Hospitality: Restaurants.

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Presentation transcript:

Hospitality: Restaurants

Fact: 2 out of 3 restaurants fail in the first 3 years of operation Fact: 2 out of 3 restaurants fail in the first 3 years of operation! REASON? Lack of Capital No money for marketing & merchandising

Factors that play a role in success of restaurants: Pricing Advertising Customer Service (90% will not return if they were unhappy) Too many competitors Location MANAGEMENT GOOD FOOD AT A FAIR PRICE! GOOD ADVERTISING THAT ATTRACTS CUSTOMERS IN TO RESTAURANT GOOD CUSTOMER SERVICE :WAITERS,HOSTESS, ETC.- KIND, FRIENDLY, HELPFUL COMPETITION IS FIERCE- NEED TO OFFER SOMETHING DIFFERENT EVEN IF IT’S JUST IN SERVICE!! LOCATION IS VITAL TO THE SUCCESS OF A RESTAURANT- SEE NEXT SLIDE!!!!

The better the location the less marketing dollars spent!!! There’s a link between Location Marketing The better the location the less marketing dollars spent!!!

Location considerations: Visibility Demographics Accessibility

Marketing your restaurant: The most important step is to choose a name that makes a lasting impression- CUSTOMER’S WILL REMEMBER. Name & logo should “fit” together. It must convey the image & tell about the product you are selling Remind students of logo notes

Goals when promoting your restaurant: Keep existing customers Attract new ones *(more costly) Develop LOYALTY programs

Restaurants use tracking systems: Counts the number of responses generated from each ad placed

TRACKING SYSTEMS: HELP YOU SEE IF MONEY SPENT ON ADS IS REACHING YOUR TARGET MARKET CODE # ON THE COUPON HELPS YOU KEEP TRACK OF WHERE IT CAME FROM

Cost of an Ad Circulation of Paper in Thousands x Size of Ad x CPM = Cost Per Running an Advertisement CPM = cost per thousand, use $100

SUCCESSFUL? CALCULATE: $ $ $ CPR= cost of running ad / response (For response you would look at coupons redeemed) Cpr = cost of running ad DIVIDED BY the response (# of coupons redeemed) Cps= cost of ad DIVIDED BY sales amount. CPS= cost of running ad / the total amount earned from sales

Restaurants also use “non-perishable” promotions: Continually remind customers of you because they never “expire” Another term for “promotional items” Examples found in restaurants include: CD’s, magazines, cookbooks, mugs, etc.