Group Marketing Plan

Group Marketing Plan

Group Marketing Plan

GROUP MARKETING PLAN 2 Group Marketing Plan BA 601-71 G2 Marketing Management Group D - Mohamad Kaafarani , Sravya Kandagatla, Mayuri Katapally , Sai Srunjitha Kavuri , Satyatej Koganti, Sai Krishna Kolipaka , Sindhu Reddy Kommera , Dwipika Konduru, Sunil Kotala , Pavani Kottapalli , Shashikant Kallem, Udayganesh Kommalapati Campbellsville University Abstract: Group D introduces The Kentucky Sizzlers. A multicultural restaurant with 50 dining and 10 lounge seats. The menu offers authentic food from Indochinese cuisines. The Kentucky Sizzlers will be designed to provide customers with an authentic and wholesome experience with soothing music, candles, pleasant colors, fresh flowers, antique designs, and an elegant lounge.

The restaurant’s location will be on 4th street in Louisville, KY. Executive Summary: The future is promising for this location as the 4th street in Louisville, KY is very popular, has tons of attractions, and provides customers with an authentic experience. The restaurant would be targeted at customers who are looking for authentic Indian and/or Chinese food or customers spending time in the city. The restaurant will be open Monday through Sunday, have a friendly environment, excellent customer services, and experienced cooks. We expect our investment in hiring the best-suited staff and training them will pay off in providing excellent services to attract and retain customers.

As part of our marketing plan, we will hire a skilled marketing team with expertise in promoting our business into the market. They can help us establish our target market by gaining customer insights. This insight can be used to further enhance our marketing strategies effectively (Toni, D. D. et al., 2017).

In addition, we will complete a SWOT analysis. This will help us understand the business’s strengths, weaknesses, opportunities, and threats (Bekoglu & Onaylı, 2016). To develop an effective marketing plan, a company must have attractive pricing deals such as discounts for loyal customers. Analyzing our competitors’ businesses will also be helpful in understanding the market to develop strong promotional strategies for our restaurant. Another important aspect is having an efficient delivery team. Customers can see delivery team members on the street and will know more about the business. Last but not least, we firmly believe in an online presence to help promote our business (Schwarzl & Grabowska, 2015). Aggressive online marketing has played a dominant role as almost all consumers use one social media outlet or another. We plan on establishing a strong social media presence through Facebook, Instagram, Snapchat, Yelp, and YouTube. Also, creating a user-friendly website for the restaurant will make it accessible for customers to order online, view our menu, story, and mission statement.

The key to our financial success is expertise and quality services. The expected start-up expenditure is roughly $300,000 while expecting $800,000 in revenue by the end of the second year. Besides partnering funds, we may seek 60% of the start-up costs through a loan from the bank. Our plan is to return the investors’ funds with a 2% interest. Our objective is to keep supplies cost under 30% and keep labor costs between 20-25% of the revenue.

The Kentucky Sizzlers will start out as a small business initially and gain brand value through excellent services and feedback. We also plan on keeping sales between $900,000-$1,000,000 per year and advertising the services to expand the market. The goal is to get a return of 15% on investors’ principal amount in the first two years and 18% by the third year.

Paper For Above instruction

The Kentucky Sizzlers aims to establish a unique dining experience that combines authentic Indochinese cuisines within Louisville's vibrant 4th street entertainment district. This strategic location offers significant advantages, including proximity to attractions and foot traffic, which enhances visibility and customer accessibility. The restaurant's conceptual design emphasizes an authentic and inviting ambiance, utilizing soothing music, candles, fresh flowers, antique designs, and a color palette that evokes warmth and elegance, thus creating a memorable dining environment.

Our target market includes individuals seeking authentic Indian and Chinese flavors as well as city visitors exploring Louisville's culinary scene. Analyzing demographic data and consumer preferences indicates a growing demand for multicultural dining options, especially among young professionals, tourists, and families. To effectively penetrate or expand in this market, a detailed marketing strategy is essential. This includes hiring a professional marketing team adept at digital marketing, social media outreach, and local promotions.

Conducting a SWOT analysis reveals considerable strengths, including a unique culinary offering, strategic location, and a dedicated team of skilled chefs and hospitality staff. Weaknesses include initial brand recognition and competition from established restaurants. Opportunities lie in Louisville's expanding tourist influx and increasing interest in diverse cuisines, while threats include economic fluctuations and competitive market saturation. These insights have led us to develop targeted marketing campaigns, loyalty programs, and community engagement initiatives to establish a strong brand presence.

Pricing strategies focus on competitive yet value-based pricing, offering discounts for loyal customers and special promotions during peak seasons to attract a broad audience. Competitor analysis highlights the importance of differentiating through authentic cuisine, ambiance, and superior customer service. An efficient delivery service complements dine-in experiences, enabling us to reach customers beyond the immediate location. Visibility of delivery personnel and online order options foster transparency and convenience, reinforcing our brand.

The restaurant's online presence will be a cornerstone of our marketing efforts. We will leverage social media platforms—including Facebook, Instagram, Snapchat, Yelp, and YouTube—to promote our menu, share customer reviews, and run targeted advertising campaigns. Additionally, a user-friendly website will facilitate online ordering, showcase our story and mission, and serve as a central hub for customer engagement. These digital initiatives are vital, given that modern consumers rely heavily on online resources when choosing dining options.

Financial planning is central to our approach. With estimated startup costs of approximately $300,000, we aim to generate $800,000 in revenue by the end of year two. Funding will be supplemented by a bank loan covering about 60% of startup costs, with a repayment plan involving a modest 2% interest rate. Our cost management strategies focus on maintaining supplies costs below 30% and keeping labor costs between 20-25% of revenue. Our sales projections anticipate reaching between $900,000 and $1 million annually, with a strategic advertising campaign designed to expand our customer base and market share.

Our objective is to deliver a compelling return—initially 15% on investor principal within two years, increasing to 18% by year three. This financial goal aligns with our commitment to excellence and sustainable growth. As a small startup, The Kentucky Sizzlers will prioritize quality service, customer satisfaction, and continuous feedback to enhance our offerings, fostering long-term loyalty and brand recognition in Louisville’s thriving culinary scene.

References

• Bekoglu, F. B., & Onaylı, C. (2016). Strategic Approach in Social Media Marketing and a Study on Successful Facebook Cases. European Scientific Journal, 12(7).
• Schwarzl, S., & Grabowska, M. (2015). Online marketing strategies: the future is here. Journal of International Studies, 8(2).
• Toni, D. D., Milan, G. S., Saciloto, E. B., & Larentis, F. (2017). Pricing strategies and levels and their impact on corporate profitability. Rausp Management Journal, 52.
• Armstrong, G., & Kotler, P. (2017). Marketing principles (17th ed.). Pearson.
• Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing (7th ed.). Pearson.
• Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.
• Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page.
• Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78-93.
• Yik, F. W. H., & Ng, R. (2018). Restaurant marketing: strategies for competitive advantage. Journal of Hospitality & Tourism Research, 42(2), 183-202.
• Weinberg, B., & Pehlivan, E. (2011). Social spending: Managing the social media mix. Business Horizons, 54(3), 275-282.