To set up a food courtroom on Townsville campus, Wayne Cook University is in quest of cooperation with takeaway restaurant chains. The restaurants that will be engrossed with the well known school will have a sizable potential market which would function in areas like brand recognition, brand loyalty and keeping consumer relationships. These areas serve as key to the marketing strategy which in turn drives the restaurants to keep stability of earnings leading to making earnings for the food court. Due to a saturated market, competition is stern. However, competition can happen in the immediate area. Therefore, there will be a quick growth on the market.
It is well motivated from SWOT examination that weaknesses and threats of the meals court are triumph over by its inside advantages and the external opportunities and hence the impending business prospect for the restaurants. In addition, there have been positive estimations that'll be achieved with a profit increment of 10% in three years in conditions of financial controls, such as advertising budgets, contracts, charge and rental income etc. Therefore, the JCU Food Court docket seeks to increase as a potential market and is a sound investment.
James Cook University has roughly 11, 000 students including 1, 300 international students their studies at the Townsville campus (JCU Townsville, 2009). The 386-hectare Townsville campus contains 364 buildings which includes housing units, scholar mall, library, fitness centres and excludes refectory and cafes that starts in week times for limited time (JCU Townsville, 2009). Adjacent to the College or university is Townsville General Hospital which can be found on the outskirts of town, roughly 11 kilometres from the location centre. Despite of being a favourable environment for education, its remoteness to food outlets and entertainment creates a logistical challenge for students. The meals facilities provided to the students is bound and restricted to American styles that eventually offer fewer options for the vegetarians.
The proposal of JCU food judge is not used to the market and lies in the introductory stage. Although there is a big competitive market of takeaway restaurants but there will no close competition in the vicinity area. Nevertheless the few exceptions being the Refectory and Rococo's bar & Restaurant. There will be a significant expansion in the introduction of food courtroom and gain in large business. Hence, the food court will type in the marketplace with rapid development and can emerge as a profitable business.
As described previously, there are no close rivals in the immediate section of the food court therefore the market to be targeted will be the great market of fast-food and takeaway restaurants.
Fast-food / Takeaway restaurant chains
A typical customer profile includes geographic, demographic, and behaviour factors.
The geographic goal area inculcates local (e. g. Eagle boys, real pizzas), national (e. g. Noodle pack) and global (McDonald's, KFC etc. ) restaurant chains.
The food court docket is not limited by any type of consumer/customer and will probably favour all the students their studies at Townville campus. Another factor is the price tag on meals under $12.
The food courtroom would provide the university, clinic and surrounding home areas. The marketplace can be widened to the restaurant chains who see a potential market within JCU.
The market needs would be fulfilled by college or university students, staff, hospital visitors and people residing in home areas. The JCU food court will give you a convenient and inexpensive utilization. The restaurants that have a tendency to be interested will have a large potential market within the grounds of the college or university. The food judge should come up with the next market qualities -
Convenience - JCU food courtroom will serve as a convenient option for consumers making possible for them to access the restaurants and will be a cost-effective place.
Maintenance - The meals court docket will be well maintained caring for the environment areas too.
Customer Retention - As there is certainly little competition in the immediate area, customers are likely to retain and welcome to a location that delivers quality food and service at sensible prices.
Brand credit - While off campus, customers will identify the brand they know from JCU Food Court docket, which promotes the business.
JCU can be found in a heavy passage environment/area with students studying both onshore and offshore, hospital visitors, the army basic, and residential areas. The leasing space to five different takeaway restaurants will appeal to the needs of market that has not been presently found. JCU being truly a well-known school, the restaurants will have a tendency to let on JCU property. With introduction of food courtroom, people would seek a good quality and convenient dishes at acceptable prices.
Due to advertise saturation, there's a strong competition in the restaurant/takeaway business. Reports uncovers that by June 2007, there were 15, 423 restaurant businesses in Australia, and takeaway rates growing 18. 3% respectively, making approximately $646. 1m (Figures, 2008). You will see less competition in vicinity of the food court at which puts the business on to an good thing about being profitable and can mark a rapid growth & power in market.
To evaluate and evaluate the potency and restrictions, opportunities and obstacles for ft. court on JCU, a SWOT analysis was performed. The examination revealed some key factors of the inner and exterior marketing of JCU Food Judge. Figure 1 identifies the thorough SWOT research (Appendix 1).
