Here is how to write a restaurant marketing plan executive summary.
Executive Summary Of A Restaurant Marketing Plan
Market Assessment
The food service industry is dynamic and has witnessed tremendous growth over the last decade.
Having evolved over the years, the need to keep up with customer demands and preferences is at the center of innovative services being developed. A large part of the population of the United eats outdoors due to the nature of work or just for recreational purposes, among other reasons.
Growing demand for restaurant services has made it one of the most attractive sectors to invest in.
In light of this, Tasty Delight Inc. is poised to take advantage of the market potential to provide exceptional services to a population in need of quality and affordable services.
Target Market
As a business that seeks to provide the best services, we have a target market we intend to serve.
This consists of young members of Colorado’s working class. These are the most active and open clients who are likely to try new food. It will take a lot of innovation to attract and keep our target market which is part of our market strategy.
Because we know the growth potential of fully satisfying the needs of our target markets, we are leaving no stone unturned in achieving our objectives.
Our Competition
While many businesses view competition negatively, we at Tasty Delight Inc. see competition as a necessary ingredient that offers a lot of growth opportunities for our company.
There are lots of restaurants all offering a variety of services to clients. Some of these specialize in particular niches, such as traditional American cuisine and continental dishes.
We believe that having an edge is crucial to how successful our restaurant becomes.
Hence we are committed to offering a variety of services as well as proprietary/custom services such as Tasty Delight Treat, which includes dishes such as Sandwich Brain, Camel Filler, Casu Marzu, Haggis, and Hakari, in addition to other continental words.
Market Attractiveness Factors
As mentioned earlier, the growth in the number of people eating outdoors has tremendously increased. This is great for restaurants as it becomes a highly viable industry to invest in.
The growing demand must be met, which is where Tasty Delight seeks to exploit. The growth trend has seen nothing but improvement as the future looks great.
Pricing trends are an essential consideration as this can determine the market’s profitability level.
Although cost is an essential factor, people are now willing to spend more on services as there is a growing number of people with disposable incomes.
How long this trend lasts depends on the improvement or otherwise of their paychecks.
Business Innovations
Innovations are central to how well a business does.
We have realized this all-important ingredient and are determined to develop our products to stand out. An area we have focused on is health-friendly products and services.
Our restaurant will meet the health needs of our customers to enable them to enjoy their time while patronizing us.
Our Marketing Strategies
Marketing is an essential requirement for doing business.
This is because every business exists to sell a product or service. Hence we at Tasty Delight understand this and are willing to exploit the opportunities presented.
Both print and electronic adverts will be paid for maximum exposure. This will consist of radio, TV, magazines and newspaper adverts.
Other channels to be used include the use of the internet. While we will build a website for our business, we also realize how effective social media tools are.
We will use major social media platforms for marketing our products and services. These will include Twitter, Facebook, and Instagram, among others.
Handbills will be distributed and billboards mounted at strategic locations for maximum exposure. This is meant to ensure our brand is projected in a good light.
We will also offer discounts on certain services such as specific dishes and drinks.
Growth Strategies
Every business venture would like to experience favorable growth.
We at Tasty Delight are not left out of this as we channel our efforts towards expanding our services to cover new areas within the state of Colorado within the medium term.
This would involve opening new outlets in cities such as Denver, Colorado Springs, Boulder, Aurora, Fort Collins, Pueblo, and Grand Junction. We will eventually push out in the long term (10 years from the time of commencement of business) to cover neighboring states.
These states include Wyoming, Nebraska, Kansas, Oklahoma, New Mexico, Utah, and Arizona. Successfully attaining this goal would make us one of the major restaurant chains in the United States.
There is excellent industry growth potential, and we are determined to accomplish our goals.
This restaurant marketing plan executive summary sample has sought to provide a guide for persons interested in planning a restaurant but having limited or no knowledge on how to write a marketing plan summary.
While using information about your business to write your plan, this sample can be used as a guide.