Pages:7 (2131 words)
Document Type:Research Paper
Implementing the Market Strategy
Just as important as developing the market strategy is the process of implementing the strategy. Implementation has its own set of challenges that have to be addressed, however. These include forming strategic partnerships, managing top-selling products, improving pricing strategies; developing sales Promotion, advertising and sale promotion strategies; developing digital strategies and measuring market performance. This paper will address each of these challenges and offer solutions for implementing the market strategy for OPG.
Strategic partnerships the company could develop to help promote both companies could be to look for a local brewer who is wanting to expand and partnering with that brewer to brew in the adjacent building owned by OPG. OPG wants to start brewing its own beer, but instead of hiring a brewmeister and investing in the brewing business, it may make more sense to partner with a small existing brewer and expanding that operation into OPG so as to benefit both businesses and get a canning or bottling operation underway.
Another strategic partnership would be to partner with a local event organizer to help promote events and to provide catering for the events. This type of partnership would benefit both companies. It would get the event organizer more attention because OPG gets a ton of traffic, and it would help OPG to break into the catering business by getting its services acknowledged more widely by the public at events.
DoorDash would also be a good partner for OPG, as DoorDash is in the business of delivering local foods to customers. In today’s COVID-19 stricken world, DoorDash can ensure that the pub is getting meals to people who do not want to leave their homes. Both companies can thus benefit from the arrangement, and many restaurants have partnered with DoorDash to make this happen.
Managing the Top-Selling Product
The top-selling product at OPG is the OPG Burger, which has been voted best burger in the city twice in the past. The OPG Burger needs to be managed better, however; it was unable to retain its top spot year over year according to local survey because the meat had changed when the pub switched vendors. By basically changing the burger that helped put the pub on the map, the pub was undercutting its own brand and brand value. The pub should be staying true to course and keeping fans happy by keeping its OPG Burger the same. Change can come with other menu items but customers want consistency and do not like it when a favorite menu item changes all of a sudden. OPG should have taken better care with its famous OPG Burger and not been so cavalier about changing the meat. It needs to return to the meat that made it a town favorite and that will help to restore the burger to its top spot in the city.
Existing Pricing Strategy for Top Three Products
The pricing strategy for the OPG Burger, OPG pint, and OPG steak is to use competitive pricing. The pub has consistently sought to compete with every other pub in town by pricing its food and beer items at prices near to what others are offering and in many cases a little below so as to give the appearance of offering a value menu. This pricing strategy is what most pubs in the area use to promote their product lines, as pub food cannot typically justify having a premium pricing strategy and if priced using the discount strategy it undercuts the actual value and worth of the products and leads people to think it is not as good as it is. So it works out in the pub’s best interests to use competitive pricing strategy.
New Pricing Strategy for One Product
One product that could benefit from a new pricing strategy is OPG pub-brewed beer. This product could be priced with a premium pricing strategy to reflect the value that is in each bottle and pour. This would have to be discussed with the brewer, and what the pub could do is have a line of craft beers brewed at OPG that are competitively priced to compete with other local brewers and then a line of craft beers that are premium priced to reflect their uniqueness and value. Other pubs in the area also use this strategy, with higher alcohol content craft beers receiving a premium pricing strategy as opposed to beers with a typical alcohol content. OPG could use premium pricing with higher alcohol content brews and also give smaller pours to emphasize the premium essence of the product.
Two Ideas for Sales Promotion, Advertising and Sale Promotion Strategies
Two ideas for sales promotion are to have an OPG…
…suppliers to know when stocks are getting low and to expect new orders.
Customers on the go are going to want to be able to place orders using their cell phones and are likely to be more appreciative of a pub that is mobile friendly on their site. Sites that have not been updated to be mobile friendly are basically a waste of time. This is one example of an efficiency through technology. Another is to bring in iPads for placing orders so that the wait staff does not have to ring up orders individually from one register station. Using pads can speed up the process as the wait staff can send an order straight from the table where the order is being taken straight to the kitchen and it will go straight to the computer for check-out as well. It eliminates several steps and creates a more efficient environment. Cloud computing would come into play here as well, since it would allow data to be collected from people who visit the website and stored in the cloud for processing.
Measuring Market Performance
Measuring market performance can be accomplished by comparing sales year over year and month over month. It can be measured by using Six Sigma as well. Six Sigma focuses on trends and performance and on collecting as much data as possible so as to be able to explain why performance is lacking in some areas (such as food delivery or food preparation) and excelling in other areas (such as customer service). Surveys are important to conduct with customers in order for Six Sigma to work, but surveys are an important part of any measuring process and should be viewed as an industry norm and standard.
Implementing a market strategy depends upon numerous factors, such as forming partnerships with other companies and organizations, like DoorDash and using digital technology to make one’s business more visible to the public. Social media plays a big part in the decision making process of many consumers today so it is essential that OPG leverage social media technology to interact with customers, post pictures, and draw people into its network of friends and followers. Sales promotions should include sponsoring local events and getting people active at the pub through trivia night or Flip Cup contests. Sales strategies can be used to bring in people during the week days…
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