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Cool Stay Marketing Plan

Student’s Name: LaShandra Brooks

Professor: Dr. Amans

Institution: Strayer University

Date: July 29, 2022

Coolstay Marketing Plan

Introduction

Gulangyu Island's Coolstay restaurant, a bed and breakfast restaurant, will be serving seafood specialties in Xiamen, China. The restaurant will serve patriots from various businesses, including the tourist and corporate sectors. In addition to the delicious and refreshing cuisine, the atmosphere is built on a Pacific Rim theme, and all three meals are provided. Tens of thousands of people visit the restaurant each year to sample the beautiful flavors of the Pacific Rim's regional delicacies and seafood. This marketing strategy aims to provide a comprehensive look at what makes Coolstay restaurant stand out from the competition. For these reasons, the restaurant is a great place to spend time on vacation. Additionally, the company's goals and objectives, as well as its strengths, are outlined in this marketing plan. The level and quality of service offered at the cool stay restaurant are also examined.

Environment Analysis

Gulangyu Island, a 660-square-mile island in Xiamen City, China, is home to more than 3 million people. In addition, the island is divided into six districts along its perimeter, all of which serve as important secondary markets for the company.

Competitive

There are many restaurants, high-end accommodation, and hospitality companies in the environment (Bondarenko et al., 2019). This implies that a cool stay will have to put more effort into ensuring great quality of service provision. Such an implementation will help to overcome the stiff competition realized in the environment.

Economic

China is one of the world's most established and knowledgeable economies, thus placing the business in a promising economic environment. Besides, the country hosts various economical leaders and influencers, which describes the amount of cash flow possessed by the individuals (Bondarenko et al. 2019). Such individuals often dwell in excellent catering facilities such as hotels, which make cool stay favorable for this purpose. This implies that the general economic environment and factors will be favored and allow the company to thrive.

Political

China is an economy without political crises or scandals, thus making it a favorable environment for business. Political stability is one of the major determinants of a business's success and stability, implying that the climate will fully support and stir the company towards success.

Legal

The legal factors realized in the Chinese environment favor and accommodated the tourism sector, thus illustrating how advantageous and suitable the domain will be for Coolstay restaurant. The legal procedures and requirements will be followed for all the processes and needs of the company, and therefore uninterrupted operation will be realized.

Technological

The presence of advanced technology in the Chinese economy provides a great platform of operation, which will positively influence activities and operations such as marketing, financing, communication, and service provision, where customers are destined to enjoy quality restaurant service offered with the aid of advanced technology in the hospitality, hotel and accommodation sector. These factors would help to accrue more customers and win the trust and favor of clients.

Sociocultural

The cultural composition and behavior of the Chinese environment represent one of the most hospitable and interesting cultures worldwide. Such an aspect is a major concern in tourism and hospitality (Bondarenko et al., 2019). The welcoming and friendly nature of the environment's cultural composition will positively impact the business. Besides, the cultural presentations such as the food and dances are another bonus factor that would aid in attracting more customers to the company.

Mission statement

Cool stay restaurant is determined to provide excellent and affordable services to tourists and prospective customers while exhibiting a cultural display of hospitality. The company operates with the best terms and conditions without discrimination against all its customers.

Company analysis

To simplify the transition of a new firm into a highly competitive industry, the Coolstay Bed and Breakfast Restaurant has a suitable product range and the requisite degree of technical competence. As a result, Coolstay Restaurant intends to target customers who are highly regarded in their respective areas, such as executives. This group of customers enjoys some of the world's best food, which is the direction in which our menus are headed (Bondarenko et al., 2019). Whether it's Breakfast, lunch, or dinner, we will do everything we can to take this throne away from our competitors. Tourism and business executives who value amenities like housing and seafood cuisine are at the center of demography. Both of these groups make use of the comforts that come with them. Relaxing at home while eating seafood is a favorite pastime for many people, especially those who have been on the road or spent long hours at work. Reassuring purchases from the B&B will allow consumers to experience positive emotional attachments of lovely talks, selected pleasure, and necessary rest throughout their personal and professional obligations.

Short term goals

New concepts inviting to executives and visitors alike are one of the short-term aims of the firm. Creating and executing new concepts welcoming to executives and tourists alike is one of the short-term goals (Sofronov, 2019). Bed and Breakfast may be able to attract a large number of repeat customers through word of mouth, owing to its executives' experience in the development of financial income through firm operations.

