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MARKETING AUDIT
Product: J.M.¡¯s Signature Restaurant is envisioned to offer a full-service, high-class dining experience. The restaurant will feature traditional European cuisine in a ¡°¡French bistro with London cool¡± atmosphere. Bi-weekly signature dishes are envisioned to display the quality of the dining experience and to offer a constantly evolving menu. The restaurant will also offer a special e-mail service in which customers can have recipes sent directly to them, to allow them to recreate the dining experience in their own homes.
Price: J.M.¡¯s Signature Restaurant is planning a pricing strategy which would be consistent with other trendy restaurants in the theater district. ...
Place: J.M.¡¯s would be located at the former location of the Cape Cod Club, in the centre of Toronto¡¯s theatre district. This is home to many of Toronto¡¯s theatres, and it partially overlaps with the city¡¯s business district. ...
Promotion: J.M.¡¯s plan is to have an advertising and promotion budget somewhat higher than the industry average. ... They will also send out 2,000 postcards to customers that have visited Joshua¡¯s other restaurants, as well as invite select media to follow the restaurants progress, which is essentially free advertising.
Target Market: The target market for J.M.¡¯s will be a consumer looking for a high-end dining experience. It will be geared toward a clientele whose determinant for their restaurant choice is the quality of food and service, but to whom ambiance is also important. J.M.¡¯s hope is that many of these people will be those coming to and from the theatre district, as well as the Cedarcroft Centre situated across the street from J.M.¡¯s Restaurant. ...
Problem Definition: Ultimately, the primary problem is whether to invest in the new restaurant venture if it is deemed profitable. If the decision is made to open the restaurant, then establishing effective marketing techniques, and creating consumer awareness will be of paramount importance. Developing accurate business projections will be necessary to discern the viability of the new restaurant. ...
INTERNAL ANALYSIS
Strengths
Award-Winning Chef: One of the main strengths of the J.M. Signature restaurant concept was the inclusion of a renowned and qualified chef. ... Also, anyone familiar with the Toronto restaurant scene will be able to recognize his name and would probably know of the establishments he resided in. ...
Josh Mathews: The reputation that Josh has acquired for himself in Toronto is relatively unparalleled in the restaurant scene. ... Mathews also possesses an in depth knowledge of the intricacies of the trendy restaurant scene. ... His expertise and reputation, and leadership abilities should create the necessary spark that J.M. ... Weekly signature dishes, prepared exclusively by his renowned chef, will be featured as well as access to recipes via e-mail. These features are rare even in the trendy restaurant sector. ... These features will distinguish J.M.¡¯s establishment from among the plethora of other high-end restaurants in the district. This essentially creates a competitive advantage for J.M.¡¯s, in terms of attracting and retaining customers, and also erects a significant barrier to entry, for other competitors in the industry. ... However, only a few negative reviews could spell disaster for the restaurant, especially in the introductory phase of the product life cycle. ...
Another area of concern is the management¡¯s inexperience with respect to internet advertising. ... Many of the competitors have prominent placements on Toronto restaurant guide websites. If the restaurant is going to compete for consumers, it must not over look this medium.
Approximate Word count = 2927
Approximate Pages = 11.7
(250 words per page double spaced)
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