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Write a six to seven (6-7) page paper in which you: Develop the company's branding, pricing, and distribution strategy. Provide the following marketing strategy information:
Write a six to seven (6-7) page paper in which you:
- Develop the company's branding, pricing, and distribution strategy.
- Provide the following marketing strategy information:
- Classify the company's major competitors as inter- or intra-competitors. Categorize the competitors' major strengths and weaknesses.
- Develop the differentiation strategy in relation to the closest competitor.
- Establish whether the company's intention is to be a leader or follower within the industry.
- Assess the level of impact that the salient macro-environmental issues (e.g., legal, technological, social, and economic, etc.) and trends with which the company must contend could potentially have on the company's marketing strategy.
- Discuss the marketing research tools that you used in your marketing strategy.
- Construct an implementation strategy for your hypothetical company in which you specify the essential activities and responsibilities. Include a timetable for completion of each component of your strategy.
- Develop a five (5) year expansion plan that includes future profitability and market share growth. Include necessary graphs to explain your plan.
- Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.
- Choose two (2) performance standards, two (2) monitory methods, and two (2) financial controls that you would implement that differ from the standards that you had provided in Assignment 1. Justify your choices.
- Assess the potential for your company's overall performance in relation to the marketing plan objectives.
- Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company's advertising strategy.
- Use at least five (5) academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources
Running Head: MARKETING MANAGEMENT: IMAN'S FAMILY RESTAURANT MARKETING PLAN 1 Marketing Management: Iman's Family Restaurant Marketing Plan Eman Eltilib Strayer University Running Head: MARKETING MANAGEMENT: IMAN'S FAMILY RESTAURANT MARKETING PLAN 2 Iman's Family Restaurant Mama Iman's Family Restaurant is a trendy and healthy place for family gatherings; it is organized on a common love for authentic Mediterranean cuisine. Mama Iman's Restaurant offers the best there is when it comes to Middle Eastern food, particularly in all of the downtown Charlotte area. This restaurant takes pride in providing customers with amazing and tasty food, while providing them with an authentic Middle Eastern scene. Mama Iman's Family Restaurant is situated in the fast-growing business area of downtown Charlotte. It is in walking distance from both the Hornet's stadium and financial district. Mama Iman's Restaurant can serve as a pit stop for those on the run or even a lounge for those who choose to stay. Whether you may be on your way to the ball game or on your lunch break Mama Iman's is the number one choice for many. Portions are generous. Food is tasty fresh and to top it off healthy! Customers are not to worry about ruining their diet because there's no guilty pleasure, just simple enjoyment. Marketing Environment It is probable for many environmental factors to impact or affect the business of Mama Iman's Restaurant, these include possible legal, technological, political, social, and economic factors. The legal issues likely to impression the government's performance include the rules and principles in the countries of operation of all the branches. The business will have to conform with the guidelines and any changes that are made to it depending on where they exist. On the Running Head: MARKETING MANAGEMENT: IMAN'S FAMILY RESTAURANT MARKETING PLAN 3 factor of technology, the business is possible to have to change with the changes and advancements that come along with the technology. Furthermore, it has to make its advertisements up-to-date in terms of technology. For example, they are to broadcast or advertise new foods on social media such as Facebook. On the basis of political factors, Mama Iman's Family Restaurant is highly affected by the political instabilities of different countries of operation. Different branches might have different demands or regulations from the government. Possible social factors that may affect Mama Iman's Family Restaurant are those in which it is surrounded by. For example, the branch that is located in downtown Charlotte will be impacted by the Southern American culture. Typically, any restaurant will have to adapt to the social expectations of its location in order to please the clientele. Lastly, in terms of economic factors, Mama Iman's Family Restaurant, like any other business that works with foods and beverages, is highly impacted by economic changes. Any business that exists within the restaurant industry is affected by changes in economic conditions, whether locally or nationally. This is mainly due to the fact that restaurants strive off of consumer spending. When there is instability within the economy consumer behavior is highly impacted, it then leads to decrease in spending which directly impacts restaurant owners. Economic factors may also lead to inflation, increased interest rates, unemployment, and decreased salaries. Porter's Five Forces & 4 P's Analysis: To ensure that the company will be able to easily enter within the industry alongside other competitors, we performed an analysis known as the Porter's Five Forces Analysis. Running Head: MARKETING MANAGEMENT: IMAN'S FAMILY RESTAURANT MARKETING PLAN 4 Performing the Porter's Five Forces Analysis gave a quick overview that opening up a restaurant in this particular location, Downtown Charlotte, will be very competitive and demanding. Owners need to be aware of any