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Definition of Marketing
 Marketing is the critical function that keeps businesses
alive. It is defined by the Chartered Institute of Marketing as: "The management
process responsible for identifying, anticipating and satisfying customer requirements
profitably."
The key word in
the definition is CUSTOMER - listening them and providing what they want is central to
your success. A truly marketing-orientated business finds out its customers want before
deciding what to offer them. The result is a FOCUS on the CUSTOMER.
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Marketing Mix
The main function of promotional activities is to
inform, stimulate, encourage, activate customers sympathy towards your product or service.
The activities should be planned carefully as an integrated strategy. This 'mix' of
activities has the purpose of communicating with potential and existing customers. You are
looking to satisfy the customer's needs by offering right product at the right price in
the right place and time and presented in the way. These four key elements form the basis
of the marketing mix.
They
are known as the 4 P's: Product-Price-Place-Promotion (Merchandising & Internal
Promotion, Advertising, Direct MarketingPublic Relation & Publicity).
Maintain
the balance between all four elements and you should succeed, but if any one of them fails
to reach the standard expected by your customers, your business will be at risk.
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Why do Customers come to you ?
The obvious answer is: "Because they are hungry."
Feeding them satisfies their need, but there are other factors - and they may be more
important - that bring people into restaurants:
Celebration
or special event
Enjoyment
of different foods and drinks
Indulgence
(someone else does the work)
A
change of surroundings
Curiosity
(heard good reports about it - been there, done that!)
Celebrity
watch (to see and be seen in company of similar people)
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Market Research
The most important factor in any business is Satisfying
Your Customer. To do this, you must know what they like and then offer them the sorts of
thing they want to buy. Look at any successful business and you will find they are
constantly reviewing their product to meet their customers' needs.
In very simple terms, there are two main types of Market Research. Anyone can do both a
little effort, once they know what information they are seeking:
Desk
research - analysing existing information (Menu Analysis)
Primary
research - finding out directly from existing and potential customers
Remember that fashions are constantly changing and the needs of your customers will
with them. So you must be constantly on the lookout for areas of improvement in all
aspects of your business.
Don�t think that having done some research once, that's it. You need to carry out
some form of research on a regular basis.
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Customer Profile Research
You must know where your existing customers and potential
customers prefer to eat and what drinks they buy to accompany their meals.
Data
on guest�s age, sex, frequency of visits, employment can be important in positioning the
restaurant.
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Trends Research
We must be aware of current F&B trends and eating
habits. Over the past several years, the trend has been away from heavy meals to lighter.
Magazines & Publications inform about trends.
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Competition
& Competitors
Competition and competitors may appear at first to be the
same thing, but they are not.
Competition:
is every other business selling a product or service within a defined area of your
restaurant. All of you are competing for the money from people who live or work near to
your property. Electrical retailers, clothes shops and theatres are all competition
because each your potential customers the opportunity to spend their 'discretionary'
money. As long as they don't spend it with these outlets, you have a chance that they will
spend it with you.
Your
competitors are all the other establishments that offer a means of satisfying
that basic need identified as hunger. These could be sandwich bars, fast food or delivery
outlets, wine bars, pubs or other restaurants similar to yours
Competing products
It is likely that your restaurant has several products that attract customers. In that
case you will definitely have competitors in a number of categories. A nearby sandwich bar
may serve tea and coffee during the mornings to its customers. If you do the same, you are
competitors. As soon as you move on to the lunchtime trade, you are in competition with
the wine bars and pubs as well as the other restaurants similar to yours in the area.
A product could be
Breakfasts
and morning coffee
Brasserie,
or buffet-style restaurant for lunch
Wine
bar atmosphere
A
la carte restaurant for evenings
Function
room for private lunches and dinners
Take-away
or delivery service
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Advertising
Definiton
Buying Space or Time in a Media or the Street
Location
A Advertising can be located in Newspaper, Magazine, Radio, Television, Outdoor signs in
the Street, Outdoor signs in Construction areas, Outdoor signs on Buses, Internet. To be
efficient, advertising must be extremely repetitive
Newspaper & Magazines
These 2 Medias may look similar, but are not at all.
Newspapers have a local part. (Magazine not)
Newspapers are read by every one. (Magazine not)
Newspaper give "fresh" informations. (Magazine not)
Newspaper can be a good media for advertising a restaurant. (Magazine not)
For Advertising you need
Unique
Positioning. Your offer must be different from your competitors, so that you could develop
some Unique Selling Propositions.
Competitive
Advantage. Your offer must be better than your competitors (better service, quality,
cheaper)
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Direct Marketing
Definition
Direct Marketing is the total of activities by which products and services are offered to
market segments in one or more media for informational purposes, or to solicit a direct
response from a present or prospective customer.
Samples of Direct Marketing
Direct Mail, Direct e-mails, Door drops, Telephone sales.
Direct Marketing Advantages
The beauty of Direct Marketing is that it can produce quantifiable results from its
application, which sets it apart from all other methods of advertising and marketing. If
you send 10.000 discount coupons, the response of it will indicate the success of Direct
Mail.
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Public Relation (P.R.)
Definition
PR is best defined as "a conscious, planned campaign of informed communication to
induce a favourable climate of opinion".But the letters - PR - are used to mean both
'Public Relations' and 'Press Relations'. These are two very different areas, but both are
vitally important to you in your business.
Press Relation
(or media relations) is the building of a relationship between your business and the media
- newspapers, magazines, radio and TV. A free coverage your restaurant event by the media
is called Publicity
Public Relation
is the building of a relationship between your business and your public: your employee,
shareholders, customers, potential customers, local councils, politicians, police, and so
on ...
Public Relation Objectives (some ideas)
Launch
of a new service - e.g. Change in opening hours, 'Children's Certificate' granted for the
whole family to visit.
Launch
of a new 'product' - e.g. Sunday barbecues, pensioners lunches, karaoke nights.
Refurbishment
- e.g. Kitchens extended and re-equipped, new children's' play areas.
Celebrity
Visits - e.g. Retrospective publicity after a Sports, TV, or musical celebrity visits your
pub.
Awards
- e.g. The Evening Standard 'Pub of the Year' finalist, winner of the council's pub garden
competition, "Investors in People".
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