STRATEGIC MARKETING

MANAGEMENT
Assignment 1

Saudulla Jameel ( S21022955 )

ZIKURA INTERNATIONAL COLLEGE
 Contents
Executive Summary 3
Situation Analysis 4
Business Definition and Scope 4
Macro-Environmental Factors 4
Political and Economic 5
Social and psychological 5
Technological 5
Environmental 6
Micro-Environmental Analysis 6
Porter’s Five Forces Model 7
New potential entrants pose a threat. 7
Substitute products/services are a threat. 7
Supplier bargaining power 7
Buyers' bargaining strength 8
Currently, there is rivalry among competitors. 8
Customer 9
Competition 9
Distribution 9
SWOT/TOWS Analysis 10
Strengths and Weaknesses 10
Opportunities and Threats 11
Threat and Opportunity Matrices 11
Critical Success Factors 11
Higher Level Marketing Strategies 12
SMART objectives (Specific, Measurable, Actionable, Realistic, and 12
Company’s Marketing Objectives 13
Ansoff’s product-market strategies 14
Marketing Mix Strategies 15
Target Market 16
Positioning and Differentiation 16
Situation Analysis 16
Implementation, Evaluation and Control 17

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 Action plan 17
Key Performance Indicators 18
Conclusion 18
Bibliography 19

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 The Marketing Plan of Seven Spices Restaurant Chain

Executive Summary

With a rapidly rising consumer brand and client base, the Seven Spices Restaurant Chain
will be the premier pasta restaurant in the Maldives. Pesto with smoked salmon, pancetta and peas
linguine in an Alfredo sauce, lobster ravioli in a lobster sauce, and fresh mussels and clams in a
marinara sauce are among the hallmark line of unique, quality dishes. Salads, sweets, and
beverages are all available at the Seven Spices Restaurant Chain. All of the desserts are prepared
on-site.

A marketing plan is an operational document that details an organization's advertising

strategy for generating leads and reaching its target market. A marketing strategy outlines the
outreach and public relations activities that will be implemented over time, as well as how the
organization will measure the impact of these initiatives.

By selling high-quality, creative products at a reasonable price, designing tasteful,

convenient locations, and providing industry-benchmark customer service, the Seven Spices
Restaurant Chain will re - invent the restaurant experience for individuals, family members, and
takeout customers with discretionary income. Our online presence strengthens our brand.

A marketing plan may appear scary at first, but it is extremely achievable and may be
motivating to put together. To accomplish the finest marketing plan, it is critical to imagine your
goals, understand your constraints, and capitalize.

Developing a restaurant business is a nurturing process that rewards your internal efforts.

Marketing aids in the familiarization of your brand, which consists of your concept,
mission statement, and service standards. Always keep in mind that the restaurant industry is a
service business, not a food business; as a result, it is critical to give potential customers a taste of
it through marketing.

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Situation Analysis

Seven Spices Restaurant Group has an excellent understanding of the market and is well-
versed in the common characteristics of our most valued and devoted consumers. This information
will be used by Seven Spices Restaurant Group to better identify who is served, their individual
requirements, and how Sigmund's can better interact with them. (Stalker, 1961)

Business Definition and Scope

The Seven Spices Restaurant Group is a gathering place for families united by a shared
love of the traditional American restaurant and the simpler times of the 1980s and 1990s. Seven
Spices Restaurant Chain goes beyond a normal theme restaurant by putting true heart into customer
service and the quality of its food, so its unique presentation and historical references are simply
part of the image.

The objective of the Seven Spices Restaurant Group is to give the best dining experience
to the customers. We exist to bring in and keep clients. Everything will click into place if we follow
this maxim. Customers' expectations will be exceeded by our services.

Macro-Environmental Factors

The macro environment encompasses all external elements that have a significant impact
on corporate success, strategy, and decision-making. External elements that have a significant
impact on a company's success are difficult to manage. A macro environment is described as a
large and diverse set of economic factors. To learn more about the macro environment, read the
article below.

All of the variables or forces that have an indirect impact on business operations and
working conditions are referred to as the macro environment. These variables are uncontrollable,
and the organization lacks the ability to exert any control over them. An economic climate and a
quasi-environment are the two basic categories of the macro environment.

