OPEN DAY Chapter 4 Food and Beverage Marketing & A Feasibility Study FMB 3196.
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Transcript of OPEN DAY Chapter 4 Food and Beverage Marketing & A Feasibility Study FMB 3196.
OPEN DAY
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Chapter 4Food and Beverage Marketing
&A Feasibility Study
FMB 3196
OPEN DAY
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Competencies forFundamentals of Marketing
1. Explain marketing in terms of delivering guest-pleasing service.
2. Describe the steps involved in developing a feasibility study and list the three types of marketing research that should follow such a study.
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Competencies forFundamentals of Marketing
3. Describe the elements of a complete marketing plan, focusing on the roles of sales, advertising, public relations, and publicity. Compare public relations and publicity for hospitality operations.
4. Describe marketing tactics that might be used by a noncommercial food service operation.
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The Business Case
The objective of a Feasibility StudyWhyHow
Where & What
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The Business Case
The feasibility study is an evaluation and analysis of the potential of a proposed project which is based on extensive investigation and research to
support the process of decision making.
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Functions of a Feasibility Study
• Identify market area characteristics.
• Evaluate the proposed site.
• Analyze competitors.
• Estimate demand.
• Project operating results.
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Market Area Characteristics
• Demographic information
• Retail sales volume
• Number and types of businesses
• Impact of tourism
• Available transportation
• Economic stability
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Evaluating the Proposed Site
• Availability and convenience of parking
• Traffic flow
• Presence of other attractions that may bring in guests
• Site accessibility
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Changing concepts..
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Changing concept due to study
One Harbour Road at Grand Hyatt Hong Kong
•Was planned as a French dining room
•Then went to Italian
•Ended up Chinese…
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Analyzing the Competition
• Location
• Type of establishment
• Times of operation
• Menu prices
• Check average
• Type of service
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Analyzing the Market
Guest Profile Research
•Age
•Gender
•Frequency of visits to the property
•Employment
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Analyzing the Market
Marketplace Factors/Trends
•Changes in demographics
•Positive and negative events in the community, region, state, and nation
•Cost of energy and other utilities
•Government regulations
•Cost of travel
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Steps in a TypicalMarketing Plan
• Select target markets.
• Determine objectives.
• Create action plans.
• Evaluate and revise plans
as necessary.
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Special Promotions
• Couponing• Product sampling• Contests• Packages• Premiums• Gift certificates• Discounting• Bonus offers• Frequent diner programs
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Billboard - Outdoors
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Outdoor Sign Advertising
Pros
•Low cost
•Long life span
•Broad reach
Cons
•Limited message length
•Wasted coverage
•Zoning/posting restrictions
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Newspaper Advertising
• Pros• Low cost• Broad reach• Effective
coverage• Immediacy• Flexibility
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Newspaper Advertising
Cons
•Read or skimmed quickly
•Usually seen by only one reader per issue
•Poor reproduction quality
•Wasted coverage
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Magazine Advertising
Pros
•Long life span
•Several readers per issue
•Can target specific audiences
•Excellent reproduction quality
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Magazine Advertising
A focused add….
Cons
High cost
Long preparation time needed
Inflexibility
Some wasted coverage
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Radio Advertising
Pros•Saturate local area•Low cost•Can target specific markets•High message repetition possible
Cons•Short life span•Audio only
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Television Advertising
Pros•Appealing presentation of sight and sound•Viewers retain message•Extensive coverage•Target markets
Cons•High cost•Long preparation time•Wasted coverage
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Direct Mail Advertising Pros•Audience selectivity•Flexibility•Personalized message•Easily stopped or started•Easily evaluated for effectiveness
Con / Negative:•High Cost and often seen as Junk Mail•Less than 2% ROI….
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Internet Advertising One-on-one guest relationships
E-newsletters
Online reservations
Banner ads
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Thank You!