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Marketing Mix

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Hospitality Marketing Course

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Marketing Mix

  1. 1. Week 4Week 4 Hospitality Marketing Nur Agustinus Hospitality Marketing Nur Agustinus
  2. 2. A Guide To Restaurant Marketing Mix Understanding the restaurant marketing mix and having a model optimized for your restaurant is critical to an effective marketing system and the key to success when it comes to restaurant profits and staying competitive. A “marketing mix” is the right tool to employ to base the decisions on where to put the focus and resources, irrespective of whether the business is smooth sailing or going through a rough patch. A Guide To Restaurant Marketing Mix Understanding the restaurant marketing mix and having a model optimized for your restaurant is critical to an effective marketing system and the key to success when it comes to restaurant profits and staying competitive. A “marketing mix” is the right tool to employ to base the decisions on where to put the focus and resources, irrespective of whether the business is smooth sailing or going through a rough patch. Understanding the restaurant marketing mix and having a model optimized for your restaurant is critical to an effective marketing system and the key to success when it comes to restaurant profits and staying competitive. A “marketing mix” is the right tool to employ to base the decisions on where to put the focus and resources, irrespective of whether the business is smooth sailing or going through a rough patch. Understanding the restaurant marketing mix and having a model optimized for your restaurant is critical to an effective marketing system and the key to success when it comes to restaurant profits and staying competitive. A “marketing mix” is the right tool to employ to base the decisions on where to put the focus and resources, irrespective of whether the business is smooth sailing or going through a rough patch. Understanding the restaurant marketing mix and having a model optimized for your restaurant is critical to an effective marketing system and the key to success when it comes to restaurant profits and staying competitive. A “marketing mix” is the right tool to employ to base the decisions on where to put the focus and resources, irrespective of whether the business is smooth sailing or going through a rough patch. Understanding the restaurant marketing mix and having a model optimized for your restaurant is critical to an effective marketing system and the key to success when it comes to restaurant profits and staying competitive. A “marketing mix” is the right tool to employ to base the decisions on where to put the focus and resources, irrespective of whether the business is smooth sailing or going through a rough patch.
  3. 3. E. Jerome McCarthy The original marketing mix, or 4 Ps, as originally proposed by marketer and academic Jerome McCarthy, provides a framework for marketing decision-making. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing. E. Jerome McCarthy The original marketing mix, or 4 Ps, as originally proposed by marketer and academic Jerome McCarthy, provides a framework for marketing decision-making. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing. The original marketing mix, or 4 Ps, as originally proposed by marketer and academic Jerome McCarthy, provides a framework for marketing decision-making. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing. The original marketing mix, or 4 Ps, as originally proposed by marketer and academic Jerome McCarthy, provides a framework for marketing decision-making. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing. The original marketing mix, or 4 Ps, as originally proposed by marketer and academic Jerome McCarthy, provides a framework for marketing decision-making. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing. The original marketing mix, or 4 Ps, as originally proposed by marketer and academic Jerome McCarthy, provides a framework for marketing decision-making. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing.
  4. 4. What is a Marketing Mix?What is a Marketing Mix? • The marketing mix is the focus and outline of your marketing plan that is in alignment with the goals of your business. This relates to your menu offerings (products), menu item pricing (price), location and competitive positioning (place), and deals, specials and promotions (promotion) – the 4P’s. • The marketing mix is the focus and outline of your marketing plan that is in alignment with the goals of your business. This relates to your menu offerings (products), menu item pricing (price), location and competitive positioning (place), and deals, specials and promotions (promotion) – the 4P’s. • The marketing mix is the focus and outline of your marketing plan that is in alignment with the goals of your business. This relates to your menu offerings (products), menu item pricing (price), location and competitive positioning (place), and deals, specials and promotions (promotion) – the 4P’s. • The marketing mix is the focus and outline of your marketing plan that is in alignment with the goals of your business. This relates to your menu offerings (products), menu item pricing (price), location and competitive positioning (place), and deals, specials and promotions (promotion) – the 4P’s. • The marketing mix is the focus and outline of your marketing plan that is in alignment with the goals of your business. This relates to your menu offerings (products), menu item pricing (price), location and competitive positioning (place), and deals, specials and promotions (promotion) – the 4P’s.
