1 / 25

Chapter 7 Marketing

Chapter 7 Marketing. Marketing Overview. Market: a group of people who desire …………………………………………………………… Marketing is the process of …………………………………………………………………. Marketing includes: Deciding what __________and ___________ to offer _________________ them in the marketplace

jjeanette
Download Presentation

Chapter 7 Marketing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Chapter 7 Marketing

  2. Marketing Overview Market: a group of people who desire …………………………………………………………… Marketing is the process of …………………………………………………………………. • Marketing includes: • Deciding what __________and ___________ to offer • _________________ them in the marketplace • _______________ them to potential buyers • _______________ them so people will buy them • ______________ the goods to these buyers. 7.1 Chapter 7 | Marketing

  3. Marketing Concept • In the business environment, _____________________ drives the operation. • This means that an operation has to do the following: • Determine customer ______ and ____________ 1st • Determine the __________, _____________, and ___________ of products and services • This approach is called the marketing concept. 7.1 Chapter 7 | Marketing

  4. Basic Marketing Concepts • marketing mix: the combination of ……………………………………………………………. • A new model is called the contemporary marketing mix, which consists of three primary elements: • product-service mix: __________and _______________ offered to customers. • presentation mix: elements that make the operation _____________unique. • communication mix: ways an operation actively tries to _____________________ with its desired customers. • A successful operation needs to keep up with ………………………………………………………………. 7.1 Chapter 7 | Marketing

  5. Marketing Plan A marketing plan is a list of steps an operation must take to …………………………………………………………….. • Every marketing plan has five main components: • _____________ the market • Establish ______________ • Develop a __________strategy • Implement an _______ plan • ___________/modify the action plan as needed 7.1 Chapter 7 | Marketing

  6. SWOT SWOT analysis (also called a situation assessment) • ______________________: List all of the areas where it excels. • _______________: Identify the operation’s shortcomings. • _____________________: areas where the operation could either increase revenues or decrease costs. • _____________: These are the factors outside the operation that could decrease revenues or increase costs (road construction, etc.) 7.1 Chapter 7 | Marketing

  7. Market Research Methods • _________________ method, an operation tries out a product for a limited time or with a limited group of people. • The __________________method involves observing how customers react in a natural setting toward a product (have wait staff present daily specials in several ways to determine which way works the best) • With the ________ method, a marketer gathers information using questionnaires (phone, email, cards at table) • _____________ involves testing a product with a specific, small group of people (focus group) 7.2 Chapter 7 | Marketing

  8. Market Segmentation • target market: the people an operation intends …………………………………………………………. • Every operation should be_____________driven by satisfying the wants and needs of the customer. • Mass marketing: treats everyone in the market as having the ………………………………………… • target marketing: makes a focused appeal to a ……………………………………………………. • Market segmentation is when marketers break down a large market ……………………………………………………………… 7.2 Chapter 7 | Marketing

  9. Ways to Segment a Market • Demographic segmentation: looks at the personal makeup of ………………………………………………………………. • Lots of young families = kids menus • Geographic segmentation: where consumers …………………………………………………………….. • Suburban restaurants close for lunch and city restaurants close for dinner • Product usage: can also shed light on how best to serve a community • Community loves football, host a football night @ rest. • Lifestyle segmentation: the ………………………………………………………………….. • Lots of health conscious people = offer healthful menu 7.2 Chapter 7 | Marketing

  10. Creating a Market Identity • Positioning: creating a clear, specific identity for ……………………………………………………………………………………………… • Positioning consists of two steps: • differentiate the operation within the market and create a ________ identity. • __________________ the chosen identity to a specific target market. 7.2 Chapter 7 | Marketing

  11. Ways to Differentiatean Operation • To differentiate an operation from its competitors and create a unique identity, managers can look at the following: • Product: The first and most obvious way to position an operation in the market is through ……………………………………………… • Physical appearance/aesthetics: Use the actual …………………………………….to create an image. • ________________: plays a big part in creating an identity. • Image: Finally, image is yet another way to differentiate an operation. 7.2 Chapter 7 | Marketing

