Entrepreneurship And Business Managements - Myassignmenthelp.Com

Question: Discuss about the Entrepreneurship And Business Managements. Answer: Introduction The marketing plan is one of the most important documents of an organization. When a company introduces its new products and services, it needs to develop a marketing plan that assists in approaching and attracting its target customers (Baker, 2014). Same as other organizations, VTI Diners has created a marketing plan that includes all the important marketing aspects of the company. VTI Diners is serving quality food products and situated at 190 Queen Street, Melbourne, where the people can arrange their family togetherness around the love of traditional Australian diner. The organization is serving very delicious and quality food to the people of Australia and attracting the Australian people by implementing a unique theme. This report includes different strategies and tactics according to the given marketing objectives in the marketing plan of VTI Diners. There is the discussion regarding various aspects of marketing plan and risk analysis of the given marketing plan. Marketing vision and goals Under its marketing plan, the vision statement of the VTI Diners is to provide a place for togetherness arranged around the love of Australian diner. This organization surpasses a unique theme restaurant by placing real heart in the services to customers and quality of food. Thus, it is offering an exclusive presentation of the food and attracting the customers (Bauer, 2012). Under its marketing vision, it seeks to develop a comfortable and entertaining atmosphere, which brings older people back to the easiness of 70s and 80s. It gives them chances to strengthen the relation across different generations. In addition to this vision, company has established different goals, like; marketing goals, strategic goals and tactical goals. Under marketing goals, the organization seeks to attain the revenue of 1.8 million within the timeframe of three years. With this, it looks for opening another restaurant in the year 2020. By establishing the strategic goals, the restaurant wants to become one of the top family restaurants Melbourne within next three years. Furthermore, VTI Diners plans to implement various systems and policies to attract the customers towards its restaurant services (Birt, 2013). Marketing needs, trends, description and segmentation One of the most important market trends is that the people today love to eat outside and want to spend time with their family and loved ones under a comfortable and relaxed environment. There are various needs, which are considered for introducing this new restaurant in Australia, like; Variety of food with quality standards Clean and comfortable environment Attractive and peaceful ambience People want a fun and enjoyable experience Effective customer treatment and respectful serving by the staff By considering these marketing needs, the company is going to introduce its restaurant and targeting wider market audiences, like; 25 to 70 years old people, income more than $ 50000, business professionals etc. The major target market for the company is older people from the era of 70s and 80s as the environment takes them into this era by providing simpler and comfortable time. Thus, it is segmenting the market on the basis of demographic and psychographic characteristics, like; age, income and interests (Chang, 2016). Core marketing and product/service strategy Under its marketing plan, VTI Diner is implementing an effective marketing strategy that will assist in attracting a large customer base towards its products and services. Through this marketing strategy, the organization wants to put the marketing message that it is family fun and entertainment in a non-fast food and nostalgic atmosphere. By identifying the target audiences and competition, the organization will focus on the core elements of brand, like; website, menus, wall decors, theme nights, server uniforms etc. Under this marketing strategy, the company will consider different elements of marketing mix, i.e. product, price, place and promotion. The prices of product will be affordable for its target audiences (Grzinic, 2007). The company will use effective distribution channels to approach the customers and effective ways for promoting the services among people. The marketing message of the company is Your Way-Back-When Diner. The product and service strategy at VTI Diner is very innovative. Each and every item in the menu will be named uniquely with the appropriate and colorful logo and image. The company is going beyond the packaging of traditional Australian food diners to provide an exclusive presentation of their choices. However, the food offered by this will be similar to other restaurants, such as; French fries, hamburgers, sandwiches, ice-cream, milkshakes etc. But there will be some innovative things, like the menu and food products will utilize nostalgic names from the era of 80s and 90s. Thus, the theme of restaurant and menu items will very unique and exclusive (Harmer, 2014). Product Tactics Responsible person Cost Schedule Accountability 1. Differentiation of products Production 200$ 2-4 weeks Marketing person 2. Product expansion Restaurant owner 400$ 1-3 weeks Promoters 3. Special Combos Restaurant owner 400$ 2 weeks Marketing people and HR Price Tactics Owner Cost Schedule Accountability 1. Discounts for first timer meals Finance department 500$ 