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The marketing strategy will emphasize the strengths of both the company and the products. Chef will position themselves as an aggressive, innovative company that supplies the market with new, high-quality products. Chef will position themselves in trade shows, within industry publications, and the Internet, to reinforce this marketing strategy. The brochures, letterhead, and business correspondence will further reinforce these concepts.
Chef also recognize that it costs six times more to attract a customer than to retain one. To that end, Chef Vending will operate under the principle that the best marketing is an exceedingly satisfied customer. While the industries Chef operates in are large, reputations play an important part.
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Chef Vending's mission is to be the leader in introducing innovative, quality vending machines and restaurant equipment to the market. Through close customer contact and excellent relationships, we will meet the needs of our customers wherever we can. Chef Vending will secure sufficient profits from free cash flow from operations, to sustain its stability and finance future growth. We will add value to our community by maintaining a friendly, familial work environment.
Chef Vending will market its machines to three distinct market segments:
Chef has two markets for the equipment business:
The following Market Analysis table and chart are broken down by general market segments, versus the specifics listed above.
Chef Vending will position themselves as an importer of high-end an innovative vending machines and commercial food and beverage equipment. To achieve this positioning, Chef Vending will leverage their competitive edge.
The single objective is to position Chef as the leader in vending machines and restaurant food and beverage equipment in the Southeast region. Chef will strive to aggressively increase their market penetration. The marketing strategy will seek to first create customer awareness regarding the offered products, develop the customer base, and work toward building strong customer loyalty.
The message that Chef Vending offers the best vending and restaurant equipment. This message will be communicated by several methods. The first method is participation in trade shows that will be a valuable resource. The second method will be distributor open houses. The third method is the development and use of Chef's Internet website. The last method of communication that Chef Vending will be using advertisements in trade publication.
Chef Vending's marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service.
During the initial stages of the marketing plan development, Chef held several different focus groups with perspective customers. These focus groups were developed out of interactions/introductions made at the regional trade show. The goal of the focus groups was to solicit a significant amount of information from perspective customers.
Chef was very careful with the facilitation of the focus groups, attempting to insure that the results were as valid as possible. The groups ranged in size from seven to nine people. The focus groups were video taped to allow Chef to review them more carefully after the fact. Overall, the focus groups provide Chef with a wealth of information that was instrumental for them in launching and growing the business.
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