Marketing Plan

RAY’S TINY MANSION Marketing Plan

Raymundo G. Bus180 Introduction to Marketing

I. Company Description

Ray’s Tiny Mansion is my dream banquet facility that I will build from the ground up. I will

create all aspects of the business. Ray’s Tiny Mansion will offer 20,000 square feet of multi-

purpose meeting space in the City of Maricopa. The banquet facility possesses a variety of multi-

functional meeting spaces and boardrooms that can accommodate a variety of events ranging

from small business meetings to large a wedding. Ray’s Tiny Mansion will be a full service

professionally designed banquet facility that presents a fresh new upscale dining environment

that is family friendly and geared toward business and social gatherings. The banquet facility

will be one large area that accommodates up 1000 guest. The banquet facility has multiple uses

including:

 Wedding, anniversary and family reunion functions

 Special events, association banquets, trade shows, etc.

 Alcohol free youth events

 Holiday parties

 Funerals/Memorials

 Club meetings and celebrations

 Graduations

 Retirements

 Baby showers

 Corporate events and many, many more!

Ray’s Tiny Mansion will offer a place for a wedding or special event with one large banquet hall

and two additional meeting rooms that can be joined together. Ray’s Tiny Mansion can

accommodate any size gathering comfortably. The company’s facility offers televisions to watch

sports events, bingo games, a bar, pool table, darts, dining, dancing, wedding facilities,

anniversary facilities, class reunion facilities, and book reading areas, seminar training, or party

facilities. The grounds will feature immaculate grounds keeping and landscaping. Customer

service will be our highest priority and we will provide a specialty package to make any event

memorable. From the moment you walk in until the end of your celebration, our professionals

will work with you to ensure your event is truly to remember.

II. Business Mission

Our mission is to provide an affordable facility that you can plan your special event. Our vision

to offer the best products and services to our customers, to always exceed customer expectations

resulting in customers delight. Our commitment to offer nothing but the very best is reflected in

our vision & mission statement. Our goal is to accommodate our client’s specific needs with a

personal and professional service. Our team strives for success to achieve benefits to our clients,

patrons, employees, and the City of Maricopa.

III. Situation Analysis

Marketing will be critical to develop sufficient business to achieve profitability. SWOT analysis

captures the key strengths and weaknesses within the company, and describes the opportunities

and threats facing the business.

Strengths Weaknesses

1. Superior 2. Specialized service

offerings

3. Well-trained employees 4. Strong relationships with

complementary service

providers

1. The difficulty of generating awareness

2. Visibility of the company in its first few years of operation

Opportunities Threats

1. A growing market of companies that are outsourcing

event planning activities

2. Relatively low overhead.

1. A slump in the economy that could have a ripple effect on

service providers

2. Future competition from existing service providers

competing in different but

complementary market

spaces.

3. The inability to find qualified, high quality employees.

IV. Objectives

The marketing objectives act as a guide whereby the business can evaluate its marketing

decisions and performance. Objectives are used to evaluate the performance of a business and

the success of the marketing plan. The following objectives of Ray’s Tiny Mansion set goals in

sales, profit, image, and customer awareness to be reached within one year.

 Develop relationships with local businesses for their event planning and corporate event

needs

 Establish connections with local event and wedding planners

 Develop an online presence by developing a website and placing the company’s name

and contact information with online directories.

 Generate revenues of $100,000 within 2 years

 Generate a net profit target of a 5% by the end of year.

V. Marketing strategy

Ray’s Tiny Mansion will promote the business through a number of traditional marketing and

advertising channels. The foremost marketing strategy that the business will use, will be to

develop connections with local event and wedding planners so that the business can continually

book events through these planners. Also the business will maintain a strong level of print and

media adverting among local newspapers, event planning publications, and other news medium.

The business will also maintain listing in the local yellow books it will also maintain a website

that has virtual tour of the facility in addition to standard contact information and booking

resources.

Target market is a specific segment of the marketplace we aim to serve by creating a product or

service that delivers specific benefits that customers want. We will use specific catering menus

to target people getting married, parents of young children or corporations. We would use

appropriate marketing channels to reach each audience. Targeting the right customer mix for my

business depends on a variety of factors, including what we are trained to create, the geographic

area, the marketing opportunities and our budget.

A marketing mix is used to indicate the several marketing variables used by the sales team to

target specific customers or target segments.