2 weeks Finance manager 2. Loyalty card program Marketing Manager 500$ 2 weeks Customers Promotion Tactics Owner Cost Schedule Accountability 1. Social and Online Media Marketing manager 400$ 4 weeks Advertising manager 2. Ads in newspapers and magazines Advertising manager 500$ 4-5 weeks Customers and print media Placement Tactics Owner Cost Schedule Accountability 1. Opening new franchises Owner of restaurant 900$ 4-5 weeks Market researchers and experts 2. Effective distribution channels Marketing managers 400$ 2 -3 weeks Volunteers and marketing executives Total cost ($4200) Sales strategy, Advertising and promotion including any strategic alliances Implementing an effective sales strategy will assist VTI Diners to gain more competitive advantage over its competitors in food and restaurant industry. To increase its sales, the company will use different theme and innovative things to generate its sales. The organization can use a combination of sales strategies, like; upselling, special promotion etc. It will train its employee on the upselling techniques. In addition to this, it will give discount for the first timer meal that will attract the customers towards its services and eventually increase its sales (Herrington Bosworth, 2016). For increasing its sales and revenues, the organization will use advertising and promotional techniques, like; online media, print media and traditional media. Under digital media, the company will use social media sites and online pay per click advertising. In this, the company will give text ads for the family caf in Melbourne and other related words. Furthermore, it will adopt local media print advertising, under which it will give the playful and fun ads with the first timer meal code for getting discount (IBIS World, 2017). Apart from this, it can use some other methods of advertising and promotion, like; e-mail marketing, promotional campaign, customer referrals, membership organization referrals etc. Sales Strategy Tactics Owner Cost Schedule Accountability 1. Special promotion Marketing manager $500 4-5 weeks Marketing team 2. Upselling Sales manager $200 3-4 weeks Finance manager Total $700 Advertising and Promotion Strategy Tactics Owner Cost Schedule Accountability 1. Advertising Advertising manager $7500 3-4 weeks Marketing team and media 2. Public Relations Marketing managers $4000 5 weeks Event organizers and Marketing team Total $11500 Moreover, VTI Diners can enter into a strategic alliance with an already established entity in the food and restaurant industry that will assist the organization in sales of products and create brand awareness about this new restaurant in the location (Kwok, Yu, 2013). In this strategic alliance, both the organizations will work as separate entity, but for a common objective, i.e. increase in the customer base by offering quality food under comfortable environment. Alignment of above strategies with overall strategies VTI diners will develop the above strategies in such a way that will assist the organization in attaining its business objectives. All the strategies, developed by the organization will definitely help the company in attaining its objective, like; profitability, increased customer base and establishment of brand image in Australia. The core strategy of the company is to provide family fun that is unforgettable (Lee, Hallak, and Sardeshmukh, 2016). It will develop a goal to promote the comfort and fun for the people and legitimacy of display by the staff and food servers. The above sales and marketing strategies of the company are totally aligned with its overall strategy as both are working for attaining similar objective, i.e. return visits by at least 25% of people in next six months. Thus, after understanding the overall business strategies, this organization will develop its marketing and advertising strategies. SWOT analysis SWOT analysis is the process of analyzing the situational factors of an organization, which may have positive or negative impact on its growth and success. On the basis of given marketing plan, the SWOT analysis for VTI Diners is conducted with another business in the similar nature, i.e. O Bar and Dining restaurant (Luo, 2008). O Bar and Dining is also food organization that is offering contemporary eating experience to the Australian people and encouraging the healthy dining thinking. The SWOT analysis of both the organization is stated below; Dimension VTI Diners O Bar and Dining Strengths Traditional food offering with a unique menu concept Unique names of the food items in menu Providing the experience of 80s and 90s era Quality food under an enjoyable and comfortable ambience (Mason, Jones, Benefield, Walton, 2016) Effective core brand elements, like; theme nights, advertising, wall dcor, Uniform of the waiters etc. Contemporary food offering considering the healthy dining thoughts Unique and tasty food Its beautiful ambience is its major strength Innovative cooking techniques It is providing space for small parties, events, social gatherings and dinners (Bar and Dining Restaurants, 2017). Weaknesses The prices of food items are higher than other traditional diners in the city Already established players in the business of similar nature It provides the experience of 80s and 90s, so it may lose the youth segment (O'guinn, Allen, Semenik, Scheinbaum, 2014). Limited brand presence Competition in Australian restaurant and food industry It is serving drinks and wines, so there are some