Potential Target Markets for the Fast Food Restaurant-Free-Samples

Questions: Discuss about the potential target markets for the Fast food restaurant in Coconut Plantation Resort, Hawaii. Answers: Introduction Target segments along with the product offerings should properly designed and identified. This is due to the reason that in the current time of increased competition in the market, especially in the Hawaiian tourism, effective and proper identification of the target markets is important. In addition, having an effective communication mix is also important in order to communicate with the potential customers regarding the offered services (Todorova 2015). This report will discuss about the probable target market for the restaurant in Coconut Plantation Resort in Hawaii along with the identification of exact type of restaurant to offer. This report will also discuss about an ideal communication mix for the restaurant considering all the relevant elements. Identification of the target market Market segmentation includes different aspects to be considered including demographical, geographical and psycho graphical segmentation. In the case of the Coconut Plantation Resort, target segments will be determined in relation to the demographical and psycho graphical segmentation. In terms of the demographical segmentation, the target segment should be the young professionals aged between 26 to 40 and the late adults aged over 50 (Hess and Doe 2013). These are the most potential target segment due to the reason that there are mainly two types of customer segments go for vacation in Hawaii. One is the young professionals who are the having stable professional life and having the purchasing power to enjoy leisure vacations and the other is the late adults who wants to enjoy their older age in leisure. Both these target segments will have favorable purchasing power to spend in the Coconut Plantation Resort. Another probable target segment is in terms of psychographic segmentation. According to the case study, independent traveler constitutes the major portion of the total inflow of tourists (Park and Jang 2014). Thus, the market potentiality by targeting them will be more. On the other hand, these travelers not travel with setoff itinerary and pre-purchased services. Thus, the potentiality of generating business from them is more. Recommended restaurant According to the case study, there are mainly three types of restaurants being prescribed. However, it is recommended that fast food restaurant will be the most applicable and proper for Coconut Plantation Resort. This is due to the reason that, in the case study, it is stated that table cloth and moderately priced restaurants only offers three meals a day (James et al. 2014). In addition, the variation in the food offerings will be more in case of the fast food restaurants over others. It is also to be noted that tourists in the Hawaii Island will enjoy more of the local fast foods compared to the fixed meals. Tourist tends to spend fixed amount for their meals in the restaurant, while spending for fast food varies. Thus, the business opportunities can get more through fast food restaurant. Fast food restaurant will be able to offer more authentic local cuisines compared to the clothed restaurants. Specialty restaurants are also not considered due to the reason that they will only c ater to the higher end customers, while the fast food restaurants will be able to cater to larger section of the customers (Wang, Tran and Nguyen 2014) Ideal product levels Four product levels of fast food restaurants will be discussed including the core product, generic product, expected product and augmented product. The core product of the fast food restaurant will be the foods being offered. The core products will be diversified in order to enhance the effectiveness of the core offerings. Having multiple cuisines will help to cater to larger customer base (Booth 2014). Generic product of the fast food restaurant will be the quality of the foods along with the authentic taste. Proper hygiene and health standards will be maintained in preparing the food (Penzenstadler and Femmer 2013). Organic materials will be used in order to provide the authentic taste and quality to the customers. Expected product of the fast food restaurant is the expectation of the customers from it. This includes the authenticity of the local taste and cuisines with exact flavor. Customers also expect that executives will be friendly and the time for the food delivery will be less. Cost will also be in accordance to the products. These factors will be considered in order to fulfill the customer expectations. Augmented products are the additional offerings, which will enhance the customer value as well as create a distinctive image in the market. In the case of the fast food restaurant, the color scheme to be used in the premises along with the style of branding will be different from that of the market (Seo and Jang 2013). In addition, services will be also distinctive by offering drive in services and hotel delivery of the foods Pricing strategy Affordable and economy pricing will be initiated by the fast food restaurant in order to cater to different customer segments. This is due to the reason that fast food will attract customers across different income levels (Spann, Fischer and Tellis 2014). Moreover, with having economy pricing, higher end customers can also be targeted due to the reason that economy pricing goes well with the fast food market. Communication mix strategy Target market Reach Lifespan Frequency Advertisements Entire target market consisting of customers across every income levels. Advertisements will have higher market penetration due to the involvement of number of different mediums. The life span will be more and in accordance to the business. Advertisements will continue throughout their business operation. Frequency will be more due to the presence of different mediums. However, the design will typically change after every 4 months according to the market trends. Sales promotion Will target mainly the mass market and the frequent customers. Reach of the sales promotion will have limited