I have part of a group project to do for a Marketing class MAR 3023. This project is to do a marketing plan for a local business, my portion is to do the Implementation Plan and Evaluation and Control. I will upload the rest of the document and just need these two areas completed.
Marketing Plan - Norwood’s Eatery & Bar Treehouse Aaron Dolbow, Kristina Taber, Beth Martinez, Ameer Edwards, Tim Trexler, Sheyla Cabrera Muller Florida International University Appendix Executive Summary Company Description Strategic Plan and Focus Situation Analysis Product-Market Focus Marketing Program Financial Data and Projections Implementation Plan Evaluation and Control Bibliography Executive Summary Company Description Products & Services The doors of Norwood’s Eatery & Bar did not begin as a restaurant, surprisingly, Norwood’s began as a gas station and general store in 1929 called Pan Am. As the years progressed, Pan Am served as a mosquito control center, piggy bank factory and then again, a general store. In 1946, Ear Norwood purchased the building and reinvented the site to the classic Norwood’s Seafood Restaurant where it ran successfully until 1956. Expanding in 1985, Norwood’s Seafood Restaurant grew, Don and Pamela Simmons developed the dream team where Norwood’s plan skyrocketed. With the same tasty seafood available, Norwood’s developed into a tourist must-hit. In 2015, Simmons opened the Treehouse Bar as well as the Roots Bar in 2019. From homemade sauces, salad dressings, locally sourced fish, aged steak, and locally grown vegetables, Norwood’s has a little bit of everything to excite your taste buds. With an eye catching treehouse structure, Norwood’s Eatery & Bar is a place to sit back, enjoy a drink, and even listen to live music. Norwood’s offers live music at the treehouse bar - Tonight In The Treehouse. From a variety of local artists, there’s something for everyone. Norwood’s also offers takeout service, outdoor seating, private dining, television, highchairs, wheelchair accessibility, full bar, free Wi-Fi and parking. Although they are known for their tasty seafood, Norwood’s offers vegan, vegetarian and gluten free options. Norwood’s offers prefered priority seating, by heading to their website guests are able to pre-register their tables and make any comments you'd like to let the restaurant know. Priority seating can be reserved for parties up to seven people, for parties more than seven it is necessary to call the restaurant to guarantee a table. Daily specials consist of “Mojito Monday” $5 mojitos, Two For Tuesday 2 for 1 Premium Well Drinks, Wine Wednesday Half Price House Wine & Draft Wine, Thursday Half Price Draft Beers, Sunday $5 Bloody Mary and $5 Mimosas All Day.TREEHOUSE late night happy hour is everyday from 9:00pm-11:00pm with $3 domestic beers, $5 house wines, and $5 wells. 1946 (Restaraunt Bar) happy hour is everyday from 11:30am-6:00pm with half price house wines, beers, and premium well drinks. Organizational Chart Strategic Plan and Focus Mission Statement Goals: Financial & Non-financial Core Competency & Sustainable Competitive Advantage Situation Analysis The first step to follow in the preparation of a marketing plan is the analysis of the situation. It allows to have a deep and exact knowledge of the economic environment of the business as well as its current situation and its future evolution. The SWOT analysis is recommended to determine the company situation as well as the risk and opportunities offered by the market. This is a very useful tool for strategic decision-making. It consists of an internal analysis, reviewing the strengths and weaknesses and an external analysis, reviewing the opportunities and threats of the company. Weaknesses and strengths correspond to the internal scope of the business. Both features are used to analyze a company's resources and capabilities. This analysis considers diversity of factors such as positioning and differentiation of products and services offered by the restaurant, the experience and competence of the personnel, the number and quality of loyal customers, the price and conditions of the supply, the financial resources, among others. On the other side, the market and the environment are external factors that include opportunities and threats to be faced. By identifying the market trends, the company will be able to determine the aspects that lead to the affectation of the performance of the business, to know better its customers, to discover new market segments and to determine successful strategies. SWOT Analysis Strengths · Excellent food and drinks · Fresh products · Nice atmosphere and live music · Convenient location · Take out service · Parking · Vegan and gluten free options Weaknesses · Outdated website · Need for digital marketing strategy · Diverse competitors Opportunities · Include low calories dishes on the menu · Improve training to employees · Reduce waiting times · Customer-centric approach Threats · Changes in consumer tastes · Changes in customer needs · Possible entry of more strong competitors into the area Strengths Norwoods Eatery & Bar strength is the ability to differentiate itself from other restaurants. It was founded in 1946. It is very nice and cozy. It seems to be integrated into nature surrounded by trees. Its walls are made of stones. It has different areas ranging from the bar and unique rooms like the treehouse bar. They offer excellent food. Dishes are made with fresh products. In addition to great food and drinks, customers can enjoy the atmosphere and live music. The location is very convenient. It is just a few minutes walking distance from the beach. It