Product Launch Marketing
In this study, detailed research is to be conducted on the hospitality market essentials of a restaurant. The research is to be developed on the behalf of a managerial point of view who is trying to manage the marketing aspects and factors of the firm in the current market. The study is to be completed with various aspects that are related with the marketing essentials, marketing mix, product mix, marketing strategies for the pop-up outlet. The study would be highlighting the marketing strategies and product evaluation of health benefiting diet and foods. In this context it is also to be added that the inclusion of the study would be identifying and evaluating the adequate concept plan regarding new pop-up outlets that can attract market customers and increasing market sales.
Explain the role of marketing and how it interrelates with other functional units in a hospitality organisation
The section would be highlighting the marketing concept of the new outlet regarding the new concept pan. The roles and responsibilities that the managerial and marketing functions associate in the marketing strategies are to be identified and evaluated in the section to provide detailed information on the marketing concept of the restaurant.
The concept for this new outlet would be the Allergens free sandwich bar. The current market holds the traits and trends of food and beverages that are consumable at any time and any manner. In the era of fast foods these sandwiches can be game changer as it offers allergy free and gluten free sandwiches for vegans and non-vegans, thus the customers of both types can eat the sandwiches as they want to. This can increase the market preferences and trends for the product and outlet also.
Roles and responsibilities market functions
The roles and responsibilities of the marketing functions need to be evaluated and highlighted in this part. The marketing functions are essential for evaluating and prompting the concept for the new product. The market function that needs to be implanted in the organisational structure is the suitable marketing strategies identification of the trends and preferences of the clusters of the market. Observing the marginal demands of the customers regarding food and beverages are also important. These functions need to be implemented and promoted accurately in the market to effectively enhance the market for the product. The employees and staff as well as the board of directors and managers need to be equally dedicated and supportive towards the marketing functions and promoting of the products (Seifert, 2017).
External environment analysis
The roles and responsibilities of the firm does not limit to the national development also the external marketing factors need to be analysed and evaluated for adequate enhancement of the marketing operations of the form. The external market analysis is often conduced through conducting PESTEL analysis.
The political factors are mainly related with the political decisions, legislations and taxations places that the firm needs to know before conducting their business. The laws and legislations that are related with the food and beverages industry also the taxation policies need to be identified to adequately implement the accounting and legislation practices for the year.
The economic factors helped the firm in identifying the market changes and valuations for the year. Hence the firm can adequately measure the economic contribution that needs to be implemented in the business can be identified. This can help the firm in deciding their investments and spending on certain products (Seifert, 2017).
Thee social is mainly important for the food and beverages industry. This can affect their productivity and market response. In the society of vegans the firms cannot provide non veg items, hence the marketing strategies and productivity tends to be judged based on the current society.
Technological factors helped the firm in gaining adequate chances of delivering advanced and timely services. In the fast food service customers demand fast and qualified services hence inclusion of suitable technological factors needs to be implemented for the satisfied services to the customers.
The environmental factors need to be analysed so that the firm does not attempt to do anything that may harm the environment. This is an essential fact that most of the customers notice for the period (Song, 2018).
Legal documentation and registration of the new outlet would create the image of an ethical firm that can enhance the customer trust and preferences.
Significance of interrelationships
The marketing operations and organisational performances are correlated with different factors such as the marketing functions, marketing strategies and other functions. The departmental operations along managerial operations are correlated and suitable market functions and performances the combined operations of the organisational departments and management must be efficient.
Compare ways in which hospitality organisations use elements of the marketing mix (7ps) to achieve overall business objectives
Business objectives and marketing objectives
The firm has been trying to launch their new food item that is the Allergens free sandwich, hence for this the firm has been modifying several marketing and business objectives that would help them in developing adequate organisational performances and market sales for the year (Roberts, 2017). The marketing and business objectives that they have developed for suitable marketing of the Allergens free sandwich are as follows:
Identifying the requirements of sandwiches in the market
The marginal consumption of each type if sandwiches needs to be observed
The ratio of vegan and non-vegan customers are to be measured
The firm needs to promote the satisfactions and consumption benefits for the Allergens free sandwich to the customers.
The missile competition that can be effective to their business needs to be identified and evacuated to take proper provisions and develop flexibility for the period.
