THE PROBLEM AND ITS SCOPE
In order to gain high revenues, every restaurant business should have their own unique strategies. Customer satisfaction is the most fundamental goal that is, when achieved, will make the business stay in the market. Keeping up with the world’s diversions such as updating technologies and trends is vital in order to survive the competition in the industry. Hence, appropriate business strategies and techniques should be applied for it will direct the management to lasting resources, and eventually, to long lasting success. This particular study is comprised of helpful approaches and most preferred ideas that will lead to alternative solutions to problems. Marketing Strategy in the Hospitality Industry has many focal points. Obviously, the number one focus is on the target market. How your message is presented with respect to the core market, price, and positioning and total value perception is what marketing strategy is all about. Further, in the Hospitality Industry we have a more complex distribution channel upon which to focus. This aspect of the Hospitality Industry creates the need for multiple communications strategies. The nurture, care, and conveying of what the brand stands for and how it meets and needs of the consumer is what marketing strategy perception is all about. This perception translates action and to purchases. The perception created by packaging the brand helps to dictate the price consumers are willing to pay. Conveying how the brand meets the specific needs of buyers is one role of marketing strategies and promotional techniques. (Nykiel, 2005)
A way to start and create a successful restaurant business is to make it exceptional. Having a choice from the types of restaurants such as a casual dining restaurant or a formal dining, might be a great start as one of your marketing strategy. Identifying its uniqueness and studying its characteristics will be greatly helpful in capturing the target customers and make your restaurant business known, profitable and eventually, successful. Theoretical Background
This study is anchored by Medina; marketing mix (also called marketing strategies), consist of the following: product, price, promotion, and place. These variable manipulated by the firm according to the perceive requirements of a sound marketing strategy. More emphasis, for instance, may be given to product attributes than price concessions to customers. This is done in the hope of achieving the objectives of the firm. However, the firm’s discretion regarding allocation of resources to the variables is greatly influence by budget limitation and industry customs.
The term product refers to the tangible commodity or the intangible service that the company offers for sale to customers. Included are warranties and other conditions the firm attaches to the product. Price on the other hand, refers to the amount of money the customer must part with to avail of the use of the product. The price must be set to entice the customer to buy the product offered for sale. Considerations regarding retail and wholesale prices, discounts and allowances, and credit terms must be taken care of. Promotion refers to the provision of required information to the prospective customers so may involve any or all of the following: personal selling, mass selling, and sales promotion. Lastly, place is making the company’s products available in the right location, quantity, and time. Products made available to customers through the channel of distribution. The physical link between the manufacturer and the buyer is the channel of distribution. (Medina, 1990) Promotion involves coordinating the promotional-mix element so develop a controlled, integrated program of effective marketing communications. The marketer must consider which promotional tools to use and how to combine them to achieve its marketing and promotional objectives. Companies also face...