marketing Flashcards
Macro vs. Micro environments
The Macro Environment is all factors that may have an influence on your restaurant activity at large The Micro Environment is all factors that are part of your restaurant activity just outside or inside the four walls They can be categorized in People Context Trading area
7 Ps
Product = decide on the product and its characteristics. Price = set the price. Promotions (Communication) = choose methods for promoting the product (such as advertising as we talked in the previous slide). Placement (Distribution) = decide how to distribute the product. People = staff & customers. Process = way of delivering Service. Physical Evidence = evidences that create customer experience.
PESTLE analysis
POLITICAL: election, important political decisions, terrorism… ECONOMIC: inflation, salaries, taxes… SOCIAL: demographics, age, leisure, tourism, security… TECHNOLOGICAL: electronic and new devices… LEGAL: Laws, local regulations, hygiene or security rules… ENVIRONMENTAL/ECOLOGICAL: waste recycling, environmental respect…
Trading Area Analysis
The trading area analysis It is the geographic zone where you can expect people to come to your restaurant Usually, a 5 to 15 minute time lap from where they are located Traffic generators Offices Homes Leisure Shopping… Traffic reducers Usually, competitors How many? Direct and non direct!
four components of traffic
The four components of traffic Ticket Count: the total number of checks or persons over a period of time Once the restaurant is open this is direct information from the cash register Customer Base or acquired target: total number of individuals who have visited the restaurant at least once over a period Visit Frequency: the average number of visits all customers have done to the restaurant over a period of time For existing restaurants it comes out of a customers survey, except for delivery restaurants For you Business Plan, make a realistic assumption for year one Party Size: the average number of persons who are together on the same order, table, check or ticket
Good Positioning
Realistic, believable, based on facts, exciting, attractive A meaning (story telling) based on true elements of the concept Consistent with the brand’s name / sign / logo Different from competitors’, or even unique Attractive to the consumers target Matching the consumers trends and needs Easily restituted by the consumers Consistent with the current activity and based on the long term (including the possible changes, diversification, and expansion)
Vision. Mission. Values
Vision It is what keeps you moving forward, where you’re going in the future, what your motivator is What is your ultimate goal It could suggest your activity will have an impact on the industry or on the people Mission What are you going to do and how? You may want to reach several objectives, but not too many To what extend is your mission useful? It’s stipulates the boundaries of the activity, and may induce the consumer’s benefit Most of the time it’s a definition, a description Values The guidelines, the way or the style you have favored How will you run your business? Philosophy, management style, human relationship, ethic… are many ways to position your restaurant in terms of values
USP
WHAT IS A UNIQUE SELLING POINT (USP)? What makes your business unique in a very competitive world HOW TO SELECT THE RIGHT USP FOR A PRODUCT? Knowing perfectly our product Knowing the market and your competitors: additional Value versus competition Customers’s feedbacks (from internal tools and e-reputation) Employees’ engagement
SMART Goals
Specific Measurable Achievable Realistic Timely
Positioning your Product