These marketing and business objectives need to be identified and evaluated in order to adequately implement the marketing strategies to attract customers and to increase sales. Also the firm can develop their provisional approaches towards the market if any negative situation arises.
7Ps of marketing
The 7Ps of marketing is the adequate marketing mix that any firm can obtain during the year. For this the firm must have adequate knowledge regarding the factors that are included in a marketing mix. The detailed marketing mix that the firm can implement is as follows:
The firm must decide on the products that they would be launching on the market. The product must be decided based on the market demands and customer requirements for the period. The product must be suitable and versatile enough to deliver proper satisfaction to the customers (Kim, 2017). The firm has chosen Allergen Free Sandwiches. In the era of fast foods these sandwiches can be game changer as it offers allergy free and gluten free sandwiches for vegans and non-vegans, thus the customers of both types can eat the sandwiches as they want to. Hence the product was chosen to launch in the market.
The pricing of the product in accordance with the competitive market must be quite aggressive. The market is quite competitive in the current period. Hence the ring of the Allergens free sandwich must be aggressive to enhance the aggregate sales of the firm. In the fast food chain there are multiple options such as burgers, fries, spring rolls which are provided by KFC, Subway, thus with this competition the pricing are done very aggressively to attract the customers over these options.
The place mainly refers to the location of market. It is quite important to choose a location in which the sales and preferences of the Allergens free sandwich will be higher, rather than a location where sandwich is preferred (Deepak, 2019). The business would be located in a busy business area where the customers would appreciate the various sandwich services and would sandwiches according to their needs.
The promotion of the Allergens free sandwich must be done effectively in order to gain the customer attraction. The modern market requires attractive and innovative means of promoting that the customer feels and is attractive and effective in delivering adequate knowledge regarding the launched product. The promotion should be done combining certain VFX effects and attractive presentation with descriptive information and knowledge regarding the Allergens free sandwich. These promotions should be done through online pages, advertisements, magazines, portals, web pages etc.
The identification of suitable shareholders and investors who will invest in the marking expense of the firm, also the employees and staffs which will be provided with the responsibilities to conduct adequate marketing is to be done by the firm. Including qualified and skills personnel in the front line are important to get desired results.
The process of creating and delivering the food and services are also important for the firm to crease their sales and marketing. The higher and qualified the process is the more customer satisfactions and numbers of customers would increase for the period. The outlet must also provide online deliveries and take away facilities to attain higher number of customer requirements.
Every purchase must be delivered with certain physical evidence such as bills or tokens. The physical evidence is important to record the quantity of the sales also the customers appreciate the billing facilities of the firm. Hence it is also to be developed by the firm in an accurate manner (Calantone, 2019). Packaging and selling boxes and containers must also b attractive and must be providing proper information regarding fat, calories carbohydrates of the food.
Segmentation, targeting and positioning
The chosen product is the Allergens free sandwich in veg and non-veg options. This is a big advantage for the firm to gain adequate market responses from the market as it has both veg and non-veg options.
The segmentation of the product would be mainly based on providing various flavours in both veg and non-veg items. This will attract the customers who love different flavours and want to experience such flavours in one place.
The target customers would be the customers who java short time and need something that can quickly feel them up. These customers are in need of quick delivery of qualified foods that they require.
The positioning of these Allergens free sandwiches should be in the front lines under the tagline of newly launched. This is mainly because the customers can spot the sandwiches and its offers quickly (Bucic, 2018).
The promotional mixes would be done by combining certain VFX effects and attractive presentation with descriptive information and knowledge regarding the Allergens free sandwich. The permission mix would be combined in a poster that would be reflecting of essential information that the customer needs to know regarding the product.
In the modern market the operation of promotional mix and marketing of the newly launched product is to be done through AIDA model that will identify and focus on the important aspects that holds important aspects to promoting products. The AIDA model in association with marketing and promotion of Allergens Free Sandwiches are as follows:
The outlet must attract the customer’s attention through including certain advertisements and sponsorships regarding their product for the year. The customers become aware of the product and the sales of the product are likely to increase for the period.
The outlet must develop customer’s interests in their product by conducting attractive tag lines ad description in the advertisement. The customers would be interested if they observe that the product is quite affordable and is quite fitting in their daily lifestyle and consumptions.
