INDEX Executive Summary... 2 Situation Analysis. 3 SWOT Analysis.. 6 Competitive Analysis 8 Consumer Analysis...10 Secondary Research.....12 Marketing Strategy.... 17 Client: Pf Chang s Product: PF Chang s Home Menu. Website: http://www.pfchangshomemenu.com/products/ Campaign: Take out just got better Patricia Campos Target Market Analysis...18 Marketing Mix..20 Tactics...20 Budgets & Implementation. 21 Measures of Success.. 21 Preliminary Creative Execution. 22 References.....29
Executive Summary P.F Chang s Bistro is a chain restaurant in the United States; it s know for their delicious food. In the past 2 years, P.F Chang s has developed and launch different frozen meals. This marketing plan will research the actual target market of P.F Chang s Home Menu and help develop new market to introduce the products to students and executivesww.the success of this plan along with marketing strategies will increase the awareness among the target audience by 30 percent in one year, this will be the primary objective, along with this, this marketing plan will inform target audience about features and benefits of our product and its competitive advantage, leading to a 20 percent increase in sales in one year, measuring the success thru the sales report at the end of 2013 and the amount of traffic the website of the product will have and the amount of feedback of the social media sites.
Situation Analysis P.F. Chang s China Bistro, is a national restaurant chain that it was founded in 1993. It s become very popular thru the years and has been named in TV Shows like The Big Bang Theory and South Park. The restaurant is very well known and it has a good positioning in their actual target market: Families and adults in general. P.F. Chang s China Bistro, Inc. was incorporated in January 1996, they incorporated their subsidiary, Pei Wei Asian Diner, Inc., in December 1999 as a Delaware corporation. As of January 1, 2012, they owned and operated 204 full service upscale Bistro restaurants that feature a blend of high quality, Chinese-inspired cuisine. The menu features traditional Chinese offerings and innovative dishes that illustrate the emerging influence of Southeast Asia on modern Chinese cuisine. As of January 1, 2012, they also owned and operated 170 quick-casual Pei Wei restaurants that offer a menu of freshly prepared, wok-seared, contemporary pan-asian cuisine in a relaxed, warm environment with friendly attentive counter service as well as the flexibility, speed and convenience of take-away service, his type of restaurant are seen often in food courts inside the shopping malls and airports. In 2010, P.F. Chang s launch a line of eight brand frozen Asian-style meals, available in numerous retail outlets throughout the U.S. through an exclusive licensing agreement with Unilever. They receive ongoing royalty revenues based on a percentage of product sales, with such percentages escalating over the first three years of the agreement. Later on 2011, four additional frozen Asian-style noodle meals were introduced.
Situation Analysis Situation Analysis According to Reuters, on May 1st 2012. P.F Chang s shared 30% of the market share. Marketers and retailers of frozen foods have offer consumers alternatives to expensive dinners out. Although economic conditions are slowly improving, Americans are still eating in more often, and frozen foods provide a convenient way to prepare the healthy, cost-effective meals consumers want, this is why this marketing plan is focusing on targeting executives and collage students to offer them and alternatives too. In a report by Packaged Facts, they estimates that U.S. retail sales of frozen foods and beverages through all retail channels totaled approximately $56 billion in 2010, with sales up 22%-or $10.0 billion-during the 2006-2010 period. And with new product introductions now picking back up, the market is forecast to near $70 billion by 2015. In responding to Packaged Facts Summer 2010 survey, 49% of adults reported that they had eaten less at fast-food restaurants since the recession began, 50% said they d eaten less fast-food takeout, and 61% said they d eaten less at sit-down restaurants. Conversely, the percent of adults who strongly agreed that they were spending less on groceries because of the economy was only 15%, while another 28% only somewhat agreed, percentages offset by the 12% of adults who strongly disagreed that they were spending less on groceries, and the 25% who somewhat disagreed. In other words, restaurants experienced a significant drop-off in consumer demand even as trends in grocery spending remained balanced. This marketing plan will focus in developing new markets and focuses on collage students for example. The P.F Chang s Home menu has been in the market since 2010, but little print advertisement has been made. This marketing plan will develop new markets and create strategies to reach these targets and increase the sales and the acknowledgement of the brand. The center plate classification as defined by this report now accounts for slightly over half of all frozen food sales in mass-market outlets, growing from a 49% share in 2006 to reach nearly 52% in 2010, according to SymphonyIRI data. A survey performed by Packaged Facts confirm that, in the wake of the economic recession and lingering concerns about recovery, many consumers have cut back on restaurant meals in favor of groceries. Conversely, desserts have lost steam during the same five-year period, accounting for 26% of frozen food sales in 2010, down from over 28% in 2006. The other three classifications remained relatively stable in terms of market share during the period.