legal and government issues Opportunities Expansion of business in international market Strategic alliance with already established restaurant and food suppliers Product differentiation and introduction of a new range of products It can introduce new healthy drinks and food products Strategic partnership with other restaurant organizations Improvement in providing unique and unexpected journey of food (Scarborough, 2015). Threats Competition in the market People are going towards healthy and dietary eating Restricted market segment Limited food menu Changes in the customer tastes and preferences Attractive ambience is not everything for retaining the customers Marketing objectives to improve SWOT analysis In order to improve the SWOT analysis, VTI Diner can establish another set of marketing objectives. These marketing objectives of the company will assist organization in enhancing its brand presence and it can overcome its weaknesses and threats in the Australian restaurant industry (Pinson, 2008). These marketing objectives are stated below; To offer the quality food products on affordable prices than its competitors To provide a wide range of food items To ensure the customer satisfaction and create a repeat customer base To create the restaurant brand These marketing objectives of VTI Diner will assist the organization in enhancing its SWOT analysis and overcome its weaknesses and threats (Terho, Eggert, Haas, Ulaga, 2015). Legal and Ethical Requirements and considerations There are various legal and ethical requirements, which need to be considered, when an organization develops its marketing plan. VTI Diner needs to comply with different laws and regulations in the development and implementation of different marketing activities, like; Food Act, 1984, Occupational Health and Safety, Australian Consumer Law, Trade Practice Act etc. According to the Food Act, 1984, the organization needs to ensure that food offering by VTI Diners is suitable and safe for the people to consume. The ingredients, used in the food should be fresh and subject to the quality standards. In addition to this, the company should not mislead the customers via its advertising and marketing techniques (Untaru, Ispas, 2013). This organization needs to become familiar with other federal and state employment laws, like; overtime, minimum wages and tips to servers. The employer must be aware about their own responsibility. Under Occupational Health and Safety, this restaurant should comply with the regulations and provide health safety to the workers and chefs. To provide safety, it should conduct training program for the use of kitchen equipment. It needs to develop a code of conduct that will include all the policies and regulations, which need to be followed by all the employees to work ethically. Moreover, there should be an employer handbook which will assist the management to handle the employee issues (West, Ford, Ibrahim, 2015). Thus, these are the major legal and ethical considerations, which are important for VTI Diner while developing its marketing plan and its activities. Takeovers and Franchises for business expansion When an organization starts a new business, it plans to expand its business after some years of establishment. For business expansion, VTI Diner can expand its business by opening its franchise in other cities in Australia. After this, it can go for the international expansion and open the franchises in the neighboring countries of Australia. Apart from this, buying a small business is a major step for expanding the business. For this, the organization should make market research and know about the small size restaurants and purchase them to attain its long term objectives (Zareil, Paghaleh, 2011). It will assist the organization in diversifying its product range and its market also. Thus, through takeover and franchises, VTI Diner can expand its business and increase its brand presence among a large population. Risk Analysis of Marketing Plan For each and every organization, it is very important to identify the risk factors to stay competitive in the prospective industry. By implementing a risk evaluation process, VTI Diner can identify the risks and issues in the marketing plan to give quick response to the changes and protect the organization from unexpected losses. This organization may face the risks related to the target market as the company is targeting only high income level people. It may affect the growth of its business adversely (Zeriti, Robson, Spyropoulou, Leonidou, 2014). Another risk related to target market is that forecasts may need more time to convert in the paying people, potentially causing cash flow of the organization expected higher sales than actual sales. The company is making focus on only the Australian traditional food products; it can affect the business of VTI Diners as compared to its competitors as the people are shifting to healthy and dietary food products. Thus, the marketing trends a nd changes may pose challenge and risks on the organization (Aven, 2015). Lack of market research is one of the major risks, which can affect the marketing and advertising activities of the VTI Diner. Conclusion From the above analysis, it can be concluded that VTI Diner is implementing an effective marketing plan and marketing strategies, which will assist the organization in attaining its both business and marketing objectives as well. 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