Biz020 Marketing Report - TuTTi MaTTi

shawn_lsy · 发表于 2006-12-8 00:49

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Executive Summary

In preparation of this marketing plan, the market position had been analysed thoroughly, it is recognized that dinner revenue account for only 20% of the total revenue, this indicates that the restaurants is operating poorly in terms of dinners. Therefore the central goal of this marketing plan is targeted to increase general traffic in dinners. Compare to current situation that average daily dinner patron would be as less as six customers per night to break even. An increase in one additional dinner patrons per night would achieve Solomon’s initial objective to finish the year with $290,000 in sales.

To breakeven, the minimum sales for the next six month is estimated at $241,749, this indicates a minimum of 13,831 customers in total is desired, averaged to be 105 daily. With only six dinner patron per day, any level of increasing traffic surpassing this level can be recognized as net profit after deduction of cost of goods sold. To achieve Solomon’s initial objective of $290,000 in sales during the next six month, a total of 16,627 customers are required and averaged 126 customers daily, 119 lunch customers and seven dinner patrons. This is a feasible goal to be achieved and is believed to obtain only greater revenue post-SARS.

Solomon should continue offer its premium Tuscan cuisine and excellent customer service to minimize its loss in traffic during the outbreak of SARS, this special period of time can be recognized as an opportunity to prove TuTTi MaTTi is in good standing position and further increase awareness with its local population.

In terms of operation, it is suggested that Solomon start to investigate in hiring management positions in the up coming years of operation to take over some of the workload off Solomon’s shoulder in order to allow Solomon focus on her best interest, the cuisine and the Italian lifestyle.

BYOW should not be encouraged in TuTTi MaTTi’s restaurant since Solomon invested in large amount of time and effort to complement every course of the meal with premium selection of Italian red wines. Therefore it is suggested to charge a $30 corkage fee to further discourage customers bring their own wine and encourage them to enjoy the wines complemented by the Restaurant.

In recommendation for its promotional campaign, it is encouraged that TuTTi MaTTi participate in the Summerlicious program, although a loss in revenue may occur compare to normal sales, but this can be recognized as a loss leader approach giving recognition to the restaurant regarding its premium cuisine and excellent services which is believed to led in increase in sales in the future operation. Launch of website is also recommended to provide detailed information to new customer in terms of driving directions and catering information, this is believed to further promote the restaurant to new base of customers and advertising to companies of its catering service.

Marketing Challenges

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shawn_lsy · 发表于 2006-12-8 00:49

Target Segment Analysis

Lunch consumers are young professionals in majority from local business firms within walking range to TM. Rest of the consumers are mainly consisted of tourists, students and local residents. Most of these customers are under tight schedule leading the flow of traffic can be rotated frequently during this period, therefore only a fast paced, organized, and friendly service in combination with TM’s tasting Tuscan cuisine can satisfy this group of their specific needs. An 80% in revenue is accounted from this segment of target market; a concern arises that although the lunch segment is in good standing position, dinners may seem to be operating poorly. This is the main reason for extending its service hours, with the fixed operating cost, to increase its operating hours within the limit leads to no additional marginal cost and the additional sales brings a very high margin since fixed cost was not accounted for during the extended hours previously. In the end, dinner segment has the greatest potential in future sales, with a seating capacity of 70, there is a lot of room for increasing traffic. Majority of the recommendations are made with the intention to increase awareness to the store and increase its traffic especially in dinner period.

  Catering and private functions are other methods to further promote dinner sales; this can be promoted on the website and especially during slower nights of the week (Monday to Thursday), a lower price can be offered per person, or fixed total cost as long as it can match the sales of the day. To further promote this program, website is the main promotional platform; in addition, advertising in magazines and newspapers can be considered during the second year of operation.
Competitive Analysis

  Competitions from both direct and indirect competitors are drastic. From the most near by competitors such as Alice Fazooli’s (AF) and Terroni to over 200 Italian restaurants all competing directly for the Italian cuisine market share. The comparative advantages of TM’s competitors, both AF and Terroni have opened for years, thus built a strong reputation and solid customer base at its territory. Multiple establishments are another comparative advantage by giving customers alternatives in location. Websites for these restaurants is another comparative advantage by public their contact information and driving directions to the general public, this gives an incentive to new customers to walk in the door by providing all the necessary information. However, big chain restaurants have their weaknesses in specialization; due to different target markets, these establishments generally have the menu as an Italian-Canadian style to endure its customer base at large quantities. To capitalize on this, TM should continue to focus its cuisine to traditional Tuscan dish that’s nowhere else to be found in Toronto.

