Big Daddy s Pizza 4
Linn Chau 5
Market Segmentation 7
The role of Social Media 9
The market this venture will enter will be the food and drink industry which is a pretty broad and competitive market but is very easy to enter, especially with a unique or different idea or when considering to buy a franchise. According to Claudia Schmidt, Consultant of the VCMC, and Chris Crocker, Vice President, Media of the NASFT, Canada and the U.S. provide a wide range of potential opportunities for the specialty food industry. The diverse array of products that are included within specialty food, as well as the numerous consumer trends driving the industry provide a number of future growth opportunities in both retail and foodservice. While definitions vary for the industry and its products, specialty food remains an exciting category due to the higher quality and value of these products and the higher prices that they can command. Regardless of a slower economy this past decade, the specialty food market in North America appears to still be going strong, growing at a faster rate in Canada than overall retail in 2009, and showing impressive growth in the U.S. despite a struggling consumer market. (argc.ca, 2015)
It is difficult to determine the actual size of the specialty food market in Canada as Statistics Canada defines specialty food based on the type of retailer selling the food. According to Statistics Canada, ‘specialty’ retailers include cheese, wine, ethnic, and fruit and vegetable stores, thus, anything that is ‘specialized’ in nature. By Statistics Canada’s definition, specialty store retail sales were $4.5 million in 2009; an increase of 35% from 2004 sales. The share of specialty store retail sales has also been steadily gaining in relation to overall retail sales in Canada: moving from a share of 4.07% in 2004 to 4.49% in 2009. (argc.ca, 2015)
According to Statistics Canada, the Canadian population is expected to become increasingly ethnically diverse, fueled by immigration. Roughly half of new immigrants to Canada come from Asia and the Pacific, while 20% come from Africa and the Middle East, and 16% are from Europe and the United Kingdom. This growing immigrant population is expected to increase Canada’s visible minority population, which could surpass 11.4 million in 2031. This would mean that roughly three in 10 Canadians, 30% of the population, would be of a visible minority, a noticeable growth from 2006 when only five million Canadians (16% of the population) were of a visible minority (16). (argc.ca, 2015) With this information and research, it is obvious that opening a multicultural restaurant that would be able to serve most of these ethnic cultures would be greatly successful and somewhat a need.
There are two main competitors that I would need to worry about in regards to being a threat to my restaurant. Those two competitors are Big Daddy s Pizza and Linn Chau (Chinese Restaurant), although there are other companies who could be considered as competitors, these are the only two places that are actually open late at night until 1am. However, by looking at the types of food these two places provide we can see that they will cause so much threat to the type of restaurant I would like to open.
Big Daddy s Pizza
Big Daddy s Pizza is well recognized around the city for selling pizzas, donairs and salads, there menu is very specific to only providing those types of meals and nothing else. This is a common type of meals that many people enjoy, however, after a certain time has passed people start looking for other options which at the moment only leaves them with the Chinese Restaurant Linn Chau. Big Daddy s is also only open until 1am and delivery orders are stopped after midnight, which means anybody looking for food after 1am has to look elsewhere. Although there prices for the food is reasonable, they do charge more on delivery than any other place and their waiting time on deliveries is much more than the regular pizza place. Big Daddy s would be considered a major competitor, however they will be easily beat once the customers notice a 24 hour restaurant that delivers for cheaper and will deliver at any time and even any type of food that I will offer. A picture of their menu has been identified below to show prices of their different products
Linn Chau is open the latest between the both but only serves Chinese food specifically; this means that anybody that doesn t like Asian food would not even consider this restaurant, even if they are the only place open. The types of meals that are included in their menu is noodles with chicken or beef, rice with chicken or beef, or more specific Chinese food like dumplings and Chow Mein would be the other options. Although this restaurant has a wider variety on food than Big Daddy s, their reviews have proven that there are a lot of unhappy customers due to bad tasting food or their customer service was poor. Remembering that my venture will also have a variety of Chinese and Asian food and that my employees will be trained to properly speak to customers and to assure customer satisfaction. With that being said, it will be easy to also beat Linn Chau as a competitor, especially when they are already experiencing unhappy customers. A list of Linn Chau s restaurant is provided below for comparison and to have an idea of what they offer.
When comparing those two competitors, we can see that they both have very specific menu s which will only attract people who like those kinds of foods, also although they are open late and even deliver their food late at night, people eventually get bored or sick of eating the same types of foods and eventually look for other places to eat which as it stands there is nothing else open other than fast food past 10-11pm. Even then, most majority fast food places will close except for the random ones around the city which are 24 hours, but those places don t deliver and would need a vehicle unless the customers live close to that location. By looking at the prices, products and promotions that both competitors have will surely give me a competitive advantage over them, especially when their menus are very specific and that pictures are shown to show what the quality is like.
