Environmental Analysis
All organizations require a marketing plan according the different stages of the organization. But a marketing plan for launching a new business idea has to be the best one. It is through this plan that will form an image in the mind of the people and will help in attracting most customers. A marketing plan and activities are the first thing from which the people will judge the product without using it. The brand image is created through this plan. The competition in the hospitality industry is increasing with a rapid rate. The new ventures in this industry are under a lot of pressure, which has to be dealt with an effective marketing plan. This assignment will formulate a marking plan for a new restaurant which will open in Perth. The name of the restaurant is Royal Bites.
The environmental analysis is important for the Royal Bites marketing plan, as the analysis provides with an overall details about the organization and also about its surrounding environmental situation. For a new restaurant like the Royal Bites this will enable the organization to analysis the internal and external factors in details to make the necessary needed changes (“Business Environmental Analysis of McDonalds”, 2013).
The various factors which have to be analyzed for the environmental analysis are-
- Competitive Forces
There are a number of well-established restaurants in Perth offering fine dining and authentic food from all around the world. The biggest competitors of Royal Bites are Wildflower, P’tite Ardoise Bistro, Epicurean, Villa D’Este, Perugino’s and some others. All these competitors have a popular name in Perth and have a strong dominance in the restaurant industry in Perth (Jung, 2014).
- Economic Forces
There is a huge amount of investment which is being incurred in the project Royal Bites. The organization has to analyze the pricing policies of the different restaurants to ensure that they are offering affordable prices to the customers which are also helping the organization earn sufficient revenues too.
- Political Forces
Every organization is influenced by the rules of a certain government, state or a country. Royal Bites also have to follow certain rules and regulation which is under the control of the government, related to food license, restaurant license, liquor license, employee laws, tax laws and many more. The other political forces which may affect the organization are political instability, economic policies, employment laws, etc.
- Legal & Regulatory Forces
Some rules and regulations are compulsory for all the organizations to follow. Some mandatory rules which the Royal Bites have to follow are health and safety rules, registrations, laws etc. These legal rules have to be followed to maintain high standards of hygiene and regulations which is very important to form a strong and influential image in the market.
- Technological Forces
There is a huge influence from the various technological innovations in the restaurant industry. The new technologies also help in influencing the customers like modernized and quick distribution channels, easy facilities of payment, internet facility and some entertainment facilities too. The Royal Bites also have to use some latest technologies which their competitors is using like Bluetooth temperature sensors, scheduling software, digital inventory tracking, tabletop tablets, digital reservation manager and many more.
- Sociocultural Forces
The Marketing Environment
There is a vast change in the lifestyles of people living in Australia. They expect latest facilities from the new hospitality organizations. There is a huge increase in the demand of the people, which has to be fulfilled according to the different targeted audience.
The main purpose of targeting a market is to understand the targeted audience, the size of the market and the needs of the targeted market. The best marketing strategy for Royal Bites is a multi-segment targeting or differentiated marketing. This strategy will be most beneficial for the organization because its targeted audience are from the age of 25 to 60 years, as the people belonging to this age group in Australia prefers fine dining. So, a differentiated marketing strategy will help in identifying the different needs of the various segments and will help in formulating a separate marketing mix for each segment (Chand, 2018).
The current marketing objectives and performance of Royal Bites are-
- To attract a larger market size.
- To earn big revenues.
- To fulfill the needs and desires of the targeted audience.
- To build a dominance in the current market, which is equivalent to the strongest competitors in the market.
- To work more efficiently and effectively, displaying a strong and better performance to the targeted market.
- To utilize all the marketing channels to the best of the abilities that further helps in creating a huge impact in the market (Saari, 2015).
The SWOT analysis can be conducted into two different approaches, the analysis of the internal environment and the analysis of the external environment. The focus of the internal environment is on the strengths and the weakness, whereas the focus of the external environment is on the opportunities and threats (Appelroth, 2015). The SWOT analysis of Royal Bites generated the following findings-
The strengths of the organization are-
- High quality food with variety from all over the world by providing authentic food.