  12. Market Communications • The ways an operation communicates with its market is called the ______________________ mix: • _________________: Paying to present or promote an operation’s products, services, or identity. • Sales promotions: Limited, or short-term, incentives to ……………………………………………………………. • Personal selling: well-trained service staff can also go a long ………………………………………………………….. • _______________________: an operation interacts with the community at large (sponsoring local baseball team) • Direct marketing: Making a effort to connect directly with ………………………………………………………………… 7.2 Chapter 7 | Marketing

  13. Types of Sales Promotions • Types of Sales Promotions: • 1. • 2. • 3. • 4. • 5. • 6. • Typical promotional materials: • 1. • 2. • 3. • 4. • 5. • 6. • 7. • 8. 7.2 Chapter 7 | Marketing

  14. Public Relations:Engaging the Community • ___________________ is the attention an operation receives. • ___________________ relations involve interacting with the people in the local area to create awareness of and trust for an operation. • Media relations are the relationships that marketers maintain with _____________ outlets 1. _____________: brief presentation of promotional info. written to sound like a news article 2. press kit: packet of info. given to media ……………………………………………………………. 7.2 Chapter 7 | Marketing

  15. Menu Overview • There may be no stronger marketing tool for a restaurant than its ________________. 2. functions in two ways: ________ and ______________ 3. It can greatly influence what customers ________________. 4. The menu also helps create the ___________________of an operation. The items listed on a menu say a lot about an operation, but so does the way the menu is laid out. 7.3 Chapter 7 | Marketing

  16. Types of Menus • À la carte menu: This menu prices …………………………………………. • Du jour menu:Du jour is a French term that means ___________________so it simply lists the menu items that are available on a particular day. • Cyclical menu: chefs or managers change menu items …………………………………… • Limited menu: There are typically only a ………………………………………………………. 7.3 Chapter 7 | Marketing

  17. More Menus • ___________menu: offers the same items every day. • _____________menu: lists all meals available at any time of day. • _____________menu: the opposite of an à la carte menu in that it offers multiple courses at one price. • ______________menu: similar to a prix fixe menu in that it bundles various elements of the menu into one package (value meal) 7.3 Chapter 7 | Marketing

  18. Organizing a Menu • Most menus organize foods according to …………………………………………………………. • Prepare foods using a __________of cooking methods. • Chefs or managers can divide entrées by _________________ (fish, chicken, pork) • Maintain balance in the choice of ………………………………………………………….. • The number of ______________on the menu depends on customers’ tastes and past sales. 7.3 Chapter 7 | Marketing

  19. Designing a Menu • Well-designed menus are pleasing to read, easy to understand, and clearly express the identity and character of the operation as a whole: • __________: How the menu is categorized and sequenced also adds to the identity of an operation. • Color: The colors chosen by an operation help create its ___________. • __________: can highlight certain elements on the menu, drawing customers’ attention. • __________: The art selected for a menu can say a lot about an operation. 7.3 Chapter 7 | Marketing

  20. Pricing the Menu • Management needs to make sure that ________aligns with the __________ of the operation and the skill level of the staff. • Price also determines __________________, which is the amount of money remaining for an operation after expenses, or costs, are paid. This difference is also called the _________. • The price of a menu item must account for all ……………………………………………………… 7.3 Chapter 7 | Marketing

  21. Menu Pricing Methods • Contribution margin method: There are two steps to the formula: • Straight markup pricing: With this method, managers mark up the costs according ………………………………………… 7.3 Chapter 7 | Marketing

  22. More Menu Pricing Methods • Average check method: The result is an average check amount, which gives managers an idea …………………………………………………………… 7.3 Chapter 7 | Marketing

  23. Analyzing Menu Sales • It is crucial to the success of an operation that managers analyze ……………………………………………………. • __________ volume: the number of times the item is sold in a time period. • _______________analysis: an analysis of the popularity and the profitability of a group of menu items (at least 4 times a year) • Menu engineering is systematically breaking down a …………………………………………………………………. 7.3 Chapter 7 | Marketing

  24. Using Menu Item Classifications • Stars: are both __________and _____________. *stars should be ……………………... • Plow Horses:are ___________ but ______ profitable. • These items are reason for a restaurant’s ________. • Because they are less profitable, one solution may be to ____________ their price. 7.3 Chapter 7 | Marketing

  25. Menu Item Classifications Puzzles:_______ but very ___________ One of the best solutions is to _________its price. Dogs:________ and ___________ ________ all dog items from menu if possible. Replace them with ………………………………

More Related