Marketing Plan and Improvement Strategies

Question: Discuss about the Marketing Plan and Improvement Strategies. Answer: Introduction According to Ryu et al. (2012), marketing plan suggest a written guide for any kid of business in order to promote and launch new products or services in market. The business experts of an organisation usually make a thorough market research for understanding the products and services and the financial condition of the existing competitor companies in the same industry. This report will discuss the marketing plan of Quixotic Indian Restaurant of Australia, a takeaway and delivery restaurant, which serves authentic Indian cuisine (Quixoticindian.com.au., 2016). Situation analysis Kwok Yu (2013) have mentioned that the managers and business experts of an organisation employs situation analysis in order understand the external and internal environment of an organisation. Situation analysis of Quixotic Indian Restaurant will help to know the organisational capabilities, business environment in Australia and its targeted consumers. SWOT analysis of Quixotic Indian Restaurant will involve its potential threats and opportunities in the restaurant industry of Australia and denotes its present strengths and weaknesses. Strengths Weaknesses Quixotic Indian Restaurant enjoys a large number of customer bases, which is perfect for increasing sales revenue of an organisation. The delivery process is very fast and the staffs of this restaurant maintain hygiene in proper manner. The offered Indian cuisine of Quixotic Indian Restaurant is cheaper than the other competitor companies, which serve Indian cuisines in Australia. This restaurant provides online services to its customers and it is the major reason of the gradual success of the restaurant. Quixotic Indian Restaurant serves authentic Indian cuisine such as Chicken Pakoras, AlooBhonda, Bombay Aloo, Vegetable Samosa, Cicken Madras and Mango Chicken for attracting the Asian customers in Australia. As opined by Cheng et al. (2012), weaknesses of an organisation influence its business operation and possess the potentiality to hamper its market share and sales revenue. There is no facilities of dine in for the customers in Quixotic India Restaurant. The economical condition of this restaurant is not very high. This particular Indian Restaurant has to face a tough competition in the restaurant industry of Australia. Quixotic Indian Restaurant operates its business in low margin of profit. Opportunities Threats As Quixotic Indian Restaurant gains customer loyalty in appropriate manner, therefore, it will provide perfect opportunities to expand its business in various location of Australia for targeting and attractive more loyal customers with their authentic Indian food (Quixoticindian.com.au., 2016). The chefs of this restaurant are so innovative and creative for making fusion food, which can attract both the Asian customers in Australia and Australian inhabitants. Constant changes in the legislations, rules and regulations of Australia may influence the restaurant service of this restaurant. If this particular restaurant fails to understand the contemporary trends of restaurant industry of Australia, then it will surely become a potential threat for Quixotic Indian Restaurant. The competitor restaurants such as, Lemon Chillies Indian Thai Nonya, Indian Mehfil Brisbane and The Spice Avenue Balti Restaurant have the possibilities to steal the customers of Quixotic Indian Restaurant. Table 1: SWOT analysis (Source: Kotler et al., 2015) A product lifecycle analysis According to Kang et al. (2014), every products and services have to go through five important steps of product life cycle. Product life cycle analysis involves development; introduction, growth, maturity and decline (refer to Appendix). PLC analysis has been proved effective during the increment of sales of the offered products or services of an organisation. Product life cycle of Quixotic Indian Restaurant suggests the constant transformation in the demands and criteria of the customers of Australia over period. With the contemporary trends, lifestyle and advancement of technology the demand and criteria of the targeted customers change. Product life cycle determines the gradual step of the service of Indian cuisine from its initial stage and to its stage of decline, when the customer refuses the food from this restaurant and chooses from the existing competitor companies. At the development stage, the management of Quixotic Indian Restaurant has gathered the idea of starting a bus iness in the restaurant industry of Australia. At the introduction stage, the customer of Quixotic Indian Restaurant prefers the authentic Indian cuisine as it offer online booking and delivery services to the targeted customers. In the growth stage, there are new competitors in the restaurant industry of Australia and the management of Quixotic Indian Restaurant engage talented and creative chef to make fusion cuisine to capture the restaurant industry (Quixoticindian.com.au., 2016). In the maturity stage, the services and the food of this restaurant have reached to its success. However, as there is no indication of the fall of services or food quality of Quixotic Indian Restaurant, therefore, there is no mention of the decline stage. BCG matrix As opined by Haghighi et al. (2012), BCG matrix includes the Cash Cows, Dogs, Stars and the unknowns. BCG matrix is helpful for any kind of organisation as it helps to determine the product portfolio with several growth rates and market share in a particular industry. Figure 1: BCG matrix (Source: Kumar Rajan 2012) With effective use of BCG matrix Quixotic Indian Restaurant makes the potential portfolio composition, which functions its roles and responsibilities in between cash flows. As the Indian cuisine of Quixotic Indian Restaurant encounter a great level of gradual growth just after its entrance in the Australian restaurant industry, therefore it follows BCG matrix in appropriate manner. Even with effective use of BCG matrix, Quixotic Indian Restaurant can understand the position, industry and market share of its competitor companies in Australia on the chosen unit. Solomon et al. (2012) have mentioned that BCG matrix also calculates the basic market share and growth rate of an organisation. The business experts of Quixotic Indian Restaurant has gone through the online reports on the restaurant industry of Australia with potential use of BCG matrix in order to learn the revenue growth in average manner of the competitor companies in the same