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 The macro environment is the firm's remote environment, or the external environment in
which it operates. In most cases, the corporation cannot manage the environment because it is too
large and unpredictable. (Chandler, 1990)

As a result, the company's success will be determined in great part by its capacity to adapt
and react to changes in the macro environment.

The corporation must first keep a close eye on the many parts of the macro environment.
This will assist them in comprehending the macro environment's dynamic nature. It also aids them
in adapting to the ever-changing surroundings.

Political and Economic

The restaurant industry is moving to a more sophisticated clientele. In numerous ways, the
restaurant customer of today is more sophisticated than the patron of yesterday.

▪ Food safety. Customers are beginning to recognize the value of high-quality components,
which is leading to an increase in their desire for them.
▪ Presentation/appearance. Patrons are starting to appreciate this facet of the industry as the
presentation of an aspect of the culinary journey becomes more ubiquitous.
▪ Concern for one's health. Customers are asking more healthier options when they eat out
as Americans become more health-conscious, as indicated by the growth in folks exercising
and health-club memberships. They understand that an entrée may be delicious while also
being healthy.
▪ Selection. People are clamouring for a wider variety of foods.

Social and psychological

▪ Demographics for Seven Spices Restaurant Chain
▪ Both men and women
▪ This age group accounts for 53%
▪ Young professionals who work in the neighbourhood
▪ Frequented by people who draw a salary of more than $40,000"

Technological
The rationale for this tendency is that restaurant selections have risen in recent years,
presenting customers with additional options. Customers in restaurants no longer have to embrace

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a limited menu of choices. Patrons have gotten more sophisticated as a result of additional options.
This tendency makes sense since in major metropolis markets like Seattle, Portland, or New York,
where there are more options, you can see a more sophisticated client. Consumers are also
progressively expecting eateries to have a website. A website, a Facebook account, and, in many
cases, a Twitter account are all part of this online presence. The value of having a website and
using social media can indeed be overstated.

Environmental
▪ Several times a week, eat out.
▪ Restaurants of greater quality are more likely to be frequented.
▪ They are concerned about their health.
▪ Enjoy a high-quality dinner without the hassle of preparing it.
▪ When placing an order, health issues about foods are considered.
▪ The island of Maldives, which has a population of around 559,001 inhabitants, is
the Restaurant's immediate geographic objective. (Douglas, 2000)

Micro-Environmental Analysis
Because the size, capacity, capability, and strategies of each company in an industry differ,
the micro environment does not usually effect all of them in the same manner. Larger corporations,
for example, are getting more concessions from raw material suppliers. Small businesses, on the
other hand, may not receive the same benefits.

Similarly, rivals are unconcerned about the rival company if it is little, but they will be
acutely aware if the competition is enormous. The microenvironment of several firms in an
industry might sometimes be nearly identical. In this instance, the firms' responses to their
microenvironment may differ since each firm will want to reach a higher level of success.

It's a collection of characteristics and aspects in a company's immediate surroundings that

influence its performance and decision-making. Start-up financing, competition, labour
availability, clients, distribution methods, and the general public are all aspects to consider. (Craig,
1989)

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Porter’s Five Forces Model

The following are the five forces that affect a firm's productivity in an industry or in a
business situation:

New potential entrants pose a threat.

Potential rivals are companies that are not already competing in the industry but could do
so if given the opportunity. The addition of new companies boosts industry capacity, sparks a battle
for market share, and decreases existing costs. The threat of potential competitors entering is partly
determined by the size of the entry barriers. The following are some of the various entry barriers:

o Large-scale economies of scale

o Customer loyalty to a brand
o Customer Switching Costs Government Regulation
o Cost Advantage Absolute
o Distribution is simple.
o A solid financial foundation

Substitute products/services are a threat.

Items that may efficiently satisfy customers' needs are referred to as substitute products.
Substitutes place a restriction on the price that firms can charge for their product in an industry,
imposing a ceiling (upper limit) on the possible returns of the industry. The fewer close
replacements a product has, the greater the chance for manufacturers to boost prices and profit
(other things being equal).

Porter's five forces have varying degrees of effectiveness depending on the industry. These
five forces affect profitability in any industry because they affect prices, expenses, and capital
investment, all of which are necessary for survival and competition.