Strengths Modern package with minimalist design. The reputation of the P.F Chang s Bistro Restaurant. Less expensive than eat in the restaurant. The consumer has the availability of the product all the time, because they can buy the product and eat it in a different time. The product last longer because it s refrigerated. Opportunities Developing new markets and focuses on collage students for example. Be more aggressive in penetrating the existing target market. Promoting the Home Menu thru coupons given away at the restaurant. Handle samples in the main collages of each city and in the supermarkets. Because the frozen aisle is a place full of different options of product that take out the attention of the consumer towards P.F Chang s Home menu. Take advantage of the social media. SWOT Analysis Weaknesses Lack of advertisement. The company just went private in the stock market dropping their market share by 20%. It s not being distributed in all the grocery stores. The product has more additives in order to be preserved longer. Lack of acknowledge among the target market. Threats Competitors like Whanchai ferry with similar frozen food. Indirect competitors like cheesecake factory and Friday s frozen food. Environmental groups that are against the frozen meals with additives. Competitors of Chinese Bistro restaurant like Confucio that have delivery. The growth in the economy, people eating out more. SWOT Analysis Even though the product has been in the market for a couple of years, the acknowledgement of the brand is very little. Indirect and direct competitors are also providing a frozen food option to their consumers and one of the opportunities the brand has, is the print marketing for the executive market and the social media for the collage students. Thru better distribution channels the threat of not being available in all the supermarkets can change, making agreements with the different store chains to distribute the product. Now What? This products has a lot of strengths that will help this campaign being successful like the availability of the product to the consumer once they bought it, it s available to them 24 hours, seven days a week in their fridge. The food preserves better and last longer, they can buy it and enjoy it late.
Competitive Analysis P.F changes restaurants has a lot of competitors in the Chinese Restaurant business, but when it comes to the frozen meal products they have a direct competitor that is Wanchai Ferry, another brand of Chinese frozen meals. Another competitors are the diet frozen foods Weight Watchers and Schawans that among their wide menu have Chinese dishes. In this marketing plan we are targeting executives and collage students this is why we are taking under consideration restaurants that have a frozen meal brand that offer similar alternatives and solution as P.F Chang s home menu, there are: Cheesecake factory products, Fridays and Macarroni Grill frozen meals among others not so popular. To differentiate P.F Chang s home menu from the competition this marketing plan will analyzed the biggest direct competitor; Wanchai. Wanchai is different from P.F Chang s because it has more flavors and it s available in all the supermarket and stores from east to west coast. The package is very similar to the ones of P.F Chang s frozen food, and they target the same consumer. This is why, this marketing plan is trying to develop and target new markets that will make the brand grow and increase the sales to be very competitive to Wanchai.
Competitive Analysis Consumer Analysis For this marketing plan, is also important to analyzed and compare P.F Chang s home menu with their big indirect competitors like Fridays and Cheesecake factory frozen meals among others. Because to the target market we would like to develop these type of food are an option in their daily basic choices when they are in the frozen aisle of the supermarket. This type of frozen food is satisfying the need of the traditional American culture, but does not give the consumer a healthy choice. Another advantage P.F Chang s have over these indirect competitors is that this product are only available in the big supermarket chains and not little stores. The consumer is looking for a quick solution to their meals, it s a person with a busy schedule, and this is why restaurants like P.F Chang s are having this option to the consumer. About half of U.S adults use Asian or Asian- style sauces or dressings. According to Simmons Market Research Bureau data, 47% of U.S adults use Asian or Asian- style sauces or dressings, making this by far the most popular category of packaged products in the Asian foods market. Consumers who enjoy foreign foods show a strong taste for Asian- flavored prepared salad dressing as well as soy sauce and teriyaki sauce. Consumers who seek out gourmet foods are more disproportionately drawn to authentic Asian foods than to Americanized Asian-style products. Overall, 35- to 54-year-olds is the prime age bracket for Asian foods, whether authentic or Americanized. Younger adults age 18-34, in addition, are somewhat more likely than average to use the authentic Asian products.
Consumer Analysis Secondary Research Hispanics are prime consumers for authentic Asian foods but resistant to Americanized products though not as disdainful as Asian consumers. Blacks, in turn, are slightly overrepresented as consumers of Americanized products. Blacks are much more likely to be heavy consumers of soy or teriyaki sauce, and are prime consumers of duck sauce. Usage patterns by individual and household income also are complex. In the case of soy sauce, individuals with an income of under $30,000 are under-represented as consumers, while those with an income of $40,000 or more are significantly overrepresented. By extension, college grads and graduate degree holders are significantly over-represented as consumers of soy sauce and teriyaki sauce. P.F Chang s frozen food meals buy the product mostly in two different sceneries, primary in supermarket chains like Publix, Win Dixie, Piggly Wiggly, among others. Also, they buy at superstores like Wal-Mart, Costco and BJ s. A questionnaire will be performed to adults between 20 and 40 years old students and professionals, to specify if they will be a good target market to develop. This marketing plan will define what are they eating routines and whether they prefer sitting in a restaurant or cooking at home. And if they rely on the frozen product the restaurant chains have in the market. The survey was performed to 30 adults, between 20 and 40 years old, male and female, students and professionals. Survey Thru the survey acknowledge of the product was measured, along with demographics and lifestyle of out target market. It s less the percentage of adults who cook and eat at home, each year the market for frozen food product grow because the adults in United States have less time. 58.8% of the surveyor were frozen food product buyer, but only 23.3% of them knew P.F Chang s Home Menu, this give us a new market to develop, because 86.7% of them are willing to try the product, or continuing buying it. This survey gave the marketing plan an idea of how is our new target market, what are their characteristics and eating habits.