  5. 5. How to Develop an Ideal Marketing Mix? How to Develop an Ideal Marketing Mix? To develop the right marketing mix for the restaurant, start by getting clarity on the following: • Market segment – Get a clear understanding of the market segment your business is positioned in. You are in one or more of the following segments – dining, carryout & delivery and catering. • Target customer – Know who you are selling to and who needs or wants what you offer is rule number one in marketing. Know your customer, their age, gender, their income, where they live, etc. • Competition – Identify your competitors in your market segments. You may have different competitors in each of your market segments. Analyze their menu, pricing, promotions and online presence to understand your relative positioning compared to theirs. To develop the right marketing mix for the restaurant, start by getting clarity on the following: • Market segment – Get a clear understanding of the market segment your business is positioned in. You are in one or more of the following segments – dining, carryout & delivery and catering. • Target customer – Know who you are selling to and who needs or wants what you offer is rule number one in marketing. Know your customer, their age, gender, their income, where they live, etc. • Competition – Identify your competitors in your market segments. You may have different competitors in each of your market segments. Analyze their menu, pricing, promotions and online presence to understand your relative positioning compared to theirs. To develop the right marketing mix for the restaurant, start by getting clarity on the following: • Market segment – Get a clear understanding of the market segment your business is positioned in. You are in one or more of the following segments – dining, carryout & delivery and catering. • Target customer – Know who you are selling to and who needs or wants what you offer is rule number one in marketing. Know your customer, their age, gender, their income, where they live, etc. • Competition – Identify your competitors in your market segments. You may have different competitors in each of your market segments. Analyze their menu, pricing, promotions and online presence to understand your relative positioning compared to theirs. To develop the right marketing mix for the restaurant, start by getting clarity on the following: • Market segment – Get a clear understanding of the market segment your business is positioned in. You are in one or more of the following segments – dining, carryout & delivery and catering. • Target customer – Know who you are selling to and who needs or wants what you offer is rule number one in marketing. Know your customer, their age, gender, their income, where they live, etc. • Competition – Identify your competitors in your market segments. You may have different competitors in each of your market segments. Analyze their menu, pricing, promotions and online presence to understand your relative positioning compared to theirs. To develop the right marketing mix for the restaurant, start by getting clarity on the following: • Market segment – Get a clear understanding of the market segment your business is positioned in. You are in one or more of the following segments – dining, carryout & delivery and catering. • Target customer – Know who you are selling to and who needs or wants what you offer is rule number one in marketing. Know your customer, their age, gender, their income, where they live, etc. • Competition – Identify your competitors in your market segments. You may have different competitors in each of your market segments. Analyze their menu, pricing, promotions and online presence to understand your relative positioning compared to theirs. To develop the right marketing mix for the restaurant, start by getting clarity on the following: • Market segment – Get a clear understanding of the market segment your business is positioned in. You are in one or more of the following segments – dining, carryout & delivery and catering. • Target customer – Know who you are selling to and who needs or wants what you offer is rule number one in marketing. Know your customer, their age, gender, their income, where they live, etc. • Competition – Identify your competitors in your market segments. You may have different competitors in each of your market segments. Analyze their menu, pricing, promotions and online presence to understand your relative positioning compared to theirs.
  6. 6. Determine The Marketing ObjectiveDetermine The Marketing Objective Here are some possible marketing objectives for the restaurant: • generate awareness – Be visible locally and let people recognize your brand. • increase repeat visits – Get some regulars coming in the doors. • increase average check – The better relationships you establish with customers the more they will spend. • competitive differentiation – Letting people know what makes your business special. • building the brand – Making sure people know what your business represents. • be top of mind – If you can be the first on your customers’ mind you will always succeed. • improve value perceptions – Letting people know what your business is about. Here are some possible marketing objectives for the restaurant: • generate awareness – Be visible locally and let people recognize your brand. • increase repeat visits – Get some regulars coming in the doors. • increase average check – The better relationships you establish with customers the more they will spend. • competitive differentiation – Letting people know what makes your business special. • building the brand – Making sure people know what your business represents. • be top of mind – If you can be the first on your customers’ mind you will always succeed. • improve value perceptions – Letting people know what your business is about. Here are some possible marketing objectives for the restaurant: • generate awareness – Be visible locally and let people recognize your brand. • increase repeat visits – Get some regulars coming in the doors. • increase average check – The better relationships you establish with customers the more they will spend. • competitive differentiation – Letting people know what makes your business special. • building the brand – Making sure people know what your business represents. • be top of mind – If you can be the first on your customers’ mind you will always succeed. • improve value perceptions – Letting people know what your business is about. Here are some possible marketing objectives for the restaurant: • generate awareness – Be visible locally and let people recognize your brand. • increase repeat visits – Get some regulars coming in the doors. • increase average check – The better relationships you establish with customers the more they will spend. • competitive differentiation – Letting people know what makes your business special. • building the brand – Making sure people know what your business represents. • be top of mind – If you can be the first on your customers’ mind you will always succeed. • improve value perceptions – Letting people know what your business is about. Here are some possible marketing objectives for the restaurant: • generate awareness – Be visible locally and let people recognize your brand. • increase repeat visits – Get some regulars coming in the doors. • increase average check – The better relationships you establish with customers the more they will spend. • competitive differentiation – Letting people know what makes your business special. • building the brand – Making sure people know what your business represents. • be top of mind – If you can be the first on your customers’ mind you will always succeed. • improve value perceptions – Letting people know what your business is about. Here are some possible marketing objectives for the restaurant: • generate awareness – Be visible locally and let people recognize your brand. • increase repeat visits – Get some regulars coming in the doors. • increase average check – The better relationships you establish with customers the more they will spend. • competitive differentiation – Letting people know what makes your business special. • building the brand – Making sure people know what your business represents. • be top of mind – If you can be the first on your customers’ mind you will always succeed. • improve value perceptions – Letting people know what your business is about.
