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Opportunities. The opportunities in Melbourne are virtually unlimited. The fact that the market is in a constant expansion, that the economy is doing very well and that we can expect a general increase in urban income is a sign that the restaurant can further develop its business in the market, potentially by opening new dining locations.
Threats. The main threats come from the competitors on the market, from those restaurants who are operating in the same fine dining segment and especially from those that have developed a certain particularity that differentiates them from other restaurants in the market. The main competition seems to come from restaurants such as the Colonial Tramcar Restaurant, as well as restaurants offering cruises on the Yarra River and in the local bay. These types of restaurants offer an extra service to the actual
Marketing Mix
Product. In terms of product, the restaurant is proposing to offer fine food and wine in a nice atmosphere that will create long-term consumers and returning customers.
Price. The prices are medium to high, given the targeted segment of consumers.
Promotion. In terms of...
It is also important to promote the restaurant in tourist guides and tourist magazines. Following the initial months in business, the restaurant is hopeful that it will generate the necessary word of mouth to attract new customers. Additionally, a website and web promotion is also among the means prospected by the company.
Place. The restaurant will open in area of tourist attraction in Melbourne.
Marketing Strategies
The restaurant will aim to deliver a product that is differentiated from others on the market. As we have seen, many of the competitors offer such differentiated type of diners. In this sense, it is essential for the restaurant to pick a theme and develop it in the future. One proposition in this sense would be to have a classical theme, with classical music and decorations, especially since the costs would be significantly smaller than for other themes.
Bibliography
1. 2006 Census QuickStats. On the Internet at http://www.abs.gov.au/websitedbs/d3310114.nsf/Home/census.Last retrieved on August 9, 2007
Bibliography
1. 2006 Census QuickStats. On the Internet at http://www.abs.gov.au/websitedbs/d3310114.nsf/Home/census.Last retrieved on August 9, 2007
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