marketing project

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Marketing

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Jan 9, 2024

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BUSINESS MARKETING FINAL PROJECT MKTG-1012-(16)-23-Fall Professor- Kent Guy Group Members- 1. Kundan Kumar Pathak 2. Shrijan Shah 3. Nikit Senchury Sunar

1. SWOT Analysis STRENGTHS  Experience and Passion  Lottery Winning Capital  Location Research  Diverse Skill SWOT WEAKNESSES  Emotional Stuf  Limited lottery winning capital  Competitive market  Limited Managerial experience OPPORTUNITIES  Lunch crowd potential  Community Engagement  Sustainable Practices  Technology inclusion THREATS  Economic Challenges  Changing Consumer preference and taste  High Competition  Economic Disruptions SWOT analysis for Tina’s restaurant 1. Strengths Passion and Past experience - Tina has extensive experience in restaurant industry, having various work from server to a manager she has gained a valuable experience. Her passion and commitment will definitely help her to succeed in her business. Lottery winning capital - winning $364000 will significantly boost her financially to operate a business without relying in external funds. Location Research - Tina has conducted a strong thorough research in her neighborhoods in London area to identify demographics and preferences to make a decision.

Diverse skills- Tina has a diverse skill set such as marketing, menu designing and the strong understanding of restaurant business which help her in a success of a business. 2. Weakness Emotional Stuf : Tina's family restaurant closing left a lasting emotional scar, and there may be residual concerns and questions about a new endeavor's likelihood of success. Her confidence and decision-making depend on her letting go of this emotional baggage. Limited Lottery Winnings : Although a financial windfall, $364,000 would not be sufficient to pay all of the costs involved in starting and maintaining a restaurant, particularly if unanticipated difficulties arise. Competitive Market : There are many local and chain restaurants in London, making the restaurant business competitive. It will take a well-thought-out and implemented business plan to stand out and draw clients. Limited Management Experience: Although Tina has a lot of experience, she might not be as skilled at handling some parts of running a restaurant, such handling complicated rules or financial planning. 3. Opportunities Lunch Crowd Potential : There is a lot of room for profit-making during lunch. Increased revenue may result from Tina's emphasis on drawing in daytime customers. Technology Inclusion: By utilizing technology for online ordering and delivery services, restaurants may leverage the increasing trend of tech-savvy customers and broaden their customer base. Community Engagement : Establishing solid relationships with the neighborhood through activities, grants, and advertising can produce a devoted clientele and goodwill. Sustainably Practiced: Using sustainable practices in restaurant operations can be a diferentiator and is in line with customers' increased environmental consciousness. 4. Threats Economic challenges : Economic downturns may have an efect on consumer spending on eating out, which could have an efect on restaurant sales. Changing Customer Preferences : To remain current, the menu and overall concept may need to be constantly adjusted to account for changes in customer trends or preferences. Adherence to restrictions : A number of restrictions apply to the restaurant business. It might be difficult but necessary to ensure adherence to health, safety, and other requirements. Intense Competition : Prominent eateries and chains present a challenge in the industry. In a busy market, it might be difficult to set Tina's restaurant apart.

2. Competitive Analysis Ivy Ristorente is the first competitor1. Product : Ivy Ristorente is an Italian restaurant with a varied menu that features pasta, pizza, and other classic Italian meals. They place a strong emphasis on using real foods and recipes. Price : Positioned as a mid-range Italian restaurant, it provides competitive prices and a selection of options to accommodate diferent budgets. Location : By deliberately targeting the evening and weekend clientele and taking advantage of the area's strong pedestrian foot traffic and nightlife events, Ivy Ristorante is situated in the oxford street (North) Promotion : Uses social media and internet marketing to draw attention to current events, promotions, and daily deals. Their promotional strategy includes discounts and loyalty programs. Competitor Business 2 : Bento Sushi Product : Bento sushi which specializes in Asian fusion and sushi, provides a varied menu emphasizing sustainably sourced fish. In presenting their sushi, they highlight the innovation and artistry. Place : Distinguishing itself as an upscale sushi restaurant, it serves patrons looking for an exceptional eating experience. When premium and responsibly sourced ingredients are used, the prices reflect that. Location : Trying to capitalize on the growing popularity in Asian cuisine and sushi, bento sushi is situated in the three locations north, south and wonderland an area that is seeing an increase in Asian dining options. Promotion : Consistently posts visually stunning sushi masterpieces on social networking sites. Cooperates with food influencers to increase brand awareness. Craft Farmacy is the third competitor. Product: With a farm-to-table philosophy, Craft Farmacy emphasizes seasonal and locally sourced products. With a focus on freshness, their menu ofers a blend of inventive and classic cuisine. Cost : Presenting itself as a high-end eating establishment, Craft Farmacy argues that their pricing are reasonable by emphasizing the sustainability, quality, and traceability of their components.

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