Final Project: Promotion

Promotion is key to increasing restaurant traffic and sales. Some ways that I can increase traffic and sales would be to make a Groupon, offer a customer loyalty card, offer a takeout and delivery service, create offers on special days, offer great food and drinks, great service, live entertainment, and special events. “By carefully studying the environment, marketers can adapt their strategies to meet new marketplace challenges and opportunities” (Source: Marketing: An Introduction for Education Management Corporation, page 67). Groupon is a big deal nowadays; everyone can download it onto his or her phone. People want to save but I also don’t want my business to potentially lose money. “Some companies use the affordable method: They set the promotion budget at the level they think the company can afford” (Source: Marketing: An Introduction for Education Management Corporation, page 388). I would promote a 2 for 1 deal or $5 for a drink instead of $8. Offering a customer loyalty card will keep bringing customers back because they want to take full advantage of that card. I would offer a $65 price for the card and they could use it whenever. I would have deals like 5^th meal free, 8^th drink free. I would like to be in partner with other companies so the loyalty card can help get discounts at other places. Some people don’t have time to sit down and enjoy a meal out of the house so I would offer a take out and delivery service. I’d also want to create an app where you can see menus, prices, pictures and funny videos of your experience and special offers. My menu would be offered online and I would have delivery people, but only deliver to a certain radius. There are holidays all year round that I could create a special offer for my restaurant. Since I have 4 different rooms of different culture, I would incorporate all big traditional holidays into the special offer menu, such as a certain new meal would be available, 2 for 1 of a certain meal and special offers on certain drinks. Every hour in the evening and night on Saturday I would have entertainment by hanging 3 separate piñatas in the main room and having people pay to hit them for 10 seconds. Inside I would have special offers such as a free drink, appetizer or dessert. 

Final Project: Distribution

At All Around the World, we distribute to just about anyone wanting to come to eat in a fun environment. “Demographic segmentation divides the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.” (Source: Marketing: An Introduction for Education Management Corporation, page 177) We want to attract all sorts of groups such as families, large or small, big group parties, singles, couples, children, any ethnic people, locals, tourists, and people who just want to eat their food and have fun.  “Segmentation provides a powerful tool for marketers of all kinds. It can help companies to identify and better understand key customer segments, target them more efficiently, and tailor market offerings and messages to their specific needs.” (Source: Marketing: An Introduction for Education Management Corporation, page 183) Being a restaurant/bar that values their customers highly, it would be great to observe what parties come in and focus on making experiences better than any other place they have ever been to. We want to keep our customers fully satisfied. 

Final Project: Product

“Companies research consumer buying decisions in great detail to answer questions about what consumers buy, where they buy, how and how much they buy, when they buy, and why they buy” (Source: Marketing: An Introduction for Education Management Corporation, page 137) My product is focused on the different ethnic foods and drinks we provide. Since there are four different rooms (American, Spanish, Asian and Italian), each menu will be based on the culture, serving dishes from that country. The bar specialized in tropical drinks and regular bar drinks, bringing the customers a sense of getting away without actually leaving home. Our product is also the entertainment we provide, each room has live music playing from that ethnic group and the waiters and waitresses put on a show for the customers. Each hour in the evening on Saturday night, 3 piñatas will be hung from the main room and will be hit, providing entertainment for the customers around them and the customers hitting the piñatas. “Companies must be careful not to go too far and become customer controlled. The idea is not to give customers everything they request. Rather, it’s to understand customers to the core and give them what they need—to create value for customers as a means of capturing value for the firm in return” (Source: Marketing: An Introduction for Education Management Corporation, page 102). We don’t want our customers to control our business, so we do research in what qualities they would like to have in food and entertainment and collaborate it into one fun location.

Final Project: Marketing Strategy

“Outstanding marketing organizations employ strongly customer-driven marketing strategies and programs that create customer value and relationships” (Source: Marketing: An Introduction for Education Management Corporation, page 39). There is no age limit for All Around the World. Anyone is able to come enjoy our food, drinks and entertainment. Some marketing strategies I would use is word of mouth, hopefully our customers great experiences will cause them to tell their friends and family. We are in a technology-advanced era, so I would do some marketing through social media, such as Facebook, Twitter, Instagram, and Groupon. That would help provide information and we could update activities, promotions and events happening in our restaurant. Loyalty programs are a great way of giving back to the customer and ensuring they enjoy our restaurant. All Around the World offers a one time purchase of a $65 loyalty card that offers discounts, a free appetizer, drink, or dessert after a certain amount of money was spent, and since we will be partnered with other organizations, discounts to them as well. “Advertising’s goal is to help move consumers through the buying process” (Source: Marketing: An Introduction for Education Management Corporation, page 388). With our experienced waiters and waitresses we will upsell items such as drinks, appetizers, desserts, and even hitting the piñata in our main room. Customers are able to book a room in advance to hold parties; we offer a special events package. We also have an emailing list, we have customers give us their email so they can get coupons and be up to date with our restaurant.

Final Project: SWOT Analysis

“The marketer should conduct a SWOT analysis, by which it evaluates the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T).” (Source: Marketing: An Introduction for Education Management Corporation, page 55) The strengths for All Around the World would be that they are open 7 days a week, our prices are affordable “If customers perceive that the price is greater than the product’s value, they will not buy the product. Product costs set the floor for prices. If the company prices the product below its costs, company profits will suffer” (Source: Marketing: An Introduction for Education Management Corporation, page 275), we allow anyone to come enjoy our restaurant, we offer a different dining experience with ethnic food, drinks, and entertainment, our location is located in a well known area in Summerlin, our menus have nutritional information, our customer service is highly valued, and we offer great promotion. Our weaknesses is may be that there is only one location and people may be picky towards food choices since some of it is stuff they haven’t tried before, and people may by annoyed by the large amounts of noise the restaurant holds. My opportunities are sharing a Groupon, collaborating with certain fundraisers, providing an online menu, providing a take out and delivery service, and maybe opening up more locations.  My threats are other competitors, such as restaurants who specialize in a certain type of ethnic food I provide, loud noise, and some commotion.

Final Project: Objectives

Having a clear plan and clear goals helps opening a restaurant so much easier. You know what you want and you’re determined. “The company’s strategic plan establishes what kinds of businesses the company will operate and its objectives for each. Then, within each business unit, more detailed planning takes place.” (Source: Marketing: An Introduction for Education Management Corporation, page 47). My goals and objectives are to gain and return a profit, give my customers satisfaction and loyalty, generate a high amount of traffic, and help build our brand. “Sustainable marketing calls for socially and environmentally responsible actions that meet both the immediate and future needs of customers and the company. “ (Source: Marketing: An Introduction for Education Management Corporation, page 512). To gain and return a profit means I have to keep customers wanting to come back to my restaurant. I’d make sure the environment was fun and friendly and prices were reasonable. To return the profit means I’d have to be making enough money. Giving my customers loyalty and high amounts of satisfaction means I have to create friendly relationships with my customers and listen to their wants and concerns, but not let them run the business. I’d create loyalty by having that close relationship, knowing they’d want to come back to eat at my restaurant. To generate high amounts of traffic means I have to make my restaurant/ bar appealing to everyone. We offer endless amounts of great food, drinks and entertainment. They certainly wont be bored. I want my restaurant to become a household name. That means building a name for my restaurant and promoting the atmosphere and concept. We’d also partner with charities and organizations; people can rent a room and hold a fundraising service there.