The University comes with an advantage of own land so there is no land purchase requirement.
The food courtroom will give attention to offering varieties of food at cheaper discounts.
There will be no external competitiveness on the list of restaurants of the meals court.
Being a more developed college or university, the restaurants will probably to be interested to be its part.
Trading hours will diversify from the on-campus cafes and restaurants.
The university has to provide resources for maintenance and other related services.
Limited space to support.
Less space than regular restaurant.
The Townsville campus will probably have a potential development.
More students enrolling drives the success of food courtroom.
Availability of parking and launching area.
Growth and development in other JCU campuses.
Less bills on structure and labour.
Labour hire for development and maintenance.
Economic downturn ongoing at present.
Future expansion and development of close by shopping centres.
There will be less or no competition in the immediate area of the meals court. The meals judge will be situated on Townsville campus. You will see no opposition for the meals court because at present there is merely Rococo's Bar & Restaurant and refectory offered to the students in college student mall. Because of limited opening time, they aren't open on weekends. There is a limited selection of restaurants in a healthcare facility and the nearest food courts are in Willows and Stockland. Thus, the students and personnel would become more directed to the JCU food judge. It will be more convenient for folks to walk to the food court to purchase quality foods at cheaper prices which is economical for the kids. Therefore, competition will not be a major matter for businesses considering renting space with JCU Food Court docket.
JCU will offer quality food at reasonable prices. The meals court will provide as a convenient option for people to get their meals after that. Also, it will start for business to restaurants to rent for space in the meals court. The space will cater to a counter-top and kitchen. Furthermore, the university provides maintenance and other janitorial services.
Keys to success
The secrets to success would be offering quality food, affordable deals, and convenience to customers, providing products that are user friendly and offer client satisfaction at affordable prices.
Since JCU food court will be new to market the critical issues will be -
Potential development to other campuses of university or college.
Business on a contract basis, lease with the restaurants.
Growth and enlargement of business through lease sales of counter-top space.
The marketing strategy mainly targets the services provided meet changing customer needs, while still keeping the merchandise quality and commitment to excellence. The key online marketing strategy will give attention to client satisfaction and loyalty and at the same time retaining brand quality. Additionally, the food courtroom will concentrate on the overall market segments and the associated customers. It will concentrate on getting a partnership with the restaurants to be able to expand the business enterprise in the market while maintaining the merchandise stability.
Vision & mission
To provide a method of personal satisfaction by improving its service delivery.
To promote and spread the benefits it offers to people.
To provide advanced customer support by guaranteeing the customers a clean, comfortable and well looked after counter-top space at fair leasing prices.
To extend the success of food judge to other JCU campuses.
JCU food court docket is concerned about maintaining the food quality and increasing the services so as to create a brand name, which could encourage and sustain optimistic and continuous growth. The meals judge will be broadening its limit every year and increase the counter spots depending on demands and needs of the clients. Once established, JCU will add loyalty/value cards to provide discounts in doing so increasing profit from additional income. Therefore, the target is to establish competitive superiority in target market, guarantee stable profit to customer and go after up growth profit.
Seek to boost the profit percentage by useful use of strategies and dedication to deliver good services.
To raise the success to 10% in 3 years.
To repay back the loan at the initial to be able to evade the eye that downgrades the income.
To keep up with the associates associated with restaurants on lease.
Reduce responsibility by using less of the loan and using more funds.
The market of restaurant chains and takeaways business is quite outsized with variety in foods and services they provide. The food court docket will focus on takeaway business offering food with different types and quality. The major marketplace could be the restaurants on the market that offers quality services and types of food at acceptable prices.
The bureau of reports Australia stated that during 2006-07, cafes, restaurants and providing businesses generated a complete income of $13, 673. 2m, signifying typically $886, 500 per business. The full total expenses incurred through the same period were $13, 108. 3m and the full total industry value added by these businesses was $5, 695m, which displayed 0. 5% of Australia's gross home product for 2006-07. Through the same time, the operating revenue before tax for these businesses was $576. 4m and their operating profit percentage was 4. 2%.
As JCU is a well-known and proven university, the idea of introducing food courtroom will signify as an ground breaking and demanding move for the convenience of folks who are area of the university. Being truly a reputed education hub, JCU will understand great customer retention and can incur a successful business in the market.
