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Lee’s Eatery Firm’s Marketing Strategy

Introduction

Lee is the owner of Lee’s Eatery that is located in the city center. This report is an analysis of the basic components of the business’s marketing strategy. Part 1 covers the market-oriented mission statement for the business. Part 2 entails a comprehensive situation analysis, including organization strengths and weaknesses, demographics, technology, and technology. Part 3 outlines the marketing objectives as well as the smart business goals.

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Mission

The market-oriented mission statement for Lee’s business is to serve a refined menu of blistering, delicious food in time and in a hygienic, open eatery for the best value.

Situation Analysis

Organization Strengths and Weaknesses

Strengths
  • Skilled workforce
  • Wider target market
  • Use of technology
Weaknesses
  • COVID-19
  • Low business morale
Opportunities
  • Improving business conditions
  • Reduced incomes
Threats
  • Competition
  • Government regulation

Demographics

Lee’s business benefits from a large number of residents in the area that provides a ready market for the many food options. The population is projected to expand in the coming times. However, at the moment, most individuals have reduced purchasing power due to the effects of the COVID-19 pandemic. A few people lost their jobs while others lost their lives. It is expected that the economic environment will improve, and there will be more employment opportunities for the general public that will provide incomes to uplift their living standards and spending power.

Technology

Today’s business environment is characterized by a multiplicity of technologies that can be applied to the advantage of the business. At the present time, a business can promote its operations through social media platforms, including Facebook and Instagram. It is also possible to develop food delivery applications where people can order food in the comfort of their homes or offices or wherever they need the food (Miller & Peterson, 2021). Technology has indeed come in handy but can also be detrimental, especially in exposing bad business practices that can spread in a flash and injure the business irreparably.

Competitors

Lee Eatery is likely to face stiff competition from other food outlets in the city, such as Idiles and Moots. All parties have a firm understanding of the business model, regulatory environment, consumer demands as well as capital avenues. Lee has got to offer competitive services at a lower price and top up its value proposition with other services such as Wi-Fi, online order and delivery, and magazines.

Sustainable Competitive Advantage

Sustainable competitive advantage entails providing superior products over the competitors at the same market price. Lee can make the business to be sustainable by building a stronger brand, for which people can be attracted and develop brand loyalty. He also needs to be innovative and find ways of expanding the scale of the business (Miller & Peterson, 2021). Lastly, Lee should consider investing in intellectual property for his innovations to avoid theft of ideas from competitors.

Marketing Objectives

Objectives

Lee can focus on attaining three key marketing objectives for the business. The first objective would be growing Lee’s Eatery to be the best for food and health. Second, Lee should strive to be environmentally conscious by sourcing inputs with integrity so as to minimize the impact on the environment (Miller & Peterson, 2021). Lee should also desire to use the business to make a positive difference to the community by supporting and helping them.

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Smart Goals

The business goals for Lee’s Eatery would be:

  1. To attain market stability in the next six months by building good product quality;
  2. To leverage on the use of technology to attain a bigger market share in the next year.

Conclusion

Lee has a competitive business supported by a strong labor force and market. However, the recent COVID has affected people’s incomes, which has reduced their spending power. The business faces competition from other food outlets in the city, but it can leverage new technologies to offer extra services, including home delivery. It is also important for Lee to build a sustainable competitive advantage and observe the business mission, objectives, and goals.

Reference

Miller, D., & Peterson, J. J. (2021). Marketing made simple: A step-by-step story brand guide for any business. HarperCollins Leadership.

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StudyCorgi. "Lee’s Eatery Firm’s Marketing Strategy." January 1, 2023. https://studycorgi.com/lees-eatery-firms-marketing-strategy/.

References

StudyCorgi. 2023. "Lee’s Eatery Firm’s Marketing Strategy." January 1, 2023. https://studycorgi.com/lees-eatery-firms-marketing-strategy/.

References

StudyCorgi. (2023) 'Lee’s Eatery Firm’s Marketing Strategy'. 1 January.

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