Differentiate the "Italian" notion for those who want something different from "standard," "middle of the road" Italian fare.
Come up with very targeted marketing which ensures focus on the three target customer groups:
Those living/working within a well-defined radius
Those who may know the restaurant from other experiences in Australia
Spur-of-the-moment tourists who see the restaurant and walk in.
Cost structure of industry (especially whether variable cost is a small or large proportion of the normal selling price, and whether there are significant economies of scale of production, importance of transportation costs etc.),
The relative margins earned by restaurants vary from zero to 10% of total sales. Price discounts may be attractive to customers, but can have a dramatic impact on the bottom line if not properly managed. These discounts are also so prevalent (easy to implement), that they offer little differentiation for the prospective customer.
Things that are relatively inexpensive to the restaurant may be highly-valued by the customer. It is important, therefore, to emphasize free additional food, particularly during slack hours, or when attempting to convert customers from occasional to frequent visitors.
Role of tariffs subsidies, dumping, grey markets etc.
Target Market Behaviour, including:
Market segmentation (ie. how the market might be meaningfully segmented by buyer characteristics as a proxy for buyer needs),
Market segmentation is as follows:
Families living in the area, especially focused on those who bring their spouse and children.
Customers from other parts of Australia who may already be familiar with the one of the other 15 restaurants, and Tourists and "spur-of-the-moment" impulse customers who see the restaurant and walk in.
Potential target market segment(s) for the product/service (and whether a separate marketing mix is needed for each market segment),
Of the three major segments, the most profitable for the restaurant may be the first -- locals, particularly families, who live and/or work in the Parramatta area. That is because a family which eats once a week at the restaurant, spending on average $50 per time, will spend $2,500 in a year. This makes these families and groups particularly attractive to the restaurant.
The second most-profitable...
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