 Product: Meeting Room, Banquet Facility, Services, Amenities

 Place: Personal selling, Direct marketing, Internet

 Promotion: advertising, public relations, sales promotion, personal selling

 Price: seasonal discounts, special discounts, pricing for food and beverage, pricing for

function

VI. Implementation, Evaluation, and Control

The purpose of the business marketing plan is to serve as a guide for the organization the

following areas will be monitored revenue, expenses, repeat business and customer satisfaction.

A business plan is like a blueprint it tells exactly what you’re working to achieve, but at the end

result happens only if you hammer it into reality. A blueprint for a new house guides every

construction step down to a fraction of an inch. A business plan is more of a framework for

success. It helps you organize your company around your mission and vision, your goals and

objectives and the strategy you’ve outlined to achieve success. It provides milestones along the

way to measure the progress. It keeps everyone on the same page and working toward the same

positive outcomes.

A. Implementation

An implementation plan is a management tool designed to illustrate, in detail, the critical steps in

developing and starting a project. An implementation plan allows stakeholders on the project to

think through critical components before beginning, thereby saving time, energy, and money.

Ray’s Tiny Mansion will use an implementation plan as their guide through the first year of

development. By having all person refers to a common document, banquet managers and

banquet captains can be sure that program intentions and goals are interpreted consistently by

staff and not subject to individual interpretation.

The implementation plan will be reviewed in staff meetings and updated as necessary the first

year is all about implementation planning. During the first 6 months programs will be developing

and finalizing their implementation plan. During months 7-12, programs will be tested with

owner and management approval, and tweaking implementation plans if necessary.

Elements that will be included in the implementation plan:

 Off-site food & beverage

 Staffing

 Event planning

 Facility Rentals

 Referral fees/Commissions

B. Evaluation

An evaluation plan is a written document that describes how we will monitor and evaluate our

business as well as how we intend to use evaluation results for business improvement and

decision making. The evaluation plan clarifies how we describe the “what”, the “How” and the

“why it matters” for the business. We will create a feedback form with the following questions:

 Did you enjoy the event? If no, then please state the reason.

 What do you like most in the event?

 What do you like least in the event?

 What are the problems you face during the event?

 What could have been done to make this event better?

 How do you rate various service provided by us(please check one of the option)

1. Hospitality: Excellent, Good, Average, Poor

2. Catering: Excellent, Good, Average, Poor

3. Transportation: Excellent, Good, Average, Poor

4. Management staff behavior: Excellent, Good, Average, Poor

5. Management staff services: Excellent, Good, Average, Poor

C. Control

To maximize the return on a marketing plan there need to be controls in place to monitor the

business progress. The controls are constantly analyzed to determine how the plan’s actual

performance compares to the projections. Controls are necessary for the evaluation phase

controls established during the creation of the marketing plan provide benchmarks to assess how

well the plan accomplished its goals control may include measures such as the marketing budget

and market share. Below are example of financial of a banquet facility over the next three years.

Marketing Expense Budget

2001 2002 2003

Advertising $9,600 $14,000 $18,000

Other $1,200 $1,500 $2,000

Other $0 $0 $0

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Total Sales and

Marketing

Expenses

$10,800 $15,500 $20,000

Percent of Sales 6.05% 4.22% 5.06%

Year 1 Year 2 Year 3

Sales

Off-Site Food & Beverage $784,537 $941,444 $1,129,733

Sumptuous Ballroom F & B $79,687 $103,593 $134,671

Subcontracted Services $354,801 $425,761 $510,913

Hall Rentals $168,750 $236,250 $307,125

Staffing $648,168 $783,778 $948,303

Referral Fees/Commissions $108,028 $130,630 $158,051

Event Planning $108,028 $130,630 $158,051

Total Sales $2,251,998 $2,752,086 $3,346,846

Direct Cost of Sales Year 1 Year 2 Year 3

Food and Beverage Cost $216,056 $261,259 $316,101

Other $0 $0 $0

Subtotal Direct Cost of Sales $216,056 $261,259 $316,101

VII. Summary

The purpose of this business plan and overall goal of the marketing project is to analyze

Ray’s Tiny Mansion banquet facility current situation, determine strategies for reaching

potential clientele, and develop marketing tactics and an implementation plan.

Work cited/Reference Page-

http://smallbusiness.chron.com/banquet-hall-guidelines-11227.html

http://smallbusiness.chron.com/banquet-hall-marketing-ideas-61361.html

http://smallbusiness.chron.com/start-own-banquet-hall-13129.html

(Lamb/ Hair/ MacDaniel , 2015)

(steven D. Peterson, 2014)