Marketing Management Assignment help on : Research to increase the customer through attracting and retaining loyal customers
The research tries to find out the ways that can help small and medium size restaurant players to increase their customer base by attracting and retaining loyal customers in this highly competitive hospitality sector. The research is based on both primary and secondary research. Primary research is primarily questionnaire based and for secondary researches already available data were consulted. The result of primary research and secondary research advocates use of valuable incentives & schemes, right pricing, food quality etc. as some of the ways that can help in creating a good customer base.
Introduction
Similar to other sectors, hospitality sector especially restaurant industry is also bearing the brunt of increased competition. To gain an upper hand over competitors, several schemes are being offered to the customers. Customers have become very judicious when it comes to spending their money. This has caused attrition of loyal customers since they are willing to shift to new service providers (Shodh Research 2012). The Aim of the current research is to explore the ways to retain and increase customer base for small and medium size restaurant players.
Literature Review
The restaurant industry has struggled in past few years. Fierce price wars linked with increased commodity cost has made operation even more difficult. For restaurants to survive in longer run and maintain their loyal customer base it is important that they develop key differentiators and drivers. This in turn requires strategic brand differentiation, marketing innovation and cost management (Alix Partners Study 2012)
In today’s business environment where competitive landscape sizzle with innovation, It’s not the core competence but the competitive competence that can help in gaining an edge. The essence of competitive competence lies in creating a value which cannot be copied or created by any other company. This can come in the form of a technological expertise, or an offering or a skill. The competitive competence can be robust enough to stand at the similar time flexible enough to meet to the changing demands (Hotel Online 2005)
The restaurant industry is fiercely competitive. To gain competitive advantage it is important that a detailed analysis of factors like demography, new competition is done. Sometimes competitors also display wonderful strategies. Those strategies that are successful can be easily adopted (Demand Media 2012)
Methodology
The methodology would focus on Primary and Secondary research both. Primary research would be done through questionnaire & survey. Since sufficient data and papers are also available on restaurant industry, they would be referred for secondary data analysis. The source of data will range from website to journals to articles. The data article used will help in providing theoretical support to the research. They will help in defining and identifying the factors that can lead to creation of loyal customer base.
Primary Research:
Primary research using Questionnaire was done. The questionnaire was given to 300 customers upon their arrival to the restaurant over a period of one week. The questionnaire and the result are presented below:
Secondary Research
Secondary research focused on the literatures and contents which are already available on the topic:
Since competition is at the peak, it is important that returning customers are given back valuable incentives in order to retain them as loyal customers. The valuable incentives that can be offered can be in the form of a t-shirt a cap or a free starter/dessert. (Made Man 2010). Loyalty scheme is another possibility that can be offered to the customers which they can redeem in the next visit to the restaurant.
One of the most important element that is important for attracting and retaining customers is the food that is served. Quality of the food served in a very warm and inviting environment can help in gaining upper hand in competition. Vibrant and hardworking employees are the front lines of any organisation. Employees represent the culture and vision of the restaurant. If a customer has extraordinary dining experiences it will help in making customers return again to the restaurant. This will also act as an effective way for word of mouth publicity and spread positive news about the restaurant (Demand Media n.d.)
Price of a product is related to the quality which it offers. It is also linked to the perceived value. After the targeting of customers is through a right pricing can be put in place. Discounting and happy hour schemes can be offered on slower days and slower hours. This will help in increasing the footfall in the restaurant (Delco Foods n.d.)
For tourists and travelers who stay nearby the restaurant may not be very familiar with the nearby surroundings. To make them aware of the restaurant, leaflets and menu card can be placed in the reception are or in the rooms of the hotel. Marketing restaurant in the nearby hotels and vicinity can help in attracting more customers (Business World 2011)
Conclusion and Recommendations
In order to be successful in long run and gain competitive advantage it is important that a restaurant offers differentiators to its product and services coupled with some other factors. The above research suggests ways such as excellent dining experiences, value for money, right pricing , valuable incentives & scheme and correct promotion of the restaurant as some of the effectives ways to increase the customer inflow and to create loyal customer base.
If you want Marketing management Assignment Help study samples to help you write professional custom essay’s and essay writing help.
Receive assured help from our talented and expert writers! Did you buy assignment and assignment writing services from our experts in a very affordable price.
To get more information, please contact us or visit www.myassignmenthelp.Com
