Marketing Skills

Topics: Marketing, Economics, Competitor analysis Pages: 2 (768 words) Published: November 13, 2008
If management wants to improve the service and surroundings, and continue to operate much as before or it could reposition the Cove, taking it slightly down market by making it more informal it needs to know the following: the location of the restaurant, the type of clients/customers it attracts, the cost of making changes compared to the profits its going to make, training costs of staff for better service, the needs of customers( what they like at the restaurant i.e. if they want it more casual or they demand service), Competition (it’s important to see the surrounding neighborhood and make sure they are the only full service or casual restaurant, average guest check ( each person or group that comes to the restaurant spends money and how much will determine whether to make it a formal or informal restaurant. Management could also conduct a survey and ask its customers and the neighborhood of what they feel about the situation, see how much money they have and if they have to borrow money from a bank and at what rate do they have to pay it back if they are making changes to the surroundings, management could conduct a focus group which would essentially tell them what customers really need and expect at their restaurant, need to know the local economy and how strong or week it currently is. If it is strong people are willing to spend more and save less hence making it a formal restaurant would be good as more people are willing to spend, the type of menu they currently have and if they have to change it because they change the type of restaurant, the effect of the change of menu on food cost verses food sales Where should management find this information. Management can find this information by looking at their last year’s budget, finding out their current business status and by looking at current market trends. Management could also conduct research and a survey to find out what the local people like and dislike. They could look at local...
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