Marketing Management- Marketing Plan Essay
Marketing Management- Marketing Plan
This report is prepared as part of the course submission for Marketing Management (460-741) a core subject towards international Master of Business Administration Program at Prince of Songkhla University. The intention of this report is to create a Marketing Plan to outlines a strategy for success, and breaks it down into comprehensible, actionable components that will enable Seoul-Roy Korean Restaurant to implement marketing activities to provide a solid return on investment.
This plan is designed to report the external and internal factors that will influence the company’s success in Hatyai market. The topics covers in this plan include situation analysis, marketing strategy, tactical programs, implementation and budgets in carrying out the marketing activities which differentiate the business and product offering from our competitor and marketing strategy that drive the business to earn above average profit.
3 Company Summary 3.1 Company Overview
Seoul-Roy is a Hatyai based restaurant serving Korean cuisine, the name Seoul-Roy is easy to remember and easy to pronounce. Seoul reflects the theme of the restaurant for serving Korean cuisine which is a famous destination in Korea, a megacity with a population of over 10 million and a leading global city in the world. Furthermore, “Roy” means “Delicious” in southern Thai dialects, to have a name meaning “Delicious Seoul”, conveyed the message that the restaurant having very high standard food. The restaurant name Seoul-Roy will surely leave an impressive memory in potential customer first impression that will attract the customer to visit the restaurant for the first time.
Seoul-Roy will be operating seven days a week inclusive public holiday in operation 365 days throughout the year to ensure that customers have the opportunity to enjoy our delicious whenever they feel like it. Seoul-Roy is a medium size restaurant enhanced with cozy, comfy, friendly, and appetite tempting atmosphere for patrons through its modern contemporary casual dining style to unearth the feeling of refreshing and energizing to dinners. The facility will be divided into indoor area for customer that is seeking cool comfy ambient and outdoor area for customer seeking a breath of fresh air. The café will feature seating for approximately 100 patrons, desert bar, water fountain and liquor bar.
This restaurant is planned to be situated at the empty land on Thumnoonvithi Road, in Klong Rein area which is approximately 500 m from Tesco and Prince of Songkhla University. With hundred and thousand of local resident, university student and shoppers from other suburb visiting this area on everyday basis, it does instigate this area to be the perfect sites in town.
Seoul-Roy marketing Plan
Furthermore, Thumnoonvithi Road is one of the major connector between the roads on the external circuit to the Hatyai city which have high traffic concentration. In spite of this, there is ample parking space along the road that makes it handy for by passer to stop for dine in and appear to be a profit potential site. Moreover, the rent in this area is much cheaper comparing to the retail shops in major shopping complex such as Tesco, Big C, Lee Garden Plaza and Central.
3.3 2.1 Objective
The objective to startup Seoul-Roy includes the following: A. B. C. D. E. Become premier food franchise serving fusion of Korean food and Thai Food. Provide highest quality fresh and delicious food. Ensure that every prospect in promoting “Seoul-Roy” brand are explore and implement. Maintain and expand every possibility to achieve outstanding reputations. Create an ideal working environment for employee in promoting good communication and great team work. F. Achieving profitable investment return between 4-6 years.
G. Achieving total daily customers of 7,000 patrons/month by the end of second year of operation. The objectives of marketing activities include: To introduce Korean Cuisine to Hatyai community and Songkhla Province area. To attract 50% of the target market and forecast potential customer. To be perceived as the cleanest restaurant in the region. To be perceived as restaurant serve delicious, quality, and tasty Korean cuisine in the region.
3.4 2.2 Vision and Mission
Seoul-Roy mission is to bring to the market finest, freshest, and tastiest Fusion Korean cuisine that is inspired by a combination of Korean and Thai cuisine in the Hatyai. In conjunction to Seoul-Roy high standards of quality and cleanliness will ascertain Seoul-Roy growth into a reputable premier Korean cuisine in Hatyai. The mission of Seoul-Roy includes the following:
To bring to the market finest, freshest, and tastiest Korean cuisine. To ensure that all foods are serves to its highest level of freshness, nutrition, and gastronomic. To ensure that all order are serve with efficiency and effectiveness.
To consistently provide exceptional dining experience by demonstrating warmth, welcome, efficiency, professionalism and integrity in performing our duty. To ensure finest customer service experience that exceed their expectation and excited to revisit the café again. To continuingly developing innovative and creative products that conform to customer desires. To ensure cleanliness, comfy, warmth and friendly environment in the café. To provide appropriate training and knowledge to employee in ensuring that the qualities and services standard of the company are achieved.
3.5 Startup Cost
The total startup cost of Seoul-Roy for the first year of implementation is as presented in Description Facilities Design Rent Renovation Furniture Equipment Marketing Expense Year 1 Staff Salary (10 person) Training Insurance Utilities Miscellaneous Total (Baht/Yr) Table 1 Seoul-Roy Startup Cost
Seoul-Roy provides differentiated products and services through its superior customer service experience and high quality culinary. Therefore, Seoul-Roy will position the company as restaurant offering service at 50% premium price. The value proposition that the target market will pay for this 50% premium price is the superior customer service experience and high quality Korean cuisine. The company will ensure that the restaurant is always has a clear proposition of the claimed benefit for the services and products. In this, the company will always monitor the quality of the food produce to
Seoul-Roy marketing Plan ensure mouth watering experience is offered to the customer and consistly advertise on the value proposition of the restaurant through advertising media.
5 Situation Analysis
Situation analysis involves evaluating the situation and trends in of Korean Cuisine in Hatyai City which defines and interprets the state of the environment of the organization. A situation analysis provides the context and knowledge for planning and achieve above average profit for the organization. The analysis describes Seoul-Roy competitive position, internal environment, external environment and critical issues. In portraying a clearer understanding of the situation of Korean Cuisine industry in Hatyai, the report further outline SWOT (Strength, Weakness, Opportunities and Threats) analysis of the organization. The situation analysis includes in this marketing plan includes:
External Environment Internal Environment SWOT Analysis
5.1 External Environment
The external environment affects firm growth and profitability which also a condition that creates threats and opportunities for firms that have major effects on organization strategic actions. The organization understands of external environment coupling with knowledge on internal environment form its vision to develop its mission and to take actions that result in strategic competitiveness and above-average returns. As shown in Figure 1, an organization’s external environment is divided into three major areas which include the general, industry environment and competitor environment. The general environment is composed of dimension of broader society that influences an industry. These dimensions can be group into six environment segments which include demographic, economic, political/legal, socio-cultural, technological and global. The industry environment is a set of factors that directly influences a firm and its competitive actions and competitive responses which include treat of new entrants, power of supplier, power of buyers, and threat of product substitutes and intensity of rivalry among competitors. Understanding competitor’s environments complement prediction on the dynamics of competitor’s actions, responses, and intention.