Running head: Formuolis Marketing Plan 1

Transcription

1 Running head: Formuolis Marketing Plan 1 Formuolis Marketing Plan Johnathan Frakes, Hunter Dover, Sydney Burton Pittsburg State University: Principles of Marketing December

2 FORMUOLIS MARKETING PLAN 2 Executive Summary Formuolis is the next high end fast food establishment that will soon be everywhere. This promising establishment will sell delicious customizable pasta options focusing mainly on ravioli. This ingenious Italian eatery s quick service and social media outlook will penetrate and be very successful in the young adult market. To ensure success in the market Formuolis will have many keys to success that will be followed precisely. A promising aspect is the social media agenda that our business has set. Integration to Facebook, Twitter, Instagram, and Snapchat will create an interactive image that all customers will enjoy. Another key to success will be the speedy and friendly service all of our employees will provide. Strong management will ensure that all who plan to spend money on our product will have great levels of customer satisfaction. One more key to success is simply our rarity in the market, fast Italian establishments that can invade the young adult market are not commonly seen, and this is exactly what Formuolis can and will produce. Retaining repeat customers is very important to our business, to do this we have an incredible website and app that will allow customer feedback that will help all of our market voice their opinions and feel that they are a part of our business. Not only will this be implemented in the website and app, but also through surveys. Johnathan Frakes, Hunter Dover, Sydney Burton

3 FORMUOLIS MARKETING PLAN 3 Table of Contents 1. Executive Summary Situation Analysis S.W.O.T Analysis Strengths Weaknesses Opportunities Threats Marketing Objectives Marketing Strategies Target Markets and Positioning Product Strategies Pricing Strategies Promotional Strategies Social Media Plan Metric Place Strategies Implement and Control Marketing Plan.9 6. References 10

4 FORMUOLIS MARKETING PLAN 4 A. Situation Analysis S.W.O.T. Analysis Strengths 1. Unique In the Pittsburg area, there are no other restaurants like this one, the option to customize ravioli and other pastas are unique to Formuolis. We also offer a speedy process by which you get food that tastes great and isn t overly expensive. Also, you get a better product that you do at most fast food places, even if it s slightly more expensive than places like McDonalds. 2. Fast/easy The process from beginning, when you choose your pasta, to when you pay for it should take no more than 5 minutes. This makes it a quick choice. It is also easy to come in and get what you want. People are busy and don t have a lot of time on their hands to wait in long lines for their food to be made and cooked. At Formuolis their food is prepared in front of them in a timely manner. 3. Cost The cost is more expensive than some fast food places, but the product the customer gets is of higher quality than what they would get at most of these fast food places. Compared to an Italian restaurant like Olive Garden, it is a cheaper alternative for people who are in the market for pasta. Weaknesses 1. Only Italian based foods To have an interest in eating at Formuolis, the customer must have a desire for Italian food. Somebody who wants Mexican, or sandwiches, is not going to go to Formuolis. Also, even

5 FORMUOLIS MARKETING PLAN 5 though we offer salads, pasta is high in carbohydrates and many people won t see it as a healthy choice. 2. Not a well-known name We have plans to make Formuolis a familiar name in most households, but to start out with many people will not know what it is, or what we serve. Many people have favorite places to eat, and they don t want to try anything new. Opportunities 1. More locations We plan on Formuolis being very successful, and would like to open more locations nationally. Because it is a unique idea, it would probably work well in most places. There are people all over the country who enjoy ravioli, and all age groups enjoy it. 2. Menu items As of right now, Formuolis has a somewhat limited menu. We serve ravioli and a select few other items, for people who might not want ravioli, such as salad and spaghetti. We would like to add more items to our menu, but we do not know what our customers are interested in yet. As our business grows, we want to ask for customer input on what we should add to our menu. Possible items could be pizza and other types of pasta. Threats 1. Other restaurants Other restaurants, especially Italian restaurants, are our biggest threats. It will be difficult to rise above other restaurants in our customer s opinions, especially when they already have favorite restaurants that they like to eat at. We must strive to produce a great product and great customer service.

6 FORMUOLIS MARKETING PLAN 6 2. Inefficient employees In order to provide a fast service, great product, and great customer service, we need to have employees that are willing and able to help us accomplish this. An employee who is slow and unmotivated can be very harmful to the company and our objectives. In order to avoid this, we plan on treating our employees with respect, and having many rewards for great work. 3. New Product Because the restaurant is a new product for this area, that makes it a threat. People could show no interest in this product. B. Setting Marketing Objectives 1. Creating Awareness It is critical for our marketing team to create awareness. This is a new restaurant, so we need to be in people s minds when they are on lunch break, after work, after class, etc. We plan on doing this by social media. Having a presence on social media is important. We will have a Facebook, Instagram, Snapchat, and Twitter. This encourages people in the community to be able to see what we have to offer. It also allows us to offer things like discounts on the customer s first order when they share a post on Facebook or retweet a tweet on Twitter. 2. Increase sales It is obvious that we want to increase sales. We can increase sales by providing a great product and great customer service. We also need to get customer input on what we do well, and what we can improve on. We can do this by interacting with our customers on social media. Not only does this help us increase our sales, it also gives us the image of having a good relationship with customers. 3. Establish customer relationships

