This competitor, though well established in the market, has not been able to respond adequately to the needs and expectations of the customers. It has also been identified that they have experience a steady decline in. This has created an opportunity to Vinny's Prima Prego venture in advancing to the upper market since this competitor fails to uphold the tenet of reciprocity.
Vinny's Prima Prego has a number of competitors. There are two types of competition that the restaurant is exposed to. That is national competitors and local competitors.
A number of restaurants are competing Vinny's Prima Prego at the national level. The first restaurant that it competes with is the Olive Garden which is offering customers sauces, ingredients and noodles of their choices. It allows the consumers to gather their dish the way they wish. The quality of food that is provided by this restaurant is average.
Carrabba's Italian Grill is the second restaurant that Vinny's Prima Prego is competing with at the national level. The restaurant is having a small selection. However, dishes are served with ingredients of high-quality. The restaurant charges very high price. The quality of food that is provided is, however, good.
The third restaurant that Vinny's Prima Prego competes with at the national level is the Romano's Macaroni Grill. The restaurant is offering pasta which is rationally fresh and practically innovative. Besides, their charges are lower price. This firm was sold in the recent years, and as a result, the management direction of the firm has remained stagnant in the recent times, thereby resulting into excessive worker turnover.
Besides the national restaurants competing Vinny's Prima Prego at the national level, there are several other restaurants competing it at the local levels. The restaurants include the Garozzo's which is an expensive Italian restaurant with limited pasta dishes selection. The dishes served are very good despite the fact that the selection is pricey and limited and pricey.
Cascone's is the second local restaurant that Vinny's Prima Prego is in competition with at the local level. The firm is an Italian restaurant having an extremely respectable selection of pasta. However, the quality of their dishes is inconsistent.
The third restaurant that Vinny's Prima Prego competes with at the local level is the Bice Bistro. The restaurant is expensive and fashionable. It is having a very large selection of wine as well as good salads. Any other thing that is offered by the restaurant is mediocre and is always over-priced. The Services provided by them is always very poor.
In a nutshell, a SWOT analysis is important in that it can help decision making on the next course of action to be taken by the venture which might include; adding superior value to customers and a review of the management styles if need be. On the other hand SWOT analysis brings to the marketing force, contemporary issues which can be an impediment to business success if not well handled.
Competition is a very important aspect of business survival and success in the market, it is therefore imperative for firms that wish to succeed to analyze their competitors strategies with the aim of countering the same. In analyzing competition it is important to consider a number of forces including; the bargaining power of customers, the bargaining power of suppliers, the bargaining power of the employees and the substitute products. Competitor analysis is important in that it enables the business to gather relevant information that's helps in the development of the firm's strategies. It also helps the firm to identify and capitalize on the weaknesses of the competitors.
There are a number of restaurants with the same range of offerings within our locality. All these ventures have their targets on both low and middle class of the market segments. Most of these ventures compete on price but to a greater extent service quality. Since price alone is not a long-term competitive strategy, most of the firms have resorted to quality and creativity as their main competitive tools.
In the current situation, there is only one competitor in the up market segment. This competitor, though well established in the market, has not been able to respond adequately to the needs and expectations of the customers. It has also been identified that they have experience a steady decline in. This has created an opportunity to Vinny's Prima Prego venture in advancing to the upper market since this competitor fails to uphold the tenet of reciprocity.
2.4 Product (Service) Offering
Since Vinny's Prima Prego has been in existence for the past one year, it has been able to provide a range of quality products to its customers. The restaurant has been gaining popularity among the customers due to the fact that it offers creative and attractive pasta cheeses, fresh vegetables, salads and desserts, and premium meats. The above range of products have provided to different segments of the market including, individuals, families and large groups.
There are specific rules that apply to a certain sect of Judaism when it comes to food and drinks preparation and consumption. A restaurant must be established with these in mind since the Jewish community forms an important part of the customers and their customs and traditions must be observed to attract them. For instance, dairy and meat should not be prepared and served using the same utensils and cooking pots. It is on these grounds which have necessitated use of two sets of utensils and cooking pots at Vinny's Prima Prego venture (Telushkin, 2006)
In preparation of products, Vinny's Prima Prego venture, must observe the provisions of dietary laws which are referred to as kosher in the Hebrew language (Kreamer, 2008). The sources for the laws of Kashruth are expounded in rabbinic legislation and codified in the Shulchan Aruch.
2.5 Keys to Success
Almost all businesses have the ability to use their key success factors to attract new customers. This can only be achieved by deciding in advance how many customers they need to bring on board and focus their efforts on achieving such a goal. There are a number of key success factors which can be utilized to this effect. These include: retention of creative and experienced employees and increasing customer satisfaction.
Measurability is one very important aspect of the key factor analyses. A potential key factor needs to be linked to a measurable goal, for instance, increasing the market share by 20% in the second quarter. This is essential in keeping the business goals in focus.
Based on SWOT analysis, Vinny's Prima Prego venture should capitalize on the existing strong relationship with the customers. Topping the list for keys to success is the generation of repeated business by avoiding one off transactional approach; since their main aim is to market the product not to sell the product. Secondly, properly developed brand equity creates goodwill and increases customer loyalty to the venture hence increasing the number of customer's transaction. Lastly, impressive food quality, which is one of their basic tenets is key to our market penetration as well as the ability to deliver the food to their customers, a move that is important in their gaining of competitive advantage as it differentiates it from its competitors.
2.6 Critical Issues
These are factors or an activity that needs to be taken into account to ensure a successful offering to the customers hence contributing to the business success. There is need for a more pragmatic approach in handling these factors because the contemporary business model fosters diversity, complexity and dynamism.
Critical issues focus on a limited number of areas in which successful implementation has higher chances of giving the business a competitive edge. These factors include; the various ways in which a firm can get its products to customers for instance using distributors, intermediaries or through the internet. Approaches to expansion, brand awareness and brand recognition are other critical issues to be considered (Armstrong, 1982).
Vinny's Prima Prego venture intends to distribute its products and services through distributors and specialized deliveries. The internet will also serve as a very important distribution channel. Expansion will be taken in a step like manner, not for the sake of it but based on the capability and emerging opportunities. On the other hand, brand awareness being an important step in building the brand equity will be given the attention and care it deserves.
3.0 Marketing Strategy
The marketing strategy to be employed is Integrated Marketing Communication (IMC) Strategy.
The concept of Integrated Marketing Communications (IMC) has been employed by various companies in an effort to increase their sales via the engagement of a larger customer base. Clow and Baack (2007) defined Integrated Marketing Communications (IMC) as the process of seamlessly integrating as well as coordinating different tools of marketing products, functions, avenues as well as sources in an effort to maximize the influence of marketing products on the customers at a minimal…