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MBA605 Marketing Management

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MBA605 Marketing Management

0 Download6 Pages / 1,295 Words

Course Code: MBA605
University: University Of Dubai

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: United Arab Emirates

Question:

Fulfill the gap reflecting the restaurant’s weaknesses to enhance and built repeat customer database with effective marketing objectives followed by cost effective thresholds to uplift the restaurant profitability to effective measurement.
Create customer loyalty with effective offerings to gain the market share with in the competition targeted online and web based system.
Strategic Options
The three SMART objectives of the Restaurant for marketing plan have been discussed below.

The restaurant wants to achieve or attain approximate revenue of $1.8 million per year.  
To implement or initiate the customer feedback system and along with this, restaurant wants to create feedback page to extend website and achieve 4/5 rating.
The restaurant also wants to increase in sales with maintaining brand loyalty and trust of the customers by lifting repeat guest mix by 25% within 6 month’s time.

Study on quality attributes of halal food supply chain. International Journal of Logistics Economics and Globalisation,
Strategic planning in the United Arab Emirates. International Journal of Commerce and Management,
Recommend the key promotional mix activities that the client should employ in order to  achieve success in the context of the targeted segment, using the below:
Promotion Strategy (such as Push, Pull or Profile)
Promotion Platforms (such as Advertising,Personal Selling, Sales Promotions, Public Relations & Direct Marketing)
Marketing Campaign

Answer:

Introduction
The main motive is to analyze the significance of marketing plan of restaurant Still Restaurant and bar
Proper situational analysis is required to be done to cope with the different rivalries in the market
The marketing mix and STP strategies will be done to fulfill long term requirements of the different customers
Still Restaurant and bar offers delicious European gastro food and this serves the customers in the entire globe along with more than 26-meter signature bar counter
Restaurant mainly specializes in providing unique and effective kind of services to the different customers and this helps them in attracting customers in the entire market
Situational Analysis
Situational Analysis helps in playing a significant role for implementation of marketing plan of the respective restaurant in United Arab Emirates
Situational analysis included the both external and internal analysis of the restaurant
Swot Analysis Of Still Restaurant And Bar
Strengths
Longest bar in Abu Dhabi
The restaurant has elegant presence along with ambience
There is easy access and this can be convertible easily to the sports bar whenever it is necessary
Still serves various delicious food items to customers in UAE and this helps them in becoming efficient
Weaknesses
There is ineffective and poor customer relations in the entire market
The other weakness is that the European food is the only availability in the restaurant
The exposure is low and poor in nature
There is lack of the loyal customers in the entire market
Opportunities
There are constant global events which can be a huge opportunity for the company
The inclusion of the new menu is the other option which is available to the customers and this helps the customers in being more valuable
The location of the restaurant is Yas Island and this is one best opportunity for the respective restaurant which helps in managing the different kinds of attraction
Threats
There are different other restaurants which serve European cuisine in the market and this is a huge competition
There is huge competition in the pricing strategies of the restaurant
Poor and bad kind of testimonials
There is huge competition in the various restaurants which is the significant kind of threat for the company and this affects the brand image of the company as well
Marketing Objectives
To create customer loyalty which will help in managing the offerings effectively
To gain more market share with the other competitive companies in the entire market
Strategic Options
To attain more than $1.8 million revenue per year and this will help in managing the sales of the company
To accurately implement system for customer feedback which will help the restaurant in managing the feedback and to gain the competitive position in the market
To increase the sales of the restaurant with proper maintenance of the brand loyalty programs along with gaining trust among the customers in the market
Target Market
Proper segmentation, targeting and positioning is essential in nature as this helps in analyzing the market for the restaurant in this competitive era
Segmentation
The segmentation is done by the respective restaurant on basis of geographic, psychographic, behavioral and demographic variables
The demographic variable mainly focused on the different kinds of age group, sex, gender and income level of the individuals
The psychographic segment mainly focuses on life style and personality of the different individuals in the competitive market
The geographic segment focused mainly on weather and climate change which is required to be considered by the restaurant in an effective manner
Targeting
The target market mainly focuses on single and young couples between the age group of 21-34
These are the different individuals who are mainly focusing on hanging out with the different friends and in the sociable environment
The restaurant can provide different strategic options for the different customers which mainly focused on targeting such audience in an appropriate manner
Product And Price
To introduce and develop different new products in the market and this will help Still Restaurant
The main focus of the strategy related to product is to focus mainly on the different kinds of needs of the customers in the market
The main aim of the respective strategy is to increase the revenues and sales of the company in a positive manner
Furthermore, the restaurant needs to offer different kinds of discounts in such a manner which helps them in targeting the key and loyal customers in the market effectively
This strategy will help the restaurant in managing their brand preferences and this helps in brining loyalty among the customers
Place And Promotion
This is the vital distribution strategy which helps the restaurant in implementing the marketing plan in Abu Dhabi market
The restaurant needs to be centrally located in the Abu Dhabi market
Proper training is required to be provided to the different employees in the organization which helps the restaurant in analyzing the tastes and preferences
Different advertisements and promotional activities is the essential medium as this increases the overall revenue in the entire market
Engagement of the different customers in the market to post the restaurants different activities in the social media which helps the restaurant in gaining more advantage in the entire market
Implementation And Control
Proper implementation and control of the various objectives for implementation of appropriate marketing plan for the company effectively
Implementation
The customers in the market will help in managing and approaching them through different social platforms
With the various implementation of the social media platforms is essential in nature which mainly focused on managing their preferences
Control
Control measures help in tracking the database of customers in the market which is competitive
The measurement of the feedback of the guest if essential and important in nature to manage the different preferences of customers
Conclusion
Marketing plan plays a significant role in managing the preferences of the customers effectively
The restaurant tried to provide different kinds of European food to the customers in the market
Mainly focused on different kinds of offerings which will help the customers in managing their preferences in an effective manner
References
Adams, F.G., Gabler, C.B. and Landers, V.M., 2017, June. Green Logistics Competency: A Resource Hierarchy View of Supply Chain Sustainability. In Academy of Marketing Science World Marketing Congress (pp. 31-40). Springer, Cham.
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.
Gronroos, C., 2016. Service Management and Marketing: Managing the Service Profit Logic. John Wiley & Sons.
Holliman, G. and Rowley, J., 2014. Business to business digital content marketing: marketers’ perceptions of best practice. Journal of research in interactive marketing, 8(4), pp.269-293.
Hsu, P.H., 2016. The Study of Multi-level Marketing Industry’s Channel Conflict and Management–A case of Company M.
Kotler, P., 2015. Framework for marketing management. Pearson Education India.
Krishnan, J.J. and Malick, T.V., 2015. A Study on Marketing Services. International Journal of Engineering and Management Research (IJEMR), 5(6), pp.421-423.
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.
McDONALD, M.A.L.C.O.L.M., 2016. Strategic marketing planning: theory and practice. In The marketing book (pp. 108-142). Routledge.
Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI Tourism Texts. Cabi.
Pride, W.M. and Ferrell, O.C., 2016. Foundations of marketing. Cengage Learning.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform? Fresh perspectives on the future. Routledge.
Strauss, J. and Frost, R.D., 2016. E-marketing: Instructor’s Review Copy. Routledge.

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