Marketing Strategies And Budget

Marketing Strategies And Budget - Marketing Strategies The...

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Marketing Strategies The single objective is to position the Colloquy Grog Shop as the premier place for young professional singles to meet like-minded individuals. The marketing strategy will seek to first create customer awareness regarding their services offered, develop that customer base, and work toward building customer loyalty and referrals. The message Colloquy Grog Shop will seek to communicate is that The Grog Shop is THE place to meet intelligent singles. This message will be communicated through a variety of methods. The first method will be advertisements. The bulk of the advertisements will be in the Willamette Weekly, a weekly entertainment guide in Portland that has impressive readership numbers for the desired target population. Another method will be through establishing strategic relationships with companies that have similar demographics such as the Multnomah Athletic Club. Establishing a mutually beneficial relationship will allow both organizations to develop visibility for each other. The other form of advertising will be using "grassroots" methods where customers will be given coupons for their friends to try Colloquy Grog Shop for the first time. The coupon will be an economic incentive for the newcomer to try Colloquy Grog Shop. The coupon also has the added force of a referral from a friend. Marketing Mix Colloquy Grog Shop's marketing mix is comprised of these following approaches to pricing, distribution, advertising and promotion, and customer service. Pricing: the pricing scheme is based on standard industry practices. Distribution: all services and products will be distributed from Colloquy Grog Shop's retail space. Advertising and promotion: the most successful advertising will be with Willamette Weekly. Additionally, strategic relationships will be developed with companies such as Multnomah Athletic Club as well as use of a grassroots promotion system. Customer service: obsessive customer attention is the mantra. The Grog Shop's philosophy is to do whatever needs to be done to impress the customer. While this could reduce short-term profits, it will strengthen long-term profitability. Our strategy is based on serving our markets well. We will first launch our product in the
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market as a "market tester" that could become a model of the expanding number of outlets in the future. Concentration will be on maintaining quality and establishing a strong identity in the local market. Market Penetration Being an established brand in the market and known for quality food that we serve, it would not be difficult for our new product to penetrate the market. All our outlets would be serving chocopizzas and despite regional tastes and preferences the product will integrate all local preferences however while retaining its actual intended taste.
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