Rakesh Krishnamoorthy - Barbeque Nation

.pdf

School

Trent University *

*We aren’t endorsed by this school

Course

5050

Subject

Marketing

Date

Jan 9, 2024

Type

pdf

Pages

Uploaded by ConstableRhinocerosPerson445

1 INDIVIDUAL CASE RESEARCH Submitted By Rakesh Krishnamoorthy rakeshkrishnamoorthy@trentu.ca 0780613 As part of my course Marketing Management MASTER OF MANAGEMENT FALL 2023 Trent School of Business, Trent University

2 Table of Contents Introduction 4 Executive Summary 5 External Environment 6 Macro Environment Analysis 6 Demographic Environment 6 Economic Environment 6 Socio-Cultural Environment 6 Technological Environment 7 Legal Environment 7 Industrial Competitor Analysis 7 Porter's Five Forces Analysis 7 Customer Analysis 9 Internal Organizational Analysis 10 Management Skills and Competencies 10 Finance 10 Human Resources 10 SWOT Analysis 10 Strengths 10 Weaknesses 10 Opportunities 11 Threats 11 Strategy and recommendations 12 Marketing Objectives 12 Generic and Narrow Product-Market(s) 12 Positioning Statement 12 Marketing Mix 12 Product 12 Price 12 Place 12 Promotion 13

3 Financial Assessment and Budget 13 Market Potential 13 Short-Term Projections 13 Medium-Term Projections 13 Long-Term Projections 14 Trends and Forecasts 14 Implementation Plan 14 Phase 1: Preparation (Month 1-3) 14 Phase 2: Launch and Activation (Month 4-6) 15 Phase 3: Monitoring and Evaluation (Month 7-12) 16 Conclusion 17 Appendices 18 References 21 Table 1: Competitor Analysis ........................................................................................................ 19 Table 2: Key figures of Market Potential ...................................................................................... 20 Figure 1: Barbeque Nation ............................................................................................................ 18 Figure 2: Grill on the Table ........................................................................................................... 18 Figure 3: Get together at Barbeque Nation ................................................................................... 18 Figure 4: Canada Population ......................................................................................................... 19 Figure 5: Yearly Population Growth Rate ..................................................................................... 19

4 Introduction Barbeque Nation's innovative concept of live barbeque grilling on the table presents a captivating marketing opportunity that we believe has the potential to garner significant success in the Canadian market (Figure 1). This interactive and personalized dining experience stands apart from the conventional offerings of casual dining chains, offering something genuinely fresh and engaging to Canadian consumers who are increasingly seeking out unique and memorable experiences. Our primary marketing objectives are to propel brand awareness in Canada by a remarkable 20% within a three-year timeframe, attract a substantial number of new customers, expanding the customer base by 25% within the same period, fortify brand loyalty among our existing clientele, and enhance customer satisfaction to the point of driving positive word-of-mouth recommendations that amplify our brand's reach. To achieve these ambitious objectives, our team will meticulously address several key challenges, including the need to tailor marketing messages and campaigns to resonate with the unique preferences and sensibilities of the Canadian audience. We must also effectively overcome the formidable presence of well-established casual dining chains in the Canadian market, ensuring that our marketing strategies stand out and captivate the attention of prospective customers. Maintaining consistent brand messaging across multiple marketing channels and locations will be crucial to ensuring that our brand remains cohesive and recognizable in the ever-evolving landscape of the Canadian casual dining industry. Additionally, we must continuously innovate and adapt our marketing strategies to stay ahead of changing consumer trends and market dynamics, ensuring that our brand remains relevant and appealing to the evolving preferences of our target audience. Despite these challenges, we are confident that the compelling appeal of Barbeque Nation's unique dining concept, coupled with our strong marketing plan, the unwavering support of our cross- functional team, and a commitment to innovation and adaptation, will enable us to achieve our marketing goals in Canada and position Barbeque Nation as a leading casual dining chain in the country.