- High quality services.
- High technological appliances for producing good food in less time.
- The use of technology for various other aspects for entertaining guests and scheduling appointments efficiently.
The weaknesses are-
- The restaurant is being launched at only one place.
- The targeted audience has high expectations and there are a lot of prejudice attached.
- The competitors have a huge dominance in the market which put the Royal Bites in a weak position.
The various opportunities are-
- There are various opportunities of expansion.
- There are a number of restaurants which are closing in Perth which increase the chances of the Royal Beats to attract more customers (Nadel & Salehani, 2011).
- Offering a wide variety of cuisine will helps in building customers from diverse regions.
- There are only a few restaurants which are offering services of authentic food in Perth.
The several threats are-
- The organization have the biggest threat of hiring the wrong employees like waiters, chefs, managers.
- The increasing price of food and food products.
- There are a number of new restaurants which are opening in Perth with different themes which have very strong potential to attract and steal customers of other restaurants.
The matching and converting can be attempted by-
- The weakness of high expectations and prejudice can be converted into a strength by providing the customers with services which are beyond their expectations that will help in forming strong and loyal customers for the organization.
- The price of food is increasing due to the increasing price of food products. Highlight the real Australian produce and get it directly from the farmers. This will reduce the price also Australians love and respect their produce, show your true affection for the produce and this will help in building a strong image in the market.
After the SWOT analysis, there is a requirement for some specific and measurable marketing objectives which will be the driving force for Royal Bites-
- The marketing practices should have the potential to create a huge awareness about the launch which builds more dominance in the market in comparison to the competitors.
- The marketing practices should aim at opening another restaurant in the next two years.
- The marketing strategies should also aim at including the new segment of teenagers too, in the next one year (“Measurable Objectives”, 2018).
- The revenues of the organization should be increased by 10% every year.
- The marketing activities should aim at making the Royal Bites, one of the top most restaurants in Australia, within the next five years.
- The marketing activities should be aimed at building a new brand which highlights the Australian produce used by the restaurant, in the coming six months (Singh, Veron-Jackson & Cullinane, 2008).
The Royal Bites is a fine dining restaurant. Many people do not prefer fine dining and will probably opt for a café. The main marketing strategy of targeting different segments has to be incorporated for attracting different customers from new segments. The main marketing strategy for the new targeted market includes teenagers and café lovers. The needs and the desires of these segments should be closely examined to build a marketing plan which is focused on these needs of the selected segment that are aligned with the various objectives of the organization. The marketing practices will also play a very important role in attracting the new segment, the promotional activities should include the people of the same age which are being targeted (Opara, 2016).
Philip Kotler who is considered as the father of marketing has defined marketing as the process of creating, exploring and delivering, to fulfill the needs of the targeted customers to make profits for the organization (Kotler, 2017). The various marketing mix strategies for Royal Bites are-
- Product
There are certain aspects which are attached with the product which are quality, quantity, packaging and many more. The product is also the main component of a marketing plan. The product which is being offered by the Royal Bites is a large variety of authentic food which is taken from all over the world. The Royal Bites are not just providing a normal fine dining experience, the restaurant is providing its customers with an experience of world cuisine. These days there has been a trend of developing and providing “customer experience” with the product. The organization’s diverse culture food will great that customer experience. The customer experience can also be provided through the services like serving the food with some innovative manner (Nguyen, 2017).
- Price
Target Market
The pricing of the product has to be finalized according to the targeted audience and the budget of the targeted segment. Also, the one thing which has to be focused on is the product which is being provided to the customer is value for money. The pricing also has to take into consideration the competitor’s pricing and some more environmental factors which may stop a customer from buying the product (Prudhvi Raj, 2016). The best pricing strategy for Royal Bites is competition based pricing. For a new restaurant which has to deal with the competitors in the market, this strategy is thus the most appropriate one for Royal Bites (Jiang, 2018).
