I. MARKETING PLAN
PRODUCT MENU
TARGET MARKET
The business is available for all kind of people however the restaurant would like to focus
marketing it to the following primary target market:
Health-Conscious People
Families
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Guidelines and tips
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Feasibility sample study for high school students, Study Guides, Projects, Research of Business
Feasibility sample study for high school students
Typology: Study Guides, Projects, Research
2022/2023
1 / 5
This page cannot be seen from the preview
Don't miss anything!
Related documents
Partial preview of the text
Download Feasibility sample study for high school students and more Study Guides, Projects, Research Business in PDF only on Docsity!
I. MARKETING PLAN
PRODUCT MENU
TARGET MARKET
The business is available for all kind of people however the restaurant would like to focus marketing it to the following primary target market: Health-Conscious People Families
Millennials & Generation Z Working People DEMOGRAPHICS 28% 56% 16%
Percentages of Population
Dependent Population (0-14 & 65 yrs. old above) Working Population (15 - 64 yrs. old) Old Dependent Based on the graph 56% of the populations are already on the working age so the opportunity in opening the restaurant is high since most of them have the means to buy such wants like the food that we offer for healthier lifestyle.
will be easily accessible in those social media sites. In the future, the restaurant may consider orders online as well a phone application. PRICING STRATEGY At Veggie, Marry Me Restaurant, cost accounting is important, since the profitability of individual dishes can vary significantly and will initially determine the cost of the menu items. We will take advantage of our excellent credit terms with our suppliers and will also update our menu to take advantage of seasonality for example in local produce items. We will also closely monitor the Cost Report which focuses on the controllable expenses of Cost of Goods Sold. The firm will utilize 3 pricing strategies in determining the cost price of each dish. For Main Course and desserts, cost-plus pricing will be used. This strategy provides a solid guideline for how to price food items. Compute all the expenses that go into making a dish and add the desired profit margins. For soups and salads, competitive pricing will be used. This is the process of strategically selecting price points for goods or services based on competitor pricing in the market or niche. In short, the restaurant will price the product cheaper than our competitors. For side dishes and beverages, psychological pricing will be used, as a phrase on its own, it describes the business practice of setting prices lower than a whole number. The idea behind reducing the left most digit is that customers will read the slightly lowered price and treat it as much lower. SUPPLIERS Raw materials, equipment and machineries that will be used in production and putting up the business will be purchase through direct local suppliers to lessen the cost of production. For the furniture that will be needed in the restaurant will be purchase from wholesalers. 2 owners of the Veggie, Marry Me have established relationships with qualified and trusted suppliers in Sindalan, Pampanga. These suppliers can provide priced products and discounts, deliver on time and according to the schedule. COMPETITION The restaurant mentioned below are the direct competitors of the business for the reason that they are just around the locality and they offer vegetarian cuisines. Also, these restaurants offer vegetarian cuisine that are also innovative and healthy alternative from the food offer in the industry. Marianne Vegetarian Food House Oh, Live Green TGI Green Food The Vintage Hall
The restaurants mentioned below are the indirect competitors of the business for the reason that they restaurant around the locality and also somehow cater to the same target market. Dainty Tea House and Café Bif’s Smoke and Grill