Canada New Brunswick
Milldgeville Saint John, NB
University campus Saint John, NB
North end Saint John, NB
West Side Saint John, NB
Families and individuals
Children with families
Any social Class (Proper clothing is required)
Any personality (Mental awareness is required)
Any lifestyle (No racism, hate, etc)
No fighting, arguing
No loyalty is required
Special tables/rooms for occasions available
As with any new venture that is starting up, branding and company image is the most important thing to consider and focus on, especially when it is the early stages of operation. Many people don t and won t know about the company unless it is right in their face or heard from someone else via social media, word of mouth or other forms of marketing. In order to assure proper branding efforts are being input into the company, I will have to personally oversee all marketing and advertising procedures and strategies and use as much as possibly in order to make sure most of the target market are hearing about it.
In order to bring the brand name to the public eye, using flyers, leaflets and providing special offers and discounts will be the first step in the marketing procedures. Rather than paying a of money of large billboards or using a lot of money of newspaper or radio advertising, the best option would be to spend about $50 on printing paper and print as many flyers and leaflets as possible and hand them out through the city to public locations and other restaurants. The next step would be to ask all friends and family to start advertising the brand name and trying to use word of mouth to attract more customers throughout the city. The following step would include to use social media to advertise as usually it is simple, fast and more specifically free of charge and the number of people that can be reached is far larger than using flyers or leaflets. Once the restaurant has become more recognizable and successful. A TV, radio and/or newspaper advertisement would be the next step as this would only be needed to be done at a later stage once the name is more recognized, otherwise not many people would pay attention to it as they don t know or haven t heard much about it yet.
The role of Social Media
The advancements of internet technologies and the creation of various social networks provide a new channel of knowledge development processes that’s dependent on social networking and online communities. This emerging concept of social innovation is comprised of ideas and strategies designed to improve society. The Advances in Social Networking and Online Communities book series serves as a forum for scholars and practitioners to present comprehensive research on the social, cultural, organizational, and human issues related to the use of virtual communities and social networking. (Wikipedia, 2015)
Facebook and Twitter are the most used social network websites and is being used by millions of people daily, this is a great source of advertising and is usually free of charge unless more specific target markets or views are required. To this end, companies make use of platforms such as Facebook, Twitter, YouTube and Instagram in order to reach audiences much wider than through the use of traditional print/TV/radio advertisements alone at a fraction of the cost, as most social networking sites can be used at no cost. (Wikipedia, 2015)
Twitter allows companies to promote their products in short messages limited to 140 characters which appear on followers home pages. Messages can link to the product s website, Facebook profile, photos, videos, etc. Twitter is also used by companies to provide customer service. Some companies make support available 24/7 and answer promptly, thus improving brand loyalty and appreciation. Facebook pages are far more detailed than Twitter accounts. They allow a product to provide videos, photos, and longer descriptions, and testimonials as other followers can comment on the product pages for others to see. Facebook can link back to the product s Twitter page as well as send out event reminders .A study from 2011 attributed 84% of “engagement” or clicks to Likes that link back to Facebook advertising. (Wikipedia, 2015)
By reading the details above and looking through the research material gathered, it is now clear that the use of social media such as Facebook and Twitter will be the most effective, cheapest and fastest way to promote the company name. The use of these technological advances will not only help with the attainment of new customers, but also to view reviews and allow for references to be made through the internet.
Agriculture and Agri-Food Canada. (2015) The Specialty Food Market in North America. Retrieved from http://www.agr.gc.ca/eng/industry-markets-and-trade/statistics-and-market-information/by-region/canada/the-specialty-food-market-in-north-america/ id=1410083148460#c
Wikipedia. (2015) Social Media Marketing. Retrieved from https://en.wikipedia.org/wiki/Social_media_marketing
1. Prepare a marketing plan that identifies a target market and segments that market.
In this assignment, you will return to your market analysis that you completed in Part 3 in a plan for taking your product to market.
1. Using the elements of marketing that you have learned earlier in the course (Chapter 3, Feasibility Analysis, and Chapter 11, Unique Marketing Issues), prepare a plan that will establish your brand in the marketplace.
2. You may decide to use conventional advertising, word-of-mouth, social networks or any other sources that you consider appropriate. Include a timeline of implementation beginning at the launch of your enterprise.
3. Write a 5-page paper describing your plan and your timeline for implementation of your marketing plan.