Describe this target market segment in terms of demographic/ Marketing Management
Term Project – Marketing Plan
Project Objectives:
-To practice writing part of a marketing plan
-To apply marketing concepts learned to a ‘real life’ situation
-To perform research and relate findings in a logical, consistent and articulate manner to product
-To work successfully as a team
Your company is thinking about opening a restaurant in the Durham Region (Pickering ,Whitby, Brooklin, Oshawa, Bowmanville, Port Perry, Uxbridge etc.). You must pick a restaurant from any one of the below mentioned chains and then pick an approximate location (i.e north Whitby, Uxbridge etc.) where you will want to locate the restaurant. Your team have been asked to start a marketing plan which will concentrate more on the rationale of the plan and focus less on the strategies and tactics (the why and the who, rather than the what and the how).
Joey’s Seafood at www.joeys.ca – a family seafood restaurant out of Calgary
Firkin Pubs at www.firkinpubs.com – a chain of pubs in North America
Fresh Restaurants at www.freshrestaurants.ca – a chain of vegetarian restaurants in Toronto
Springrolls at www.springrolls.ca – a chain of popular Pan-Asian restaurants in Toronto
Coffee Culture www.coffeeculture.ca – a new chain of cozy coffee places in Ontario
Cora’s at www.chezcora.com a successful chain of breakfast restaurants that started in Quebec
Following are the elements that your marketing plan must address.
1. Situation Analysis – Through research you will identify and interpret environmental factors relevant to your product and potential target market. You will organize your findings by doing a:
a. SWOT Analysis
For this section, you need to complete the internal assessment from visiting the website and possibly (if you can but not required) a visit to an existing restaurant. There will be more information on the external environmental assessment focusing on these external influences: Social/Demographic/Cultural, Technological, Economic, and Regulatory
b. Competitor Analysis
Provide a detailed competitor analysis. Identify the key direct and indirect competitors for your restaurant and what you consider to be their major strengths and weaknesses.
2. Target Market Selection
Develop a detailed customer profile for 1 target market segment. Describe this target market segment in terms of demographic, psychographic, geographic and behaviour response segmentation variables. Explain why you have selected this target market and justify your choice for each characteristic.
3. Positioning
a. Discuss the desired image and consumer perception you wish to create (or which has already been created) for your facility. How might you create/continue this image/perception? What will be (are) the point(s) of differentiation from your competitors?
b. Prepare a perceptual map for your restaurant and include your major competitors on the map.
4. Marketing Mix
Briefly describe the marketing mix for your restaurant. You should include a short description of product, price (this will be a description of your general price points NOT a detailed price for each menu item), and marketing communication suggestions.
Quality of Research
For this project, you must complete some secondary research. You may also use primary research if you wish. Use a minimum of five different resources to support the plan you have developed (the textbook is not a source). All sources must be properly cited(this means in text citations as well); you may use any appropriate method of citing sources as long as research is properly referenced. The campus library has a handbook on using the MLA method of referencing sources.
Justify your conclusions and support them with facts where possible. The quality of your analysis and reasoning will be evaluated in every part of your plan.
