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Question:
The marketing objectives specify the major motto of the company in future. It is noted that the company has to concentrate on the profitability at the initial stage. The information derived from the previous situational analysis part has been confirming several potential weaknesses and threats of the company. In order to facilitate the profitability, the company requires concentrating on several specific marketing objectives. These specific objectives are
The marketing objectives set for the business is determining the strengthened positioning of the company in future (Wearne and Morrison 2013). It is even required to keep the focus on the proper measurement. Firstly, it is seen that the marketing objectives are set upon several specific problems that the company has been facing in this current time. Threats from the competitors are the major real-life problem. However, apart from such problems, it has been seen that the lack of food variations is also signifying the major threats for the company. The company requires improvement in hospitality management as well.
The objective is highlighting the profitable amount, which is set as the target for three months. It is quite measurable, as the company needs to increase the sales ratio. The feedbacks from the visitors would also be helpful enough in identifying the specific areas that need improvisation. Identification of such issues is needed to be addressed properly by the operational management of the company. The discussion of the issues will be representing the proper strategic implementation that can be beneficial for the company. Royal Stack needs to make such initiative much actionable and accordingly, it will be helpful for the future growth. It has been seen that the company has not arranged any kind of entertaining activities for the customers who have been visiting the stores. On the other hand, the competitors have been paying attention towards such facilities that have been attracting the customers in a significant way (Line and Runyan 2012). Therefore, it is much important to be attentive towards the association of the staffs with proper hospitality management process.
The information is suggesting several issues with the overall management structure. In spite of providing the quality foods and effective ambience, the company lacks the proper maintenance of hospitality. While structuring the marketing plan, it is necessary to be attentive towards the basic needs and demands of the customers (Grier and Lassiter 2013). Due to the shortage of places, the customers have to wait outside. It is to be noted that such lack of space may force the customers to change their minds and visit to other places. Hence, the marketing objectives have been specifying the expansion of the location and provide the proper seating arrangements to the customers. On the other hand, the marketing objectives are relevant, as it determines the more investments of the capital amount. With the help of such capital resources, the company will be able to provide several entertainment facilities to the customers who have been spending their quality time while having food (Nunkoo, Gursoy and Ramkissoon 2013). The marketing objectives are set for a specific time frame. It is seen that the company requires establishing the marketing plan for three months time. Hence, the marketing objectives are time-bound.
Royal Stacks is not only focusing on a particular community based people. Rundh (2013) implied that the target market indicates the customer group that usually prefer to consume the products offered by the company. The company has been concentrating on the diversified cultural people who are interested on American food. The foods are much inspired by American flavours. Therefore, the company is concentrating on the local customers who are much fascinated by the different flavoured burgers. More specifically, the target customers are the traditional food lovers around the locality. The major focus of the company is the timing of the visitors. It has been observed that most of the office people visit the food outlets during 11am to 5pm on weekdays. After 5pm, most of the hungry youngsters prefer such foods. Moreover the families and groups are also visiting the place during that time. Hence, in order to structure the target market, it is important to set the target customers by focusing on the local residents of different age groups. However, the time management is also essential in determining any particular goal or objective (Fuller 2016). The company has been opened the Deliveroo.com website, which is helpful enough in delivering the foods to the customers at their doorsteps. It is important to note that the company requires concentrating on the seating capacity. The feedbacks received from the customers helps in identifying the needs (Paul and Rana 2012). The obtained idea from the customer reviews posted on social media is indicating that most of the customers wait outside since there is lack of seats inside the restaurant. Therefore, if the company can expand the place, it will be beneficial in managing the crowd. The customers will not wait outside; rather can enjoy the food in a proper ambience.
Psychographic Customers: The Company has been concentrating on the customers who are the traditional food lovers. Different consumers present their different values while consuming any food item (Armstrong et al. 2014). It has been seen that most of the burger and the available foods at Royal Stacks are influenced by the American style. The snacks and evening meals are much preferable to the customers. In fact, the local customers are signified as the target customers for the company. Hence, the traditional food lovers are much interested in consuming the foods available at Royal Stacks. People with the greater taste value also prefer such food quality (Kotler et al. 2015). The dine-in facilities are also much remarkable and preferable for the customers for their lunch and dinner. The officials can visit the time during lunch hour. In fact, they can arrange the official meeting while having the feasible meals at the restaurant.
The company is undertaking the advertisement media for attracting most of the customers. The effective, mouth-watering promotional activities are much attractive for the youngsters and other target customers (Solomon 2014). The use of the effective technicalities is also much effective for gathering the attention of the customers. The company has even used the graphics can efficiently reaching the messages to the target customers. There are several strategies, which are needed to be undertaken by the company in order to accomplish the pre-determined objectives. The recognised problems will be associated with the further stated marketing strategies.
The identified problems are indicating that the company requires implementing several strategies. It is noted that the company has the shortage of space and the customers wait outside during their lunch time. The foods are tasty and influenced by the American style. At the initial stage, the company need to expand the seating places for the visitors. On the other hand, the involvement of the latest technicalities is also necessary. However, it is important to train the associates in a skilled way.
