Marketing Plan Draft-1
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DeVry University, Keller Graduate School of Management *
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MISC
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Philosophy
Date
Feb 20, 2024
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docx
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Uploaded by ColonelSnail4243
Marketing Plan for
The Moral Morel Restaurant
Proposed by Lisa Morgan
Submitted to Professor Helman
1/27/2024
Executive Summary
The Moral Morel Restaurant is an intriguing and new type of restaurant that introduces fine
dining vegan food. The restaurant will provide a mellow, yet sophisticated atmosphere for its guests. The Moral Morel Restaurant will target a growing segment of customers who are Millennials, living in more urban areas. (Gewiese & Rau, 2024)
Introduction
The Moral Morel Restaurant is a vegan fine dining restaurant concept that was born out of a
growing void in the restaurant market in small to medium sized cities across the country for a target segment of customers who are seeking a differentiated product. The Moral Morel Restaurant will offer its customers a vegan dining experience.
Company Description
The Moral Morel Restaurant will offer its customers a sophisticated yet mellow dining atmosphere while serving upscale plant-based food offerings and cocktails. The placement of the Moral Morel Restaurant would be in trendier urban areas of a city. The restaurant would offer seasonal 4 course tasting menus along with an al a cart menu. The menu items will be made up of premium ingredients and an eco-friendly approach.
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Strategy Focus and Plan
Company Mission Statement
o
The Moral Morel Restaurant strives to redefine the fine dining experience through plant-based creations while embracing the diversity of global flavors that nourish the soul.
Goals
o
To eliminate the stigma that vegan food is boring.
o
To enter 5 new urban markets.
o
To maintain semi-annual rotating plant-based cocktail offerings
o
To maintain a seasonal rotating menu
o
To keep current with the global vegan food trends
Core Competency and Sustainable Competitive Advantage
o
Core Competency
Creating meals that have health benefits.
Engaging in environmentally friendly and ethical practices.
Promoting a sustainable dining experience
o
Sustainable Competitive Advantage
Differentiating The Moral Morel Restaurant from existing restaurants by only offering vegan food and beverage options.
Marketing to a segmented group of individuals, mainly Millennials.
Ability to offer a truly sustainable dining experience from beginning to
end.
Situation Analysis (SWOT)
Internal Factors
Strengths
Weaknesses
Differentiated from common restaurants.
Appeals to a growing consumer base who are health conscious.
Appeals to ethical and socially conscious customers.
Ability to offer a diverse menu and accommodate may dietary restrictions.
Limited customer base
The stigma that Vegan food is not appealing.
The cost of supplies (plant-based food) tends to be expensive
Opportunities
Threats
Expanding vegan market, especially among Millennials
Unique dining experience on offer for adventurous diners
Potential to partner with local farms and farmers markets.
Healthier eating trends. Taking advantage of the health trends and eating clean trends that are moving through society.
Competition from traditional restaurants
Uncertainty in supply chain and scarcity of some ingredients which would make it more difficult to source ingredients.
Unstable economy would lead to customers
unwilling to spend a higher price for dinner.
The potential for interest in a vegan lifestyle to be a trend or fad which fades away.
Market Product Focus
Market and Product Objectives
Offer seasonal rotating menu.
Offer 4 course vegan tasting menu along with ala cart menu.
Offer plant-based cocktails.
Promote sustainability.
Offer healthy, yet tasty meal options.
Target Markets
Around 48% of vegans are Millennials.
Vegans are customers who read the newspaper more often than others.
Vegans tend to have more conservative political views.
Vegans are more likely to live in cities and urban areas.
Vegans tend to have a high annual household income.
66% of vegans are male.
21% of vegans are early adopters of new products and 41% are in the early majority of new products.
Vegans interact with advertising in several ways: via the newspaper, newsletters, via the internet on their smartwatches, on social media and by seeing ads at the movies. (
Gewiese & Rau, 2024)
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Points of Difference
No known competitor in the target markets offer a strictly plant-based menu.
No known competitor in the target markets offer plant-based cocktails.
Offering sustainability. Serving food on eco-friendly dinnerware made from bamboo, the fastest growing plant in the world. (
Dinner Plate
, n.d.)
