Restaurant industry sales are expected to reach a record £392 billion and show positive growth in 2011 after a three-year period of negative sales growth, according to research from the National Restaurant Association. In addition, the Bureau of Labor Statistics says that the hotel industry will grow by 5 per cent between 2008 and 2018. Regardless of the state of the hotel and restaurant industries, a marketing plan can help you build a formal strategy to promote your hotel or restaurant to customers.
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The executive summary should communicate your company's marketing goals. For example, for a hotel, one of your marketing goals may to "maintain a 65 per cent occupancy rate throughout the year." For a restaurant, one of your goals may be to "increase food and beverage sales by 25 per cent by the end of the third quarter." Ensure your goals have specific numbers that you can target and that will let you know whether or not you've accomplished those goals.
The situation analysis of a marketing plan should contain an internal and external analysis. For the internal analysis, describe your company's product and service offerings. Then, outline the strengths, weaknesses, opportunities and threats for your hotel or restaurant. The external analysis should include external conditions that affect your industry. For example, a slow economy might affect restaurant sales or the number of guests who stay at your hotel.
The target market section should describe the main customers you target for your restaurant or hotel. For example, one segment your hotel might focus on could be male business travellers. For a restaurant that focuses on serving healthy foods, your target market might consist of educated, sophisticated women. Describe as many demographic characteristics as possible about your target market segments, including their age level, income, gender, education, socioeconomic status and purchase behaviour.
The marketing mix in your marketing plan includes the "four Ps" of marketing, which are product, price, place and promotion. "Product" means the types of food or drinks you serve at your restaurant or the products and services you offer at your hotel. "Price" refers to the pricing strategies for your restaurant or hotel. "Place" means you should describe the locations for your business and analyse their potential effect on your business's success. Finally, "promotion" refers to the marketing and promotional strategies and tactics you will use to spread the word about your hotel or restaurant.
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