Supplier bargaining power

The firms that give inputs to the sector are referred to as suppliers. Supplier bargaining
strength refers to the ability of suppliers to raise input prices (labour, raw materials, services, and
so on) or industry expenses in other ways. Strong suppliers can extract revenues from an industry
by driving up the costs of competing businesses. There are a few replacements for Suppliers' items.

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The products of strong providers are one-of-a-kind. They have a high cost of switching. Their
product is a critical component of the buyer's product. They are a legitimate threat to further
integration. Strong suppliers do not care about buyers. They are viewed as a threat in this sense.

Buyers' bargaining strength

Customers that consume the goods or companies that distribute the industry's product to
end users are referred to as buyers. Buyer bargaining power refers to a buyer's ability to negotiate
down the prices charged by industry firms or to increase the industry firms' costs by demanding
higher product quality and service. By cutting prices and increasing costs, strong purchasers can
squeeze profits from an industry. They make a high number of purchases. They know everything
there is to know about the product and the market. They place a premium on high-quality goods.
They offer a real risk of reversing integration. They are viewed as a threat in this sense.

Currently, there is rivalry among competitors.

The competitive struggle for market share between enterprises in an industry is referred to
as rivalry. Extreme competition among established businesses is a major threat to profitability. The
following factors influence the intensity of rivalry among established competitors within an
industry:

● The size of the exit barriers

● Costs that are fixed
● The industry's competitive structure
● Customers from all across the world
● There are no switching charges.
● Demand circumstances are expected to grow at a faster rate than the industry's growth rate.
(Dunning, 1992)

Seven Spices has developed unique gourmet pastas and salads that outperform the competition.
In every bite, customers can taste the product's quality and freshness. The following are the
product's characteristics:

● The pasta dough for Seven Spices is produced with Italian semolina flour.
● All of the cheeses are from other countries.
● Organic and fresh vegetables are delivered three times a week.

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 ● All of the meats are top-of-the-line and, when possible, organic.
● The proprietor individually selects the wines.
● This product feature was added by the textbook's authors.

Cuisine is not a commodity at Seven Spices; the eating experience is a service. Seven Spices takes
pride in giving service that rivals that of fine dining establishments.

Customer
The Seven Spices Restaurant Group offers a wide variety of high-quality pasta dishes and
salads that are distinctive and pleasant in presentation, as well as a variety of health-conscious
options made with top-of-the-line ingredients. The restaurant aims to provide the following
significant benefits to its customers:

Competition
Selection. There is a large selection of dishes and salads to choose from.

Accessibility. The customer can enter the restaurant with little wait time and pick whether to eat
in or takeout.

Customer service is really important. The degree of service provided to customers will leave them
speechless.

Pricing that is competitive. All products and services will be priced competitively with similar
high-end pasta and Italian restaurants.

Distribution
▪ As a retail restaurant, Seven Spices is currently in the planning stages. The following are
the critical issues:
▪ Maintain a conservative fiscal policy; expand at a reasonable rate, not for the sake of
expansion, but because it is economically prudent.
▪ Continue to raise brand awareness, which will attract customers to existing restaurants and
make new store marketing easier.

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SWOT/TOWS Analysis
Strengths, Weaknesses, Opportunities, and Threats (SWOT) are acronyms for Strengths,
Weaknesses, Opportunities, and Threats.

Internal corporate strengths and weaknesses are things you have some influence over and
can modify. Who is on your staff, your copyrights and proprietary information, and your location
are all examples.

External opportunities and risks are those that occur outside of your organization, in the
bigger market. You can seize chances and defend against dangers, but you can't change the
situation. Competitors, raw material pricing, and client shopping tendencies are all examples.

A SWOT analysis is a basic two-by-two grid that puts your top strengths, weaknesses,
opportunities, and threats into an ordered list. You'll have a good approach for prioritizing the tasks
you need to perform to build your business if you take the time to do a SWOT analysis.

You may believe you already know everything you need to succeed, but a SWOT analysis
will drive you to look at your company in fresh ways and from new perspectives. You'll examine
your strengths and limitations, as well as how you may use them to take advantage of market
opportunities and threats.