reach and but with higher effectiveness. It will be limited among the customers coming to the restaurant. Lifespan of sales promotion will be less and it will be limited to newly launched offerings. Sales promotion will be done in less frequency and will only be initiated upon requirements. Public relation Will mainly target the higher end customers who are not frequent. Market reach will also be limited among the not so frequent customers. Lifespan of public relation will also be more and it will be continued in order to identify the change in the market trend and requirements. Public relation will be initiated in limited frequency and will only be initiated at the peak seasons. Direct marketing Will target all the customers regardless of having potential or not. Direct marketing will have more marketing reach due to the communication of the messages to every single corner. The lifespan for direct marketing will be more due to the reason that it will also be continued along with the business operation. The frequency of direct marketing will be more and it will be conducted in regular basis. Medium Message Objective Finance Advertisements Different mediums will be involved such as print media, outdoor medium and social media. Print media will help to communicate to the potential customers in the local hotels. Outdoor medium will ensure enhanced brand visibility and social media will help to reach out to more customers in less cost. The message will include basic information about the fast food restaurant along with the value creating factors for the customers. The color scheme to be used in communicating the message will be same to the branding. The core objective of the initiation of advertisements will be reach out to maximum number of potential customers possible and make them aware about the presence of the restaurant. Another objective is to make customers aware about the core products to be received. Advertisements will cost more due to the involvement of different mediums. It is estimated that US$ 3000 will be required for advertisements. Sales promotion Mediums of sales promotion will include customer loyalty programs, seasonal offerings and promo codes. These mediums will help to attract customers along with making aware about the foods. This will also increase the customer footfalls. The message will include the product description along with the ingredients used in preparing the foods. The message will also include the added services to be received by the customers. The main objective of sale promotion is to attract more customers during the off season along with maintaining the existing customer base. Another objective is to increase the customer loyalty of the most frequent customers. Sales promotion will also have certain cost due to the fact that seasonal offerings and discounts will incur added cost. It is estimated that US$ 1500 will be required for sales promotion activities. Public relation Mediums of public relation will be initiation of two ways communication process in the online community such as social media. This will help in determining the requirement of the customers. The message will include the ways by which the restaurant is willing to serve better. The message will also include the steps taken in enhancing the customer satisfaction. The objective of initiation of public relation is to enhance the level of satisfaction of the customers along with maintaining the positive relationship with the customers. Due to the involvement of different mediums, an added cost will also be incurred in the initiation of the public relation activities. US850 will be required in this case. Direct marketing Mediums for the direct marketing will be email, phone call and online texts. These mediums will help to communicate with the customers directly and in more personalized way. The message will include brief service offered by the fast food restaurant along with the price chart. Moreover, the message will also include the added facilities and distinctive services of the restaurants. Objective will include reaching to major sections of the target market and making them aware about the restaurant. US$ 500 will be required for this activity. Conclusion Thus, it can be concluded that Coconut Plantation Resort should have fast food restaurant in their location. This is due to the reason that fast food restaurant will be more effective in catering to major section of the target market. This report also discussed about the two most potential target segments along with discussing the ideal communication mix to reach out to maximum number of customers References Booth, D.A., 2014. Measuring sensory and marketing influences on consumers' choices among food and beverage product brands.Trends in food science technology,35(2), pp.129-137. Hess, M. and Doe, P., 2013. The Marketer's Dilemma: Focusing on a Target or a Demographic?: The Utility of Data-Integration Techniques.Journal of Advertising Research,53(2), pp.231-236. James, P., Arcaya, M.C., Parker, D.M., Tucker-Seeley, R.D. and Subramanian, S.V., 2014. Do minority and poor neighborhoods have higher access to fast-food restaurants in the United States?.Health place,29, pp.10-17. Park, J.Y. and Jang, S.S., 2014. Psychographics: Static or dynamic?.International Journal of Tourism Research,16(4), pp.351-354. Penzenstadler, B. and Femmer, H., 2013, March. A generic model for sustainability with process-and product-specific instances. InProceedings of the 2013 workshop on Green in/by software engineering(pp. 3-8). ACM. Seo, S. and Jang, S.S., 2013. The roles of brand equity and branding strategy: a study of restaurant food crises.International Journal of Hospitality Management,34, pp.192-201. Spann, M., Fischer, M. and Tellis, G.J., 2014. Skimming or penetration? Strategic dynamic pricing for new products. Marketing Science,34(2), pp.235-249. Todorova, G., 2015. Marketing communication mix.Trakia Journal of Sciences,13(1), pp.368-374. Wang, L.W., Tran, T.T. and Nguyen, N.T., 2014. Analyzing factors to improve service quality of local specialties restaurants: A comparison with fast food restaurants in southern Vietnam.Asian Economic and Financial Review,4(11), p.1592.