What we need to know about our product is whether it’s appropriate for the needs and requirements of the customers in the world today. Product is the beginning of any business for it to work well, we need to look at the product from a point of view of an marketing consultant and see from the outsider point of view whether we are doing it right or not.
The liao yan steak restaurant have no problem with the product they are providing. They provide a unique variety and give service differently from the normal college campus food points. They also provide good ambience and service for a date night which is in accordance with the students and their likings.
Compared to the student cafeteria liao yan is a quiet and peaceful place to sit …show more content…
As they do now display a lot of pictures and colors outside the restaurant and its well maintained and decorated from the inside this will be vain If a customer is not attracted to the place and that will happen only when they think in accordance with the students they are catering to.
The place where the actual product and service is being sold is the fourth P of the marketing mix. The location where the service is being given or the customers meets and come face to face with the seller. This place or location has to be very effective for the restaurant to run at a growing pace. The selling point of the service and product offer can always chance and bringing innovation in this can also be an attractive thing to do. Various firms have their own selling place some give door to door service while come have fixed places or stores. Here in this case the restaurant does not provide and delivery service they just serve on the table and also have pre booking facility through phone internet and other media forms. To make an effective presence deciding the place or the point of sales is very important. The best location is where the customers prefer to come at any point of the in this case the 2nd floor of the campus has all other restaurants and cafeterias this place is apt but what can be done is that they start providing delivery services
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I will continue to offer the hot and cold beverages and add healthy and organic breakfast and lunch with homemade pastry at a reasonable price. I also will target all of the university students and staffs by offering them a discount with a reward card. Also I will hand out flyers to all nearby businesses in the area and advertise in the local newspaper biweekly. Moreover, I will extend my business to cater for all events such as: gaming tournaments, art show, Special events and more. If you are a loyalty customer you will receive additional discount on all catering. Since this is a newly develop area any new business open in the area will received free lunch for a day for employees and staff.
The strengths of the business would be having knowledgeable, trained, educated, and experienced staff. Lavish décor and great food and prices will add to those strengths. Location that is easily accessible and close to home for most of the guest. The restaurant would offer discounts to the college students and the travelers that are passing through, having a good reputation will be a strength and help build clientele. According to the data there is no other restaurant in the area with the same concept. The weaknesses of the business would be targeting multiple segments and trying to satisfy all of their wants and needs. Another weakness would be trying to keep the restaurant as trendy as possible but would be difficult with the changes in trends, what’s hot today may not be the next. The area is not completely in need of the type of restaurant and lounge in mind, therefore getting people to be open to and supportive of the idea is a concern. Poor reputation among customers by not giving a good first impression or not meeting their expectations would be a weakness for the company. Other weaknesses may include high costs, lack of access to key natural resources and distributors. The opportunity is that because of the current recession it would be the optimum time to open a business that would create jobs. Restaurant space can be negotiable and very
| * A need to have a certain product * Consumers will search until that product is found * Need products that stand out from others * Customers have problems making decision so the company will have to try to make that decision easier for them
The most crucial step in starting a new restaurant is deciding on which location is right for a business to be successful. Survival in the food industry is dependent upon location choice. Even if a restaurant serves the best food in town, it may not do well if it’s not placed in a highly populated area. According to H.G. Parsa, an associate professor in Ohio State University’s
In my opinion, the first P i.e. ‘Product’ is the most important component of the marketing mix. It is an instrument using which value is delivered to the customer. It is a ‘bundle of benefits’ that can be offered to and appreciated by a particular set of consumers. Products or services lie at the heart of a marketing strategy; they serve as means of differentiation for the company or a brand representative of a firm. If a customer purchases a product and it does not meet her expectations, then she
They attract a wide range of customers but the restaurant is a particular honey-trap for students, being in an easy location for students to reach – note question 1 of my customer survey to see the age ranges of customers. The size of the restaurant is quite small; it seats up to 50-60 maximum and the total seating space per my estimate is ~22m3. The main competitors are Shrimp and Burger, 0.2 miles away (see figure 1.2), 7Bone, 1.1 miles away (see figure 1.3) and The Handmade Burger Co. in West Quay, which is 0.7 miles
1. Review the marketing definition of product. Why do you think marketers define product so broadly? How does the definition of product affect quality? I looked at the definition of product and it is very short and boring. I think it is defined this way because so many people have their own meaning of the term and how it works. I think it affects the quality a great deal. If the definition is not intriguing to viewers and customers it does not draw people in.
Restaurants are a key part to civilization’s economy, hospitality industry, social lives, and necessity for food. They will always be present in the world. Weather or not they succeed is up to them and their marketing strategies. There are various forms of marketing that restaurants can utilize. Restaurants like McDonalds use their reliability as a marketing strategy, wherever you are, there is a McDonalds nearby, weather you’re road tripping across the country or staying overseas. Other restaurants market with happy hour deals, or coupons, showing off their reduced prices to entice customers. “The major marketing mix tools are classified into four broad groups, called the 4 Ps: product, price, place, and promotion. To deliver on
Its very simple, but yet feels cozy. The decoration of the restaurant didn’t change too since six years when I first visited it, and I’m glad it didn’t. The yellow and dark red walls matches perfectly the dark black and red furniture, and the dim lights give the whole place an indescribable warmness. There are also some Chinese writings, and a Chinese zodiac cat on the counter, along with four paintings, the best of them is a painting of pink lotus. On the other hand, the restaurant successfully kept its lively ambience. One can always hear some music playing in the surrounding usually 60s, 70s, 80s and 90s top hits of the Beatles, Michael Jackson, Elvis Presley and many other famous musicians. It’s never crowded or noisy on weekends, except on national holidays, which makes it a good place to relax after a tiring weekend. It’s also fascinating how despite its never crowded, it’s never empty or completely vacant too, as soon as one family leaves the restaurant, another after few seconds