A marketing strategy is an explanation of the goals you need to achieve through your marketing, which is shaped by your business goals. The purpose of your marketing strategy should be to identify and communicate the benefits of your business offering to your target market.
To prepare for completing this Project, review the following articles provided in the Week 6 Learning Resources:
• AK Advisory Partners, LLC. (n.d.). Creating a successful marketing strategy. Retrieved July 23, 2014, from http://www.akadvisorypartners.com/files/Creating-a-Successful-Marketing-Strategy.pdf
• Info Entrepreneurs. (n.d.). Create your marketing strategy. Retrieved July 23, 2014, from http://www.infoentrepreneurs.org/en/guides/create-your-marketing-strategy/
• Klausner, A. (2013). Creating a successful marketing strategy. Retrieved from http://www.forbes.com/sites/advisor/2013/04/17/creating-a-successful-marketing-strategy/
Prepare the marketing strategy including:
Target market segment(s)
Who are your existing and potential customers (target market)?
What are the needs of your target market, as identified through market research?
What are your company's strengths?
How do the strengths of your company match the needs of your target market?
What marketing activities are likely to ensure that your target market knows about the products and/or services you offer, and why these products/services meet their needs?
Why did you select each of these marketing activities?
Monitoring and Evaluation
How will you monitor and evaluate how effective your marketing strategy has been?
References to sources
For Instructional Purpose
Developing a Marketing Strategy
Hearty Food Restaurant (HFR) will be a small start-up business that will be established in the downtown area of Lawrenceville GA, U.S.A. Downtown Lawrenceville GA area is in needs a pleasant and welcoming restaurant with superior food. It would be a restaurant where customers will always acknowledge that they will obtain the best dining experience. HFR will be a sole proprietorship business. The company will be strongly focused on selling healthy foods, fresh juices and soft drinks to its customers. HFR will provide organic foods to meet its target market demands and requests. HFR owner and CEO, Mr. Shawn Peterson has envisioned this business for the past 20 years and has saved enough initial capital investment of $250,000 to start its operation without outside funding. Mr. Peterson has employed strategic diligence in building good business relationships with tourist centers, businesses and trade show centers that will begin to create earnings for his business when it commences operation on January 4, 2016.
In consecutive order, sales forecast for years one through four are $2 million, $3 million, $5 million, and $7 million. Net profits in consecutive orders are $700,000, $1,050,000, $2,450,000, and $4,750,000
Note (Please open attached file)
Mission statement is a written assertion of the aims and goals of an organization, which is can help an organization in making decisions that aligns with its objectives (Zakorsky, 2015, p. 1).
HFR's Mission Statement
Our mission is to be the nation's leading fine dining restaurant. We will accomplish this by employing the best staffs with the experience of cooking delicious and healthy meals, skills in making people happy and providing expectations that facilitates robust relationships with our patrons.
Restaurant's Market Research
Market research indicates high growth in consumers' rate of eating at restaurants that offers quality food at cost effective pricing and excellent customer service (Maze, 2015, p. 1). This has been linked to improvement in the economy, increase in employment and consumers ability to afford eating at restaurants. Therefore, the restaurant business is a viable business opportunity to venture into. Figure 1.1 shows the trend in restaurant industry sales
Figure 1.1 Retrieved from ...
The expert develops a marketing strategy for goals to achieve for AK Advisory Partners.