- Place
Now, considered as one of the most important components of the marketing plan, the place where the product is sold is of key importance. Many of the restaurants are close today because of not offering a good location to their customers. The place also plays a very important part in offering the customer experience. The place is another factor of the marketing channels. With a good location the place also has to be cost-effective which is a very important for Royal Bites (Roope Ilmari & Sakari Matias, 2015).
- Promotion
The promotions or the advertising of the restaurants has to be conducted to convey the marketing message to the targeted audience. For a new restaurant like Royal Bites, there is a need for aggressive promotions by the organization to tackle the competitors and to have the maximum impact of the promotional activities (Tsimonis & Dimitriadis, 2014). Social media should be used for the promotions, they are very successful in grabbing customers. According to reports, just six hours a week of social media marketing have a huge increase in the customers (Bulcao, Jr, 2018).
The implementation of the marketing plan will be conducted effectively by organizing an appropriate process which will help in conducting the different process of marketing in a systematic manner. These stages of marketing organization are important for implementing the plan effectively (Schrage, 2018). The different groups of the organization have to function together. The different groups of Royal Bites which have to work together are-
- Accounting group.
- Human resource group
- Marketing group
- Manufacturing group
- Business to consumer group.
All these various groups have to work in a coordination and have to regularly communicate with each other to have clarity of thoughts and to know about the progress of different marketing activities which have been implemented. Nowadays, various tracking devices are used to track the performance.
There is a need to develop a specific timetable for the implementation of the marketing plan. The various aspects which have to be taken into consideration in establishing an implementation timetable are-
- Prioritizing the activities.
- Identifying the amount of time, which will be needed for completion of an activity.
- Making a detailed plan of activities for the timetable, by separating the ones which have to be conducted in a series with the ones which have to be conducted simultaneously.
- The order of the activities has be in a systematic way (M. Pride & Ferrell, 2018).
- The duties which have to be assigned should be according to the capabilities of the employees, teams and managers and a proper record is needed for it.
For the Royal Bites the timetable will be created for a year and all the activities will be performed according to the specified order. Also, during the implementation of the strategy, if there is a need for any changes, then the changes will be made and the tracking of those changes will be done more keenly.
After the implementation the evaluation of the marketing plan is very important as it helps the organization in excluding the strategies which have been ineffective or are requiring huge financial resources but are not very beneficial for the organization. The evaluation of the performance is also important to regularly know about the standards of work and make the necessary improvements if required. For the Royal Bites, it is important to regularly evaluate the different performances of the marketing strategies along with the financial investments that are being incurred on them, so as to control the finance on less productive strategies and incurring more on the ones which are fulfilling the marketing and the organizational objectives (“Results and Control”, 2018).
The various performance management strategies are used to effectively measure the performance of the various marketing strategies which have been implemented for creating a powerful brand name in the market. Performance management help in aligning performances with the strategy (W. Eckerson, 2018). The main purpose of measuring the actual performance is to know the difference between the actual performance and the planned objectives. To know that all the objectives which have been focused by the organization has been fulfilled or not. For the Royal Bites, the measuring of the actual performance is vital as this will help the organization to keep updating their plan according to the standards of performance which will be aligned with the objectives of the organization. For measuring the performance the Royal Bites have to conduct some activities, which are-
- All the marketing strategies are executed according to a time, the teams at Royal Bites have to measure the performance according to the time involved. The other requirements which have to be followed are financial investments, manufacturing needs and the marketing needs.
- There are changes which are made during the implementation of a plan according to the various circumstances. The organization have to form a comparison between the implemented activities and the planned activities.
- The measuring of the performance is incomplete without the revenue comparison. The focused revenue for a specified period has to be compared with the generated revenue.
Conclusion
The marketing plan which has been proposed for the Royal Bites has been formulated after an environmental analysis and a SWOT analysis. The marketing plan aims at providing the organization a huge launch in Perth and also for the foreseen objectives for the organization in the future. The plan will require certain changes which will make according to the impact of any factors like economic, political, technological or due to any new trends in the market. The plan has to be implemented with an effective process and then has to be regularly evaluated, especially for new project ideas it is must.
References
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