7 FORMUOLIS MARKETING PLAN 7 In order to have a successful business, we need to establish customer relationships. Customers enjoy frequenting a place where they feel like they are welcomed and important. They are also more likely to tell their friends and family members about it. Earning repeat customers comes from having a relationship with them. We plan on doing this by reaching out to the customers through social media, and by receipt surveys. Responding to online reviews helps our company develop these relationships. Asking how can we make this right? and what would you like to see at your local Formuolis? will make the customers feel important and like their concerns matter. Receipt surveys will be on the bottom of customer s receipt, and will be online, or, for older customers, over the phone. This gives the customer and opportunity to for them to tell us about their visit. A reward will be given for their time, such as a free drink with an entrée purchase. C. Develop Marketing Strategies 1. Selecting Target Market and Positioning- the target market for Formuolis will be focused on acquiring the business of young adults, while plans will be more focused on this group, all markets groups will be able to be acquired. The potential demand of the young adult market is perfect for what Formuolis is offering. With affordable quality food that can be acquired fast and easy while not slowing down the flow of the day for consumers, this product can really reach the millennial groups, just like chipotle has done. To position Formuolis in an advantage over other fast passed restaurants, there will be a strong emphasis on the quality of our food put together with how fast and easy it will be to get in and out of the restaurants. It is important to understand that without many other Italian fast food places that the focus will be placed on all other fast paced restaurants. Another great incentive to offer is a membership that will offer great deals to repeat customers.

8 FORMUOLIS MARKETING PLAN 8 2. Product Strategies- To stay competitive in the market there are a couple of product strategies that can be implemented. One strategy will be offering a lot of different options and not limiting the customers. With offering raviolis that have different stuffing choices such as beef, chicken, sausage, vegan options, and also offering a variety of sauces that could be combined with each the customers will feel allowed to make their own choices which many customers enjoy. Another strategy will be offering the memberships that give the repeat customers good deals like half off once 10 purchases are completed. One more strategy will be coming up with new products and shifting around the menu so it does not become stale to the consumers. 3. Pricing Strategies- The price of this product will be reasonable to all aspects of every social class. It is important for our product to be priced in a way that creates a quality product that isn t too cheap, and also stay in the bounds that the word of mouth will say that our product is affordable but worth just the little extra. 4. Promotional Strategies- The strategies that will be used to help promote the product involve mainly social media, a website, and billboards. The website will be used to take orders and inform consumers about what we offer. The billboards will attract the attention of everyone on the go and keeps the word of mouth flowing. a. Social Media Strategy- The idea around the use of social media will be to create twitter, Instagram, and Snapchat accounts that will advertise our product and interact with other possible consumers that will in turn draw their attention towards Formuolis. Also within social media, creating an app for Formuolis itself that will allow online ordering and offer deals through online purchases through the said application.

9 FORMUOLIS MARKETING PLAN 9 b. Metric for Social Media- To determine the effectiveness of the social media, and to measure the online rate of investment, measuring the number of purchases that are made on the online app will be the method. Setting a goal of 700 orders per month and analyzing the actual purchases that compare to the set goal will clearly describe the effectiveness of the social media. Actual purchases-550/goal-700= 78 %. 5. Place Strategies- The main use of distribution for Formuolis will be small brick and mortar locations that will sell the product, along with that offering online purchase from the website and application will broaden the opportunities for increased sales. D. Implement & Control the Marketing Plan The company is going to make sure the plans are working properly and providing good service by offering a survey on the back of the receipt. You go to the link provided and it will take you to our website to do a survey. The survey will only take a few minutes. It will ask some of the following questions. How was the service? Was your food good? And were you satisfied with your visit? Another way that the company can control and measure performance is through the downloadable app, surveys and comments can be directed to the company through the app as well as the website. Everyone will be trained the proper way. Make sure customer service is well known. All Managers must set a good example. And make sure everyone is on the same page. The business must have the best performance. We also want to make sure the customers keep coming back. That is the most valuable thing in our company.

10 FORMUOLIS MARKETING PLAN 10 References Berry, T. (2016). A Detailed Sample Restaurant Sales Forecast - Bplans Blog. Retrieved December 04, 2016, from (n.d.). Social Media Examiner: Social media marketing how to, research, case studies, news and more! : Social Media Examiner. Retrieved December 04, 2016, from On an average day how many people order Chipotle online? (n.d.). Retrieved December 04, 2016, from Chipotle-online