It will be beneficial enough in providing the proper hospitality management services (Ryan 2014). There are four major departments of maintaining proper hospitality management services, such as Food production, Food and Beverage Services, front office (reception), and Housekeeping (Chari et al. 2014). At the first stage, the associates require training session on the preparation of foods. The customers are much fond of the tasty and quality of food. Therefore, while preparing the foods, the local ingredients are used for making the traditional taste. Moreover, the American flavour is added to fulfil the needs of the modern tastes. Hence, the recognition of the proper taste is essential. Accordingly, the associates will need training on this specific process. The behaviour of the associates is also necessary for managing the people who are visiting the restaurant (Needles and Thompson 2013).
Involvement of the Latest Technicalities: The modern world is much influenced by the effective technicalities. The latest technologies have changed the business processes in a significant way (Kotler et al. 2015). Hence, while arranging the new seating arrangements and the business procedures, the company needs to invest the capital on utilising the latest technologies. The online services also need much improvisation. The customers can post their reviews with proper rating facilities (Green, Whitten and Inman 2012). The utilisation of the effective technologies for the e-commerce services will increase the profitability rate. In fact, it will be beneficial in increasing the revenues. Apart from this, the use of such technologies can create significant impact on promotional activities undertaken by the company. The use of the graphic designs and the animated advertisements are needed to be attractive enough in gathering the attention of the customers (Lu et al. 2013). In addition to this, the company needs to train the associates accordingly for using these technologies in a skilled way. Following such strategies would be beneficial enough for the company to structure their marketing plan. Additionally, the company would be able to accomplish the pre-determined goals as well.
Cost sheet of the company for the year 1
| Particulars | Total Cost $ | Cost per unit $ |
| Direct Materials | 102,000.00 | 85.00 |
| Direct wages | 200,000.00 | 80.00 |
| Other direct expenditures | 85,500.00 | 95.00 |
| Prime cost | 387,500.00 | 260.00 |
| Add: Works overhead costs | 90,000.00 | 100.00 |
| Gross/ factory overhead | 477,500.00 | 360.00 |
| Add: Cos of administration | 76,500.00 | 85.00 |
| Cost of production | 554,000.00 | 445.00 |
| Add: Selling and distribution overheads | 96,000.00 | 80.00 |
| Cost of Sales | 650,000.00 | 525.00 |
| Less: Expected Sales | 720,000.00 | 600.00 |
| Expected Profit/ (loss) | 70,000.00 | 75.00 |
Table 1: Cost sheet for year 1
(Sources: Created by the author)
| Particulars | Total Cost $ | Cost per unit $ |
| Direct Materials | 108,000.00 | 90.00 |
| Direct wages | 225,000.00 | 90.00 |
| Other direct expenditures | 99,000.00 | 110.00 |
| Prime cost | 432,000.00 | 290.00 |
| Add: Works overhead costs | 99,000.00 | 110.00 |
| Gross/ factory overhead | 531,000.00 | 400.00 |
| Add: Cos of administration | 85,500.00 | 95.00 |
| Cost of production | 616,500.00 | 495.00 |
| Add: Selling and distribution overheads | 108,000.00 | 90.00 |
| Cost of Sales | 724,500.00 | 585.00 |
| Less: Expected Sales | 840,000.00 | 700.00 |
| Expected Profit/ (loss) | 115,500.00 | 115.00 |
Table 2: Cost sheet for year 2
(Sources: Created by the author)
| Particulars | Total Cost $ | Cost per unit $ |
| Direct Materials | 114,000.00 | 95.00 |
| Direct wages | 250,000.00 | 100.00 |
| Other direct expenditures | 103,500.00 | 115.00 |
| Prime cost | 467,500.00 | 310.00 |
| Add: Works overhead costs | 108,000.00 | 120.00 |
| Gross/ factory overhead | 575,500.00 | 430.00 |
| Add: Cos of administration | 99,000.00 | 110.00 |
| Cost of production | 674,500.00 | 540.00 |
| Add: Selling and distribution overheads | 120,000.00 | 100.00 |
| Cost of Sales | 794,500.00 | 640.00 |
| Less: Expected Sales | 900,000.00 | 750.00 |
| Expected Profit/ (loss) | 105,500.00 | 110.00 |
Table 3: Cost sheet for year 3
(Sources: Created by the author)
The marketing budget has been prepared on the basis of assumed costs of materials required for the business operation for three financial years. In the year one the expected sales per unit of the product was $600 and the cost of sales amount to $525 which is expected to increase by around 17% in the year 2 amounting to $700. However, due to economic situation it was expected that the increase in selling price per unit would drop to 8% in the year 3.
It can be concluded that the objective of the company is to attain the sustainable growth in future as well as major profitability earning at the initial stage. The strategy of the company is to expand the business outside the current location to generate strong customer base. It is important for the companies to prepare an appropriate marketing plan by considering the demographic strategies. In the present case, the company’s target is to capture the diversified cultural customers for American food considering the timing of the visitors especially for working people and teenagers consumers. The company has prepared a budget showing the expected cost of production and service and expected sales revenue for three years by ascertain expected profit of more than 5%. In order to promote the services, company has planned to undertake the advertising media, social media and other attractive banners that present the great impact on the consumers. Further, the company’s main target is to procure the customers who are fond of traditional foods.
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Fuller, G.W., 2016. New food product development: from concept to marketplace. CRC Press.
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