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OPEN DAY Chapter 4 Food and Beverage Marketing & A Feasibility Study FMB 3196 www.lrjj.cn OPEN DAY Competencies for Fundamentals of Marketing 1. Explain marketing in terms of delivering guest-pleasing service. 2. Describe the steps involved in developing a feasibility study and list the three types of marketing research that should follow such a study. www.lrjj.cn OPEN DAY Competencies for Fundamentals of Marketing 3. Describe the elements of a complete marketing plan, focusing on the roles of sales, advertising, public relations, and publicity. Compare public relations and publicity for hospitality operations. 4. Describe marketing tactics that might be used by a noncommercial food service operation. www.lrjj.cn The Business Case OPEN DAY The objective of a Feasibility Study Why How Where & What www.lrjj.cn The Business Case OPEN DAY The feasibility study is an evaluation and analysis of the potential of a proposed project which is based on extensive investigation and research to support the process of decision making. www.lrjj.cn OPEN DAY Functions of a Feasibility Study • • • • • Identify market area characteristics. Evaluate the proposed site. Analyze competitors. Estimate demand. Project operating results. www.lrjj.cn OPEN DAY Market Area Characteristics • • • • • • Demographic information Retail sales volume Number and types of businesses Impact of tourism Available transportation Economic stability www.lrjj.cn OPEN DAY Evaluating the Proposed Site • Availability and convenience of parking • Traffic flow • Presence of other attractions that may bring in guests • Site accessibility www.lrjj.cn Changing concepts.. OPEN DAY www.lrjj.cn Changing concept due to study OPEN DAY One Harbour Road at Grand Hyatt Hong Kong •Was planned as a French dining room •Then went to Italian •Ended up Chinese… www.lrjj.cn OPEN DAY Analyzing the Competition • • • • • • Location Type of establishment Times of operation Menu prices Check average Type of service www.lrjj.cn OPEN DAY Analyzing the Market Guest Profile Research •Age •Gender •Frequency of visits to the property •Employment www.lrjj.cn OPEN DAY Analyzing the Market Marketplace Factors/Trends •Changes in demographics •Positive and negative events in the community, region, state, and nation •Cost of energy and other utilities •Government regulations •Cost of travel www.lrjj.cn OPEN DAY Steps in a Typical Marketing Plan • • • • Select target markets. Determine objectives. Create action plans. Evaluate and revise plans as necessary. www.lrjj.cn OPEN DAY Special • • • • • • • • • Promotions Couponing Product sampling Contests Packages Premiums Gift certificates Discounting Bonus offers Frequent diner programs www.lrjj.cn Billboard - Outdoors OPEN DAY www.lrjj.cn OPEN DAY Outdoor Sign Advertising Pros • Low cost • Long life span • Broad reach Cons • Limited message length • Wasted coverage • Zoning/posting restrictions www.lrjj.cn Newspaper OPEN DAY Advertising • • • • Pros Low cost Broad reach Effective coverage • Immediacy • Flexibility www.lrjj.cn OPEN DAY Newspaper Advertising Cons • Read or skimmed quickly • Usually seen by only one reader per issue • Poor reproduction quality • Wasted coverage www.lrjj.cn OPEN DAYMagazine Advertising Pros • Long life span • Several readers per issue • Can target specific audiences • Excellent reproduction quality www.lrjj.cn A focused add…. Magazine OPEN DAY Advertising Cons High cost Long preparation time needed Inflexibility Some wasted coverage www.lrjj.cn OPEN DAY Radio Advertising Pros • Saturate local area • Low cost • Can target specific markets • High message repetition possible Cons • Short life span • Audio only www.lrjj.cn Television OPEN DAY Advertising Pros • Appealing presentation of sight and sound • Viewers retain message • Extensive coverage • Target markets Cons • High cost • Long preparation time • Wasted coverage www.lrjj.cn Direct OPEN DAY Mail Advertising Pros •Audience selectivity •Flexibility •Personalized message •Easily stopped or started •Easily evaluated for effectiveness Con / Negative: •High Cost and often seen as Junk Mail •Less than 2% ROI…. www.lrjj.cn Internet OPEN DAY Advertising One-on-one guest relationships E-newsletters Online reservations Banner ads www.lrjj.cn OPEN DAY Thank You! www.lrjj.cn