Marketing - Food Service

Marketing Definition

individual and organizational actives that facilitation and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion, and pricing of goods, services, and ideas

American Marketing Association

an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

2 levels of marketing

macro and micro

macro-marketing

objective to create goods and services and make them available when and where they are needed

producers - concerned with their income and production

consumers - concerned which what you can buy with your $

Free Market Economy

market driven

capitalism

price is a measure of value

price fluctuates so both producers and consumers are happy

what is someone willing to pay

Law of Diminishing Demand

if the price of a commodity is raise; a smaller quantity will be demanded

if the price of a commodity is lowered"; a greater quantity with be demanded

Focus on Marketing

efforts should be focused on satisfying its customers and making a profit

code of ethics

rules for standards of professional behavior

based on relationships within businesses and professional organization

Marketing Concept

management philosophy of how a company views customers and the sale of their products

determine needs and wants of target market and satisfy these needs more than their competitors

Manufacturing/product concept

available and affordable - concentrate on production and distribution efficiency

product concept

customers prefer existing product, should focus on improvement

selling concept

need a large selling and promotion effort

societal marketing concept

organization determine needs and wants and co needs to deliver these to improve consumer’s and society’s well-being

who’s involved in marketing

producers, sellers, buyers

social marketing

marketing to advance a cause, change a behavior

business marketing

fills customer needs or desires

Need for Marketing

just because a product is good does not mean that it will sell

marketing encourages this need

must look at both product and marketing system

market system

market research

menu planning

service

promotion - tell customer about the product

What to include in a portfolio

resume

references

cover letter

examples of your work

market oriented business

• marketing concept - affects all activities and emphasizes satisfying the customers needs

• direction the company is going

• profitable because satisfying the customer’s needs

• coordinates all the companies activities

• need to make changes

• look at trends

marketing plan or process

market strategy → implement plan → measure results → feedback → repeat

open systems/expanded system model

control

ensure that resources are being used effectively and efficiently

within legal and regulatory constrains

provides standards for evaluation of operations

profits, sales, expense-cost

plans

contracts

laws and regulations

evaluation

sales analysis

detailed study of sales data, volume or market share

plans

goals and objectives

standards

contracts

policies and procedures

programs

feedback

process by which a system continually receives info from ints internal and external environment

client and staff orientation

built in monitoring

comparison to industry norms

market share - percentage of industry sales for a product

overview of development of plan

strategic plan

define target market and marketing mix

identify resources needed

objectives to be achieved

marketing analysis

prices of identify a need, assisting potential clients in recognizing the need, filling the need, study the competition

target market

fairly homogeneous group of customers to whom a company wishes to appeal

must have clear focus

age, income, ethnicity, religious background, education

marketing mix

controllable variables which the company combines in order to satisfy the target group

marketing mix

product - developing the right product for the customer

place - product available when and where the customer wants it

price - market price, what is it worth to the customer

promotion - stimulate demand (cannot create it), sales, merchandising, marketing

bottom up approach

info from employees

realistic, good for employee morale

top down approach

developed by top management

integrated marketing plan

a management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, and direct marketing work together as a unfilled force, rather than permitting each to work in isolation

Integrated Marketing Plan

a management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, and direct marketing work together as a unified force, rather than permitting each to work in isolation

consumer, convenience, cost, communication

strategic marketing

long term, overall view of marketing in the organization

done after the market has been defined

outlines resources allocation

objectives

situation analysis

identify marketing opportunities and potential problems

current condition and where the organization is going

SWOT analysis

strengths, weaknesses, opportunities, threats

market segmentation

division of total market into groups of customers who have similar needs, wants, values, and buying behaviors

geographic

demographic

psychographic - social class, lifestyle, personality

behaviors

market research

systematic assembly and analysis of facts relevant to marketing, need good facts to make decisions

1. defining the problem

2. secure internal data

3. finding secondary data

4. collecting primary data

5. data analysis

6. interpret research and make recommendations

7. report

stages of activities

• pioneering stage - when beginning, extensive advertising-promo

• competitive stage - try to increase place in marketing, knowing your niche

• retentive stage - have customers need to keep them happy

environmental forces on 4 Ps

brand

name, term, design, symbol or feature that identifies one seller’s goods or service as different from another’s

brand equity

value of a brand

brand loyalty

repeated customer purchase of a specific brand

customer loyalty

frequency with which a customer concisely purchases a specific brand

consumer price index

social media

no longer a luxury but a necessity

businesses must have

why is social media important

communication is happening faster and faster

social media is cheap and more efficient

can reach a huge number of people at once

can get a lot of information about your target audience at once

things to think about in business social media

• do you consider your business to be a social organization

• what do you plan to gain from using social media

• are you looking for more customers or connecting with others in the field

things to pay attention to on social media

what other people are talking about

what are people most interested in

ask for feedback - allows you to adjust your strategy

finding a niche

how can you be different from the crowd

interact - 2 way street

develop a tough skin - don’t take things personally

who is your target market

things to be careful of with social media

everything is public on the internet

info travels faster than ever

trends develop and die in a flash

be consistent

setting up and designing blog site

choose and purchase your own domain name

create an eye-eating header and tagline

develop a welcoming about me page

make it easy to navigate w/ keywords, tab bars

catchy titles and topics

use lists and numbers

stay popular and current - research magazines, books for post ideas

SSS rule for blogs

SSS rule: short & sweet but saturated w/ valuable info

blogging

grab attention with fonts and pictures

engage your readers

promote and publicizing blogs

leave thoughtful comments on other blogs

keep your readers coming back

invite readers to spread the word

be on multiple platforms