I. Marketing Strategya. What does marketing mean?b. Market SegmentationII. SWOT AnalysisIII. 4 P’s of MarketingIV. Pricing Strategya. Segmentation ProcessHTM 2514 1st Edition Lecture 12 Outline of Last Lecture I. Marketing Strategya. What does marketing mean?b. Market SegmentationII. SWOT AnalysisIII. 4 P’s of MarketingIV. Pricing Strategya. Segmentation ProcessOutline of Current Lecture I. Brand your BusinessII. Your marketing Plana. Strategies for each marketing objectiveIII. Ways to spend your marketing dollarsa. Advertising in Print and Electronic MediaCurrent LectureI. Brand your Business – everything people see is a potential marketing tool (sign in front of business, catering vehicle, uniform on the wait staff)a. Everything associated with your business should display your company’s logo – this way if anyone sees it, it is free advertising (example: someone walks by with a to-go bag from your business and thinks it sounds/smells delicious – then makes them want to stop by your business!) These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.b. Special artwork for your logo – depending on your budget, you can hire a graphic artist, or have a college art student create special artwork you can use for marketingi. This logo goes on business cards, stationary, side panel of catering car, all print media ads, sign in front of your businessii. The logo should go along with your catering company’s theme/identity/segment of food you serve1. Communicate French flair using organic/green ingredientsII. Your Marketing Plan – should target market outlined in your business plan; describesthe process by which the company will achieve its goalsa. Lays out objectives and strategies for a specific period of time, often 12 monthsb. Time-consuming process and involves investment in putting it togetherc. Once complete, marketing plan provides structure for the decision-making processi. Ex: “Greenfields Catering” has marketing budget of $200,000 for the first year and target market of young urban professionals; spends 75% of budget on digital photo, business cards, brochures, stationary, vehicle signs, yellow pages ad, web site and scheduled tasting for corporate marketing and event-planning executives during its first month of business1. Business hopes to start booking corporate events, from word-of-mouth generated from business eventsd. How you want to use your catering business artwork depends on who your targetmarket is – people who live and work close to your banquet hall? Corporate marketing managers?i. Two general markets that caterers target: Public and private corporations or companies, and individuals (*RARE for caterer to only work with one and not the other)1. Corporations and companies: require catering for events such as employee holiday or retirement parties, business meetings, seminars or symposia and employee retreats2. Individuals: hire caterers for social events like weddings, anniversaries, housewarmings, etc.ii. Marketing Budget should be divided between these two areas (social and corporate) because each needs to be marketed differently1. Caterer creates competitive advantage for themselves by conducting simple research on its corporate clients and designs creative and practical menus specifically for business meetingse. Strategies for meeting each objective:i. Market Penetration Strategies – ways to increase your market share with current products, ex: might offer 10% discount to new clients that book business meetingii. Product Development Strategies – focus on creating new products or service for existing market; ex: offering current business lunch clients a new dinner menu designed to get them to book additional business with youIII. Ways to spend your marketing dollars:a. Signage – identify a business but also serves as a primary marketing tooli. On-premise caterer’s large legible signs make it easy for the public to locate its facilityii. Off-premise caterer that does not need a large, decorative sign near its production facility might invest in premium signage for its vehicles instead1. Signs should be attention grabbing2. Avoid crowding too much info or multiple logos and catchphrases onto a sign – this can confuse the publiciii. Before purchasing signage, find out what kind of signs the local building code permits; any professional sign company will be aware of area building code1. Many caterers use magnetic signs that can be affixed to the side ofcar, van, or truck; but magnets can fall off in inclement weather2. Have multiple signs!b. Brochures, Business Cards and Stationaryi. Ex: proposals, contacts and statements all make a statement about the quality of your business1. Include a catchphrase – example: Catering for all Occasionsii. Useful info to include: 1. Sample menu items2. Photos of past event3. Brief list of notable clients4. Positive quotes about company from past clientsiii. Use concise, easy-to-read print on quality paper stock; embossing and multiple colors will also enhance printed materials – have professional printer handle the creation of business documents that require graphics1. Cost-cutting techniques like using cheap paper/clip art can create negative impression with potential clientsc. Advertising in Print and Electronic Media – will bring in new business and give catering business a presence in marketplacei. Even though this will bring more exposure and name recognition, you won’t get nearly as much business as compared to word of mouthii. Must run your advertisement more than once – people need to hear/see something several times before remembering1. Advertisements targeted to a smaller population that run repeatedly will be MORE successfuliii. Types:1. Yellow pages – can be expensive, grouped with others in the same category as you so your customer is more likely to compare based upon pricea. When you establish a telephone service for your business, you’re automatically listed in pages and additional charges for additional listingsb. Best to advertise in: telephone directories published by telephone companies because are most comprehensive and complete (opposed to smaller neighborhood versions with abridged listings)c. Drawback: potential customers likely to call several caterers and compare their prices and services – caterer with lowest cost has