Market Strategies: Asia’s Finest Restaurant

Asia’s Finest Restaurant is renowned for its product that appeals to a specific racial demography. Today, the ultimate goal of Asia’s Finest Restaurant is capturing just the group that has the best capacity to satisfy their palates’ special craving for authentic Asian cuisines and ethnic dishes. Asia’s Finest Restaurant intends to maintain a mix of highly targeted marketing campaigns to ensure the maximum visibility of the business and optimal return on marketing investments

Target Market and Positioning
Generally, Asia’s Finest Restaurant average customer will be a middle class Asian man or woman who lives within ten miles radius from the restaurant’s locations. This customer is estimated to have an annual household income that exceeds $40,000 and will spend $7 to $19 per visit per person to the restaurant’s locations (Reeves and Bennett, 2004). Moreover, this customer is assumed to belong in the working class professional, management level, and small-business owner groups who are yearning not only for the taste of their healthy native dishes, but also for a brief moment away from the routine of their work and a casual dining experience in an invigorating Asian ambience.
Initially, the target focus, and hence the primary consideration in determining the location, will be the large population of select Asian groups that match the profile, particularly Asian Indians, Chinese, Filipino, Pakistani, and Japanese. Having these groups around, who now make up about 68 percent of Asian population in the U.S., who are employed in the field of management mainly, professional and related fields, and whose annual household income averages $40,000 and above (Reeves and Bennett, 2004), will help to assure initial sales, if Asia’s Fine Restaurant conducts the promotional campaign to attract mass customers. Furthermore, as it gains positive response, builds good brand identity, and after realizing its ROI, Asia’s Finest Restaurant will branch out to become full-service dining restaurant serving more exquisite food in an upscale location, targeting all Asian groups that meet the profile, including non-Asians whose palates seek for authentic ethnic Asian dishes. The shift will begin early, within four to five years since operations begin to ensure easy market repositioning.
With this target market, the business then aims to position itself as a social place where customers can experience belongingness, to the community and when they can taste traditional Asian cuisine, and rekindle memories from their native lands while being served with the best Asian service.

Marketing Strategies

Asia’s Finest Restaurant plans to use a number of marketing schemes to penetrate the desired market. These strategies include brand image enhancing public-relation building activities, sponsorship advertisements, and customer-response stimulating sales promotions. Below is the description of how the business plans to market its products and services to the public.

• Sales promotions will be an effective tool for Asia’s Finest Restaurant to draw new customers, increase restaurant traffic, build product awareness, and nurture returning customers. However, this scheme has a great effect on the perceived value of the product, and hence, viable only on special events. Moreover, there is a great possibility that the scheme will also gather customers who are not from the target market. These customers are more likely to feel disappointed, and thus affect the image and performance reviews of the restaurant. For this reason, Asia’s Finest Restaurant will discretely release discount coupons, discount cards and premium gift native Asian items through highly targeted magazines and group-specific organizations.
• Public relations are a less costly but credible brand-reinforcing promotional tactic. For Asia’s Finest Restaurant, newsletters, event coverage, publicity and positive reviews and articles from reputable food critics will enhance the restaurant’s brand authenticity and relationship with its target market. In addition, these tools have a far-reaching impact extending to the Internet, television and print media. For consistent message, it will be beneficial to hire a local public relations firm that will promote reviews and articles about the restaurant, its cuisine, and promotions.
• Sponsorships will enable Asia’s Finest Restaurant to be present on the significant occasions of its customers, strengthening the restaurant’s Asian identity. Moreover, this will build relationship with Asian communities.

Marketing Strategies’ Implementation Plan, Cost, and Expected Return on Investments

Thus, Asia’s Finest Restaurant can bring considerable profits on the condition of reaching the target customer group. At this point, the promotion of products and services of the restaurant and accurate definition of the target customer group are crucial factors for the success of the restaurant

Reference

Alison, E. and S.J. Heymann. (2004). “Work, Family, and Social Class In How Healthy Are We?” A National Study of Well-Being at Midlife. OG. Brim, C.D. Ryff, and R.C. Kessler, eds., Chicago: The University of Chicago Press: 485-513.

Holcombe, R. (2006). Public Sector Economics: The Role of Government in the American Economy. New York: Allyson and Beacon.

Reeves, T.J. and Bennett, C.E. (2004) We the People: Asians in the United States: Census 2000 Special Reports. US Census Bureau.