Power Point ( Principle Of Marketing )

Power Point ( Principle Of Marketing )

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Takeout service.

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Marketing 210 (Entrepreneurial Paper)

 

 

 

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Marketing 210 (Entrepreneurial Paper)

The Name of the Product/Service and Brief Explanation

The selected enhanced service is restaurant takeout service that entails preparing food to be packaged and consumed away from the place of sale and at the convenience of customers. The proposed name of the takeout service is “To Your Doorstep”. Takeout service is currently very common across different cultures where different cuisines are offered. Although the service is currently underway, there is a need for improvement that will ensure that the expectations of customers are met. This service will take advantage of technology that has not only enriched but also impacted the restaurant industry. Today’s customers are technology savvy and thus are attracted to the quickest and most efficient means to meet their demands. The work schedules today are also tight such that people seek convenient means to have what they need to be delivered to them. The takeout service will cover all the products that the restaurant offers so that it can meet the diverse needs of its customers.

The Problem(s) the Product/Service Solves

The service will solve several problems. The first problem that it will solve is the long queues that customers have to endure when waiting for food to be prepared. It will solve this by providing a mechanism and platform through which customers can preorder early before their eating time so that they save time which they can use to undertake other duties. This is true for both employees who need quick and efficient means to order their food and for employees who work late hours and cannot find time to go to the restaurant and eat. The takeout service appeals to a diverse demographic which will result in a lucrative profit for the restaurant since it will attract more people. Instead of braving harsh weather conditions to get food, customers will be able to order food in the comfort of their homes and have them delivered when they are still hot.

It will also solve the problem of having to comb through a list of food options while at the restaurant since it will provide a personalized experience based on a customer’s preferences. This will also appeal to people who find it difficult to choose restaurants from a pool of restaurants since they provide the same food. It is therefore a product of the customer’s desire for comfort, and convenience and altering their behavior. Given that it is currently having a strong impact on the food service industry as a whole, there is a need to improve the service and meet the needs of customers. I came to this conclusion after realizing that most restaurants are currently offering the service an indication that today’s customers seek convenience above everything else. I also realized that this is a chance to identify existing gaps in the service and fill them so that the needs and expectations of customers are met.

Pricing Strategy

Pricing strategy is the main driver of how any business makes a profit. The pricing strategy that will be considered for this service is the competition-based pricing strategy which utilizes the competitors’ pricing data for a similar product to set a base price (Gerpott & Berendes, 2022). This is because the restaurant market is very competitive and customers expect convenience and low costs. Charging high fees may give other competitors a competitive edge. However, charging similar prices for the service may encourage other people to consider the service thus earning more profit. This pricing strategy will therefore give the restaurant complete control over its market position. To sustain the profits, the restaurant will ensure that they not only add value to the customers’ lives but also ensure the service is of high quality. However, to deliver exotic cuisines, the restaurant will charge higher than other restaurants so that it acts as a cushion for the bad times when people do not need the service.

Marketing budget

A marketing budget is an amount that will be allocated for the expenses that are related to the promotion of products and services. It will be borne out of the restaurant’s specific needs, market research, and prospects in the future. The marketing budget will cover six main areas, content marketing, email marketing, search engine marketing (SEM), influencer marketing, website, and traditional marketing. Inbound marketing will ensure that the restaurant attracts new customers and this will be through podcasts, blogging, and videos. Email marketing is one of the best ways to retain and nurture customers and it helps businesses to yield an appreciable return on investment (ROI) for years. Search engine marketing on platforms such as Facebook and LinkedIn can also be useful in yielding high ROI. The website will be the restaurant’s digital storefront which can convert visitors into customers. Lastly, offline or traditional methods of advertising will also help to solidify and sustain the gains that the restaurant has made regarding the takeout service.

Budget Area Budget Allocation
Inbound Content Marketing $10, 000
Email marketing $400
Search Engine Marketing $8,000
Influencer Marketing $2,000
Website $1,000
Traditional Marketing $7,000
TOTAL $28,400

 

From the foregoing, several tools can be used for the effective marketing of the service. These include customer relationship marketing (CRM), online advertising, social media, SEO, and website optimization. CRM strategies are very useful in sustaining and attracting new customers. They achieve this by automating both data collection and analysis so that there is adequate knowledge of the needs and expectations of customers and how to personalize the service. By providing insights into the customers and target audience, it allows a business to improve its marketing strategies to target likely conversions. Online and social media advertising are also essential tools that can help in effective marketing due to their cost-effectiveness, instant feedback, and measurable performance.

Proposed Integrated Marketing Communications Solutions

Integrated marketing communications will entail a holistic marketing approach that will combine both traditional and new media practices (Muhammedrisaevna, Bayazovna & Kakhramonovna, 2020). As a result, instead of having different departments for marketing, advertising, public relations, and social media, the departments will be integrated and harmonized so that there is a more powerful and concerted marketing effort to promote the service. When these departments integrate, there will be a delivery of cohesive narration about the service thus achieving a greater impact on the marketing campaign. This will ensure that there is consistency whenever customers decide to interact with a company on any platform. For instance, when a customer is reading about the service in a blog or listening to a podcast, the message and the experience should remain the same.

 

Length of Time the Product Will Survive In Its First Iteration

It is rare to bring the service to the market and have a perfect reception that does not require major changes. First, by considering the allocated budget, there is a need to improve various marketing strategies and tools such as the website and SEM. However, given the commitment, it will take six months for the service to survive its first iteration.

Managing a Second Iteration within the Product Lifecycle

I will manage the second iteration within the product lifecycle by ensuring that everything is within the allocated budget. I will also ensure that the service is sufficiently marketed by engaging with customers on various platforms such as social media and blogs. I will also emphasize competitiveness by conducting market research to find out the attributes that other competitors have not taken into consideration.

 

 

 

 

 

 

 

 

 

References

Gerpott, T. J., & Berends, J. (2022). Competitive pricing on online markets: a literature review. Journal of Revenue and Pricing Management, 1-27. https://link.springer.com/article/10.1057/s41272-022-00390-x

Muhammedrisaevna, T. M. S., Bayazovna, G. N., & Kakhramonovna, D. A. (2020). Goal and objectives of integrated marketing communications. Economics, (2 (45)), 5-7. https://cyberleninka.ru/article/n/goal-and-objectives-of-integrated-marketing-communications

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