  7. 7. 4 Ps PRODUCT PRICE Variety, Quality List price, Discounts Design, Features Allowances, Payment Brand name, Packaging period, Credit terms Services TARGET CUSTOMERS INTENDED POSITIONING PROMOTION PLACE Advertising Channels, Coverage Personal selling Assortments, Locations Sales promotion Inventory, Transportation Public Relations Logistics PRODUCT PRICE Variety, Quality List price, Discounts Design, Features Allowances, Payment Brand name, Packaging period, Credit terms Services TARGET CUSTOMERS INTENDED POSITIONING PROMOTION PLACE Advertising Channels, Coverage Personal selling Assortments, Locations Sales promotion Inventory, Transportation Public Relations Logistics PRODUCT PRICE Variety, Quality List price, Discounts Design, Features Allowances, Payment Brand name, Packaging period, Credit terms Services TARGET CUSTOMERS INTENDED POSITIONING PROMOTION PLACE Advertising Channels, Coverage Personal selling Assortments, Locations Sales promotion Inventory, Transportation Public Relations Logistics PRODUCT PRICE Variety, Quality List price, Discounts Design, Features Allowances, Payment Brand name, Packaging period, Credit terms Services TARGET CUSTOMERS INTENDED POSITIONING PROMOTION PLACE Advertising Channels, Coverage Personal selling Assortments, Locations Sales promotion Inventory, Transportation Public Relations Logistics PRODUCT PRICE Variety, Quality List price, Discounts Design, Features Allowances, Payment Brand name, Packaging period, Credit terms Services TARGET CUSTOMERS INTENDED POSITIONING PROMOTION PLACE Advertising Channels, Coverage Personal selling Assortments, Locations Sales promotion Inventory, Transportation Public Relations Logistics PRODUCT PRICE Variety, Quality List price, Discounts Design, Features Allowances, Payment Brand name, Packaging period, Credit terms Services TARGET CUSTOMERS INTENDED POSITIONING PROMOTION PLACE Advertising Channels, Coverage Personal selling Assortments, Locations Sales promotion Inventory, Transportation Public Relations Logistics
  8. 8. Product- Consumer • The product part of the Four Ps model is replaced by consumer or consumer models, shifting the focus to satisfying the consumer. • The product part of the Four Ps model is replaced by consumer or consumer models, shifting the focus to satisfying the consumer. • The product part of the Four Ps model is replaced by consumer or consumer models, shifting the focus to satisfying the consumer.
