Marketing Strategy(1) (1)

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Running head: PHAISOP RICEATERY MARKETING STRATEGY 1 Phaisop Riceatery Marketing Strategy Student Name Affiliation Course Professor Date

PHAISOP RICEATERY MARKETING STRATEGY 2 Phaisop Riceatery Marketing Strategy Good marketing put in place is imperative as it leads to the success of today's businesses. For example, Phaisop Riceatery is an upcoming restaurant based at Leam Sign Beach in Thailand. The restaurant offers a serene environment where customers can enjoy exceptional rice dishes and impressive views of the scenic view and coastline. Therefore, developing an effective marketing strategy will be a roadmap for Phaisop Riceatery to understand aspects of its customer journey as well as the visibility of its business operations. In addition, it will help identify the best strategy for Phaisop Riceatery to gain a competitive advantage in the industry. External Analysis Value Chain It is classified into two divisions, primary and support activities (Harrison, 2019) . a. Primary Activities Inbound Logistics – Phaisop Riceatery will identify quality and low-cost suppliers for herbs, spices, and rice-growing farms. Suppliers will ship the items restaurant storage site. Operations – Phaisop Riceatery operates in a single store in Leam Sign Beach, Thailand. Outbound Logistics – Phaisop Riceatery also focuses on counter-services besides a sit-down restaurant. Marketing and Sales – Marketing strategy is on social media such as social networking and online forum sites Services – Phaisop Riceatery strives to accomplish high-quality services. Offers its personnel with in-depth training on handling a customer, which enhances customer experience.

PHAISOP RICEATERY MARKETING STRATEGY 3 b. Support Activities Infrastructure – The restaurant has a manager who oversees the well-designed and lovely restaurant complemented with exceptional customer service offered by an enthusiastic team of workers in white aprons. Human resource management – Human resources offer training programs for workers in an environment of work culture. It keeps them efficient and motivated. Also, the human resource fully invests in the employee's well-being. For instance, it has introduced gym membership services, employee assistance programs (EAP), and mental health first aiders. This has helped the customers feel valued by the organization, and it is positively reflected in their increased performance. In addition, employees in Phaisop Riceatery are regularly recognized by the human resource. This is done in various ways, such as giving out prizes and perks to best performers, recognizing them in the organization's communication platform, making shout-outs during regular team meetings, and having monthly Peer-Nominated Awards. This helps motivate and encourage employees to work hard on the assigned tasks and beyond the set expectations. It also leads to increased job morale and job satisfaction. As a result, Phaisop Riceatery is able to increase its sales leading to increased productivity. This is an excellent technique for Phaisop Riceatery to gain a competitive advantage and a large market share in the industry. Technology Development - The technology used in the restaurant is order processing. It increases operational efficiency. Procurement - Phaisop Riceatery handles its procurement of items. Porters 5 Forces

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PHAISOP RICEATERY MARKETING STRATEGY 4 Rice is the main ingredient for Phaisop Riceatery. Thus, to handle the threat of new entrants, the restaurant continues to develop new rice dishes. Phaisop Riceatery can solve the bargaining power of suppliers by building and retaining an efficient supply chain with various reliable suppliers. For the bargaining power of the buyer's force, the restaurant will create a large base of buyers and continuously innovate multiple rice dishes. Phaisop Riceatery will be able to streamline the sales and production process. Customers will also not seek items from Phaisop Riceatery competitors. Besides, the restaurant can tackle the threat of substitute service by being service-oriented and fully understanding the primary need of a client. Phaisop Riceatery can also increase the switching cost for its targeted customers. Lastly, the restaurant can handle intense rivalry among the existing competitors in the industry by developing a sustainable differentiation, such as using price and product differentiation. Competitor Profiling Parameters Phaisop Riceatery SILK Restaurant Riverside Restaurant Jaras Restaurant Sitting 80 40 35 45 Employees 10 10 8 26 Meals Lunch and dinner Breakfast, brunch, lunch, dinner. Lunch and dinner 3 Meals/Day Price Range (Per Head) $ 6 - $30 $7 - $90 $10 - $65 $12 - $111 Hours 11:00AM -11:00PM 7:00AM-10PM 1:00PM-10:00PM 12:00PM -10:00PM Annual Revenue $1.4 million $1 million $1.38 $1.9 Quality Perceived Premium Premium Mass Mass There is stiff competition along the Leam Sign Beach. Some of the Phaisop Riceatery competitors include; SILK Restaurant, Riverside Restaurant, and Jaras Restaurant. However,