is located in the New Smyrna beach area, called the fun cost. The restaurant is surrounded by resorts, which are highly demanded by tourism that will rest and perform water activities. This is combined with the added value of having an attractive quality-price advantage. The restaurant is for all kinds of clients. They offer takeout service, outdoor seating, private dining, television, highchairs, wheelchair accessibility, full bar, free Wi-Fi and parking. They also have vegan and gluten free options. Moreover, the restaurant is very committed to the environment. They give priority to recycling. They do not use disposable plastics. They grow vegetables that are then used for some dishes preparation. They also promote buying of local products. Weaknesses The technological level of the restaurant is insufficient. They don't have good publicity. They need to develop a digital marketing strategy. The web page is not updated and could be improved significantly. The restaurant has wide and diverse competition. Being such a tourist area, there are other good restaurants that also offer well-prepared dishes. Opportunities An opportunity represents a competitive advantage for the company. As well as identifying new or unmet needs, market expansion, negative situations of competitors, among others. Threats could become opportunities with an adequate analysis that allows anticipating and adapting to changes. The menu could be expanded so that it has more variety of well-elaborated dishes with fewer calories. Also, the service can be improved. Employees should receive a better training to provide more exclusive customer service and to reduce customer-waiting times. In addition, adding more customer-centric programs to enhance customer loyalty would be a good approach. Threats Consumers' tendency is to seek new experiences and sensations in food. The pleasure of eating is valued every time. Consumers want to taste new flavors combined with each other. Changes in consumer tastes represent a threat for the restaurant. There is a high trend in the consumption of vegetables, fruits and low-fat dishes. This trend could affect the restaurant. Changes in customer needs can also have an impact for the business. Customers use online channels to order food. Another threat is the possible entry of more strong competitors into the area. Competitor Analysis Nowadays, the useful tool that is the Internet is available to everyone. Most users review and select their preferences based on the recommendations of others. Different platforms provide this service to customers when they are looking for a place to eat or many other services. In the case of restaurants, many rely on Yelp, Google and Tripadvisor. Sometimes small changes can make big differences and the result is directly reflected in the profits. A deep analysis of customer’s feedback on review platforms and social media is very helpful to evaluate competitors. Customers freely make comments after having eaten in a restaurant. Therefore, their opinion is usually more reliable than surveys. The customers' comments clarify many aspects that can always be improved. Norwood’s Eatery & Bar Treehouse has twice as many reviews than their competitors. Most of their negative reviews are related to the service and waiting times. This aspect is not difficult to correct. Providing training for waiters to improve the way they serve customers would be a strategy that could put Norwood’s Eatery & Bar Treehouse higher on the list of most recommended restaurants in the area. Potential competitors. Data collected from Tripadvisor. Restaurant Food Service Value Atmosphere Reviews Off the Hook Raw Bar and Grill ★★★★★ ★★★★★ ★★★★ ★★★★ 837 Boston's Fish House ★★★★ ★★★★ ★★★★ ★★★★ 846 J.B.'s Fish Camp & Restaurant ★★★★ ★★★★ ★★★★ ★★★★ 1737 Norwood's Eatery & Bar Treehouse ★★★★★ ★★★★★ ★★★★ ★★★★★ 3058 Malibu Beach Grill ★★★★★ ★★★★★ ★★★★★ ★★★★★ 590 Outriggers Tiki Bar and Grille ★★★★ ★★★★ ★★★★ ★★★★★ 772 Industry Analysis With only 66,000 inhabitants, Daytona has an incredible record of attracting 10,000,000 tourists each year. Some of them are attracted by the weather and the beaches. However, the vast majority of them are attracted by NASCAR races and mainly Spring Break. Although the races and spring break visits are seasonal, both represent a great source of income for the restaurants in the area. According to the Florida Governor's office, about 34% of tourists who visit the area are related to these events; and they do it during a period of time of 3-4 weeks per year. Therefore, the ability of the restaurants to adapt their supply to this demand for limited time is of outstanding importance for their survival the rest of the year. Although the target is not low-income consumers, as many of the students looking for fast-food might be, it is important to meet the demand of the 20% that occupies the upper part of the pyramid with high purchasing power. It is not that the experience and image of quality, artisan and homemade food available the rest of the year will be damaged for 4 weeks; but, it could be valued to generate a brand B that represents the aspirations and values of this other type of potential consumer. Company Analysis: Norwood’s Eatery & Bar Treehouse was not always a restaurant. Earl Norwood who turned it into a seafood restaurant acquired the building in 1946. The restaurant had several owners who kept it succeeding for several years while maintaining the tradition of fresh seafood. In 1985, a new partner joined and the building was expanded. Under the leadership of Simmons and his carefully developed team, Norwood has flourished and still features