Module 04 Business Plan Project - Strategic Plan

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JBlair_MarketAnalysisandPromotionStrategy03022019.docx

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Running Head: MARKET ANALYSIS AND PROMOTION STRATEGY 1

MARKET ANALYSIS AND PROMOTION STRATEGY 5

Market Analysis and Promotion Strategy

Name: John Blair

Institution Affiliation: Rasmussen College

Date: March 2, 2019

Target market

TopTaste Fast Foods clearly understand that the market for fast food is on the rise but other looking at the general trend, we are specific on what really, we want. To taste Fast Foods will be in Hawaii State in the United States of America because we tend to target those people who are employed and also the young generation or the youthful generation. Hawai is one of the states that has most of the people employed and in most instances they have less time to go restaurants but rather rely on fast foods for lunch such as chicken, hamburger, pizza or other fast food joints in the vicinity and they create suitable market for our industry where we are looking forward to creating a contract with most of the organizations to be supplying their staffs with fast foods. Consequently, we focus on the teenagers as our market because most can afford our products, we shall be opening till late hence youths will be having a place where they get something to eat after hanging out and also, most teenagers associate with our products as Pizzas, hamburger (Elliott, 2014).

Top competitors

Queen K76, Kohala Burger and Taco and L&L Hawaiian Barbecue are the main competitors of the TopTaste Fast Foods in Hawaii. They are competitors because they all sell fast foods thus taking a huge market share that Toptaste Fast Foods could be enjoying. Queen K76 has delicious pot roast and amazing salads, accurate and speedy service makes Kohala Burger &Taco unique while Asian and American fusion cuisine delicacies available at L&L Hawaiian Barbecue make it special.

L&L Hawaiian Barbecue makes it special suffers from limited brand awareness, Queen K76 most of the times suffers from its inability to provide enough food to its clients while Kohala Burger & Taco has small parking facility and not many people are aware of its existence. Considering the above limitations, Toptaste Fast Foods will use them to create a top competitive edge. Our first strategy is to create awareness to the public of our existence through the use of social platforms and local adverts at tourist entry points. The restaurant also seeks to ensure to create ample parking space for its customers where within one hour it can accommodate 100 vehicles. Lastly, TopTaste Fast Foods looks forward in ensuring that each customer order is delivered and has adequate staff to serve its customers to satisfaction. TopTaste Fast foods highly consider having an exceptional staff with the can do attitude, establish approved vendors, provide unsurpassed quality products and service and ensure we have a strong brand image.

Products and service

TopTaste Fast Foods provides warm and friendly service expected from a family-style restaurant creating an informal, comfortable environment which will make the customers satisfied and want to return again and again (Pearlman, 2018). We strongly focus on customer satisfaction by ensuring short wait-times, hot food, safety and quality standards of products are met. Toptaste Fast Foods offers Sandwich, Salads, pastries, ice creams, delicious burgers and fries, a best dive Hamburger stand and old-fashioned grilled hamburger taste. Through our range of peculiar services and product, we focus on becoming the best Fast Food restaurant in Hawaii and in the future opening to the global market. Our products are special because they are encouraging local ambience of Hawaiian and at the same time providing exceptional quality but still affordable to the middle-income earners.

Pricing Strategy

At TopTaste Fast Foods, cost accounting is important, since the profitability of individual dishes can vary significantly and will initially determine the cost of the menu items. We will take advantage of our excellent credit terms with our suppliers and will also update our menu to take advantage of seasonality for example in local produce items. We will also closely monitor the Prime Cost Report which focuses on the controllable expenses of Cost of Goods Sold and Labor. As a new start-up, we can currently control employee cost by hiring family members who will work for low and reduced wages.

Sales and Promotion

We will encourage our employees to grow our customer base and provide incentives and regular bonuses to employees for referrals and repeat customers. We will have a webpage, Facebook page and Twitter site. Our menu, map, and hours of operation will be easily accessed on these platforms. Toptaste Fast Foods will create a strong brand image and enhance the use of a large variety of channels to market our products from social media to TV spots and ads. It is this mix of marketing media that will make our brand recognizable and the consistent message that comes across every time that will make them stand out. We will ensure that in all our promotional adverts, youthful generations are targeted as well as the people working in the offices (Stavrianea & Kavoura, 2015).

References

Elliott, C. (2014). Food as people: Teenagers' perspectives on food personalities and implications for healthy eating. Social Science & Medicine, 121, 85-90.

Pearlman, A. (2018). May We Suggest: Restaurant Menus and the Art of Persuasion. Agate Publishing.

Stavrianea, A., & Kavoura, A. (2015, February). Social media’s and online user-generated content’s role in services advertising. In AIP Conference Proceedings (Vol. 1644, No. 1, pp. 318-324). AIP.