Marketing_Plan[1] - Insert students last name Insert...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Insert student’s last name Insert Student’s Name Insert Course Instructor’s Name Insert Course Code/Title March 26, 2008 Marketing Plan for the Harbour Inn Restaurant Executive Summary The restaurant business is a tough one. New restaurants open their doors everyday, but most are out of business by the second year. There is a great deal of competing restaurants causing the market to be flooded (“Restaurant Marketing”). The increasing level of competition in the restaurant business has necessitated the generation of a marketing plan which is essential for success and business continuity. The central objectives of this marketing plan are to increase the level of patronage by new and existing customers, expand the services provided by the Harbour Inn Restaurant, increase revenue substantially by at least 50%, reduce current expenditure and generate funds for investment . The Harbour Inn Restaurant can compete with other restaurants because of the desirable features it possesses such as proximity to residential areas, easy accessibility, unique menu options and a calm river which is an exclusive source of attraction to most customers. It is recommended that the proposed strategies in this marketing plan be implemented to ensure that the Harbour Inn Restaurant has a higher competitive advantage within the area. The main marketing targets are young adults and college graduates. All action points are aimed at customer retention, service analysis and subsequent upgrade of the services provided. This will encourage the influx of different categories of people from different areas. 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Insert student’s last name Current Marketing Situation According to researchers at Cornell and Michigan State University, about 27% of all restaurants fail after the first year, and 60 percent close down after five years (“Restaurant Marketing”). The restaurant market is extremely dynamic and businesses should constantly expand to suit the needs of its customers. Despite the level of failures, the competition increases everyday. According to the National Restaurant Association, restaurant industry sales are expected to have reached $537 billion by 2008 (“Restaurant Marketing”). The target of this marketing plan are young adults, college graduates and middle-aged people who are more likely to organize birthday parties, meetings, or visit for the sheer pleasure of an outstanding dining experience. Workers, families, and youths within the area are also marketing targets. Customer retention methods or customer loyalty programs will be employed to ensure that this target population is invited and retained leading to an expansion of the restaurant’s customer base. The Harbour Inn restaurant is located close to the road for easy visibility and with the presence of an adjacent river, is strategically positioned to attract lovers of nature. It also offers special services like a late night bar menu, private parties, coupons and big screen TVs for entertainment. Current Marketing Situation
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 8

Marketing_Plan[1] - Insert students last name Insert...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online