Marketing mix for a restaurant industry
When you are going to start any business, you must have to make your marketing plan before you start. The marketing plan involves product, price, place , promotion. It helps in defining the strategies and tactics a firm will use to reach its target customers. Marketing is an integral part to the success of your food business, so the strategy which is commonly used in the food sector is the marketing mix. It helps in achieving the desired result in specific target market.
The restaurant owner should carefully made its marketing mix to achieve the desired results. Here is the 4Ps(product, price, place, promotion) of food service industry.
In the restaurant industry, the products are the items which your restaurant has to offer to the customers and to the local market. These are the menu items and services. So make sure that when you are developing your products(food and services), they have quality, design, good packaging, features, variety, good customer services and innovative. You must keep in mind when deciding your products and service that what your consumer wants from you and how your products and services are different from your competitors, and do your product meet these criterias? If yes, then you are clear about your product and services which you are going to offer to your customers.
Place is basically the location of your restaurant which should be selected carefully before making final decision. Make sure that your place is located in the area of your target market and you have full availability of the necessities which you will be needing in the long term, like the supplies etc and customers can reach you easily as well and the road is clear as well as your parking area.Make sure that your place is reachable for the potential customers when he will be looking for your products and services.
The next and the most important factor is your price.It involves the amount of money that customers are paying to purchase your food and services. So make sure that you purchase the quality food and supplies in less cost so that you can earn maximum profits from your foods and item prices. Don't charge too much nor too less as if you will charge too much, you may lose your customers and if you will charge too less, you may not be able to earn your profit margin. So calculate your profit margin carefully. Cut the items which are not gaining profits and focus on the items which are helping you in gaining profits.
Promotion involves communicating your products and services to the customers. You are basically telling your customers in this step that what you have to offer .Without promotion, you may not be able to get the desired audience at your doors, so this is very important step you are basically advertising your product through media, newspapers, social websites and other promotional tools and persuading them to become your customers through different tactics.
These 4ps of marketing tools helps you in identifying your target market in which you will operate successfully and deciding your products and the strategies you will be using to promote your product in order to earn profit. You can also use this strategy to test your existing marketing strategy. And for more information, stay tuned with bistroservices.com.