Project Strategy
It is essential to adopt digital marketing when focusing on a restaurant business like the Cartels Kitchen. This can be achieved through a number of ways. It is necessary to fully back the restaurant website to contain all details concerning the services offered and contacts (Randazzo, 2014). The restaurant also needs to include its services on social media platforms such as Facebook and Instagram, forums through which important functions and offers would be advertised (Jackson, 2018). It is also important to engage one-on-one with customers through E-mail marketing, hence, all customers should be invited to provide their email contacts. This would ensure that regular customers are retained, and new customers get the motivation to visit frequently. The digital marketing strategy should also have a broader view of the target audience, providing information meeting every potential audience (Maxwell, 2017).
There are other non-digital marketing strategies that the restaurant may adopt. The methods include branding the restaurant to identify with the target population, especially the locally cherished cuisines (Adams, 2017). The restaurant should open up for event hosting to attract many groups and individuals. Cartels Kitchen should also provide deals and discounts to customers, especially during the festive seasons. It is also essential for the business to consider partnering with other established brands such as Coca-Cola and Pepsi which are directly related to the hospitality industry. Finally, the restaurant should hire talented staff which are self-motivated (Randazzo, 2014).
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Product Strategy
It involves a number of techniques such as focusing on value approach of the products. This may be realized by selling some selected items on the menu at discounted price. The restaurant may also focus on seasonal promotions for its products. For instance, during the Lent season, many customers opt for fish, hence it should be offered in plenty. Chilled desserts and ice creams may be highly profitable during summer, while green beer can be a priority for many on St. Patrick’s Day. The Cartels Kitchen should also offer frequency programs to reward its customers for the number of times they visit the restaurant, or the amount they spend on buying food (Suttle, 2012). The rewards may be in form of free meals or drinks, and the tracking of purchases done by use of a computerized system for swiping and recording of every transaction.
Special considerations when conducting a product strategy should focus on the target customers and their preferences. The products offered by the restaurant should meet the expectations of customers. Cartels Kitchen should also consider the products offered by other competitive businesses so as to remain on top of the game. They should focus on best quality services to outdo their competitors. Finally, the restaurant should also consider external factors such as emerging markets, emerging technologies, and changes in customer needs which may directly affect the business (Suttle, 2012).
Price Strategy
In pricing, the Cartels Kitchen should keenly investigate the cost structure and business goals in making profit (Cooser, 2010). The pricing of food and services should be reasonable in a sense that it should equate the price that the market would comfortably offer for similar services. Pricing should also consider customer ability to afford the products and services offered by the restaurant. It should be comparable to other competitive businesses to ensure that Cartels Kitchen remains relevant in business. As pricing is done, it should also help the business maximize its profits to comfortably cater for all the business expenses, including re-stocking the kitchen, paying for the premises, footing all the bills, and paying the wages of support staff. Finally, the pricing should be flexible to accommodate market changes appropriately (Fletcher, 2015).
References
Randazzo, G. W. (2014). Developing Successful Marketing Strategies . Business Expert Press.
Adams, R. (2017, June 1). How to Develop an Effective Marketing Strategy. Retrieved from https://www.forbes.com/sites/robertadams/2017/06/01/how-to-develop-an-effective-marketing-strategy/#1c748f042324
Jackson, A. (2018, October 17). 11 Highly Effective Marketing Strategies for a Food & Beverage Business. Retrieved from https://www.designhill.com/design-blog/11-highly-effective-marketing-strategies-food-beverage-business/
Maxwell, T. (2017, September 14). Successful Digital Marketing for Restaurants. Retrieved from https://www.forbes.com/sites/forbesagencycouncil/2017/09/14/successful-digital-marketing-for-restaurants/#6d780a2f1329
Suttle, R. (2012, January 4). Product Strategies for Restaurants. Retrieved from https://smallbusiness.chron.com/product-strategies-restaurants-37640.html
Cooser, A. C. (2010, August 7). Restaurant Pricing Strategy. Retrieved from https://smallbusiness.chron.com/restaurant-pricing-strategy-5118.html
How to Develop Your Product Strategy | TIPM. (2017, November). Retrieved from https://www.thisisproductmanagement.com/blog/product-strategy
Fletcher, P. (2015, September 25). 5 Easy Steps to Creating the Right Pricing Strategy. Retrieved from https://www.inc.com/patricia-fletcher/5-easy-steps-to-create-the-right-pricing-strategy.html
Pricing Strategy for Your Product or Service | Marketing MO. (2018, March 28). Retrieved from http://www.marketingmo.com/strategic-planning/how-to-develop-a-pricing-strategy/
