Dr. Manahil PRICING & MARKETING PLAN IMPLEMENTATION

Running head: STRATEGIC MARKETING MODULE 2 CASE 1

STRATEGIC MARKETING MODULE 2 CASE 3

Trident University International

Student Name

Strategic Marketing Module 2 Case

MKT501: Strategic Marketing

Professor’s Name

Date of Submission

Introduction

A ketogenic diet has been incorporated in the world after a long time spent on research. In this marketing plan, we will discuss the introduction of Ketogenic food restaurant in Las Vegas. In this module, a benchmark will be decided for the introduction of Ketogenic food restaurant in Las Vegas along with the segmentation that will be focused on the marketing plan of the restaurant.

Product

The Ketogenic food diet involves high fat, low carb meals (Wang et al., 2016). The Keto restaurant we are introducing will be operating in Las Vegas, New York. Although there are a number of keto friendly eateries working in this area, however with our ketogenic food restaurant will be catering this diet specifically. The eateries available in Las Vegas at this moment do not specifically focus on keto diet however their menu and buffet manage the low carb requirements. Contrary to this, our keto food restaurant will be offering specifically keto food along with an additional menu. The keto food menu will be prepared with the help of the on-board nutritionist.

Target Market Customer Needs

While the term "Diet" is still in regular use, consumers are looking for the way of assessing the eating patterns in the current lifestyle. Same is the situation with the people living in Las Vegas. Consumers of the present time are looking to focus on more than the achievement of losing weight. The consumers of today are looking for a diet that maintains the correct proportion of food and a diet that promotes correct eating habits (Lee, 2018). Nutrition needs of the person and food patterns reflect the health of a person which is necessary for the well-being of a person.

In this personalized era, where people are looking for everything customized, consumers are appreciating the fact that keto diet is maintained in a way that all the eating habits involved understand, sense and dictate the working of a specific person, one person at a time. With more and more people following the ‘health trends of the year', keto aligns with health and wellness trends which is one of the reasons the number of people adopting ketogenic food diet is increasing (Wang et al., 2016). With the increase in the nutrition needs of the person and the attraction towards healthy eating habits, a number of people are consuming a keto diet.

One way to assess the needs and trends followed by the target customers is by assessing internet searches of the people residing in Las Vegas, New York. According to the Google Analytics in the year 2016-2018, people have researched diets including Atkins, the ketogenic diet, Whole 30, paleo-inspired diets such as the Wild Diet and mono diets that focus on eating a single food, such as a taco diet or pizza diet. The search for other diet charts has decreased however what has been increased is the number of searches for healthy eating habits and Ketogenic diet between the year 2016-2018 (Figure 1). Right now, Keto is popular as it was at the time of its introduction.

Figure 1: Search for healthy eating habit and Ketogenic Diet

Cited: (Lee, 2018)

Segmentation Strategies

In the present time, Greens and Proteins along with Egg works are the two most compatible competitors present in Las Vegas. Keeping in view the products and services offered Greens and Proteins along with Egg works, a proposed segmentation, posting and a target has been explained for our Ketogenic food restaurant as well. Table 1 shows the segmentation strategy that will be followed by our Ketogenic food restaurant.

Type of segmentation	Segmentation criteria	Ketogenic Food Restaurant Segment Market
Geographic	Region	Domestic/
	Density	Urban/rural
Demographic	Age	25-45
	Gender	Males & Females
	Income	Low and middle
	Occupation	Catering all type of professions along with food enthusiasts
Behavioral	Benefits sought	Cost benefits, time efficiency
	Personality	Easygoing & health care conscious
	User status	Potential and regular keto food enthusiasts
	Social class	Lower, working and middle classes
Psychographic	Lifestyle	Young and all those people conscious about their health and the following keto as the right option

Table 1: Ketogenic Food Restaurant Segment Market

Niche Marketing

In most of the markets, 80/20 rule works that are only 20% of the customers are good enough and loyal for the working of a specific product/service (Awan, 2014). Keeping in view this perspective it is necessary to adopt a niche marketing strategy so that the working of that 20 % can be assured. To reach all the nutritionally aware consumers, our restaurant will focus on having region-specific social media accounts with creative content and a supporting blog filled with interesting content. Interesting content will be one of the most effective ways of gathering keto food consumers in the region. Besides, the onboard nutritionist of our restaurant will share some health tips for the consumers which will make them crave for our restaurant's food more often. Besides, a YouTube channel will also be created with amazing content for the consumers to view.

Gap Analysis 1

In this section, the gap analysis of Green and proteins will be conducted and at the end, some useful conclusions will be useful for coming up with strategies that will be fruitful for the working of out ketogenic food restaurant.

Strategic Objective	Current Standing	Deficiency	Plan of Action
Meeting the expectations of the customers	Five locations spread in the valley to try out different techniques	Not enough research	Coming up with adequate research and hygienic food for all kind of consumers.
Service Standards	Poor service design	Time is taken in preparing the order	Coming up with quick snacks for their keto recipes

Introducing a drive-through an outlet in the first subsidiary created will prove fruitful for all the consumers who are occupied in their day to day tasks. Also, we will have tow cash counters so that the customers don't have to take too much time in placing an order and paying for there as well.

Gap Analysis 2

In this section, the gap analysis of Egg works will be conducted and at the end some useful conclusions will be useful for coming up with strategies that will be fruitful for the working of out ketogenic food restaurant.

Strategic Objective	Current Standing	Deficiency	Plan of Action
Delivering Service design as per the standards.	HR policy standards are well-designed	HR policy standards are not well-implemented.	Requires quality control and efficient recruitment.

Benchmarking

Since both the major competitors present in Las Vegas are focusing on dining in and have some issues in maintaining the quality and standard of food, hence quality, standard of food and a drive-through option will be the major benchmarks on which a competitive environment will create with the other two competitors.

Competitive Advantage

Following are the two most efficient Competitive Advantage strategies required for the restaurant:

Innovative Strategy: Coming up with new, innovative and full of tasty recipes for the keto food lovers.

Technology-Based Competitive Strategy: Making sure the social media presence among the potential customers for reaching the designated target sales.

Conclusion

Ketogenic food restaurant in Las Vegas is required as the consumers are now shifting towards healthy eating habits. With this, the restaurant can perform better in comparison to the two major competitors Greens and Proteins along with Egg works, with the help of better quality food and more options in their menu.

References

Awan, M. (2014). International Market Segmentation: Exploring Food Market of Young Adults. International Journal Of Health And Food, 5(2), 151-154. Retrieved from http://10.7763/ijtef.2014.v5.359

Lee, Yeji. "The Keto Craze: Charting Growth And Identifying Keto Product Gaps". Kerry.Com, 2018, https://www.kerry.com/insights/kerrydigest/2018/the-keto-craze-charting-growth-and-identifying-keto-product-gaps.

Parsons, J. M. (2015). " Good" Food as Family Medicine: Problems of Dualist and Absolutist Approaches to" Healthy" Family Foodways.

Same, S., & Larimo, J. (2012, May). Marketing theory: experience marketing and experiential marketing. In 7th International Scientific Conference “Business and Management (pp. 10-11).

Solomon, M. R., Dahl, D. W., White, K., Zaichkowsky, J. L., & Polegato, R. (2014). Consumer behavior: Buying, having and being (Vol. 10). London: Pearson.

Wang, Jingjing et al. "What Consumers Are Looking For In Food Consumption: Implications From Market Segmentation Analysis". Agribusiness, vol 33, no. 1, 2016, pp. 56-69. Wiley, http://10.1002/agr.21473.