Essays on Marketing Strategy

Asia’s Finest Restaurant is renowned for its product that appeals to a specific racial demography. Today, the ultimate goal of Asia’s Finest Restaurant is capturing just the group that has the best capacity to satisfy their palates’ special craving for authentic Asian cuisines and ethnic dishes. Asia’s Finest Restaurant intends to maintain a mix of highly targeted marketing campaigns to ensure the maximum visibility of the business and optimal return on marketing investments

Target Market and Positioning

Generally, Asia’s Finest Restaurant average customer will be a middle class Asian man or woman who lives within ten miles radius from the restaurant’s locations. This customer is estimated to have an annual household income that exceeds $40,000 and will spend $7 to $19 per visit per person to the restaurant’s locations (Reeves and Bennett, 2004). Moreover, this customer is assumed to belong in the working class professional, management level, and small-business owner groups who are yearning not only for the taste of their healthy native dishes, but also for a brief moment away from the routine of their work and a casual dining experience in an invigorating Asian ambience. Initially, the target focus, and hence the primary consideration in determining the location, will be the large population of select Asian groups that match the profile, particularly Asian Indians, Chinese, Filipino, Pakistani, and Japanese.

Having these groups around, who now make up about 68 percent of Asian population in the U.S., who are employed in the field of management mainly, professional and related fields, and whose annual household income averages $40,000 and above (Reeves and Bennett, 2004), will help to assure initial sales, if Asia’s Fine Restaurant conducts the promotional campaign to attract mass customers. Furthermore, as it gains positive response, builds good brand identity, and after realizing its ROI, Asia’s Finest Restaurant will branch out to become full-service dining restaurant serving more exquisite food in an upscale location, targeting all Asian groups that meet the profile, including non-Asians whose palates seek for authentic ethnic Asian dishes. The shift will begin early, within four to five years since operations begin to ensure easy market repositioning.

With this target market, the business then aims to position itself as a social place where customers can experience belongingness, to the community and when they can taste traditional Asian cuisine, and rekindle memories from their native lands while being served with the best Asian service.

Marketing Strategies

Asia’s Finest Restaurant plans to use a number of marketing schemes to penetrate the desired market. These strategies include brand image enhancing public-relation building activities, sponsorship advertisements, and customer-response stimulating sales promotions. Below is the description of how the business plans to market its products and services to the public.

• Sales promotions will be an effective tool for Asia’s Finest Restaurant to draw new customers, increase restaurant traffic, build product awareness, and nurture returning customers. However, this scheme has a great effect on the perceived value of the product, and hence, viable only on special events. Moreover, there is a great possibility that the scheme will also gather customers who are not from the target market. These customers are more likely to feel disappointed, and thus affect the image and performance reviews of the restaurant. For this reason, Asia’s Finest Restaurant will discretely release discount coupons, discount cards and premium gift native Asian items through highly targeted magazines and group-specific organizations.

• Public relations are a less costly but credible brand-reinforcing promotional tactic. For Asia’s Finest Restaurant, newsletters, event coverage, publicity and positive reviews and articles from reputable food critics will enhance the restaurant’s brand authenticity and relationship with its target market. In addition, these tools have a far-reaching impact extending to the Internet, television and print media. For consistent message, it will be beneficial to hire a local public relations firm that will promote reviews and articles about the restaurant, its cuisine, and promotions.

• Sponsorships will enable Asia’s Finest Restaurant to be present on the significant occasions of its customers, strengthening the restaurant’s Asian identity. Moreover, this will build relationship with Asian communities.

Marketing Strategies’ Implementation Plan, Cost, and Expected Return on Investments

Marketing Strategy Implementation Plan Annual Promotional Cost Expected ROI

Sales Promotions

Highly targeted discount coupons and discount cards, and premium gift Asian items on the opening day and during slow seasons to be announced through magazines and specific organizations $10,000 $13,000

Press Relations Year-round public relations firm $3,600 $4,700

Sponsorships Mass targeted sponsorship campaigns on three major local events $3,000 $4,000

Thus, Asia’s Finest Restaurant can bring considerable profits on the condition of reaching the target customer group. At this point, the promotion of products and services of the restaurant and accurate definition of the target customer group are crucial factors for the success of the restaurant.

Management Process

Asia’s Finest’s management team consists of the restaurant’s general manager, the financial manager, the sales and marketing manager, the HR manager, and the administrative manager. The management team has been as it is today for over three years. All the management team members’ skills can be grouped together to show the team’s strengths. The team’s skills include excellent leadership ability, ability to perform as a team player, good oral and written communication skills, excellent decision-making abilities, basic computer skills, good basic training and education ability, adequate problem-solving skills, good planning ability, and basic day-to-day restaurant operation work. Each of the team’s members has additional technical skills that are specific to his or her field of work (Gordon & Brezinski, 1999). For instance, the financial manager has advanced accounting and business math skills, risk management expertise, and skills in risk management. The general manager on the other hand has great time management skills and excellent delegation ability. The team members had all previously worked in the restaurant business with the average number of years of experience being thirteen years.

Key Staff and Responsibilities

The restaurant’s key staff members all have responsibilities unique to their profession. The main role of the restaurant’s general manager is that of ensuring the company standards on the food, facilities, service and human resource are maintained at all times. The general manager is charged with ensuring that customers, employees and shareholders of the restaurant all benefit from its existence (Scanlon, 1993). The HR manager, on the other hand, has the responsibility of recruiting and hiring new team members, as well as ensuring that current employees’ grievances are addressed. This is an important role because the human resource is one of the greatest resources that any organization has (Mill, 2006). Asia’s Finest’s sales and marketing manager is charged with understanding the current customers as well as the potential ones, and carrying out research on all external opportunities. In addition, the manager is responsible for Asia’s Finest’s image to the public. The restaurant’s administrative manager is responsible for ensuring that Asia’s Finest abides by the local health and safety regulations, and is responsible for the overall administrative work performance of the restaurant. The manager is also charged with distributing and storing information within Asia’s Finest. Finally, the financial manager is responsible for monitoring of the restaurant’s cash flow. In addition, he prepares the restaurant’s annual financial report, and forecasts the financial position of the restaurant.

Monitoring Performance

Asia’s Finest’s performance is monitored various ways. For example, guest satisfaction surveys are implemented. Patrons are requested to fill a quick questionnaire to determine their thoughts on the food, the ambience, and the service. Additionally, the guests’ food preferences are monitored in order to determine which foods are popular and which ones need more marketing (James & Baldwin, 2003). Asia’s Finest also monitors its performance through customer return rates. The higher they are, the better the performance. Moreover, the number of new customers during a given period is determined as a performance-monitoring tool. The restaurant’s employee satisfaction is reviewed every so often in order to establish the restaurant’s performance level. Finally, the restaurant monitors its performance by reviewing its prices in relation to the competitor’s prices. This is done in order to ensure that the restaurant offers competitive prices to the customers. When it comes to coordinating the key roles of the business, Asia’s Finest ensures that there is adequate communication between all the departments and all employees in the restaurant. Additionally, team-building activities are designed in order to encourage employees to be team players (Mill, 2006). The management also organizes training and development opportunities aimed at enhancing the employees’ individual and collective roles in the restaurant.

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