A Marketing Plan is basically a document that outlines the advertising strategy and how the restaurant is going to function throughout the years. Every marketing plan consists of these 5 things: executive summary, business challenge, the market, the strategy and finally the budgeting.

            Starting with the executive summary, it talks about why the restaurant exists and what is the purpose of opening this specific restaurant in a specific location catering to a specific type of audience. You need to define your vision and mission statement and the value proposition of the restaurant.

            Moving on, you need to mention the business challenges. Where are you opening the restaurant and what are your offerings? Are the customers willing to come to the restaurant and pay for the price that you are selling the foods at? This requires market research and a lot of planning. Doing a location audit as well as looking at the restaurants nearby helps to understand whether the restaurant is going to sustain in the future or not.

            Then, we focus on the market. The market consists of 3Cs: Customers, Collaborators and Competitors. Who are the target audience and do they know about your restaurant? Who are the collaborators and are they willing to partner with us? It could be an event management company, local artists, local musicians and so on. Who are the competitors and how are they attracting customers?

            Now, we dive into the strategy. What are the 4 P’s like? Are the prices set appropriately? Is the place suitable for what you are offering? Are the products appealing to the target audience? Is the promotion done right to attract those target audiences? The strategy should also focus on IMC and CRM.

            Finally, we move on to the budgeting part. Do we have the investment to run a restaurant or do we have to take a loan? What is going to be the ROI meaning how long will it take to cover the investment cost? If it takes more than 10 years, is it worth taking that risk as the restaurant industry is ever-changing. Are you planning on opening a restaurant alone or with partners? How will the work be divided? These things should be planned from the start before starting the restaurant.

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