5 Executive Summary Barbeque Nation is a casual dining chain with a unique dining concept that offers live barbeque grilling on the table (Figure 2). The company is expanding into Canada and has developed a comprehensive marketing strategy to increase brand awareness, attract new customers, and expand the customer base. The strategy is based on leveraging Barbeque Nation's unique dining concept, competitive pricing, and targeted marketing campaigns. The company will focus on using social media, online advertising, and traditional media to reach its target audience. It will also engage with local influencers and media personalities to generate positive publicity and brand awareness. Barbeque Nation will also host special events, cooking demonstrations, and interactive culinary workshops to engage customers and create memorable experiences. Additionally, the company will implement a loyalty program to reward repeat customers and encourage customer retention. The strategy will be implemented in three phases: preparation, launch and activation, and monitoring and evaluation. During the preparation phase, the company will develop a detailed marketing plan, establish a cross-functional team, and allocate the necessary resources. During the launch and activation phase, the company will launch targeted advertising campaigns, engage with influencers, host special events, implement a loyalty program, introduce new menu items, and enhance customer service training. During the monitoring and evaluation phase, the company will track key marketing metrics, analyze campaign performance data, conduct customer surveys and focus groups, and review and adjust marketing strategies. The company will also address several special implementation problems, including adapting marketing messages and campaigns to resonate with a Canadian audience, overcoming competition from well-established casual dining chains in the Canadian market, maintaining consistent brand messaging across multiple marketing channels and locations, and continuously innovating and adapting marketing strategies to stay ahead of changing consumer trends and market dynamics. The strategy is designed to help Barbeque Nation achieve its marketing goals in Canada, which include increasing brand awareness, attracting new customers, expanding the customer base, and generating revenue. The company will monitor progress through established controls to ensure that the strategy is being executed effectively and that the company is achieving its goals.

6 External Environment Macro Environment Analysis Demographic Environment • Population : Canada has a population of approximately 38.92 million people, with a projected growth rate of 0.85% per year (Worldometers, 2023). This growth is being driven by immigration, as Canada is a welcoming country for people from all over the world. • Age : The Canadian population is aging, with the median age being 40.6 years old (Worldometers, 2023). This is due to a combination of factors, including declining birth rates and increasing life expectancy. This aging population is a potential opportunity for Barbeque Nation, as older adults are more likely to dine out than younger adults. • Ethnicity : Canada is a multicultural country, with over 200 different ethnic groups represented. This diversity is reflected in the country's cuisine, which includes a wide variety of international flavors. This diversity is also a potential opportunity for Barbeque Nation, as it can appeal to a wide range of customers with its unique Indian cuisine. Economic Environment • GDP: Canada's GDP is approximately $2.6 trillion. The Canadian economy is expected to grow by 2.9% in 2023 (World Bank, 2023). This economic growth is a positive sign for Barbeque Nation, as it suggests that Canadians will have more disposable income to spend on dining out. • Unemployment: Canada's unemployment rate is currently 5.2% (Statistics Canada, 2023). This low unemployment rate means that more Canadians are employed and have money to spend on dining out. • Inflation: Canada's inflation rate is currently 6.3% (Statistics Canada, 2023). This high inflation rate could make it more expensive for Barbeque Nation to operate, as the cost of food and other inputs is likely to rise. However, it could also lead to increased demand for Barbeque Nation's products, as consumers may be looking for more affordable dining options. Socio-Cultural Environment • Health and Wellness: Canadians are increasingly interested in health and wellness. This trend is reflected in the growing popularity of healthy eating and active living. This could be a challenge for Barbeque Nation, as its cuisine is not typically considered to be healthy. However, the company could try to appeal to health-conscious consumers by offering healthier menu options. • Convenience: Canadians are increasingly busy and value convenience. This trend is reflected in the growing popularity of fast-casual and takeout dining. Barbeque Nation could capitalize on this trend by offering more convenient dining options, such as takeout and delivery.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version