In this section of the marketing plan, you should identify the four criteria useful in segmenting the market, and apply them to your company.

Assignment Brief

Marketing Plan: Part II

Throughout this course, you will compile a comprehensive marketing plan using one of the product/service scenarios listed in the Unit II assignment. (Note: You will use the same scenario throughout the course.) This scenario will be the basis of your start-up company and will be the catalyst for the subsequent marketing plan that you will compile. The company that you choose to submit a marketing plan for is a fictional start-up company (not an existing company).

This unit’s submission should consist of the items listed below:

◾ Provide a segmentation and target market analysis.

• In this section of the marketing plan, you should identify the four criteria useful in segmenting the market, and apply them to your company. Explain how identifying the target market is more clearly defined once a marketer has conducted segmentation on the population. Explain several target markets for your company using detailed explanations.

◾ Include a competitive and industry analysis.

• This section of the marketing plan should identify three or four competitors of your company. These can be direct or indirect competitors. (Note: Not all companies have competitors.) Differentiate each competitor based upon multiple criteria. Additionally, conduct an industry analysis by looking at the health of the industry in which your company resides. Identify whether the industry has grown or shrunk in the last 5–10 years. Explain why understanding the competitors and the health of the industry are important elements of the marketing plan.

◾ Provide a SWOT (strengths, weaknesses, opportunities, and threats) analysis.

• In this section, you will compile a SWOT analysis of your company. The internal strengths and weaknesses as well as the external opportunities and threats need to be identified and explained (include at least 2–3 elements under each area of the SWOT). The value proposition will be demonstrated through a strong showing in the strengths section of the SWOT analysis.

Reference the SWOT analysis explanation in the Unit I Lesson for additional insight on how to compile this analysis.
Ensure you provide an introduction for this assignment that is engaging and provides a clear background to the purpose of the assignment. The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years old. The submission should be a minimum of three pages in length (not counting the title and reference pages).

Scenario #3

Galaxy Restaurant is a start-up restaurant developed with the idea of providing the customer with a unique dining experience. This could extend from the product offering, service offering, atmosphere, or a host of other unique experiences. Initial research will provide an idea of what this unique dining experience would look like.

Sample Answer

Marketing Plan: Part II – Galaxy Restaurant

Introduction

Galaxy Restaurant is a new start-up that aims to bring a unique dining experience to customers. Unlike typical restaurants, Galaxy will focus not only on food quality but also on an immersive environment with themed décor, interactive services, and modern technology like augmented reality menus. The purpose of this section of the marketing plan is to analyse how Galaxy can segment its market, identify target customers, study the competitive landscape, and use a SWOT analysis to position itself effectively in the industry.

1. Segmentation and Target Market Analysis

To identify and reach the right customers, market segmentation is necessary. Market segmentation divides a large group of people into smaller groups with similar needs. The four main types of segmentation are:

• Demographic segmentation – based on age, income, education, and family size.

• Geographic segmentation – based on location like city, region, or climate.

• Psychographic segmentation – based on lifestyle, interests, and social class.

• Behavioural segmentation – based on buying habits, brand loyalty, and product usage.

For Galaxy Restaurant:

• Demographic: Targeting adults aged 25–45 with middle to high incomes, including couples and young professionals.

• Geographic: Initial location in a busy urban area in central London with high foot traffic.

• Psychographic: Customers who enjoy premium experiences, fine dining, and social media-friendly venues.

• Behavioural: People who try new restaurants often, use food delivery apps, or are regular reviewers on platforms like TripAdvisor.

Once segmentation is complete, Galaxy can clearly identify its target market: urban, tech-savvy professionals and social diners who value experience as much as food.

2. Competitive and Industry Analysis

Galaxy will operate in the highly competitive UK restaurant industry, particularly in the casual premium dining segment. Competitors include:

• Dishoom – Known for its atmosphere and Indian-inspired menu.

• Sketch – Offers a luxury, artistic dining experience with strong branding.

• Flat Iron – Specialises in one product with great quality and affordable pricing.

• The Ivy – A premium chain that offers traditional fine dining.

Comparison Criteria:

Industry Trends:

• Over the past 10 years, the UK restaurant industry has seen steady growth, but also challenges due to rising costs and changing customer expectations.

• According to IBISWorld (2023), themed and experiential dining is gaining popularity, especially among Millennials and Gen Z.

• Post-COVID recovery and increased demand for outdoor seating and takeaway services have reshaped the industry.

Understanding the competition and health of the industry helps Galaxy plan wisely and stand out.

Continued...