Survey Marketing Strategy Mission Statement Fresh, contemporary and consistently outstanding are the trademarks of P.F. Chang s China Bistro. Founded in 1993, P.F. Chang s is a restaurant that has been embraced by diners across the country. The P.F. Chang s experience is a unique combination of Chinese cuisine, attentive service, wine, and tempting desserts all served in a stylish, high-energy bistro. At P.F. Chang s we are committed to providing our guests with an exceptional dining experience every time they walk through our doors. Whether creating custom sauces tableside, guiding guests through the menu or suggesting dishes to enhance meal, friendly, knowledgeable service staff and attention to detail are a winning combination.
Primary 25 to 50 years old. Female and male. Single or married. Working between 40-50 hours p/week. More than 35k income per year. Home owner or paying a rent. Car owner. College Graduate White, Black, Asian, Hispanic. Target Market Analysis Demographics Geographics Primary Brickell Financial District Downtown Miami Midtown Miami Design District Secondary Doral Biscayne Blvd Coral Gables Kendall Target Market Analysis 20 to 30 years old. Female and Male. Full time, part time students. Living in dorms or with parents. Working as interns or entry-level job. Social Media Active Fashion and Trendy White, Black, Asian, Hispanic. Secondary P.F Chang s target market is a striver, they are fun and trendy, and when it comes to choose a frozen food meal they are going to pick the fancier in the fridge. They are focus on their jobs and education, and they are motivating by achievement and success. They enjoy shopping and Vals
Marketing Strategy Marketing Strategy Positioning Strategy To students and executives that don t have enough time to cook at home or eat at a restaurant P.F Chang s Home Menu is the best option for healthier frozen food that would delight their palate with a good meal from a respected chain restaurant. Tactics Online coupon for students and executives thru email marketing and social media, like twitter and facebook. Marketing Mix Product P.F. Chang s Home Menu is a collection of signature dishes and appetizers made with quality cuts of beef and white chicken breast, succulent shrimp, crisp colorful vegetables, tender noodles, and full-flavored sauces. Price Between $7-$10 per meal. Serves 2 people. Place Right now, P.F Chang s Home Menu is being sold in Target, Publix. And Winn-Dixie. With this marketing plan, the product will be using more distribution channels like; Costco, BJ s and Wal-Mart. Promotion Social media, advertising and sales promotion. Tasting in superstores like Costco and BJ s. Tasting in collages and universities by placing stands with samples, to get acknowledge in the target market. A print advertising in magazines that relate to executives like; entrepreneur and Inc. A print advertising sent by social media to students in the Miami Area. The social media tool is very important in this marketing plan, because is the best way to relate to students and young adults. Posting recipes and ideas to cook the different meals thru facebook and twitter will educate the target market and motivate them to buy the product.
Marketing Strategy Budget and implementation 50% of the budget will go to media buying. 25% of the budget will go to social media. 25% of the budget will go to sales promotion. Measure of Success The success of this campaign will be measured by the increase in sales in the areas of implementation. Another source of measure will be the social media followers and interactions and the website hits P.F Chang s Home Menu will have during the marketing plan duration.
Preliminary Creative Exceution Preliminary Creative Exceution Sales Promotion and Social Media
Print Advertising Preliminary Creative Exceution Preliminary Creative Exceution
Preliminary Creative Exceution References Bibliography: Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing Lamb/Hair/McDaniel. (2010-2011) MKTG4. Student Edition. South Western. CENGAGE Learning. Webliography: Marketing Plan: http://www.quickmba.com/marketing/plan/ NASDAQ Report: http://secfilings.nasdaq.com/edgar_conv_html%2f2012%2f02%2f16 %2f0001039889-12-000003.html#FIS_BUSINESS NASDAQ: http://www.nasdaq.com/symbol/pfcb Reuters Market share article: http://www.reuters.com/article/2012/05/01/pfchangsbistroidusl4e8g15u720120501 P.F Chang s going private. Article: http://247wallst.com/2012/05/01/p-f-changs-goingprivate-pfcb-chux-jax-cmg/ Report on Frozen food: http://www.packagedfacts.com/frozen-foods-edition-2511637/ Discussion about Chinese frozen foods: http://voices.yahoo.com/chinese-frozen-mealspopping-all-over-grocery-6559756.html http://www.strategicbusinessinsights.com/vals/ustypes/strivers.shtml http://www.claritas.com/mybestsegments/default.jsp http://www.magazineline.com/haupt/category/category_11_e1_1_42.html http://www.netmba.com/marketing/mix/ http://www.gettyimages.com http://www.photoxpress.com