The founders and leaders of a company must be deeply involved in a SWOT analysis for
it to be effective. This isn't a job that can be handed off to someone else. (Kate Gillespie, 2004)

Company leaders, on the other hand, should not undertake the work on their own. To get
the greatest outcomes, bring together a collection of people with a variety of opinions on the firm.
Choose individuals that can represent various elements of your business, such as sales, customer
service, marketing, and product development. At the table, everybody should have a place to sit.

When performing a SWOT analysis, innovative firms even go outside their own internal
ranks for input from consumers to add their distinctive voice to the mix.

Strengths and Weaknesses

▪ Strong partnerships with vendors who provide high-quality ingredients and deliver
on a regular basis

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 ▪ Excellent personnel that is well-trained and responsive to the needs of the
customers.
▪ Great retail space in an upscale mall, a suburban neighbourhood, or an urban retail
district that is bright, hip, and clean.
▪ Repeat clients have a high level of loyalty.

Opportunities and Threats

The name Seven Spices is not well-known. Brand equity is the monetary value of all good
and negative associations and expectations that people have of a brand based on all of their
interactions with it through time.

In order to raise brand awareness, you only have a restricted marketing budget.

Seven Spices is a growing market, with a large portion of the target consumer still unaware
of its existence.

Increasing takeout sales prospects, which can be boosted even more by our web presence.

The capacity to distribute overhead across several revenue centres. The restaurant will be
able to allocate management overhead costs over numerous locations, lowering fixed costs per
location.

Threat and Opportunity Matrices

o Local restaurants are vying for customers as a result of Seven Spices' excellent offerings.
o Gourmet pasta restaurant companies from other countries are expanding to the Maldives.
o A downturn in the economy reduces customers' disposable income, lowering their ability
to eat out.

Critical Success Factors

The warm and inviting environment of the website will entice potential clients. A picture
gallery will provide visitors a pictorial tour of the restaurant's decor and environment. The
following will be included on the website's pages:

o The restaurant's objective and vision, as well as a profile of the creator, with a focus on
wine expertise

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 o A discussion about the company's devotion to high-quality food and a high-quality dining
experience for customers.
o A interactive tour of the restaurant through a slide show
o Menus for eat-in and take-out
o Route, hours, and contact details are all shown here (both telephone and e-mail)
o Customer comments on Facebook and Twitter

Higher Level Marketing Strategies

Because Seven Spices' marketing budget is small, the advertising scheme is
straightforward. Direct mail, banner ads, and inserts in the Register Guard will be used by the
restaurant, and are likely to be the most successful of the efforts. (We'll also promote the company
through our website and social media.) Finally, Seven Spices will use personal connections to
secure articles in the Register Guard about the restaurant. Friends whose restaurants have been
featured in the Register Guard have witnessed a significant spike in sales immediately following
the publication of the article. (Hodgetts, 2000)

SMART objectives (Specific, Measurable, Actionable, Realistic, and

Time-tabled).

Goals are an important part of all aspects of business and life because they provide
guidance, inspiration, a clear focus, and a sense of importance. You provide yourself with an
objective to shoot for by making goals. A SMART goal is a type of goal that is used to facilitate
goal setting. Specific, Measurable, Achievable, Realistic, and Timely is an acronym that stands for
Specific, Measurable, Achievable, Realistic, and Timely. As a result, a SMART goal combines all
of these factors to help you focus your attention and boost your chances of success.

The following are examples of SMART objectives:

▪ Specific: well-defined, unambiguous, and well-defined

▪ Measurable: Using defined criteria to track your progress toward achieving your goal.
▪ Achievable: Attainable, but not insurmountable.
▪ Practical: Achievable, realistic, and relevant to your life's goals
▪ Timely: With a well-defined timeline that includes a start and finish date. The goal is to
create a sense of urgency.

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Specific goals have a much better likelihood of being achieved. The five "W" questions must be
examined while making a goal specific:

▪ Who: Who is a part of this mission?

▪ What: What am I hoping to achieve?
▪ Where will this goal be accomplished?
▪ When would I want to accomplish my goal?
▪ Why: What motivates me to accomplish my goal?

A SMART goal must have metrics for tracking success. You won't be able to measure your
progress or decide if you're on pace to meet your goal if there are no criteria.

