Marketing

What business are you really in?

By November 4, 2021 No Comments
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A restauranteur might think he/she is only in the business of selling food and drink.  However, examining the features of the business more closely, there are a number of reasons why customers might select to buy food and drink. 

RECIPE FOR SUCCESS INGREDIENT CARDS

Ingredient 2: Marketing

Question:

What business are you really in?

Answer:

The reasons represent the buying motives that customers have for purchasing food and wine and reflects the benefit to the customer.  The more benefits you can identify for your product or service, the greater will be your customer’s perception of value.

Let’s have a look at ‘basic’ product/service, ‘expected’ product/service andadded’ product/service. 

Basic product/service

The ‘basic’ product/service is the central benefit of the product/service.  For example, for a city hotel, the basic product could simply be the provision of comfortable accommodation at an affordable price.

Expected product/service

The ‘expected’ product/service includes the characteristics of the product, including its features, size, brand, accessories and quality.  What’s expected of a hotel could be 5-star decor and facilities, 24-hour room service, beds turned down in the evening with a chocolate on the pillow and all the normal bathroom extras such as shampoo, soap and a hairdryer.

Added product.service

The ‘added’ product/service includes any additional benefits or services that accrue to the purchaser.  This could prove to be the difference between struggle and survival in the fiercely competitive market for accommodation, for example, a chauffeur picks up from the airport. 

Remember, however, that both basic product/service and the expected product/service need to be delivered to an acceptable standard or the added product/service will be valueless.  It’s no good having all the lovely extras if the bed is uncomfortable, the towels shoddy and breakfast delivered late and cold.

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