Marketing Plan on "Marketing Plan for Vinny's Prima Prego"

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Marketing Plan 18 pages (6435 words) Sources: 10 Style: APA

[EXCERPT] . . . .

Vinny's Prima Prego! Is a blossoming gourmet pasta restaurant in Kansas City with a rapidly developing consumer brand and growing customer base. The restaurant is to serve the younger generation of working professionals living in Kansas City. The restaurant faces stiff competition from various other restaurants but the one of the main ways of gaining competitive advantage is to offer deliveries to their clientele. An Integrated Marketing Communication strategy is developed in an effort of increasing its sales.

Situation Analysis

Vinny's Prima Prego! is close to entering their second year of operation. The restaurant has been well received, and marketing is now critical to its continued success and future profitability. The store offers an extensive offering of unique, gourmet pastas with delivery and curb-side services. The basic market need is to offer large groups, individuals, families, and take out/delivery customers fresh, creative, attractive, pasta dishes, salads and desserts. Vinny's uses homemade pasta, fresh vegetables, and premium meats and cheeses.

2.1 Market Summary

The target market for the company

Vinny's Prima Prego has established its target market. The restaurant is in possession of great information concerning its market. Besides, it has a great deal of information regarding the observable attributes of a number of their loyal customers. The information regarding the target market is of great importance as it enables the organization to have an improved understanding of the people whom they serve, the specific requirements of the customers as well as how the organization is capable of comm

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unicating better with these customers.

Vinny's Prima Prego has classified its market into three domains. The factors that were taken into consideration by the restaurant entail demographic, geographic and behavioral factors. All these factors are discussed below:

Geographics

The instant geographic target of Vinny's Prima Prego is Kansas City, Missouri. The number of people residing in the geographical area is approximately 500,000. A geographical area of approximately 15 miles needs the services of Vinny's Prima Prego. The restaurant is capable of delivering within two miles only. An approximated population of 46,000 is targeted by the restaurant.

Demographics

The target market for the restaurant consists of both the Males and females. Again, the target market is consisting of ages ranging from 25 to 50. The target market also consists of professionals who are still very young and who work very near the location. Another characteristic of the market is that a number of them attended graduate school and college.

Behavior Factors

The target market enjoys meals of high quality without the problem of making the meals of high quality themselves. Similarly, there is value that is accredited to the presentation or appearance of food.

Market Needs

The restaurant provides the customers with a large selection pasts dishes of high-quality as well as salads which are pleasing and unique in presentation and makes use of top-shelf ingredients. Besides, the restaurant endeavors to meet the benefits described below. The benefits are of great importance to the customers. The benefits include:

1. Selection: A very large pasta choice as well as salad options.

2. Accessibility: The patron is capable of moving into to the restaurant very quickly. They are also capable of choosing the choice of curb side service, dine in or delivery.

3. Customer service: The patron might be overwhelmed with the amount of attention received by them.

4. Competitive pricing: every service or product may competitively be priced in comparison to the similar local pasta or Italian restaurants.

Market Trends

Restaurant's market trend is moving in the direction of highly sophisticated customers. The patron of restaurants in the present time when compared to that of the past is highly sophisticated in numerous diverse ways.

The first way is the quality of food. Due to the fact that consumers have commenced to realize the qualitative distinctions, high-quality ingredients' preference is improving.

The second way is appearance or Presentation. Because presentation of the components of culinary experience has become very pervasive, the patrons have learnt to realize this industry's aspect.

The third way is Selection. Individuals demand a wider food selection; they no longer accept the limited menus.

This trend is caused by the fact that during the recent past years, the offerings of the restaurant has improved, providing consumers with very new choices. The patrons of the restaurants do not want to accept inadequate options. Having numerous choices, the patrons have been very sophisticated. The trend is intuitive because one is capable of observing highly complicated restaurant patron in bigger city markets like New York, Seattle and Portland where more choices are available.

Market Growth

SWOT analysis is described as a method of strategic planning where strengths, weaknesses, opportunities and threats are evaluated. However, SWOT analysis alone should not be considered as the basis of evaluating the firm's survival and profitability prospects (Amstrong, 1982). Calculating the Return on Investments (ROI) for alternative courses of action and defining the firm's objectives are other two important aspects which should not be overlooked.

Pasta's world market has been approximated to reach 18 million tons by 2015. The sale of Pasta is approximated to improve by at about 10% few years to come. The improvement may be due to a number of different causes. The first one is a positive reception for the foods that are health conscious. Despite the fact that some pasta may not be beneficial, predominantly the sources that are cream based, pasta is capable of being extremely tasty and also health conscious.

