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Marketing Plan to open a multi-cuisine Restaurant in London University
1.Write an introduction to your company. Describe your company, its location, and the product it makes or the service it provides.Restaurant Heaven, Inc. is a small company located in Baltimore, Maryland, independently owned corporation that has been in business for over 15 years. Established in 2000, we have become one of the top restaurant startersin the world. Our marketing plan is carried out by our Chief Executive Officer (CEO), Finance and Business Officer (FBO), Production Manager, and Marketing Manager. The marketing plan is to open up a restaurant near the Cambridge College, UK. This is the university campus that has schools, colleges as well as the hospitals. The college and university have a lot of restaurants yet there is no special restaurant that may cater to the needs of the meal facilities for the students. This restaurant will provide meals inspired by the different cultures. It will serve breakfast, lunch, and dinnerfor the students of all cultures that attend the university.The idea would be discussed in detail in this report for the New Product Development.
 

2. Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.There is a great opportunity near the Cambridge College. Although there are many kinds of fast food restaurants near this university yet there are many foreign students who prefer proper lunch or the dinner facility to be availed near the College. Due to this reason we could say that this new product and its related services would be successful as the food would be provided in the form of the Tiffin Boxes to the Foreign Students. The cost of the food would be kept low as the students are dependent on the earnings of their parents or the pocket money. They are not earning on their own.
 

The restaurant will cater to the food of all types. They will serve Chinese, Indian, Italian, Japanese, and American. The students are mostly from these countries only. The normal breakfast, lunch and dinner would be priced at $2.00, $3.00 and $4.00. These prices kept are even lower than the fast food outlets near the College (Kottler & Keller, 2006).The target audience would not only be the students studying in the university but also the administrative staff, bachelors and the faculty at the College.
The restaurant would be promoted well on the first day of its launch; it will provide free breakfast to all students of the college. They will also promote with the offers like: issue discounted vouchers and food passes to the students studying in the college.
 
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PESTLE Analysis
 
• Political Factors – The university people also support this as they are looking for a restaurant which could actually provide the three types of meals to their students. They will allow this restaurant to be run on subsidized rates as the university students staying away from home have parent’s pocket money only as they are not earning any additional monies.
 
• Economic Factors –The economic conditions of the country are also stabilized and the rates at which the meals would be kept would be low only as it has to be served to the students.
 
• Social Factors – The University and all course students are quite interested as the meals served are as per the cultures of the students and various types of food products are served (Root, 1998).
 
• Technological Factors – The meals would be prepared with the latest technology for the kitchen equipment and the machinery. This technology will help in preparing the meals at one time for at least 2000 people in one time.
 
• Legal Factors – The regulations and legal certifications should be taken from various authorities related with the food and beverages.
 
• Environmental Factors -The kitchen and the food preparations should not affect the environmental degradation. The machines and equipment used should be friendly with the environment.
 
Strategy Planning
 
The requirement for opening of the restaurant would be checking on the details of the number of the students from each other so that the kind of food requirement would be placed every day for the students who are studying in the College. This will prevent any kind of wastage of food.
 
The food will serve the needs of all students who are studying in this college. The university students will feel relief as they had been travelling long distances to get their homemade food from other far off located restaurants.
3. Determine the primary and secondary target markets for your company. Next, analyze the primary and secondary target markets that you identified for your company. Be sure to cover the 4Ps, 5Cs and STP.
 
The company’s primary target market is students of Cambridge College. Who dedicate significant amount of their time to homework. The secondary market consists of the faculty, who are employed and busy preparing classwork, lectures, and other teaching materials for the students. The concept is basically launched as the restaurant is offering the foods that are not available in any of the nearby restaurants. The food will actually serve the needs of the foreign students. The products launched within the restaurant services are
 

• Chinese Food – This will comprise of the products such as Noodles, Choosey, and Chinese meal etc. This meal would basically serve the lunch and dinner needs.
• American Food – This is basically for the breakfast, lunch, and dinner foods. The food would be comprised of the traditional American cuisine.
 
• Indian Food – This would comprise of breakfast, lunch and dinner menus. This would have all kinds of Indian foods and varieties that may be liked by Indian Students.
• Japanese Food – This would be purely Breakfast and lunch needs. The Japanese foods like momos would be served in this restaurant.
 
The low cost leadership formula could be adopted in order to attract the target audiences and gain business and the revenues with profitability. The place chosen is Cambridge College. This is due to the reason that there are many kinds of fast food restaurants but there is no proper food outlet in the college.
In order to make sure that marketing and the business plan for setting of a restaurant is successful; a strategy has to be planned that is considering all the aspects of the marketing. In this section a study would be carried out of 4Ps, 5 Cs and STP.
4Ps
 

4 Ps that will develop the strategy of the marketing plan for the restaurant are
 
• Product – The product would comprise of the meals of the three times. These will have variety of the Chinese, American, Indian and Japanese food items.
• Price – The students are mostly from the countries like: India, China, Japan and America only. The normal Breakfast, lunch and dinner would be priced at $2.00, $3.00 and $4.00. These prices kept are even lower than the fast food outlets near the Colleges.
 
• Place – The restaurant would be opened up near the college or the university as the place is surrounded by the students and they look for the meals.
• Promotion – The promotion would be required to be done in the form of the fast food camps where for the first day a trail and sampling would be given for free to the students so that they could try and give their feedback.
5 Cs
 
The 5 Cs of the marketing plan would be
 
• Company – The restaurant has at first plan to be established only in the present university only. Later the company will develop the expansion plans to other colleges and universities in the entire city (Morrison, 1996).
 
