Foundations – Marketing Ch 7

Market
group of people that desire a product or service
Marketing
process of communicating a business’s message to its market
Marketing Mix
combonation of all factors that go into creating, developing and selling a product.
Contemporary marketing mix
consists of three primary elements; product service mix, prestation mix, communication mix
Product service mix
all food and services offered to a customer
Presentation Mix
elements that make am operation look unique
Communication mix
active ways a restaurant reaches it customers
Market trends
is customers changeing attitudes regarding food,services and aestetics
Marketing plan
5 components a manger uses to sell its product or service

1. research the market
2. establish objectives
3. develop a marketing strategy
4. implement an action plan
5. evaluate plan

SWOT
to identify the operations; Strength, Weakness, Opportunity, Threat
Experimental method of market research
try a product for a short time to determine if it will work for them
Observational method of market research
to watch customers react in their natural state to determine if it will work for them.
Surtvey method of market research
to gather information using a survey to determine if a product will work for them
Sampling method of market research
test a product with a specific group (focus group) to determine if it will work for them.
Focus group
a small group of people used in market research to gain opinions, thoughts
Poistioning
Creating within the marketplace a clear, specific identity for both a product and the op[eration that offers that product.
Special Pricing
Limited-time reduced prices offered through specials, deals, coupons, or other programs; saves customers money and creates a low-risk opportunity to try a new item.
Frequent Shopper Program
Provides a benefit in exchange for continuing patronage; often free food items or substantial discounts.
Premiums
Token gifts or giveaway items, such as pens, stationary, childrens toys, mugs, T-shirts, or magnets that display the restaurant name and location or phone number.
Samples
Free, small tastes of food items, providing customers a risk-free opportunity to try a new item.
Signage
Menu boards, directional signs, and other signs that indicate where the operation is located and/or the items it serves.
Flyers
Paper notices that are distributed in a specific location or to a targeted group to create awareness of a certain promotion or menu item.
Point-of-Purchase (POP) Material
Menu boards, video, print pieces, and other display items items near the point of purchase, where customers make their decisions about what to buy; can be at the counter or at the table.
Merchandising Materials
Table tents and other display items in the restaurant.
Observation method
Marketing strategy in which an operation observations observes how customers react in a natural setting toward a product.
Personal selling
Face-to-face interactions between service staff and guests; well-trained staff can also go a long way in communicating an operation’s message.
Plow horse
Menu items that are popular but less profitable.
Positioning
Creating within the marketplace a clear, specific identity for both a product and the operation that offers that product.
Premiums
Free or reduced-price merchandise, shuch as free pen or cup that shows name and location of the restaurant, usually given away or sold for a reduced price with the purchase of food item.
Presentation Mix
All the elements that make operation look unique.
Press Kit
Also called a media kit; a packet of information given to media representatives to answer questions they might have about a buisness or organization.
Press Release
Also called a news release; a brief presentation of promotional information written to sound like news article.
Prix Fixe Menu
Offers multiple menu items at one price.
Often, customers are offered multiple courses for a single price.
Product Usage
Marketing strategy that segmentsthat market according to what products or services are a popular in a given geographical area.