2008). Marketing Planning: A Workbook for Marketing Managers. Stamford: Cengage Learning. Mullin, B. (2007). Sport Marketing. New York: Human Kineticks. Ohlsen, B. (2010). Sweden. London: Lonely Planet. Read More