industry. After the entire calculation, it can b e set onto the framework of BCG matrix. Ansoff analysis Armstrong et al. (2014) have suggested that Ansoff matrix involves market penetration, product development, market development and diversification both in the existing and completely new market. The management of Quixotic Indian Restaurant employs Ansoff matrix as a perfect communication tool as it provides an initiative of strategic planning to forecast the possible strategies in the sakes revenue and margin growth. Figure 2: Ansoff matrix (Source: Brotherton, 2012) The management of Quixotic Indian Restaurant uses all these four quadrants and plan suitable and strategic software for improving the online service as this restaurant serves food through online delivery process. Market penetration of Quixotic Indian Restaurant includes clever pricing, speedy service and drive through and product development involves Chicken biryani, Chicken pakoras, veg samosa, Bombay Aloo and Madras Chicken (Quixoticindian.com.au., 2016). All these food items have been developed with the changing taste of the Asian customers of Australia. Market development suggests the location of Quixotic Indian Restaurant, which serves only in one location of Australia and that is in Queensland. Marketing objectives Mount (2012) has mentioned that marketing objectives and goals of an organisation helps to hold the desired position in the market and industry with proper earning of sales revenue. The objectives of Quixotic Indian Restaurant are following: To hold the market share of at least 42% at the end of this continuing annual year To focus on the future growth with the help of partner companies To expand the restaurant business in various location of Australia To integrate corporate social responsibility (CSR) To improve the quality and quantity of food To offer seasonal sale to the regular and existing customers To provide 15% discount in the first ordering of food To increase the basic sales revenue by 13% after six months Brand positioning strategy Jackson et al. (2014) have referred that brand-positioning strategy explains the scope and possibilities of business within a particular market after analysing the future condition, market strategies and plan of the competitor companies. The marketers of Quixotic Indian Restaurant employs strategic brand platform in order to target the segmented customers of the business. The brand positioning strategy of this particular restaurant involves the authenticity of Indian cuisine, which the existing competitor companies, such as Indian Mehfil Brisbane, Lemon Chillies Indian Thai Nonya and The Spice Avenue Balti Restaurant fail to serve the Australian consumers. Hing (2013) has determined that brand positioning strategy helps an organisation to become an integral part of the community with a proper engagement of the customers. The marketing plan of Quixotic Indian Restaurant is a daunting procedure and its positioning statements actually interact succinctly and clearly to all of the market ing, web site professional and packaging process (Quixoticindian.com.au., 2016). Quixotic Indian Restaurant will develop brand identity instead of using a brand-positioning map. Strategies Zhang et al. (2013) have stated that appropriate strategies help an organisation to reach to its desired goal for ultimate success within a particular industry. Similarly, Quixotic Indian Restaurant engages potential marketers and business experts to make effective strategies in order to hold the best position in the restaurant industry of Australia. With proper targeting strategy, Quixotic Indian Restaurant targets the Asian customers of Australia. The restaurant use technology strategy with employing online booking of food and delivery process. Even with using potential market research strategy, Quixotic Indian Restaurant able to determine the financial condition, scope and possibilities of the existing competitor companies in the restaurant industry of Australia. With proper branding strategy, this restaurant builds a proper reputation and brand image, which attracts its customers over other restaurants (Quixoticindian.com.au., 2016). The business experts of Quixotic Indian Restau rant employ effective advertising and marketing strategies in order to promote and launch authentic Indian cuisine to the inhabitants of Australia and the Asian customers in Australia. The advertising and marketing strategies of this restaurant involves social media marketing in various social media platform such Twitter, Facebook, Blog, Instagram and online official website of Quixotic Indian Restaurant. Marketing metrics According to Bengtsson Seddon (2013), all the adopted strategies should be measured and evaluated in order to understand whether it will help to reach to the established goals and objectives of the organisation. The managers of Quixotic Indian Restaurant will calculate the total number of visits of the customers in their online food-ordering website. Hing (2013) has mentioned that customer retention ratio also detects the measurement of marketing metrics. High customer retention metric of Quixotic Indian Restaurant reveals the fact that the customers are fond of delicious and authentic Indian cuisine of this restaurant. The managers and the business experts of this particular restaurant have clearly understood that measurement of the strategies is the effective step to control and handle the present situation of the restaurant business and eventually reach to the desired goal of the restaurant. Search engine traffic involves the actual amount of the traffic, which is referred to the website of the restaurant through search engines such as, Bing or Google. With the help of Google analytics, the marketers of Quixotic Indian Restaurant of Australia measure the effectiveness and potentiality of the established strategies in order to reach to the targeted goal for ultimate success of the restaurant at the end of this annual year. However, the number of comments and number of share can determine the effectiveness of the chosen strategies within the restaurant (Quixoticindian.com.au., 2016). Conclusion Marketing plan involves various significant factors of external and internal environment, which have direct impact on the business operations of an organisation. However, marketing plan includes the basic roles and responsibilities of the marketing executives in an appropriate manner in order to gain the set goals and objectives of the Quixotic Indian Restaurant. 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