Competitor's ProfileCompeting with Bob’s Bar and Grill for the target market includes the following categories of food providers: 1• Independent table service restaurants of similar menu and price structure. 2• Chain restaurants focusing on an atmosphere of fun. 3• Commercial foodservice companies serving students directly. Independent operators include Phil’s Place, The Irish Pub, Bombay Beach Club, Iguana’s Bar, and The Border Bar and Grill. Most offer limited menu items. Phil’s Place and Iguana’s Bar are long-standing businesses while the others are fairly new. They all are doing very well. The major chain restaurants are Hard Rock Cafe, Applebee’s and Champs. All are relatively new but well established and profitable. They have extensive resources for marketing and/or specialty product and atmosphere attraction (Hard Rock Cafe is also a live music club). Starbucks and Caribou Coffee both service 50,000 University of Minnesota students but their product is not appealing enough to prevent students from eating out 5 to 7 meals a week. In addition there are two local catering companies that deliver prepared meals daily to offices. Competitive StrategyThere are three major ways in which we will create an advantage over our competitors; 1• product identity, quality, and novelty 2• high employee motivation and good sales attitude 3• fun and friendly atmosphere Bob’s Bar and Grill will be the only restaurant among the competition, which focuses the entire menu on traditional American cuisine, fun atmosphere, and curbside take-out. Each of the competitors offers at least one "American" selection on their menu. Champs even has an entire section called "Americana Grill" but in all cases they are always seen as alternatives to the main style being offered. The target market will perceive Bob’s Bar and Grill as the destination location for atmosphere and great food. Once they have tried the restaurant, their experience will be reinforced by friendly, efficient, knowledgeable service. Return and repeat business will be facilitated by accessible take-out and delivery options. At the time of this writing all of the competitors offered take-out but only two (Phil’s and Applebee's).
Marketing Plan & Sales Strategy Market PenetrationEntry into the market should not be a problem. The store has high visibility with heavy foot traffic all day long. The local residents and students always support new restaurants and the tourists do not have fixed preferences. In addition, $30,000 has been budgeted for a pre-opening advertisingand public relations campaign. Marketing StrategyFocusing on the unique aspect of the product theme (fun atmosphere and great American food) amix of marketing vehicles will be created to convey our presence, our image, and our message.
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