2.2 SWOT Analysis

There are a number of strengths, weaknesses, opportunities and threats that are available for Vinny's Prima Prego. All this are critically looked at. All these are of great importance to the company.

Strengths

Vinny's Prima Prego enjoys very great interactions with the vendors offering ingredients of very high quality as well as frequent or fast delivery schedules. Second, Vinny's Prima Prego has very excellent and highly trained workers who are very attentive to the customers. Another key strength of Vinny's Prima Prego is the high retail space which is very bright, clean, and situated in the Crossroads District, Country Club Plaza, as well as Power & Light District. Again, the restaurant has very high consumer constancy among the repeat customers. Besides, Vinny's Prima Prego offers food offerings with very high-quality and that exceeds the competitors offerings in presentation, quality and price. Lastly, Vinny's Prima Prego delivers meals to the customers on request.

Weaknesses

Despite the fact that Vinny's Prima Prego has several advantages, it also has its weaknesses. The following are some of the marked weaknesses of Vinny's Prima Prego. First, the name of the company is lacking brand equity. Again, Vinny's Prima Prego's marketing budget is limited to come up with brand awareness. The other weakness of the company is that it struggles to repeatedly emerge to be cutting edge. Finally, the greatest weakness facing the company is the numerous restaurants that it competes with.

Opportunities

A number of opportunities are available to the restaurant. A growing market having a great percentage of the target market is still not aware of the existence of Vinny's Prima Prego. The improving sales prospects in the curb side and the business of delivery are a great opportunity for the restaurant. Another opportunity that is available to the restaurant is its capacity to enter various revenue centers. The restaurant will be capable of spreading management overhead costs to the various stores thereby minimizing fixed costs for every store.

Threats

A number of threats face the restaurant. A number of local restaurants continue to respond to the restaurant's superior offerings. The presence of Gourmet pasta restaurant chains in the Kansas City poses a great challenge to the restaurant. The last threat that the restaurant may face is the economic downtown that is capable of reducing the disposable income of the customers. This is capable of making the customers to spend less when they go to eat out.

Competition

Competition is a very important aspect of business survival and success in the market, it is therefore imperative for firms that wish to succeed to analyze their competitors strategies with the aim of countering the same. This is because no business can develop without competition. In analyzing competition it is important to consider a number of forces including; the bargaining power of customers, the bargaining power of suppliers, the bargaining power of the employees and the substitute products. Competitor analysis is important in that it enables the business to gather relevant information that's helps in the development of the firm's strategies. It also helps the firm to identify and capitalize on the weaknesses of the competitors (Lester, 1988).

There are a number of restaurants with the same range of offerings within our locality. All these ventures have their targets on both low and middle class of the market segments. Most of these ventures compete on price but to a greater extent service quality. Since price alone is not a long-term competitive strategy, most of the firms have resorted to quality and creativity as their main competitive tools.… READ MORE

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Quoted Instructions for "Marketing Plan for Vinny's Prima Prego" Assignment:

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MM522 Marketing Plan Guide

MM522 MARKETING PLAN GUIDE

Objective

This Marketing Plan assignment gives you the opportunity to practice develop an integrated business and marketing strategy for a product or service of your choice. This activity will make the course *****"come alive*****" through application of the principles from the textbook, course materials and threaded discussions. Assignments such as this also help you develop business-***** communication skills.

The development of this Marketing Plan is an integral part of the course, and will require several weeks of research, critical analysis, critical thinking, and writing. Students tell us the only way to do well on this project is to begin early and work on it consistently throughout the entire course.

You have several options when choosing a product or service for your marketing plan. Consider choosing a new product for a new company (your own) or creating a new product for an existing company. Perhaps you would want to do a product extension of an existing product. You might consider a different approach to marketing an existing service. You can target consumers or businesses. You may choose a product or service offered by your employer or your own business, or one from another organization. Ultimately, to maximize your learning experience, choose a product or service in which you have an interest and about which you would like to see your product or service come to the marketplace. Make sure there is information available about the industry and target market of the product or service you choose.

Remember that this is a Marketing Plan and not a Business Plan. You are not creating a business, but creating the Marketing Plan for an existing product or service. Thus, your focus should not be on the company or its products, but on how to market the product or service that you have chosen. Provide enough background and history to put the marketing plan in perspective. Do a comprehensive SWOT analysis with an in-depth and candid look at your internal and external environment. Establish your goals and objectives. Analyze the information developed, and only then begin defining your target market, and specifying the specific marketing strategies.*****" Do not simply report on how a company markets its goods or services. You should instead say what type of marketing you would propose.

