Marketing strategy: Target audienceProduct StrategyPricing Strategy Communication Strategy College studentsWe will be promoting our products through sports events.
Happy hours from 10 a. m – 1 p. m with a discount 15% ona bill of more than Rs. 300. CorporatesFree delivery to officesCorporate discounts of 10% on bill exceeding Rs.
1000. ChildrenWe would try to attract the children with cartoon characters and distribution of free toys. Other Strategies : Arranging special festival events like new year, christmas diwali Arranging navratra special food for fasting people 9 days in a year. We would earn revenue out of it.
Marketing by means of pamphlets, snapdeal. Organising events such as kitty parties, birthday parties and small get together(max 100 people) Can arrange for stalls in college fests To provide low fat food @ reasonable cost. CSR activities: We would distribute shirts to orphanage children free of cost Would arrange for food free of cost for orphans once a year. Creating awareness through waste bottles. i. Distribution Strategy ii. Communication Strategy iii. Research Organization 1.
Action Programs : i. Monthly Description: •To get the pamphlets printed and distributed along with the newspaper. Advertising through digital media (snapdeal, TV ads).
•To approach different malls, airport, corporates for exclusive stalls. •To organize CSR activities twice a year. •To appoint an SEO so that the people surfing internet who are in search of good food joints find BFC as the number one option on any search engine page.
Budgets : Amount spent on different activities(Yearly): Pamphlets : 10000 Sponsorships : 10000 Recycling/Reuse Waste bottles + Online marketing : 57000 T-Shirts for Orphanage : 7500 Total expenses : 84500 Revenues Earned : Kitty,birthday : 30000 Navratra special: 15000 Pamphlets : 1. lacs for every one fourth customers attracted Total earned : 1. 95 lacs Total turnover monthly : 6 lacs Yearly turnover = 72 lacs Profit = 30% = 1. 8 lacs Marketing expenditure : 84500 Total profit after exp = 95500 Estimated Profits : 110500 Projected profit : 206000 Total expected turnover = 6. 2 lacs Expected Yearly turnover = 74.
4 lacs 1. SWOT analysis for the company Strengths •Located at prime location. •Separate Kitchen for veg and non veg.
•Serve multicuisine food. •Lodging facility. This adds to an advantage over its rivals like KFC. Weakness •Unprofessional staff. •No marketing Strategy •No CSR activities. Less outlets. •Haven’t explored other opportunities like corporates, malls etc.
Opportunities •Different events like parties. •Stalls in Corporates, Malls, airports. •Festive occasions. •Sports sponsorship. •Food PacketsThreats •Other food outlets who are into same business of serving fried chicken(KFC, Chicking). •Other fast food joints like Pizza hut, Dominos, Mc Donalds, CCD, Barista. Market Research : BFC’s market research would help in understanding the customer tastes and choices.
Moreover it would also help in filling up the voids present in BFC and to build upon the strengths and the opportunities.BFC’s brand awareness research would help in determining the effectiveness and efficiency of the marketing strategies used by BFC to create awareness amongst the consumers. BFC in turn would also take the customer satisfaction survey to analyse and understand the market reaction. 1. Define the Problem : BFC as a new brand has been facing tough times to establish itself as a well known food chain. The main issues that it has been facing are : 1. Less number of outlets (only 2, one in HAL and other in HSR Layout).
2. Low visibility because of no marketing strategies being followed. 3.Food quality not up to the mark. 4. BFC faces tough competition with biggies like KFC because of the similarity with the KFC’s logo and the menu. 5. Because of the above mentioned reason, it also makes customers feel that BFC is a cheap copy of KFC.
2. Develop Research plan : a)Data Sources : The data for improving the research plan can be done by seeking feedback from the customers and also through door to door campaign and sufficient supervision is done accordingly. b)Research Approach : BFC would conduct door to door surveys to understand its brand awareness among people. c)Research InstrumentsBFC would be primarily using questionnaires as a primary market research instrument. Apart from this, BFC also would be using surveys and customer feedback forms as a means of research instruments.
d)Sampling Plan : BFC would be conducting a market research on the food lovers specially the teenagers and the people from corporates. It would be taking a sample of about 1000 people for this purpose. These people would be chosen on the basis of their frequent visits to the food joints catering to similar food and their liking for the same. e)Contact Methods : BFC would be contacting people via mail questionnaire or telephones.BFC should get itself registered on various online directories so that the customers in need of food joints can be contacted by BFC. 3.
Collect information : The data would be collected by BFC through various questionnaires. A typical questionnaire is presented below: i)Do you go out to Fast food joints? a. Yes b. No ii)Which is your favourite Fast Food joint and why? iii)What do you like to do on weekends/holidays? a. Visiting malls b.
Going for moviesc. Going to food joints d. Staying at home iv)What are your food preferences? a.
Veg foodb. Non Veg food v)Do you know about BFC? a. Yes b.No vi)If Yes, how did you come to know about BFC? a.
Friendsb. Newspaper c. Onlined. Others vii)Have you ever been to BFC? a. Yes b.
No viii)How did you find the food quality at BFC? a. Excellent b. Goodc. Averaged.
Poor ix)How did you find the staff behavior at BFC? a. Cordial and well behavedb. ill-mannered x)Any suggestions for improvement? Analyze information : The feedback received by the surveyed sample through various means would be analysed so as to understand the gaps between the BFC operation style and the customer expectations and preferences.
Present Findings : Make Decision :