The success of your restaurant business marketing mix will depend, not only on the product you sell, but also on how, where, and when it is presented to your potential customers. It is a mixture of these activities that will allow you to be competitive in the marketplace. This mixture is called the marketing mix.
RECIPE FOR SUCCESS INGREDIENT CARDS
Ingredient 2: Marketing Mix
Question:
Why understanding the marketing mix (product, place, promotion, price) is important for a restaurant business?
Answer:
Before developing a marketing mix for your restaurant business you need to become very familiar with the type of industry you are in, your customers’ needs, and the restaurant business environment in which you are operating.
The Marketing Mix (product, place, promotion, price)
Product
What exactly are you selling? Remember that people only buy solutions to problems – what are you offering them? Selling shoes is selling foot protection; selling umbrellas is selling protection from rain or sun. What problem does your product solve?
Place
Where is the best place to sell the product? How should it be distributed? Ayers Rock may not be the best place to sell surfboards! Where is the best place? Are you going to distribute your product through wholesalers, retail stores, or Internet? Your decision will be influenced by the type of product you sell and your target market.
Promotion
What is the most effective way you can let people know about your product? Advertising in newspapers or magazines is one way. Then there are letterbox drops, trade fairs, websites, Internet, radio, and TV advertising. The type of product you sell and the location of your target market will help you decide on the most appropriate promotional mediums to use.
Price
What can you charge for your product? If a similar product is currently being sold you can use that price as a guide. It is most important that you are aware of the total cost of providing the product. This should be one of your first considerations when deciding on the product you want to market. Your selling price should include the full cost of producing and promoting the product as well as a reasonable retained profit.
A restaurant business can survive for some time with poor record-keeping, insufficient finance, or a lack of management skills, but they cannot survive without a market.
Want to know more?
For a low investment, why not download a copy of
How to Discover Your Market eGuide
and get your business known.
For a low investment:
- eGuide: Downloadable easy-to-read eGuide – How to Discover Your Market eGuide
- eventbrite.com Online Workshop: Restaurant, Cafe, Catering…MARKETING (over 2 nights).
- eventbrite.com Online Workshop: Restaurant, Cafe, Catering…VENTURE for new and existing hospitality owners (8 evenings Tues and Thursday or 4 Saturdays)
Free:
- eventbrite.com Free Webinar: Restaurant, Cafe, Catering…STARTUP
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- BLOG Articles…you may be interested in reading:
RECIPE FOR SUCCESS
4 Ingredients:
Business – keep within the law
Marketing – increase sales, make more profit
Operations – controls to save time and money
Ideas – keep your customers coming back