Your instructor will look at your Marketing Plan from the point of view of a business proposal. Have you thought through and considered your options? Have you provided details of your proposal? Have you looked at the entire strategy - the *****big picture***** - while still considering the more operational elements that make for successful implementation? How well written and persuasive is the plan?

Guidelines

In developing your content, try to demonstrate clarity of thinking, understanding, and application of basic marketing principles, and creative --- but realistic -- use of marketing tools. Explorations of your options and choices are an important part of demonstration of your mastery of marketing concepts. There is seldom only one potential course of action in developing a *****real***** marketing plan; demonstrate that you have considered options and alternatives at each step in your plan and have chosen the best.

Review the Chapter two Marketing Plan example and the Sonic Marketing Plan Example and Exercises found in the Appendix of your Kotler textbook. The questions asked in the exercises may help you further develop your Marketing Plan.

MM522 Marketing Plan Guide

Marketing Plan Outline

1.0 Executive Summary

2.0 Situation Analysis

2.1 Market Summary

2.2 SWOT Analysis

2.3 Competition

2.4 Product (Service) Offering

2.5 Keys to Success

2.6 Critical Issues

3.0 Marketing Strategy

3.1 Mission

3.2 Marketing Objectives

3.3 Financial Objectives

3.4 Target Markets

3.5 Positioning

3.6 Strategies

3.7 Marketing Mix

3.8 Marketing Research

4.0 Controls

4.1 Implementation

4.2 Marketing Organization

4.3 Contingency Planning

5.0 Conclusion

Paper Format:

*****¢ Every draft of your Marketing Plan should be formatted per APA guidelines and include:

o Title Page

o Page header and running head

o Table of contents (optional)

o Double-spaced text using Times New Roman 12-point type

o Headings and Subheadings as listed above

o In Text citations

o Reference Page

*****¢ Your Final Marketing Plan should be 18-20 pages in length.

*****¢ Page counts do not include the title page, table of contents, or reference page

Milestones and Grading Rubrics

It is recommended that you have one working draft of your Marketing Plan and add to it throughout the course. Remember to read the grade feedback and go back and revise your marketing plan prior to submitting your final draft.

Category

Points

%

Description

Marketing Plan Topic (Week One)

20

6

Submit your Marketing Plan topic using the Marketing Plan Topic Form found in Doc Sharing.

MP First Draft (Week Two)

70

20

Your first draft must include 2.0 Situation Analysis and all supporting sections 2.1 through 2.6.

MP Second Draft (Week Four)

70

20

For your second draft, add 3.0 Marketing Strategy plus sections 3.1 through 3.4.

MP Third Draft (Week Six)

70

20

In your third draft, you need to complete the 3.0 Marketing Strategy section by adding sections 3.5 through 3.8.

MM522 Marketing Plan Guide

Final Marketing Plan (Week Seven)

Your final marketing plan must include the final version of all sections including 1.0 Executive Summary, all sections in 4.0 Controls, and 5.0 Conclusion

MP Content

60

17

Includes all required sections. Demonstrates clarity of thinking, understanding, and application of basic marketing principles, and creative --- but realistic -- use of marketing tools

Documentation & Formatting

30

9

Your Marketing Plan follows APA guidelines and assignment format instructions. You are required to have a minimum of eight research references.

Organization & Cohesiveness

15

4

Your Marketing Plan is well organized using headings, subheadings and paragraph structure.

Editing

15

4

Graduate level writing ***** good grammar, spelling, punctuation, and good sentence structure.

Total

350

100

A quality paper will meet or exceed all of the above requirements.

Best Practices

*****¢ Research is essential! As with any entrepreneur who is considering a venture into the world of business, one should not blindly walk into minefields. You are already aware that the business environment is highly competitive. Thus, the more you know about the market into which you are going, the more you know about the competition, the more you know about similar ventures (successful or not so), the more you have explored the potential market for your product or service, the better prepared you are to create a PLAN that minimizes risk and maximizes the likelihood of success. For the same reason you would not purchase stocks blindly and would investigate such a purchase before plunking down your hard-earned money, so is it with a Marketing Plan. Know into what and where you are going.