Corporate Capabilities Analysis:

TM’s limited financial budget for advertising and promotions shortened the corporate capabilities. Despite Solomon’s aspiring desire and determination for operating a restaurant herself, she’s limited human resource although did provide a comparative advantage toward the cuisine itself, but working over 14 hours a day, 6 days a week will eventually create stress and tiredness in a long-run that led to inability to monitor the restaurants operation business wise. To overcome this problem, it is suggested that Solomon start to investigate in hiring management positions to manage the restaurant professionally in the upcoming fiscal years, not only to manage the restaurant and customer service, but also keep tracks and monitor it’s varies business operations such as marketing, promotion, and advertising campaigns, maintenance of website, catering events and other legal concerns may come up along during its operation.

shawn_lsy · 发表于 2006-12-8 00:49

The Marketing Mix

Product:
High quality in food and excellent service is the key to its success in restaurant business. TuTTi MaTTi sells its high quality Tuscany cuisine in complement with Italian red wines to satisfy customers. TM must continue to ensure its products are the best in Italian restaurants. Since TM’s products are prepared everything from scratch, this is one of the key attractions for TM’s business, along with its open-concept kitchen, visual presentation is very important not only in the dishes, but also the way kitchen staff works. With a cooperative team respond to tasks seamlessly in combination of serving staff’s friendly service, this creates a warming and welcome atmosphere for its customers. Therefore it is very important to train Solomon’s employees to work not only professionally, but also appealing to its customers. Considering the negative effects brought by SARS, Solomon must dedicate her to ensure the restaurant environment is sensationally clean, as well as ensure the products as sanitary as possible. Overall, SARS can be seen as an opportunity to prove TM is in good standing position and receives recognition for its effort, this is especially important in sales at post-SARS and future years.

Placement:
Because TM only have one establishment, the restaurant is the only place deals with its end consumer, Website is the virtual location for customer to reach TM on the internet, the Website must provides TM’s contact information, location, operating hours, menu, pictures of restaurant. In distribution, Solomon managed to save $15,000 annually by purchase raw materials and food ingredients directly from Toronto Food Terminal. This approach has eliminated the distribution channel of distributor, however this labour intensive move is not suggested to continue in a long run, due to its time-consuming effort, it is suggested that Solomon keeps an eye on distributors throughout the year, if there is adequate distributors that fits Solomon’s special needs in premium meats and fresh products, Solomon is encouraged to make contacts with the distributor and negotiate for pricing. It is Solomon’s responsibility to ensure the wholesale price (COG) does not exceed 32% of sales by maximum industry standard, but the most important concern is the quality of the products from the distributor, in this case, quality is important than monetary figures and Solomon should give extra attention on it.

Pricing
  According to the menu, each dish is reasonably priced. An average bill of $15 for lunch and $50 for dinner are at reasonable level to customers. Generally, TM should continue to keep this price level, it is discouraged if Solomon wish to drop the price or issue discounts, thus in restaurant industry is considered cheap and not worthy of premium pricing. Despite the amount of effort and time Solomon has put into in this restaurant, the price should be charged at its cost of sales with a profit target set in place. However taking in the consideration of the slowness during the weekday nights, it is suggested that Solomon issue gift certificates to customers at peak periods to encourage them to come to dinner at other nights of the week.

  At the rate of $15 per lunch consumer and $50 per dinner patron, it is estimated that in the next six month with a goal of $290,000 in sales, on average, TM needs total traffic of 126 customers per day, 119 customers are at lunch and 7 customers are at dinner. With a seating capacity of 70 and operating hours of 6 hours (extended) for lunch and 4.5 hours for dinner. This is an achievable goal to pursue. Worst case scenario, to break even with a zero profit, the total sales is estimated to be $241,232 for the next 6 month. To achieve this amount of sales, total daily traffic is decreased to 105 patrons per day, 99 at lunch and 6 at dinner. This is also believed to be achievable and should soon surpass this level of traffic at post-SARS with confidence.

