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QUALIFICATION: B.TECH HNC BUSINESS UNIT NO AND TITLE: UNIT 4- MARKETING PRINCIPLES STUDENT NAME: MATTA. YESWANTH KUMAR ASSESSOR NAME: SWATI RAGHUPATRUNI DATE ISSUED: ___________DEADLINE:__________SUBMITTED ON_______
ASSIGNMENT TITLE: A REPORT ON DEVELOPING PRODUCT MIX FOR FOOD LAND INDIA
GAYATRI VIDYA PARISHAD
A REPORT ON DEVELOPING PRODUCT MIX FOR FOOD LAND INDIA STUDENT DECLARATION I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. M. Yeswanth kumar Student signature Date 1 .
articles. Develop extended marketing mix and its importance. websites and published statistical evidence.Introduction Food Land India has decided to launch its restaurant in Andhra Pradesh. This includes how to Develop a product to provide customer satisfaction. Promote the restaurant and the importance of promotion. This includes planning the price of products. Organize distributional channels to build customer relationships. the promotion strategy and developing separate marketing mix for different segments. Research Methodology Secondary data: The report is based on secondary data collected from text books. Objective The aim of this report is to project how marketing mix can be developed to sustain competitive advantage. Set price according to market conditions. Food Land India has a keen eye on health consciousness. Case Analysis and Interpretation Vision Apart from offering everyday fast foods Food Land India offers amazingly fresh food at competitive price. Mission Food Land India’s mission is to ensure best possible experience for customers when they leave with a positive opinion about their experience. online journals. Food Land India is dedicated to serving customers fast and efficiently. nutritious and delicious food and render friendly affordable service. Apart from Food Land India renders much hospitality service. the type of products they have to offer. In order to gain market in Andhra Pradesh they should analyze the market in this state and develop a Marketing Mix. Their aim is to provide healthy food and service all the time. Their mission is to provide healthy. Now let us see how this is to be done. Goals 2 .
and will therefore have a direct impact on sales. or if costs should spike suddenly). This includes pricing food (menu items) appropriately for the market. (3) Place: selecting proper market place. because they are tangible and can be touched The Marketing Mix includes the basic tools used by marketers to sell goods and services to target customers. This includes maintaining the quality of food items (even in times of scarcity of an item in the featured menu. To make profits within 2 years so that we can improve our service and expand into other parts of market. (4) Promotion: bringing our business near to consumers.To establish strong customer relationships. The Marketing mix or the 4p’s of marketing is crucial to the success of a restaurant. (2) Price: setting prices according to market conditions. These are Product 4p's Price Promotion Place (1) Product: developing product to satisfy customers. 3 . Each element can be varied to broaden the appeal of products and services. Marketing Mix The specific elements that make up your marketing strategy are typically referred to as the marketing mix. These 4 Ps are known as the physical elements of the marketing mix. This includes having a good location. To provide customer oriented atmosphere and be a quality restaurant.
The product is more than just the food and drink. It is better to go for value-basedpricing. service. You must determine what your customer's needs are and design a product that will fulfill those needs. By pricing effectively (by analyzing costs. It is a bundle of benefits that is being delivered to meet the needs of your customers. vada. it influences the perceived value of what you offer to your customers. dosa etc. market and demand) you will also avoid the serious financial consequences that can occur if you price too low (not enough profit) or too high (not enough sales). These may be to: Maximize profits Achieve a target return on investment Achieve a target sales figure Achieve a target market share Match the competition. In a restaurant that includes the menu items. How to set prices? Pricing is extremely important in marketing because.This includes utilizing promotional tactics to encourage repeat customers and to encourage new business.( businesscasestudies. Offering new items like north Indian dishes really attracts customers. Pricing is to achieve a number of different objectives. along with quality of product. How to develop products? Product positioning strategies have become more finely tuned to customers needs and perceived benefits. Your menu must include regional varieties like idly. Choosing the right price for your products or services will help you to maximize profits and also build strong relationships with your customers. It is basically the amount a customer is willing to give up to obtain a desired product or service.uk) Pricing Strategy Considerations costs market demand profits Objectives target sales competition 4 . merchandise. atmosphere and the whole experience of dining out.co. This restaurant has good brand name in north India and well known for it’s exceptionally good food and hence people come to sample it.
tourist places. It’s about attracting the right people to use and reuse your business. McCain may also offer its products at a special promotional price using pricemarked packs to encourage people to try the product. happy hour etc. musical nights. Place should be constantly evaluated with an environmental analysis. It includes all the tools that you utilize to communicate with your customers i. This includes arranging contests and giving small prizes. social networking sites. Personal selling. Before you start researching. stadiums. vada should not be too high than that of other local restaurants. For example. Example McCain uses a range of pricing strategies associated with adding value for money. How to promote your restaurant? Regardless of how good your business is. offices. and busy streets will really click. sports night. Promotion is more than selling and advertising your business. How to select place for restaurant? Place represents the location where a product can be purchased. define your income (and net profit) aspirations.Your overall pricing strategy will depend on your marketing. parks. railway stations. banners etc. Place refers to not only the location of your restaurant. business and lifestyle objectives. and 5 . Advertising. theme dinners. 'extra-fill' packs can give the customer up to 30% extra free. Direct marketing. bus stations. theatres. Your prices for local varieties like idly. but to the characteristics and demographics of the trading area and all of the people and competition that exist inside of it.e. This rewards regular buyers of a particular product. Launching near colleges. hospitals. Being in the right location can be a deciding factor in whether a customer buys from you or not. This includes meeting people personally. This includes ads in news papers. if you don’t promote it and tell people you exist it’s unlikely you will make many sales. Sales promotion. This may include any physical store as well as virtual stores (such as eBay) on the Internet. It is often referred to as the distribution channel. mike night. For example you can take order for catering by meeting personally.