*****¢ Remember that Marketing exists to solve consumer/business problems with a SOLUTION.

*****¢ Your Marketing Plan will be written in the THIRD Person.

*****¢ Tables, charts, graphs, and graphics that accurately illustrate your strategies are welcome.

Developing your Marketing Plan

Title Page - Set up page per APA guidelines; add page header and running head

Table of Contents - Optional; Use outline

1.0 Executive Summary - The Executive Summary appears at the beginning of the paper, but is written last. This introductory section is the hook to grab the reader*****'s interest. This section should summarize your plan with enough information to convince the reader to keep reading. If you were showing this plan to an investor, this section may be the key to your success.

2.0 Situation Analysis - What critical issues do you face? What forces in the macroenvironment need to be considered? What are the company*****s capabilities?

MM522 Marketing Plan Guide

2.1 Market Summary - How would you define the market? How big is the market? How fast is the market growing? What are the relevant trends?

2.2 SWOT Analysis - What are the Internal Strengths and Weaknesses, and External Opportunities and Threats?

2.3 Competition ***** Who are competitors? What are they doing? What is their position in the market? How do they compare?

2.4 Product (Service) Offering - What needs does the product or service fulfill or what problem does it solve? What is the product offering? What are the features, advantages and benefits?

2.5 Keys to Success - What are the most important factors to making your plan successful?

2.6 Critical Issues ***** How will you get your product or service to the consumer? Will you use distributors, intermediaries, warehouses, retailers, the internet, or *****¦?

3.0 Marketing Strategy - Introduce your marketing strategies; What IMC approach are you planning? What marketing strategies will you use? What advertising strategies will you use? What types of media? Why did you choose these strategies?

3.1 Mission - What is the mission of your e-business? Your organization exists to accomplish something. Who is your customer? What is of value to the customer?

3.2 Marketing Objectives - Meeting these marketing objectives should lead to sales; Objectives should be clear, be measurable, and have a stated time frame for achievement

3.3 Financial Objectives - the ultimate goal of your Marketing plan is the effect it will have on the bottom line; example: customer sales by volume and growth percentage or growth percentage by market segments

3.4 Target Markets - What general strategy will be used to reach your target market? Needs/Benefits sought by the market; Product usage; Product positioning; Consumer/Business purchasing process (decision-making); Market size estimates; This section should include extensive research, for example: Data on your product/service industry, Demographics/Psychographic profile: gender, age, occupation, education, life style geographic region, attitudes, purchasing characteristics, etc.

3.5 Positioning - What opinions does your audience already have about this type of product? Is there a gap in the consumers***** needs that this product can fill? Is there a specific application that your product fits very well? Can you base the position on the uniqueness of the product, the product quality, or the pricing strategies? Is it possible to position your product based upon opportunities you found after research?

3.6 Strategies - Explain how your marketing programs will support your company*****'s strategic plan - company uniqueness, competitive advantage, adjusting to market conditions, trends and changes.

3.7 Marketing Mix Product: brand name, features/attributes, quality, warranty, labeling, packaging, etc; Promotion: advertising, types of media, sales promotion, personal selling, public

MM522 Marketing Plan Guide

relations, your methods, message/theme, timing, budget, projected results, etc.; Place / Distribution: types of distribution channels, direct, retail, distributors, intermediaries, locations, logistics, motivating the channel partners, level of market coverage, channel distribution challenges, etc.; Price: type of strategy, list price, discounts, bundling, market segment, channels, geography, payment terms and financing options, leasing options, supply/demand, economic/legal considerations, etc.

3.8 Marketing Research - Research methods to be used; Data requirements - information needed, projected results; Research responsibility - Internal, outside agency, purchased data, etc.; Limitations and challenges.

4.0 Controls - Controls help you measure results and indentify any problems or performance variations that may need corrective action.

4.1 Implementation - Set milestones for implementing your plan.

4.2 Marketing Organization - If you are the Chief Marketing Officer, who else is on your support team?

4.3 Contingency Planning - How will you handle difficulties, problems and risks?

5.0 Conclusion - Summarize your marketing plan.

References - Format reference for each of your research sources per APA guidelines (There should be at least one in text citation for each of the references on your reference page).

How good is your Marketing Plan?

Here*****'s the litmus test*****¦ Hand your Marketing Plan to a trusted friend who has a marketing background. Say to them, *****"If I gave this to you and asked you to execute this, would you be able to do so?*****" In effect, would your friend be able to take that which you hand them and -- with full understanding -- be able to drive the Marketing Plan*****'s execution?

You may also want a relative, friend, or associate to read through your marketing plan for spelling and grammatical errors. After working on your marketing plan so diligently, it is always helpful to gain the perspective of a fresh set of eyes. *****

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