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ASSIGNMENT BRIEF
QUALIFICATION: B.TECH HNC BUSINESS UNIT NO AND TITLE: UNIT 4- MARKETING PRINCIPLES STUDENT NAME: MATTA. YESWANTH KUMAR ASSESSOR NAME: SWATI RAGHUPATRUNI DATE ISSUED: ___________DEADLINE:__________SUBMITTED ON_______
ASSIGNMENT TITLE: A REPORT ON DEVELOPING PRODUCT MIX FOR FOOD LAND INDIA
STUDENT DECLARATION
I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.
M. Yeswanth kumar
Student signature
Date
Introduction
Food Land India has decided to launch its restaurant in Andhra Pradesh. In order to gain market in Andhra Pradesh they should analyze the market in this state and develop a Marketing Mix. This includes planning the price of products, the type of products they have to offer, the promotion strategy and developing separate marketing mix for different segments. Now let us see how this is to be done.
Objective
The aim of this report is to project how marketing mix can be developed to sustain competitive advantage. This includes how to Develop a product to provide customer satisfaction, Set price according to market conditions, Promote the restaurant and the importance of promotion, Organize distributional channels to build customer relationships, Develop extended marketing mix and its importance.
Research Methodology
Secondary data: The report is based on secondary data collected from text books, online journals, articles, websites and published statistical evidence.
Mission
Food Land Indias mission is to ensure best possible experience for customers when they leave with a positive opinion about their experience. Food Land India is dedicated to serving customers fast and efficiently. Their mission is to provide healthy, nutritious and delicious food and render friendly affordable service.
Goals
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To establish strong customer relationships. To provide customer oriented atmosphere and be a quality restaurant. To make profits within 2 years so that we can improve our service and expand into other parts of market.
Marketing Mix
The specific elements that make up your marketing strategy are typically referred to as the marketing mix. Each element can be varied to broaden the appeal of products and services, and will therefore have a direct impact on sales. The Marketing mix or the 4ps of marketing is crucial to the success of a restaurant. These 4 Ps are known as the physical elements of the marketing mix, because they are tangible and can be touched The Marketing Mix includes the basic tools used by marketers to sell goods and services to target customers. These are
Product
4p's
Price
Promotion
Place
This includes utilizing promotional tactics to encourage repeat customers and to encourage new business.
Maximize profits Achieve a target return on investment Achieve a target sales figure Achieve a target market share Match the competition.( businesscasestudies.co.uk)
Objectives
target sales competition
Your overall pricing strategy will depend on your marketing, business and lifestyle objectives. Before you start researching, define your income (and net profit) aspirations. Your prices for local varieties like idly, vada should not be too high than that of other local restaurants.
Example
McCain uses a range of pricing strategies associated with adding value for money. For example, 'extra-fill' packs can give the customer up to 30% extra free. This rewards regular buyers of a particular product. McCain may also offer its products at a special promotional price using pricemarked packs to encourage people to try the product.
This includes offering best goods and services to customers who enter your restaurant and make them satisfied. Public relations. This includes building loyal customers, sponsoring, charities etc.
With the advent of sophisticated multimedia opportunities, marketers have expanded their ability to communicate with their target audience. Fortunately, technologies have leveled the playing field.
Success story
Customer Situation A Label Works partner was challenged by their fast food restaurant client to help launch a promotion that would result in more dinner hour sales. The distributor suggested concentrating on their loyal lunch crowd customers and advertising the new 'happy hour' promotion to their drive-thru customers, advertising on the bags and packaging. Solution Working with the Label Works customer service team and advised by internal design artists, a bright full color label was developed to catch attention and deliver the message of the new evening promotion. A label proved to be an economical solution that could easily integrate into the current packaging and delivery system. The restaurant saw their dinner sales increase and met their promotional objectives as a result of this effective and affordable advertising piece. (navitor.com)
7p's
People
These are the people who are involved in the marketing process, such as serving the customers, cooking the food and cleaning up afterwards, as without them the restaurant would fail to exist. Customers take judgments based on the people represented by your restaurant. Hence they play a major role in ones business. Waiters, chefs and cleaners require appropriate interpersonal skills, aptitude and service knowledge.
Physical evidence
This actually distinguishes a company from its customers. It is used to charge premium prices for services and create positive experience. When people walk into a restaurant you expect a clean and friendly environment. Waiters should receive them with hospitality. Otherwise they walk out.
Process
This looks at system used to deliver service. This may include the process of receiving complaints from customers, their needs and requirements etc. the hygienic of kitchen, qualification and experience of chefs etc. for restaurants this is not too important.
People Process Physical evidence Product Price Place Promotion 4p's 3p's
3p's
4p's Extended marketing mix
2) Youth
i) Product: Fast foods, special dishes. ii) Price: Competitive price. iii) Place: Near colleges, offices, theatres, stadiums etc. iv) Promotion: One can tie up with colleges, offices etc. arranging small competitions and giving small gifts, offers, coupons etc. one can promote these through banners, FM Radio, social networking sites etc. v) People: Try to employ young girls and boys as receptionists, waiters etc. this brings resonance between the customers and employees. Arrange live music, cricket commentary etc. vi) Physical evidence: Arrange stylish furniture, latest music albums. Exhibit the cleanliness of your restaurant. vii) Process: They generally do not bother about the process. But be able to provide them information.
Findings
Developing product mix is very important to achieve success but same product mix cannot be applied to all the segments. One should understand the segment and market place and develop a
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product mix accordingly. Today products alone cannot bring long term profits. There should be an intangible service to achieve success. Hence 4ps are extended to 7ps. The additional 3 Ps make a great change in ones business and one cannot ignore them. 50% product, 50% service comprises 100% restaurant. Focus on the service quality like sanitation, hospitality, speed delivery, expertise in cooking etc. these little things bring large profits.
Conclusion
To develop better customer relationships and in turn profits developing marketing mix is compulsory. To achieve long term profits 4ps are extended to 7ps. The additional 3ps are very important and they play a major role in achieving success.