The fundamental principles of marketing revolve around the 4 P model. The four Ps are product, pricing, place, and promotion. Often people confuse marketing with advertising. Advertising is a subset of marketing and represents only one of the four Ps. Digital marketers also focus only on promotion. Many entrepreneurs are misled into investing and focusing on promotion only. With this back theoretical background, let us look at your restaurant.
Developing a great marketing strategy for your restaurant begins with the menu. The menu should contain products that your customers want to buy. It should add value to your customers and meet their needs.
The chef is critical to a restaurant. They produce products that customers find delight in consuming. Invest in a chef that makes products that the market segment of your customers loves to indulge in.
The next component is price. Pricing your products should be done after studying customers’ willingness to pay. Willingness to pay is linked to all the Ps in the marketing model.
Promotion is the component that most entrepreneurs focus on. They blame the consultant when social media campaigns and advertisements don’t achieve the desired results. The problem is that they have forgotten to focus on the 4 Ps.
I have provided you with an overview of the 4 P model for your restaurant. But the success of a business has much more than marketing to it. It sits on the fundamental foundation of business strategy and is driven by a business model. A successful business requires strategy, business model, and marketing.
Business model innovation expert