Food Service Industry
In the food service industry, restaurants account for the largest market share and is estimated to be the biggest market segment in the food service sector. According to a recent study, this segment accounts for approximately 10% of the total workforce in the United States alone. With the growing endless-love for food among different age groups, restaurants across the globe are looking for effective ways to expand their consumer base to niche and profitable regions. In the endless venture to target new customers, food service industry companies have started adopting efficient and reliable market strategy solutions. Several restaurants are also planning to employ a market strategy to offer entertainment services to the customers in terms of pool, snooker, and air hockey clubs to improve customer satisfaction levels.
The food service industry can be broadly segmented into various types based on the food service system, the type of food offered, and different geographies. To analyze the growth potential of the food service establishments and gain valuable forecasts into the potential customers, prominent companies approached renowned solutions providers like Infiniti. The marketing strategy solution offered by Infiniti, helps food companies devise a robust marketing plan by effectively utilizing all the resources available and identifying the best possible opportunities.
The Business Challenge
A leading food service client with numerous outlets spread across different regions wanted to develop a precise and concrete analysis of the competition, and the consumers’ needs to improve the bottom line and customer experience. The primary concern of the food service industry client was that they wanted to effectively promote their business by identifying the barriers to market entry. Since the client wanted to attain these specific marketing objectives, they approached Infiniti to design a detailed marketing strategy to utilize their resources on the best possible opportunities.
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In the initial stage, creating a flexible strategy to respond to changes in the customer perceptions and demand was a daunting task. But for the market strategy experts at Infiniti, the idea was to identify and communicate the benefits of the business offerings to the target market. To achieve this, the market strategy experts carried out both qualitative and quantitative research with prominent stakeholders in the food service industry. To monitor the effectiveness of the research methodology, the experts also compiled information from secondary sources such as paid industry databases, company presentations, and industry forums.
The Solution Offered and its Impact
The marketing strategy solution offered by Infiniti helped the client acknowledge the existing and potential customers and characterize their needs. With years of expertise in offering a plethora of services, Infiniti’s marketing strategy helped the client gain an edge over its competitors and develop goods and services that best fit the market. With the help of this engagement, the food service client was further able to address the pricing needs and adequately fix the prices for the products offered. In terms of the marketing activities, the engagement further assisted the client to adjust the advertising budget in advance and determine the revenue generated by these advertising plans.