A SMART objective must be realistic and feasible. This will assist you in determining how to
achieve and work toward that objective. The goal's achievability should be stretched enough to
make you feel pushed, yet defined enough that you can actually accomplish it.

A SMART objective must be realistic in the sense that it can be accomplished with the
resources and time available. If you believe you can achieve a SMART objective, it is most likely
realistic.

A SMART goal must be time-bound, with a beginning and ending date. There'll be no sense
of urgency and, as a result, less motivation to accomplish the goal if it is not time-bound.

Individuals and businesses frequently set oneself up for disappointment by setting broad,
improbable objectives like "I want to be the best at X." This goal is nebulous and lacks focus.

SMART goals are specific, measurable, achievable, realistic, and timely, and they set you up
for success. The SMART technique motivates you to go further, provides you a feeling of
direction, and assists you in organizing and achieving your objectives. (Hofstede, 1991)

Company’s Marketing Objectives

The global small restaurant market was worth $8 billion in 2010. For the next five years,
this is expected to increase by at least 10%. Several causes have contributed to this expansion. The
first criterion is a desire for nutritious foods.

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 A rise in the number of hours our demographic works is another factor that leads to market
expansion. The amount of hours spent working by our typical customer has increased dramatically
over last five years.

There is a strong association between the amount of work hours and the number of people
who dine out at restaurants. This is intuitively explained by the fact that people have less time to
prepare meals with a restricted number of hours available each day, and eating out is one method
to maximise their time.

▪ Maintain month-to-month growth that is favourable and consistent.

▪ Each month, make at least $40,000 in sales.
▪ Increase the number of new clients who stay with you for a long time.
▪ Realize a one-store-per-year expansion strategy.

Ansoff’s product-market strategies

Any company that wishes to grow and succeed will almost certainly need to diversify its
strategy to focus on growth models. Many businesses can grow by increasing their services or
expanding into new markets, while the Ansoff Matrix describes other options as well. This matrix
aids organizations in assessing risk and determining the benefits of their expansion strategy. We
will define an Ansoff Matrix, outline Ansoff Matrix growth techniques, demonstrate how to create
and use this matrix, and provide examples in this article.

The first quadrant of the Ansoff Matrix is the market penetration approach, which is the
least risky of the four growth alternatives. It occurs when a company attempts to expand in a market
where it already has products, services, or other offers. Market penetration is the process of
increasing a company's market share by finding new clients in the same market or selling more of
its products to existing customers. (Jain, 1989)

To achieve this purpose, most organizations use more dynamic promotion, albeit the tactics
used by each company may differ. A company can attain market penetration by doing the
following:

▪ Boosting their marketing efforts

▪ Lowering their prices
▪ To attract new customers, you should run deals and promotions.

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 ▪ Taking over or merging with a competitor in the same market
▪ Improving products to make them more appealing to customers
▪ They're fine-tuning their distribution system.

The second quadrant is market development, which is when a business utilizes its current
offerings to expand into new areas. If they are a local shop, this could mean expanding to other
municipalities, other regions, nationwide, or even globally. It's a market development growth
strategy when an organization expands from its present market into a new market where they don't
yet exist, whatever that growing entrant may be.

Diversification is the fourth and last part of the Ansoff Matrix, and it represents the greatest
risk to enterprises. An organization that seeks to penetrate new international markets, services, or
other offers uses this growth approach. That's the riskiest option because it entails a new product
in the market where you have no prior experience.

Marketing Mix Strategies

As controls for their marketing plan, Seven Spices incorporates execution milestones, the
marketing organisation, and contingency planning. The process of implementation has already
been discussed. Contingency planning is a structured approach to dealing with a crisis, whether it
occurs within or outside of a firm. A contingency plan entails identifying potential problems,
prioritising them in a list of the most likely, and devising ways to minimise the damage to a
corporation if the possible issue materialises. (Judd, 1964)

The site selection factors used by Seven Spices are crucial to the company's success.

▪ Populations throughout the day and at night

▪ Patterns of shopping
▪ Vehicles are counted.
▪ Levels of household income

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Target Market

Three target populations can be identified in the market.

▪ Individuals. Individuals who eat alone.

