Mr. Thatho Pontso, firstly for sharing his vast knowledge of Business with me, to make it achievable for me to work on this project and secondly for guiding and motivating me, giving me the courage to complete the project.
My parents for the support they have shown me till this far.
The management of the coffee shop for allowing me access to their books and accounts, as without them this project would have not been possible.
The stuff at the coffee shop for their views, comments and overall cooperation.
The marketing mix is a set of manageable, strategic marketing tools that a business make use of to create a preferred response from its target market. It involves everything that a business can do to manipulate demand for its products or services. It is also a tool to help marketing planning and execution. There for in other to later be able to make suitable suggestions to the business on how to alter their marketing mix, I had to establish their current market position in respect with their closest competitors. I conducted a survey within a population of hundreds of people who do their shopping at pioneer mall, taking only a sample of 50 people which are potential customers due to the lack of resources and time. My survey questions were as follow:
How often do you eat out in a month?
Favorite restaurant in town?
Have you been to Renaissense?
If they have been:
What was your experience like at Renaissense?
How likely are you to recommend it to someone else?
Any suggestions for improvement?
If they haven’t been there before:
Have you heard about Renaissense before?
What keeps you going back to your favorite restaurant?
My survey results: How often do you eat out in a month?
4 or more…
3-4 times
1-2 times
Only once
10
25
10
5
What is your favorite restaurant in town?
Spur
Ocean basket
The Sun hotels
Renaissance
Other
20
10
15
3
2
Have you been to Renaissance?
Yes
No
23
27
What was your experience like? (Sample population is now 23)
Excellent
Good
Acceptable
Bad
Poor
3
13
4
3
0
How likely are you to recommend it to someone else?
Very likely
Likely
Maybe
Not really
Never
3
13
4
3
0
Do you have any suggestions for improvement?
Two of the customers recommended a wider menu, with more divers dishes
The 3 with bad experiences complaint about moody waitresses
Others suggested that the service could be made quiker.
Why do you think you are valuable member of this stuff team?
The results I obtained: Waiter 1:
“I have been a waiter for several years now, so even when things get hectic like having a customer over flow or just being really busy, I am able to remain calm and hopefully help others do the same, not that I am any less busy, but I know that focus and teamwork are the key to successful waitering.
“I am probably a bit too reluctant to ask for help.”
“The constant challenge. every day is something different. Each shift provides me with new challenges and the ability to try and improve on how I handle them. Tips are also a huge motivator, the more the customer tips, the more attention we normally pay to him or her *giggles*
“Bad or no tips, any other answer would be lying.”
“I am a quick learner and a team player. I believe on each shift I contribute a lot to the work done here.”
Waiter 2:
“I believe that I am able to deal with all the moods the customer has, patience and a soft heart are vital here. Otherwise you might find yourself in a fight with the customers.”
“My greatest weakness would be… I can’t think of any, I enjoy my job”
“My favorite part would definitely be good tips and customers that treat waiters wish respect and integrity.”
“My least favorite part would be also bad tips after giving a really good service, however I always try to give my best so that every customer leaves the best he or she can do…”
“I see myself as a team leader, for I am able to do my job well and hell others with theirs too, I also try to always motivate my colleagues.”
Data analysis: In this research project, I will be using Marketing Mix, with the 4 Ps model as my data analysis tool. I chose the marketing mix because it is ideal and crucial for determining a product or services offer. I will also be applying the Ansoff matrix. The Ansoff matrix is a strategic planning tool that provides a framework to help business strategies for future growth. Marketing mix:
Price- since Lesotho is a third world country, with a struggling economy, I think the business should consider the loss leader pricing method in order to attract customers and increase market share, then maybe later when they have a well established market they can convert to Marginal-cost pricing.
Product- since the business is dealing with competition from global companies with menus that are prescribed by head offices overseas, the business can take advantage of this by altering their menu to offer more indigenous dishes of which the American based companies cannot offer
Promotion- since the business is struggling, advertising on media platforms will not be possible as this will cost the business significantly, but rather I believe the business can practice alternative methods such as: using free social networking sites such as facebook, or they can start organizing special events such as karaoke nights to gain popularity.
Placement- I believe the business should place itself as a premium brand rather than a bargain. This is because completion is high in that sector, with the town seeing more fast food outlets than ever in history.
Ansoff Matrix: The Ansoff matrix crucial strategic planning tool that helps devise strategies for future growth, I will be using it in my research project to help me devise plans or suggestions on how the business can actually grow in the future. This tool consists of the following;
Market penetration
Market development
Product development
Product development
Based on the data I have collected through the surveys and research I conducted, I believe the business should apply market penetration and product development. The reason why market develop and diversification would not work is because market develop requires a lot of capital as the business is required to venture into new markets; this is followed by intense promotion of which the business cannot afford. While diversification is the most risky strategy because both product and market development are required. In this case of a restaurant, product development is significantly cheaper than in other industries, the chef should just be more experimental and the customers can be used as testers through special offers such as “chef’s special” References www.wikipedia.com www.managementhelp.org www.contentmarketinginstitute.com www.sba.gov
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How Can Renaissance Coffee Shop Build Upon Their Marketing Mix in Order to Increase Their Sales?. (2017, Jun 26).
Retrieved November 5, 2024 , from https://studydriver.com/how-can-renaissance-coffee-shop-build-upon-their-marketing-mix-in-order-to-increase-their-sales/
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