Marketing Plan Situation Analysis the

Marketing Plan Situation analysis The dining restaurant will be opened in Melbourne, one of the largest cities in Australia, with an urban population open to a high life style and to culinary experiences. From a demographic perspective, the targeted segment of consumers we are looking at is formed of individuals aged 25 to 60 years (agreeably this is the age category that is likely to afford such a restaurant), with an income level ranging between $400 and $600 weekly, who can afford going out at least once a month to an expensive, fine restaurant.

From a behavioral perspective, the targeted segment of consumer is formed of individuals who are social, most importantly, who like to go out and spend time with their friends and loved ones.

Additionally, they will have to have an interest in food as a hobby (this is the type of restaurant who offers fine food, so it is less the type of restaurant where you go in and have lunch) and, a the same time, they are also the type of individuals for whom social status is important (they like to tell their friends where they have been out). Melbourne's population totaled almost 3.6 million inhabitants, according to the 2006 Census (2006 Census QuickStats).

From these, 68.3% of the population is in the 24-64 years age group (the analysis of the targeted segment of consumers showed that this is the relevant age group for us in this sense). Further more, the median individual income in Melbourne is around $481 per week, higher than the median individual income in Australia, which is $466 per week. From this perspective, we can judge that Melbourne is an excellent location from a demographic perspective to open a fine dining restaurant.

On the other hand, Melbourne is also an active urban area, with one of the most cosmopolitan area in Australia. Individuals here have an active social life and are perfect as targeted consumers. SWOT Strengths. The most important strengths of the company is related to the offer the organization is making on the market itself. A 'product' (fine dining restaurant) that targets a certain category of refined individuals can be constantly developed until it reaches the most satisfactory level.

Further more, the sources of raw materials are available (meat, wine etc.) and the restaurant can transform itself in a reference on the dining market in Melbourne. Weaknesses. The main weakness in these cases is generally the fact that the company is starting its business on an already established market, with players who have been on the market for a longer period of time and who are already aware of the rules that the market imposes in order to remain successful. 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 promotion, the restaurant will aim to promote its services in.