TI 21 Aa Bbcbd AaB CD ABCDE ABCDa abede AaBb Emphasis Heading 1 Normal BIG 4 Subt The APA IIII Marketing Strategy Formulation Goals indicate what a business unit wants to achieve; strategy answers how to get there. Basic generic strategies Overall cost leadership The business works hard to achieve the lowest costs. The problem with this strategy is that other restaurants will usually emerge with still lower costs. The real key is for the restaurant to achieve the lowest costs among those competitors adopting a similar differentiation or focus strategy. Differentiation The business concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market(8). Focus The business focuses on one or more narrow market segments rather than going after a large market. The restaurant gets to know the needs of these segments and pursues either cost leadership or a form of differentiation within the target segments. Goal Formulation Goals are list hierarchically, from most to least important. State the objectives quantitatively with a time line and a due date. Your goal at this point of your business plan is to execute the business plan in order to achieve the budgeted profits by the end of the first fiscal year. Examples Goal M1: Achieve budgeted profits of by December 31, 2006. Strategy #1 - How are you going to do it? Develop a statement or series of statements that tell how you are going to achieve profit. Use your cost control course or purchasing course to list a series of actions that will achieve the following costs. Actions: Food cost Bar cost: ABCD AaBbccbd Altbed Emas Headingt Ne ABCDa abedt AaBb D.A. The similar ditterentiation or focus strategy. Differentiation The business concentrates on achieving superior performance in an important customer benefit arca valued by a large part of the market(s). Focus The business focuses on one or more narrow market segments rather than going after a large market. The restaurant gets to know the needs of these segments and pursues either cost leadership or a form of differentiation within the target segments. Goal Formulation Goals are list hierarchically, from most to least important. State the objectives quantitatively with a time line and a due date. Your goal at this point of your business plan is to execute the business plan in order to achieve the budgeted profits by the end of the first fiscal year. Examples Goal #1: Achieve budgeted profits of by December 31, 2006. Strategy #1 - How are you going to do it? Develop a statement or series of statements that tell how you are going to achieve profit. Use your cost control course or purchasing course to list a series of actions that will achieve the following costs. Actions Food cost: Bar cost: Labor cost: Strategy #2 Goal #2: Achieve budgeted sales of by December 31, 2006 Strategy #1 - How are you going to do it? Develop a statement around one of the three generic strategies listed above. Actions: Achieve over cost leadership of our direct competition through (use of publicist, advertising, promotions, TV, etc.). Strategy N2 Goal 3: Execute cultural values to embrace market to build concept loyalty and build repeat customer trial to 12 visits per year by December 31, 2006. Strategy 1 - How are you going to establish a guest list and measure repeat patronage? Actions: Dl Focus TI 21 Aa Bbcbd AaB CD ABCDE ABCDa abede AaBb Emphasis Heading 1 Normal BIG 4 Subt The APA IIII Marketing Strategy Formulation Goals indicate what a business unit wants to achieve; strategy answers how to get there. Basic generic strategies Overall cost leadership The business works hard to achieve the lowest costs. The problem with this strategy is that other restaurants will usually emerge with still lower costs. The real key is for the restaurant to achieve the lowest costs among those competitors adopting a similar differentiation or focus strategy. Differentiation The business concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market(8). Focus The business focuses on one or more narrow market segments rather than going after a large market. The restaurant gets to know the needs of these segments and pursues either cost leadership or a form of differentiation within the target segments. Goal Formulation Goals are list hierarchically, from most to least important. State the objectives quantitatively with a time line and a due date. Your goal at this point of your business plan is to execute the business plan in order to achieve the budgeted profits by the end of the first fiscal year. Examples Goal M1: Achieve budgeted profits of by December 31, 2006. Strategy #1 - How are you going to do it? Develop a statement or series of statements that tell how you are going to achieve profit. Use your cost control course or purchasing course to list a series of actions that will achieve the following costs. Actions: Food cost Bar cost: ABCD AaBbccbd Altbed Emas Headingt Ne ABCDa abedt AaBb D.A. The similar ditterentiation or focus strategy. Differentiation The business concentrates on achieving superior performance in an important customer benefit arca valued by a large part of the market(s). Focus The business focuses on one or more narrow market segments rather than going after a large market. The restaurant gets to know the needs of these segments and pursues either cost leadership or a form of differentiation within the target segments. Goal Formulation Goals are list hierarchically, from most to least important. State the objectives quantitatively with a time line and a due date. Your goal at this point of your business plan is to execute the business plan in order to achieve the budgeted profits by the end of the first fiscal year. Examples Goal #1: Achieve budgeted profits of by December 31, 2006. Strategy #1 - How are you going to do it? Develop a statement or series of statements that tell how you are going to achieve profit. Use your cost control course or purchasing course to list a series of actions that will achieve the following costs. Actions Food cost: Bar cost: Labor cost: Strategy #2 Goal #2: Achieve budgeted sales of by December 31, 2006 Strategy #1 - How are you going to do it? Develop a statement around one of the three generic strategies listed above. Actions: Achieve over cost leadership of our direct competition through (use of publicist, advertising, promotions, TV, etc.). Strategy N2 Goal 3: Execute cultural values to embrace market to build concept loyalty and build repeat customer trial to 12 visits per year by December 31, 2006. Strategy 1 - How are you going to establish a guest list and measure repeat patronage? Actions: Dl Focus