Marketing Mix Plan for New Restaurant
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Our group has decided to market and develop a new restaurant. The name of the restaurant would be called Pacific Rim. It would highlight many different cultures food that is centered on the Great Barrier Reef's island culture. The location of the first restaurant is an up and coming locations in Colleyville, TX at the intersection of Hwy 121 and Glade Rd. The locations is located near busy shops like Target, Lowe's, and Hobby Lobby. The population is a minimum of 250,000 in a ten mile radius and is a part the Dallas-Fort Worth metroplex. The targeted market is for the foodies that are looking for the next food revolution. We will bring high quality food with wonderful new flavors with the best quality of service.
Objectives and goals:
1) To be profitable within 12 months of opening.
2) Within 5 years, be at $6 million a year in sales
3) Within 10 years, have franchise locations located in major cities such as Los Angeles, New York, Miami, Chicago, Boston, and Houston.
4) Become the highest rated restaurant in the cities we are located by the end of year two.
5) Implement a customer feed back tool to improve on the quality of service and the customer's willingness to recommend our restaurant.
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The expert discusses the marketing mix plan for a new restaurant.
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The marketing mix plan for the Pacific Rim restaurant is as follows:
1) Product:
The restaurant is bringing a new, unique cuisine to the area which is a big advantage for the firm because it will not face any direct competition from other restaurants. However, in order to make the cuisine popular and successful, the restaurant needs to pay great attention to the quality and taste of the food being offered in this new restaurant. The organization should conduct extensive research to identify consumer's preference and dining habits and should localize or adapt the cuisine as per the taste and preference of local customers.
The organization should also evaluate the cuisines offered by other popular restaurants in the area and come up with a menu that not only differentiates the restaurant from other players in terms of type and variety of items, but also in terms of quality and taste. The organization would need to ensure that the adaptation of the cuisine for US based consumers and especially Texas based people suits the taste buds and preference of the local consumers.
Further, the organization will also need to focus on the health quotient of its menu offerings as increasing number of consumers are opting for healthy menu options in restaurants. Hence, the organization can establish a unique positioning for itself by including more organic and healthier ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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