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Market important to operating a successful business

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Reference no: EM131262729

You own a 60 seat restaurant in a middle class neighborhood. Ten years ago your clientele was made up of young, single professionals in their mid-twenties. You have noticed the neighborhood has changed. The neighborhood now includes many families and more working class people. You haven't changed the menu in 6 years, and there is no children's menu. Business has steadily declined during the past decade. You must take some steps to improve and increase business. Otherwise, you will have to close your doors. You know that a new and updated marketing plan is the key.

Using the above information, discuss the following points:

  • Why is knowing the surrounding market important to operating a successful business?
  • What would be your marketing plan based on the current neighborhood situation?
  • How would you implement this plan?
  • How would you evaluate this plan?
  • Discuss how you could use some type of branding to attract families into your establishment.

Reference no: EM131262729

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