Long term goals

Long-term objectives will include growing into a financially sustainable organization that contributes to greater economic security within the community in which we are situated. In addition, one of our aims and activities outlined in the strategy is to cultivate partnerships with local owners and produce sellers. In addition, we are planning to continue expanding upon our business's value by securing distribution from worldwide resources for products unrelated to marine food (Sofronov, 2019). Additionally, there will be an emphasis placed on the ongoing education of staff members. A long-term aim that is both realizable and attainable in its practical aspects is the maintenance of a successful bed and Breakfast via the development of trustworthy and enduring connections and memories through dialogue.

Market analysis

Pricing

The company employs a price strategy that is somewhat above industry norms for its products. Customers can purchase goods and services at a lower price from local firms to ensure a smooth and effective market launch. Our price value will be based on cultural concepts of affordability and delectability to achieve unity.

Product

When it comes to Deliverance's aromas and scents, you can expect them to be in keeping with what is currently and historically recognized. As a result, products are marketed with an overall idea of cultural longevity based on historical beliefs. For anyone who might get hungry while seeing our city, we'll have a selection of local dishes that tourists from other nations will likely enjoy (Sofronov, 2019). A wide spectrum of ideologies will be represented on our menu, from the most mainstream to the most extreme. These numbing beverages will be acquired from all around the world and brewed right here in town.

Promotion

In addition to utilizing regional modes of message delivery, Coolstay will implement social marketing strategies in its business. Word-of-mouth advertising is another form of promotion that we are interested in. We strive to maximize the effectiveness of our word-of-mouth advertising by delivering meals that are not only delicious but also memorable at a price that is fun and reasonable, all while assuring complete client satisfaction.

Place

Because of the island of Gulangyu's strategic placement as the tourism hub, the costs and the time required for visitors to go there were reduced. Our service area includes six nearby villages, all of which will be served by our new facility, Coolstay. Local farmer cooperatives will give distribution means for fresh fruit to ensure long-term economic viability.

SWOT analysis

Strengths

The cool stay restaurant has a great location, which will be a source of strength for the business. The firm will probably get new customers with its existing location and activities. It may take some time for word-of-mouth, a kind of advertising and marketing, to take hold of the business's internal and exterior potential. The striking balance between satisfying both external and internal stakeholders who impact profitability while pursuing marketing objectives (Benzaghta et al. 2021). To top it all off, the company's hotel and housing services are competitively priced compared to those provided by other businesses and hotels in the neighborhood. A component of this scale is invaluable for a business looking to expand its customer base.

Weaknesses

The weaknesses included are the expensive labor cost for experienced and high-class restaurant workers and the generally degrading demand for hotels, which highly affect the performance and revenue earned by hotels in the environment. Incoming technology and trends such as night apartments for renting are some of the weaknesses realized.

Opportunities

Despite the market size of over 400 organizations, bed and breakfast hotels like cool stay are well-organized and culturally fashionable ideas (Benzaghta et al., 2021). As previously said, capital investment has been made to ensure the implementation of strategies for promoting new products and reorganizing the company. Even if it's not yet feasible to quantify organizational changes, metrics such as occupancy rates and the number of sites have resulted in a significant rise in earnings for this industry.

Threats

There are several competitors in the Gulangyu tourism region. It's common for segments to have six or more rooms, so occupancy is often about 53%. If the restaurant has a low occupancy rate, guests aren't staying long (Benzaghta et al., 2021). Thus, the company may compete with other local businesses that offer the same service.

Reference

Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review.  Journal of Global Business Insights,  6(1), 55-73.

Bondarenko, V. A., Efremenko, I. N., & Larionov, V. A. (2019). Marketing strategy for hotel and tourist complex companies.

Chernev, A. (2020).  The marketing plan handbook. Cerebellum Press.

Leigh, D. (2009). Handbook of Improving Performance in the Workplace: Volumes 1‐3, 115-140. SWOT analysis.

Sofronov, B. (2019). The development of marketing in the tourism industry. Annals of Spiru Haret University. Economic Series,  19(1), 117-127.

Starcevic, S., & Konjikušić, S. (2018). Why millennials as digital travelers transformed marketing strategy in the tourism industry. Starcevic, S., &Konjikusic, S.(2018), Why Millenials As Digital Travelers Transformed Marketing Strategy in Tourism Industry, International Thematic Monograph Tourism in Function of Development of the Republic of Serbia-Тourism in the Era of Digital Transformation, University of Kragujevac, 221-24.

Stevens, R. E., Loudon, D. L., & Nykiel, R. A. (2013).  Marketing your business: a guide to developing a strategic marketing plan. Routledge.