With attractive and descriptive promotion of the product the customer’s often desires to have the experience of the product and thus their desire for consumption increase towards the product. The versatility and multi options are likely to create such desires in the customers.
Through the advertisements and promotions of the product the customers becomes attractive and desires to have the consumption experience of the product. Hence they search for nearby outlets and shops were the can get the product.
Monitoring of marketing plan
The marketing plan and strategies need strict monitoring in order to gain adequate knowledge regarding the effectiveness and errors associated with the marketing plans and strategies. The firm must have a dedicated body to identify and understand the marketing plans and strategies so that they can measure the current progress and also they can deliver order modification to the errors and loopholes (Alamsyah, 2019).
Individual reflective commentary
According to the above discussion it is observed that the conclusion of the detailed analysis regarding the products launch and marketing strategies I have observed is that a firm needs to evaluate multiple factors before starting any product launch and marketing operations for the period. The discussion held various aspects and factors regarding the development of the Allergens free sandwich launch. The firms have to involve both internal operations external factors to successfully launch the product in the market. This is mainly because the combined portion of the internal and external organisational assets is important for the aggregate development of the firm. The Allergens free sandwich needs to be launched with organizational strategies that I have observed would be best suited if they go for an attractive and descriptive promotional mix for the position. Many VFX effects are there in the market for the firm to choose from. I also observed that the firm can have certain targets and objectives before the launch in order to create dedicated strategies and plans to meet business objectives for the period. From observing the overall research of the product launch it is estimated that the inclusion of a dedicated marketing mix with 7p may be quite beneficial for the firm to accurately target the market customers and demand factors. I observed that the chosen product is the Allergens free sandwich in veg and non-veg options. This is a big advantage for the firm to gain adequate market responses from the market as it has both veg and non-veg options. The product would be mainly based on providing various flavours in both veg and non-veg items. This will attract the customers who love different flavours and want to experience such flavours in one place. The customers who have short time and need something that can quickly feel them up will be the regular customer of the restaurant. These customers are in need of quick delivery of qualified foods that they require.
According to the conducted research it is concluded that the inclusion of adequate marketing mix, business strategies product mix and ethereal market planning can develop certain businesses in the competitive market for the period. The launch of the sandwiches is expected to be of high demand if the firm can accurately promote the product in the market.
Alamsyah, A. and Putra, M.R.D., 2019, July. Measuring Information Dissemination Mechanism on Retweet Network for Marketing Communication Effort: Case Study: Samsung Galaxy S10 Launch Event. In 2019 7th International Conference on Information and Communication Technology (ICoICT) (pp. 1-7). IEEE.
Bucic, T., Gill, O. and Ngo, L., 2018, July. DECIPEHERING SUCCESSFUL NEW PRODUCT LAUNCH: FINDING BALANCE BETWEEN DESIGN FORM AND FUNCTION, AND CONSUMER INNOVATIVENESS. In 2018 Global Marketing Conference at Tokyo (pp. 1233-1234).
Calantone, R.J., Di Benedetto, A. and Rubera, G., 2018. Launch activities and timing in new product development. Journal of Global Scholars of Marketing Science, 28(1), pp.33-41.
Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.
Jokinen, T., 2017. Developing an adaptable product launch process for an industrial technology company operating in global business-to-business markets.
Kim, H. and Hanssens, D.M., 2017. Advertising and word-of-mouth effects on pre-launch consumer interest and initial sales of experience products. Journal of Interactive Marketing, 37, pp.57-74.
Legge, K.C., 2018. New Product Launch–Syngenta.
Poropat, A., 2019. A new product launch according to Digital Marketing techniques: AOS a French startup Case study (Bachelor's thesis, Università Ca'Foscari Venezia).
Roberts, D.L., Candi, M. and Hughes, M., 2017. Leveraging social network sites for new product launch. Industrial Management & Data Systems.
Seifert, R.W., Tancrez, J.S. and Biçer, I., 2016. Dynamic product portfolio management with life cycle considerations. International Journal of Production Economics, 171, pp.71-83.
Song, R., Moon, S., Chen, H.A. and Houston, M.B., 2018. When marketing strategy meets culture: the role of culture in product evaluations. Journal of the Academy of Marketing Science, 46(3), pp.384-402.
List of All Assignment Help Provided By BestAssignmentExperts