  9. 9. ProductProduct 1. Core Benefit : It is the service or benefit the product is offering. 2. Basic product : The core benefit triggers the basic product. 3. Expected product : These are attributes expected by the consumer from the product. 4. Augmented product : It is a differentiated product that is made to exceed a consumer's expectations. 5. Potential product : This is where the company looks for innovate ways to satiate the consumer. 1. Core Benefit : It is the service or benefit the product is offering. 2. Basic product : The core benefit triggers the basic product. 3. Expected product : These are attributes expected by the consumer from the product. 4. Augmented product : It is a differentiated product that is made to exceed a consumer's expectations. 5. Potential product : This is where the company looks for innovate ways to satiate the consumer. 1. Core Benefit : It is the service or benefit the product is offering. 2. Basic product : The core benefit triggers the basic product. 3. Expected product : These are attributes expected by the consumer from the product. 4. Augmented product : It is a differentiated product that is made to exceed a consumer's expectations. 5. Potential product : This is where the company looks for innovate ways to satiate the consumer. 1. Core Benefit : It is the service or benefit the product is offering. 2. Basic product : The core benefit triggers the basic product. 3. Expected product : These are attributes expected by the consumer from the product. 4. Augmented product : It is a differentiated product that is made to exceed a consumer's expectations. 5. Potential product : This is where the company looks for innovate ways to satiate the consumer. 1. Core Benefit : It is the service or benefit the product is offering. 2. Basic product : The core benefit triggers the basic product. 3. Expected product : These are attributes expected by the consumer from the product. 4. Augmented product : It is a differentiated product that is made to exceed a consumer's expectations. 5. Potential product : This is where the company looks for innovate ways to satiate the consumer. 1. Core Benefit : It is the service or benefit the product is offering. 2. Basic product : The core benefit triggers the basic product. 3. Expected product : These are attributes expected by the consumer from the product. 4. Augmented product : It is a differentiated product that is made to exceed a consumer's expectations. 5. Potential product : This is where the company looks for innovate ways to satiate the consumer.
  10. 10. Product lifecycleProduct lifecycle The product lifecycle looks at the sales of a product over time The product lifecycle looks at the sales of a product over time The product lifecycle looks at the sales of a product over time The product lifecycle looks at the sales of a product over time The product lifecycle looks at the sales of a product over time The product lifecycle looks at the sales of a product over time
  11. 11. Co-creationCo-creation • Co-creation is a management initiative, or form of economic strategy, that brings different parties together (for instance, a company and a group of customers), in order to jointly produce a mutually valued outcome. • Co-creation is a management initiative, or form of economic strategy, that brings different parties together (for instance, a company and a group of customers), in order to jointly produce a mutually valued outcome. • Co-creation is a management initiative, or form of economic strategy, that brings different parties together (for instance, a company and a group of customers), in order to jointly produce a mutually valued outcome. • Co-creation is a management initiative, or form of economic strategy, that brings different parties together (for instance, a company and a group of customers), in order to jointly produce a mutually valued outcome. • Co-creation is a management initiative, or form of economic strategy, that brings different parties together (for instance, a company and a group of customers), in order to jointly produce a mutually valued outcome. • Co-creation is a management initiative, or form of economic strategy, that brings different parties together (for instance, a company and a group of customers), in order to jointly produce a mutually valued outcome.
  12. 12. FACTORS AFFECTING PRICING DECISIONS Kotler-Amstrong,-- FACTORS AFFECTING PRICING DECISIONS Kotler-Amstrong,-- INTERNAL EXTERNAL FACTORS P FACTORS Marketing objectives R Nature of the market Marketing mix strategy I and demand Costs C Competition Organisational I Other environmental considerations N factors ( economy, G resellers, government INTERNAL EXTERNAL FACTORS P FACTORS Marketing objectives R Nature of the market Marketing mix strategy I and demand Costs C Competition Organisational I Other environmental considerations N factors ( economy, G resellers, government INTERNAL EXTERNAL FACTORS P FACTORS Marketing objectives R Nature of the market Marketing mix strategy I and demand Costs C Competition Organisational I Other environmental considerations N factors ( economy, G resellers, government INTERNAL EXTERNAL FACTORS P FACTORS Marketing objectives R Nature of the market Marketing mix strategy I and demand Costs C Competition Organisational I Other environmental considerations N factors ( economy, G resellers, government INTERNAL EXTERNAL FACTORS P FACTORS Marketing objectives R Nature of the market Marketing mix strategy I and demand Costs C Competition Organisational I Other environmental considerations N factors ( economy, G resellers, government
  13. 13. PRICING PERCPECTIVES– Lancecter-Reynolds - • ECONOMIST’s approach The price is the means through which supply and demand is brought into equilibrium • ACCOUNTANTS’s approach The price covers the costs and make profits • MARKETER’s approach Effect of price on the organisation’s competitive market position • ECONOMIST’s approach The price is the means through which supply and demand is brought into equilibrium • ACCOUNTANTS’s approach The price covers the costs and make profits • MARKETER’s approach Effect of price on the organisation’s competitive market position • ECONOMIST’s approach The price is the means through which supply and demand is brought into equilibrium • ACCOUNTANTS’s approach The price covers the costs and make profits • MARKETER’s approach Effect of price on the organisation’s competitive market position • ECONOMIST’s approach The price is the means through which supply and demand is brought into equilibrium • ACCOUNTANTS’s approach The price covers the costs and make profits • MARKETER’s approach Effect of price on the organisation’s competitive market position • ECONOMIST’s approach The price is the means through which supply and demand is brought into equilibrium • ACCOUNTANTS’s approach The price covers the costs and make profits • MARKETER’s approach Effect of price on the organisation’s competitive market position
  14. 14. Price leaders and takersPrice leaders and takers Price leader – businesses that dominate the market can often dictate the price charged for a product. Other businesses follow this lead. Price taker – businesses have to charge the market price. This is often the case where there are many small firms competing against each other. Price leader – businesses that dominate the market can often dictate the price charged for a product. Other businesses follow this lead. Price taker – businesses have to charge the market price. This is often the case where there are many small firms competing against each other. Price leader – businesses that dominate the market can often dictate the price charged for a product. Other businesses follow this lead. Price taker – businesses have to charge the market price. This is often the case where there are many small firms competing against each other. Price leader – businesses that dominate the market can often dictate the price charged for a product. Other businesses follow this lead. Price taker – businesses have to charge the market price. This is often the case where there are many small firms competing against each other. Price leader – businesses that dominate the market can often dictate the price charged for a product. Other businesses follow this lead. Price taker – businesses have to charge the market price. This is often the case where there are many small firms competing against each other.