▪ Families. A group of people dining together, either friends or nuclear relatives.
▪ Takeout. People who would rather consume restaurant cuisine at home or at a different
location than the restaurant.

Customers of Seven Spices are hungry people between the ages of 25 and 50, accounting for
53% of Maldives' population. This customer base is not segmented by age, as pasta is enjoyed by
people of all ages. Income is the most well-defined feature of the target market.

The following strategies to pricing, distribution, advertising and promotion, and customer
support make up Seven Spice's marketing mix. The product cost is 45 percent of the overall selling
price, according to Sigmund's pricing plan.

Meal will be distributed using a concept in which clients may place orders over the phone or
through the internet.

Positioning and Differentiation

A feedback procedure relies on a suggestion card system is another form of dynamic
market research. Several phrases on the recommendation card system invite guests to rank on a
scale of one to ten. There are also a few open-ended questions where the client can freely express
constructive criticism or appreciation. Sigmund's will make every effort to adopt reasonable
suggestions in terms of improving its service offerings and to demonstrate to consumers that their
input is valued. (Keegan, 2000)

Situation Analysis
The key customer's profile is as follows:

▪ Families from affluent backgrounds who live nearby

▪ Young professionals that work in the neighbourhood

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Implementation, Evaluation and Control
Action plan
The Seven Spices Restaurant Group will market itself as a high-end, gourmet pasta
restaurant with a reasonable price tag. Consumers who enjoy high-quality meals will appreciate
Seven Spices Restaurant Chain's value and distinctive offerings. Singles and families between the
ages of twenty-five and fifty will be among the attendees.

The positioning of the Seven Spices Restaurant Chain will take use of its competitive
product and service advantages:

Fresh components will be used in the product, such as homemade cuisine, imported
cheeses, organic vegetables, and top-shelf meats. In addition, the product will be improved in terms
of appearance. Everything will be attractive to the eye.

Customer service will take precedence. Customers will get the best eating experience
possible thanks to the efforts of all personnel. All staff would go through a rigorous training
programme, and only the most qualified candidates will be hired.

When considering launching a marketing campaign, it's critical to first determine who your
target audience is. Are you targeting young millennials or families with young children with your
marketing? Remember how various groups react to different types of advertising. You can ensure
that your brand message is heard clearly by your target customers and that your marketing
resources are used properly by understanding your audience. (Kotabe, 2004)

Always be willing to try new things. It is never a good idea for a firm to sit on its hands.
Because the market is continually changing, a business must adapt as well. Learn to change your
mind.

Be receptive to new ideas. Some staff may have a greater understanding of market realities
than the entrepreneur. Pay attention to what they're saying. Pay attention to what they've been
saying.

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Key Performance Indicators
Within five years, the sole goal is to establish Seven Spices as the Maldives' premier
gourmet restaurant, with a majority of the market share. The marketing plan will aim to raise
customer knowledge of the services supplied, grow the clientele, and work toward increasing
customers’ loyalty.

The message that will be conveyed is that Sigmund's provides Eugene with the freshest,
most imaginative, health-conscious, and fairly priced gourmet pasta. This word will be
disseminated in a variety of ways. Direct mail will be the first. The direct marketing campaign will
allow you to contact with your customers directly.

Conclusion
The restaurant sector is starved for attention, and marketing can help you gain it. It's critical
to get the word out about your restaurant, and nothing does it better than marketing! It is your
responsibility to inform or remind customers about your business if they are unaware of its
existence.

Restaurant marketing is an excellent approach to divert attention away from what others
are doing and toward what you have to offer. It will allow you to generate a strong first impression
and attract the attention of both new and old consumers. It will build a robust customer pipeline,
allowing you to run a long-term business.

Always keep an eye on your development. Understand what works and what doesn't. This
will continue to stay on top of projects that require attention while also allowing you to expand on
those that are successful.

Make sure to commend staff for their hard work. When objectives are fulfilled, deadlines
are met, and so on, be sure to congratulate the individuals who were responsible for these
objectives and deadlines.

Marketing your restaurant in an ever-changing digital environment can be difficult,

especially when you're trying to keep up with day-to-day restaurant operations, but it's critical for
building brand equity and ensuring healthy long-term development.

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