Explain the various elements of marketing mix with respect to the restaurant
Answers
Marketing mix refers to the actions made use of by a company for promotion of its products in the market. Usually 7 Ps are involved in a marketing mix, each of which has an influence on the other. These 7 Ps are Price, Product, Promotion, Place, Packaging, Positioning, and Politics. The market mix for a restaurant must be formulated based on the analysis of which marketing channel gives the best ROI, engagement and reach.
Some components worth considering are:
* Direct mail marketing – This is ideal if you plan to set up the restaurant in a highly populated area with people of higher age groups.
* Call campaigns – This can be useful if the restaurant plans to offer catering services. Though time consuming, it can help to build new relationships.
* Local search optimization – This is the process of registering the restaurant’s website on local directories so that people will be able to locate it.
* Social media – This involves getting registered on as many social media platforms as possible and keeping your social media postings and interactions with customers up to date.