  15. 15. Pricing strategies & tacticsPricing strategies & tactics Skimming Launching with a high price when there is little competition, then reducing the price later. Often used with technology. Launching with a high price when there is little competition, then reducing the price later. Often used with technology. Penetration Low price charged initially to penetrate the market and build brand loyalty; prrice is then increased e.g. introductory offers on magazines. Low price charged initially to penetrate the market and build brand loyalty; prrice is then increased e.g. introductory offers on magazines. Competitive A similar price is charged to that of competitors’ products. Loss leader Products may be sold at a price lower than the cost to produce it. Often used by supermarkets to encourage people into the store where it is hoped they will buy other products. Products may be sold at a price lower than the cost to produce it. Often used by supermarkets to encourage people into the store where it is hoped they will buy other products. Psychological A price is set which customers perceive as lower than it is e.g. £39.99 instead of £40.
  16. 16. Promotion- CommunicationPromotion- Communication • Communications represents a broader focus than simply promotions. • Communications can include advertising, public relations, personal selling, viral advertising, and any form of communication between the firm and the consumer. • Communications represents a broader focus than simply promotions. • Communications can include advertising, public relations, personal selling, viral advertising, and any form of communication between the firm and the consumer. • Communications represents a broader focus than simply promotions. • Communications can include advertising, public relations, personal selling, viral advertising, and any form of communication between the firm and the consumer. • Communications represents a broader focus than simply promotions. • Communications can include advertising, public relations, personal selling, viral advertising, and any form of communication between the firm and the consumer.
  17. 17. PLACEPLACE
  18. 18. Place- ConveniencePlace- Convenience • Placement is replaced by the convenience function. • With the rise of internet and hybrid models of purchasing, place is no longer as relevant as before. • Convenience takes into account the ease to buy a product, find a product, find information about a product, and several other considerations. • Placement is replaced by the convenience function. • With the rise of internet and hybrid models of purchasing, place is no longer as relevant as before. • Convenience takes into account the ease to buy a product, find a product, find information about a product, and several other considerations. • Placement is replaced by the convenience function. • With the rise of internet and hybrid models of purchasing, place is no longer as relevant as before. • Convenience takes into account the ease to buy a product, find a product, find information about a product, and several other considerations. • Placement is replaced by the convenience function. • With the rise of internet and hybrid models of purchasing, place is no longer as relevant as before. • Convenience takes into account the ease to buy a product, find a product, find information about a product, and several other considerations. • Placement is replaced by the convenience function. • With the rise of internet and hybrid models of purchasing, place is no longer as relevant as before. • Convenience takes into account the ease to buy a product, find a product, find information about a product, and several other considerations.
  19. 19. Next Week: Competitor Analysis Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service. A competitive analysis is a critical part of your company marketing plan. Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service. A competitive analysis is a critical part of your company marketing plan.
  20. 20. Group WA Hospitality Marketing Kelas A Group WA Hospitality Marketing Kelas A • Join link: https://goo.gl/kzotqx (via smartphone) • atau https://chat.whatsapp.com/DFTOmUtGhfy5mfKY 4mROu4 • Join link: https://goo.gl/kzotqx (via smartphone) • atau https://chat.whatsapp.com/DFTOmUtGhfy5mfKY 4mROu4

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