PHAISOP RICEATERY MARKETING STRATEGY 5 Phaisop Riceatery has a larger sitting space and offers favorable prices compared to its competitors. This helps the restaurant to gain competitiveness in the industry. Ansoff Matrix Product EXISTING NEW Market Penetration - Mobile order and payment - long working hours - Reward program - Social media and website advertising - Affordable pricing - Counter-services Product Development - Breakfast - Brunch - Thai chicken and fried rice - Vegetable Thai fried rice - Indian cuisine Market Development -New age groups (rice dishes for kids 2 -4 years) - Open two more outlets Diversification -Special rice dishes and accompaniments Porters Generic Strategies On the cost leadership strategy, Phaisop Riceatery gets quality items from low-cost suppliers. Thus, the production cost of a rice place is lower. As a result, the restaurant is able to offer fair and average prices to its customers. This would retain them and even attract more. Cost leadership is based on increasing a business's profit by lessening costs (Bruin, 2021) . Secondly, the differentiation strategy. Phaisop Riceatery offers a variety of outstanding rice dishes. Being the only rice eatery place, effective marketing via social media will continue to help advertise its EXISTING Market NEW

PHAISOP RICEATERY MARKETING STRATEGY 6 Thai, Italian, European and Asian cuisines. Third, about cost focus, Phaisop Riceatery is currently focusing on rice meals and sells at average prices, and this would develop a strong brand loyalty amongst its customers. Lastly, on differentiation focus, the restaurant focuses on its rice dishes differentiation and ensuring that the product remains unique to be ahead of the competitive industry. There is no fundamental rice concept in any Thailand restaurant, and this is the main focus of Phaisop Riceatery. Target Market Phaisop Riceatery's target market is mainly tourists. This includes millennials, families, and couples. The main reason is that a beach serves as a tourist center as people from various parts of the world would like to visit. Individuals want to see the beach, relax and enjoy. Thus, in their doing so, Phaisop Riceatery aims at fulfilling the basic need of food as they enjoy the scenic views. Furthermore, millennials like traveling, and the beach is an attraction center and a destination for them. In addition, families visit the beach during public holidays and school holiday seasons. Therefore, they are likely to spend time together at Phaisop Riceatery as they try out different rice dishes. Finally, beach restaurants are the best choices for couples looking for a unique location to strengthen their love. Phaisop Riceatery targets such tourists by offering private dining for special occasions. Furthermore, for all meals at Phaisop Riceatery, rice acts as the main ingredient. The restaurant offers cuisine flavored with traditional herbs and spices and excellent fresh seafood. Phaisop Riceatery is the best place to be for tourists, and it is the only rice eatery in Thailand. Our employees offer high-quality services from diverse Italian, Asian, Thai, and European cuisines. Phaisop Riceatery prices are very affordable, ranging from $6 to $30.

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PHAISOP RICEATERY MARKETING STRATEGY 7 Additionally, Phaisop Riceatery is a concept restaurant, as its where the Seaview meets with the Andaman Sea coastal, thus, forming an idyllic setting. There are turquoise-colored seas. Phaisop Riceatery distribution channels include direct selling of cuisines to the customers in the restaurant, ordering through a mobile phone, or the restaurant's website. The distribution channels will be promoted through advertising and direct marketing by the restaurant. The restaurant's key message will be communicated through social media. It involves electronic communication, for instance, social networking like Facebook, YouTube, LinkedIn, Instagram, and Twitter. This will help develop an online community that aids in sharing information or even ideas about Phaisop Riceatery. Social media would target the tourists, either young or old generation, male or female, of any ethnicity and income. Phaisop Riceatery's presence would be conducted daily. Social media marketing will help reduce costs for the restaurant compared to magazines and newspapers (Henderson, 2020) . It will also assist Phaisop Riceatery in reaching out to the potential audience. Project Estimated Success Product Price • Thai Crab Cake with Jasmine Rice - $10 • Khao Soi- Thai Noodle with Rice - $9 • Mango Sticky Rice - $6 • Kaprow Rice Sweet Basil - $9 • Thai Fried Rice in Pineapple - $7 Number of Clients per week Totals (Price * number of customers) Product Week 1 Week 2 Week 3 Week 4 Thai Crab Cake with Jasmine Rice 12 16 21 31 $800

PHAISOP RICEATERY MARKETING STRATEGY 8 Khao Soi- Thai Noodle with Rice 9 15 19 28 $639 Mango Sticky Rice 13 19 17 23 $432 Kaprow Rice Sweet Basil 10 14 11 17 $468 Thai Fried Rice in Pineapple 5 9 13 18 $315 It is estimated that for the first month, the business will make a total of $2,654. For most products, the number of customers increases as the week goes by, indicating that the business will continue thriving. With the key message communicated to the target market, the restaurant will be making good sales as many people would be reaching out for the Phaisop Riceatery services. References Bruin, L. (2021, April 14). Porter's Generic Strategies: Differentiation, Cost Leadership and Focus . Retrieved from https://www.business-to-you.com/porter-generic-strategies- differentiation-cost-leadership-focus/ Harrison, K. (2019, August 28). What Is Value Chain Analysis? Retrieved from https://www.businessnewsdaily.com/5678-value-chain-analysis.html Henderson, G. (2020, July 2). The Importance Of Social Media Marketing . Retrieved from https://www.digitalmarketing.org/blog/the-importance-of-social-media-marketing

Marketing Strategy(1) (1)

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