  Bring your own wine should not be encouraged in TuTTi MaTTi’s restaurant since Solomon invested in large amount of time and effort to complement every course of the meal with premium selection nof Italian red wines. This exclusiveness should be appreciated by diners and enjoy the products provided by TuTTi MaTTi. Therefore it is suggested to charge a $30 corkage fee to further discourage customers bring their own bottles.

shawn_lsy · 发表于 2006-12-8 00:50

Promotions
Currently there are four existing options for Solomon to consider with a suggested budget of $3,000 in total for the second half year. It is suggested that Solomon launch its website at current negotiated price and participate in Summerlicious program, it is not recommended to advertise n Dining Out Magazine since its target market is on a broader range and may loss focus on TM’s target market which is only based in Toronto at this period of time. Toronto Life Magazine is an appealing option for advertising, it is suggested to advertise on the “where to eat” issue on the next coming March. (Budget of $1,000 for this advertisement is not accounted within this year)

Website
This advertising campaign should be capitalized, the cost for this advertising method is in total of 1962$ for the next six month, this includes $1500 start up cost, $25 dollar monthly hosting fee and $12 per hour for maintenance. To break even, an additional of 150 lunch or approximately 35 dinners need to be served to cover the cost, this is an additional of one extra lunch patron per day and one extra dinner patron in every four days, or two additional catering events.

Website’s main goal should be aimed at providing new customers essential information about the restaurant and promoting its catering service to firms and private functions. Thus content of the website is suggested to contain important information about the restaurant, operating hours, contact information, address location, map, near-by parking lots, menu, catering information and special events.
It is suggested that Solomon allow monitoring of website be at least one hour per week to keep track of traffics on the website, ensure it’s working online continuously throughout the month.

Summerlicious

Each year, City of Toronto hosts this event to encourage tourists and local residence to dine out and enjoy what the city has to offer. Within the Summerlicious program, only about 70 restaurants has been selected out of thousands to participate in this event. Although the price is positioned very low for Summerlicious, however, this can be recognized as a loss leader approach in pricing, TM can capitalize on this opportunity to offer local residence and tourist it’s premium meals at a lower cost, but take in a larger quantity of customers by whole to achieve the same portion of revenue. To achieve the same amount of sales at a lower price per customer, more traffic is required during the weeks of Summerlicious. It is estimated that during the two week period of Sumemrlicious, sales of Alcohol will reduce in half which only account for 15% of total sales; Dinner is believed to increase at least by 10% due to its low price. It is estimated that a total of 1,376 customers are required to achieve the two week sales of 22,***, 1041 lunch patrons and 335 diners. This averages approximately 104 lunch patrons and 28 dinner patron per day. Although amount of traffic required in dinner is quadrupled, however with it’s seating capacity and operating hours, is it still believed that TM can achievable this rise in traffic with ease.

Cherryhill · 发表于 2006-12-10 19:31

I paid for but I didn\'t get what you were selling. Return my 5 金币*4 please!!

Tech · 发表于 2006-12-10 20:00

I paid for but I didn\'t get what you were selling. Return my 5 金币*4 please!!

他是回复+声望+金钱隐藏，你需要点击第一个贴下面的回复按钮进行回复，才能看到。

Cherryhill · 发表于 2006-12-10 21:41

Got it, thanks!

wpsun · 发表于 2007-1-15 01:24

huh?

wpsun · 发表于 2007-3-22 15:07

看看

wpsun · 发表于 2007-3-22 15:09

这个你得了多少分？

James · 发表于 2007-3-28 00:45

恩，不错，executive summary很supportive和practical..用词很准确而且非常合适...下面实在不想看了..太长了...写的不错~~从executive summary就已经是80的感觉，下面写好点85没问题

pringles · 发表于 2007-4-15 20:27

shawn_lsy · 发表于 2007-4-21 16:24

78...因为完全没有引用Exhibit里面的东西，如果引用了的话估计在85+的档次……然后我还晚交了1天。最后68T_T

我的贴为什么自己不能编辑了……管理员能帮忙把上面的几个回复限制和购买限制什么的去掉吗，谢谢

kaixindeyuan · 发表于 2007-4-21 17:40

搞定~~

nightknight · 发表于 2007-10-25 16:30

支持一个

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