possible changes or innovative trends taking place in the area in order to ensure that they are at an advantage over their competitors. The location of the restaurant provides the customer with a variety of different options. It is important for the restaurant owner to lure the customers in; the true difficulty arises when the owner is left to think how they can tempt the customers to come to their restaurant. Competition is also intense within the our specific cuisine. Many of the other restaurants have been around for years, but I am confident that our location and amazing food will keep us at an upper hand over others. The threats of substitute food is also very high, there are tons of other kinds of eateries offering fast food, or other cuisines in the area. Also since Iman's Family Restaurant is a small restaurant with a not so large inventory orders, our bargaining power is not that great and so others who purchase in bigger bulks have that advantage over us. The second analysis that we made was the 4 P's Analysis to make sure that we identify even more issues or strengths within our company. We first looked at the products that we offer. We started off with a very few choices and strategically; over a gradual amount time we plan on adding items to our menu ensuring that we develop a menu that our customers want. Secondly, we looked at our prices, after a glance at our customers' feedback, we were able to conclude that our prices were a bit overpriced. We understand that our food is more than a physical item, it also has psychological connotations for the customer. We recognize the danger of using low prices as a marketing tool is that people will start to think they are receiving lower quality product or service. We are confident about our prices and are fully aware of the brand and its integrity. The Running Head: MARKETING MANAGEMENT: IMAN'S FAMILY RESTAURANT MARKETING PLAN 5 third aspect we looked at was our promotions. Iman's Restaurant has been offering a number of promotions to all our customers through Groupon, a marketing application service that offers daily discounts at local businesses and services. We offer a special lunch menu and ensure that all first timers receive a free baklava, a pastry, with every order. The key to all the marketing and promotions we offer is to ensure that we retain all our customers, and offer them something that will trigger their interest and make them want to visit our restaurant. Lastly, we looked at the place or location. Our strategic location and authentic dcor distinguishes us amongst all the other restaurants in the downtown area. Short & Long Term Goals: To ensure that our company is consistently progressing we needed to establish our short and long term goals. Short Term: Increase Customer engagement Extend presence on the various social media outlets (facebook, twitter, tumbler, etc.) Word of mouth Long Term: Customer loyalty Gaining competitive advantage Increase our buying power Open a second store All these goals we listed will help ensure that we are in the right path towards becoming an extremely successfully enterprise, and possibly even a franchise. We can use the various applications and services available to make sure that we are able to achieve these goals such as Running Head: MARKETING MANAGEMENT: IMAN'S FAMILY RESTAURANT MARKETING PLAN 6 marketing software (hubspot) that will help tackle the various social media outlets and online advertisements. We can use google analytics to track down the number of people using our website, from what locations and the different areas that they found interest in. Lastly, we shall use applications like google, and yelp to track down people's opinions on our company and how we function. SWOT Analysis We also needed to evaluate our company as a whole by identifying our strengths, recognizing our weaknesses, examining our opportunities, and being aware of our threats and therefore a SWOT analysis is necessary. Amongst some of the advantages we have is our location, prime time real-estate that ensures we have prime time exposure. Also our social media presence and other promotional sites that we use to shed a light on our company have allowed us to differentiate ourselves amongst our competitors. Lastly, our authentic Middle Eastern experience of food and space has allowed for us to become unique with comparison to our competitors while catering to all people. Some of our weaknesses is that we are a startup and other companies that have been around for a long time are at advantage over us. Amongst the many opportunities we have is that we are free and flexible to bring about change to our company. We are willing to address and tackle any issues at an early stage without allowing them to affect us significantly. We recognize our potential and at that point the sky is the limit. Another weakness to consider are our threats. Any start up is at risk of failure we need to be sure that we are well aware of that and limit our overhead costs so that we don't have to be so caught up with this issue. Running Head: MARKETING MANAGEMENT: IMAN'S FAMILY RESTAURANT MARKETING PLAN 7 Running Head: MARKETING MANAGEMENT: IMAN'S FAMILY RESTAURANT MARKETING PLAN 8 Reference: Cohen, W. A. (2006). The marketing plan. Hoboken, New Jersey: J. Wiley Luther, W. M. (2001). The marketing plan: How to prepare and implement it. New York: AMACOM McLeish, B. (2011). Successful marketing strategies for nonprofit organizations: Winning in the age of the elusive donor. Hoboken, N.J: Wiley. Ottman, J. A. (2011). The new rules of green marketing: Strategies, tools, and inspiration for sustainable branding. Sheffield [England: Greenleaf Pub. Sengupta, S. (2005). Brand positioning: Strategies for competitive advantage. New Delhi [u.a.: McGraw-Hill
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