Limiting waste by composting food trash.
Handing out a new vegan recipe card each month to dining customers
Positioning
Remove stigma that vegan food is bland and boring.
Bring intrigue into the restaurant experience.
Bring innovation into the menu and recipes.
Ensure that the menu keeps up with global trends.
Pair the entrées with innovative plant-based cocktails.
Marketing Program
Product Strategy
Four course tasting menu that includes an amuse bouche, choice of soup or salad, entrée, and dessert.
Option to pair an accompanying signature plant-based cocktail with the tasting menu.
Optional ala cart menu.
Offerings will include customization to cater to different dietary needs.
Menu items that are plated in an artistic manner to entice more than just the customer’s pallet.
Top quality sourced food will be achieved by working with local farmers and purveyors.
The menu will update with seasonal ingredients and based upon customer feedback.
Menu will focus on ethically sourced food items.
Restaurant will be open for dinner only.
Price Strategy
The average price of the four-course tasting meal is $50.00 to $65.00.
The average price of an ala cart entrée is $25.00 to $30.00.
Based on the Consumer Insights report from Statista, vegans typically have a high annual income which supports the set price point. (
Gewiese & Rau, 2024)
Prices will reflect the high quality of ingredients, most of which will be organic and ethically sourced. The ingredients will be purchased from local farmers and purveyors which would not allow for any wholesale discounts.
Keeping the prices at a slightly elevated price will assist in supporting the purchasing and maintaining of the sustainable dinnerware which and other accessories which will be more costly than unethically sourced products.
Maintaining a moderate to higher price point for the meals will help keep the perception that the restaurant is a premium establishment.
Promotion Strategy
Advertising will be critical in promoting the restaurant.
On weekends, in around lunchtime, representatives of the restaurant will set up a booth at the local farmers markets to pass out samples and copies of the restaurant’s menu.
The restaurant will have an active social media presence updating cocktail specials and seasonal menus.
The restaurant will advertise in the local health foods stores.
Place Strategy
The location of the restaurant will be in an urban area.
Ideally the location will be in an area that is trendy, close to other restaurants that are not owned by chains.
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The location will also be near lofts where the demographic is made up of a younger population which includes Millennials. Implementation Plan
Start with one restaurant launch at a time.
Start with a concept menu in a test kitchen and a contract chef.
Engage with a mixologist who is well versed in plant-based cocktails.
Once initial menu is decided, scope out suitable location, preferably with a place for small urban garden behind the restaurant or a roof top garden for more sustainability.
Train staff on vegan principles.
Engage local vegan community and promote the restaurant.
As restaurant opens, during the first few weeks, acquire feedback from customers and adjust menu and service as needed. Tracking, Evaluation and Control
Establish key performance indicators (KPIs).
o
Monitor reservation numbers.
o
Monitor website traffic.
o
Monitor social media engagement.
o
Review comment cards from customers regarding service and food.
Evaluate and analyze the KPIs.
o
Make adjustments as needed.
Conclusion
Adhering to the aforementioned marketing plan, The Moral Morel Restaurant is poised to become a successful fine dining vegan restaurant in a mid-sized urban market. The restaurant will fill a void for a new trend that is entering the food industry market.
References
[Untitled photograph of common morel fungus]. Retrieved January 27, 2024, from https://media.istockphoto.com/id/505505411/photo/common-morel-fungus.jpg?
s=612x612&w=0&k=20&c=tgu9fIMGu5J7fRO5Wh4kryJHZqOc_EXKeVF0Jz9Zuxo=
Gewiese, J., & Rau, S. (2024). Vegans in the United States [Review of Vegans in the United States
]. Target Audience Vegans in the United States
. Statista. https://www-statista-
com.devry.idm.oclc.org/study/119665/target-audience-vegans-in-the-united-states/
Mridul, A. (2021, July 12). It’s time we talk about vegan inclusivity on cocktail menus
. The Vegan
Review. https://theveganreview.com/non-vegan-inclusivity-cocktail-bar-drinks-menu-
aquafaba-sour/
Dinner Plate
. (n.d.). Fable New York. Retrieved January 27, 2024, from https://www.fableny.com/collections/all-products/products/dinner-plate- 4?variant=39595725258830
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