technologies have leveled the playing field. These 3 extra Ps are particularly relevant to this new extended service mix. sponsoring. This includes offering best goods and services to customers who enter your restaurant and make them satisfied. The distributor suggested concentrating on their loyal lunch crowd customers and advertising the new 'happy hour' promotion to their drive-thru customers. and because the service sector of the economy has come to dominate economic activity in this country. a bright full color label was developed to catch attention and deliver the message of the new evening promotion. Planning 4p’s based on the segments bring long term profits. Success story Customer Situation A Label Works partner was challenged by their fast food restaurant client to help launch a promotion that would result in more dinner hour sales.com) Separate marketing mix for different customers One of the important features of marketing Mix is that we cannot apply the same Marketing Mix for all the segments. Public relations. Fortunately. marketers have expanded their ability to communicate with their target audience. A label proved to be an economical solution that could easily integrate into the current packaging and delivery system. Extended Marketing Mix and its importance The additional Ps have been added because today marketing is far more customer oriented than ever before. With the advent of sophisticated multimedia opportunities. Solution Working with the Label Works customer service team and advised by internal design artists. (navitor. The restaurant saw their dinner sales increase and met their promotional objectives as a result of this effective and affordable advertising piece. These include 6 . Marketing Mix of one segment may not match to that of other. This includes building loyal customers. charities etc. advertising on the bags and packaging. One should analyze the marketing mix of each segment and act accordingly.
qualification and experience of chefs etc. Process This looks at system used to deliver service. aptitude and service knowledge. such as serving the customers. •People •Process •Physical evidence •Product •Price •Place •Promotion •4p's •3p's 3p's 4p's Extended marketing mix 7 . cooking the food and cleaning up afterwards. This may include the process of receiving complaints from customers. Customers take judgments based on the people represented by your restaurant. When people walk into a restaurant you expect a clean and friendly environment. Hence they play a major role in ones business. their needs and requirements etc. Otherwise they walk out. It is used to charge premium prices for services and create positive experience. Physical evidence This actually distinguishes a company from its customers. chefs and cleaners require appropriate interpersonal skills. for restaurants this is not too important. as without them the restaurant would fail to exist. Waiters should receive them with hospitality. the hygienic of kitchen.process people physical evidence 7p's People These are the people who are involved in the marketing process. Waiters.
this attracts parents too. fruit flavors etc. latest music albums. iv) Promotion: To day many kids like to have their own menu and order food on their own. theatres. chocolate flavors. print media ads etc. waiters etc. social networking sites etc. busy streets. iv) Promotion: One can tie up with colleges. vi) Physical evidence: Arrange stylish furniture. 2) Youth i) Product: Fast foods. one can promote these through banners. offices. special dishes. stadiums etc. vii) Process: They generally do not bother about the process. FM Radio. If children do any mistakes or noise one should not abuse them. vi) Physical evidence: For some tables one can provide furniture suitable to children. offers. Arrange live music. vii) Process: Wish the children along with their parents when they enter into restaurant. One can provide them small toys but after taking permission from their parents. theatres etc. One can promote this individual felling through banners. social networking sites. Kid’s menu really attracts them. this brings resonance between the customers and employees. v) People: One should train their staff in handling children of the customers. But be able to provide them information. Findings Developing product mix is very important to achieve success but same product mix cannot be applied to all the segments. coupons etc. ii) Price: Competitive price. Ask their preferences and move accordingly. This creates a family atmosphere.Proposed marketing mix for segments Segment: Age 1) Kids i) Product: Kid’s specials. iii) Place: Near colleges. ii) Price: Competitive price. offices etc. Exhibit the cleanliness of your restaurant. shopping malls. One should understand the segment and market place and develop a 8 . arranging small competitions and giving small gifts. iii) Place: At vicinity of parks. this in fact hurt their parents. v) People: Try to employ young girls and boys as receptionists. cricket commentary etc.
The additional 3 Ps make a great change in one’s business and one cannot ignore them. Conclusion To develop better customer relationships and in turn profits developing marketing mix is compulsory. hospitality. these little things bring large profits. Hence 4p’s are extended to 7p’s. speed delivery. expertise in cooking etc. To achieve long term profits 4p’s are extended to 7p’s. Today products alone cannot bring long term profits. 50% product. There should be an intangible service to achieve success. The additional 3p’s are very important and they play a major role in achieving success.product mix accordingly. 50% service comprises 100% restaurant. Focus on the service quality like sanitation. 9 .