• Customer – The customers that are targeted are the university students that are living away from their home towns in the hostel and not able to get home cooked food. These customers would have lesser pocket money so meals would be on cheaper rates.
 
• Competitor – Although there are many competitors in terms of the food providing restaurants but the launch plan, theme and the variety of the meals that are served would be fighting the exiting competition in the market
 
• Context – The context for the food meals for the foreign students have come with the research that is carried out in this specific university and the colleges.
 
• Collaborator – The restaurant will at first develop itself with no other collaborator but later it will venture into the business and industry and take up the various measures to collaborate with others too.
Technology & Information Resources
 
The kitchen within the restaurant would be having highly mechanized equipment and machinery that will help in preparing the meals at one time for around 2000 students. This is a tried and tested technology that will help in making food.
 
The concept statement is “Feel at Home with food at Paradise. This statement means the food would be like home food as cooked by specialists from various countries. This would be a feeling of being home that too in the foreign world.
The products would be evaluated and tested on regular intervals so that the authentic taste of traditions, culture and purity would be established within the restaurant. This would help as a possible solution to the food facility that the students are presently facing. The restaurant would be popularized and recognized soon as there is no other competitor in the same segment near the Cambridge College. As researched, the students have to go a long way around 10 kilometers to get the food as per their customs from the market place.
 
This product of the food restaurant would be evaluated and checked for the quality of the food on timely interval so that the food is improvised. This will help in creating the brand value of the restaurant.
 
4. Decide the main goals that you would like to achieve within the next year (short term) and the mains goals that you would like to achieve within the next five (5) years (long term). Determine the most appropriate ways to measure both short- and long-term goals. Note: Consider the following metrics: tracking downloads of Website content, Website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement.
 
Restaurant Heaven main goals of achievement within the next year would be
 
• To provide the best multicultural foods to the students and faculty of Cambridge College.
• Increase the number of repeated visitors to the website.
• Increase trial-ability and observability of the restaurant’s new products.
Main goals for long term:
• Expand our restaurant starter services to more universities in the United States and Internationally.
• Establishment of long-term contractual relationships between the company and other interested consumers.
• Increase the number of employees within the company as revenue increases.
 
5. Develop both a SWOT analysis and needs analysis for your product. Each analysis should examine four (4) strengths, weaknesses, opportunities, and threats for your company.
 
SWOT Analysis
 
The SWOT Analysis of the marketing plan and the idea is as follow
 
Strengths
• The restaurant will provide home cooked food for the foreign students.
• It will provide the food at cheaper rates as per the pocket money of the students.
• It will provide variety of the foods as per the backgrounds and cultures of the students.
Weaknesses
 
• It will be a startup plan and initially require a lot of investment.
 
Opportunities
 
• It will able to cater to the needs of various cultures of the students.
• There is no single restaurant that is based on the theme and concept that is taken up by this restaurant.
• It can collaborate with other small food joints and establish its business in other countries too (Cromie et al, 1995).
 
Threats
 

• The concept may fail in case the legal and regulatory requirements are not taken care by the company that is developing this restaurant.
 
Launch Plan  

A launch plan is crucial for the success of the marketing and development of the restaurant as it will help in giving a focus on the attracting many customers. The launch will start with the statement: “A Home Taste Food Fit forYour Pocket”.
 
This statement would define the low cost and pocket fit food and that too that is as tasty as the home made food. This statement would attract maximum number of customers. This would also be based on the several varieties of foods that are available for all kinds of students. This is irrespective of their caste, creed, culture and backgrounds. The categories of the food could also be defined so that customers would get clarity on the category and type of food.
 
In a nutshell, the plan would be beneficial as there is no competitor and the product is based on the requirement of the students and faculty of the Cambridge College and that too for food which is the basic need. This will effectively be able to target many customers who will become regulars in order to have their food needs met (Manoff, 1985).

 
• Assignment 2: Part B: Your Marketing Plan
 
Due Week 6 and worth 240 points
In Assignment 2, using the same company from Assignment 1, you will focus on the company’s mission, introduction, and branding.
Note: You may create and /or make all necessary assumptions needed for the completion of this assignment.
Write a four to five (4-5) page paper in which you
 
1. Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension.
2. Assemble a marketing strategy for your product, and determine an appropriate time table to implement your plan). Provide a rationale for your response.
 
3. Prepare a positioning statement. Include a perceptual map that shows your company’s position against its competitors. From this map, create a statement that depicts your position. For example, “Our product is the fastest in its class for half the price.” Note: See pp. 54 – 55 in the textbook for examples of perceptual maps. You may use Microsoft Word, PowerPoint, or other equivalent software to create your perceptual map.
4. Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement and marketing strategy are right for the identified target market.
 
5. Develop your company’s mission statement and company introduction.
6. Use at least three (3) academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service.
 
Note: Wikipedia and other Websites do not qualify as academic resources.
 
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
 
The specific course learning outcomes associated with this assignment are
 
• Analyze the marketing framework including the concepts of the 5Cs, STP, and 4Ps.
• Examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing.
 
• Evaluate the basis for market segmentation and approaches to segmentation.
• Evaluate target customer segments and positioning products within these segments.
• Examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing.
 
• Develop branding strategies for existing and new products.
• Use technology and information resources to research issues in marketing management.
• Write clearly and concisely about marketing management using proper writing mechanics.
 
Product Code-Marketing -AW-Q255
 
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