The main goal of JCU food Judge is to produce awareness among customers to identify food court as an innovator and a potential investment. The entire strategy is to provide people who have best possible services and quality thus making food courtroom as a profitable and stable investment. The beginning stage and the future growth stages will never be supportive minus the lease of the actual restaurants (Kotler, Keller, & Burton, 2009). Introductory period is similar to a start up business (Kotler, Keller, & Burton, 2009). After the initial stage of deals and leasing contracts are accepted and transferred, growth will continue leading to maturity stage.
In order to determine the business in market, the key focus will be to maintain customers, their satisfaction and potential growth of food court docket to other campuses of university. General market trends will be done in terms of sales, campaigns, communications, advertising and brand development. JCU will be looking for specific businesses they feel provides variety and quality products at acceptable prices for the consumers. Adverts in magazines and over internet will provide a rich way to obtain information and contact details to the people thereby creating understanding among them and promoting the business enterprise.
Marketing Mixture & the Customer
Five Ps of the Marketing Mix
Product - Restaurants interested to spread their business and take lease with the university or college.
Price: Price includes the hire which is based on rectangular metre of space, restaurant location and other utilities. The meals and related services of the restaurant would be charged as own franchise.
Promotion: Advertisements will be produced in leading newspapers all over Queensland and over internet for lease and deals. JCU website will incur a link for services proposed by the food judge.
Place: The food court will be located on the campus with massive free car parking areas on campus and short-term free car parking near food judge for some other clients.
Packaging: JCU Food Courtroom provides healthy high quality food and a clean atmosphere. Other services include maintenance and janitorial services provided by the university.
Four Cs of the Customer
Customer Solution: The business is in the immediate section of the target market with lot of consumers - students and faculty in JCU.
Customer cost: The costs are cheaper and inexpensive anticipated to size and location. Individuals are offered value/discount credit cards. The companies are accountable for other costs which include leasing prices, resources, major renovation, kitchen appliances and fittings.
Promotion Advantages for customer: Deals will be achieved as advertising provided across campus at different specified locations which will be a part of rent.
Convenience: The positioning will be convenient and ideal for the customers and will offer a sizable amount of employments. Other factors like maintenance and janitorial services will be provided by JCU food Judge.
Marketing research will give attention to consumer retention, stability and satisfaction, market sections and the target markets. General market trends would therefore include the following -
Consumer diet plan, student movements. Determination for the meals court commenced after acquiring grievances about having less food options within the closeness of the campus.
Market sampling include local restaurants and cafes. Sampling will determine to gather the leasing space in food court docket of university.
Survey includes dichotomous, Likert scale and 'objective to buy' questions to convert into quantitative data (Kotler, Keller, & Burton, 2009).
Preparation and flow of study by email with completion online as key method.
Students, faculty, hospital personnel and some other clients are inculcated in the sampling method.
Sampling procedure will need into consideration some questions to judge behaviour of the customers and their desire for food court. Internet surveys will be accessible for students and personnel to give their opinions on performance and services provided by the food court. Drop pack will be setup at various points within the university area and the hospital so that folks can feel free to give their comments and suggestions. Results and percentages evaluate the interest in JCU Food Court docket; the cost to profit finances; how to promote to focus on market; slim specific target market groups. The information from all all these sources will be compiled and computed to create quantitative data which further will strengthen the development of rate of recurrence distributions which can be charted to be able to clearly view the statistical results and determine whether it rejects or allows the hypothesis (Kotler, Keller, & Burton, 2009).
This section will package with some of the relevant financial situations regarding marketing the meals court in the market. This section include Break in the action even examination, sales forecast, expense forecast and indicate how these activities are related to the marketing strategy of the firm.
Break Even Analysis
The break-even research indicates that as to reach break-even point the income required is $ 500, 000
Figure 1 - Break in the action Even Analysis
JCU Food Court docket incurs a marketing plan to start out up the business enterprise as a guide for creating interest from restaurants supplying the best performance by providing customers with best value and amount.
The control procedures will take into account the initial expenditures and income, cost of maintenance and other janitorial services, rent & contract contracts, leaser's and customer satisfaction.
Difficulties and Risks
Turn down of the supplementary target market
Risk of getting into saturated market
Promotional failing and lack of consciousness among customers
Closure of restaurants in the food court
Risk of business failing due to insufficient profits and failure to protect liabilities.
Financial instability during the course of growth period.
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