Mm2 project
- 1. Marketing Management - 2 Fine Dining Food Joints Presented by: Angad Sidhu Anjali Apoorva Dogra Ashish Bhasin Ashish Shringi
- 2. Introduction A two phase study was undertaken with following objectives: Objective 1 – Factors affecting consumer behaviour and decision making process Objective 2 – Analysing customer segmentation process by food joints Mode of Study : Discussions with food joints staff members Personal Interviews with food joints owners Conducting surveys among customers and consumers
- 3. Research Methodology Identifying all variables which affects consumer behavior and preference Major variables are Frequency, Company, Influencers, Price, Time, Cuisine, gravity of restaurant Data Collection methods Preliminary discussions to collect secondary data related to variables affecting consumer behavior Analysis of secondary data and identified variables defined the strategy for collecting primary data Sampling process and sample size Stratified Sampling method is used decide sample population and sample of 43 consumers were interviewed Set of different people were interviewed based on age and occupation
- 4. Mapping questionnaire to outcomes • Search and alternative evaluationHow frequently do you dine out? • Alternative evaluation and outlet selection Your influence behind choosing a restaurant? • Customer preferences and outlet selection I crave for(cuisine varieties)? • Peak visiting hours of customers and evaluating options I dine out for(breakfast/lunch etc.) • Customer preferences and searching an outlet Choose the restaurant on basis of?
- 5. Consumer Demographics • 51% Consumers are young individuals with 68% males • 44 % of the population dining out are in jobs • 88% population dines out at least once every week • Young working individuals have the decision power to select the food joint 0% 10% 20% 30% 40% 50% 60% 15-20 21-30 31-40 41-50 51-60 12% 51% 29% 5% 2% Age 68% 32% Gender Male Female 44% 29% 17% 2% 7% Occupation Job Business Student Retired Homemaker 35% 33% 23% 7% 2% Frequency 2-3 times a week once a week 1-2 times a month more than 5 times a month Special occasions
- 6. Decision making process and factors • 91% people are accompanied by friends/family or colleagues to food joints • 51% selection is based on social media reviews • Other parameters like Ambience, location, budget affects decision • People prefer Italian over Chinese and South Indian 37% 26% 28% 9% Accompany with Friends Family Colleagues Girlfriend/boyfriend 37% 51% 7% 5% Influencers Friends/Familiy Social Media/ TV Ads randomly select food joints Do not experiment 0% 5% 10% 15% 20% 25% 30% 24% 16% 15% 28% 6% 6% 5% Crave For 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Ambience Cuisine Location Reviews Budget Offers Word of Mouth Depends on campany 14% 16% 14% 16% 14% 4% 10% 11% Other factors
- 7. Segmentation Strategy Demographic factors – Age, gender and Income to understand the customers better Geographic factors – Location of the food joints to make the pricing strategy Psychographic factors – Interests, repeat purchase, lifestyle to prepare the number of items on the menu card Usage factors – few dishes are prepared in high quantity as there sale is more for the consumers. Size of family also differentiated between customers and consumers which further used to provide discounts and combos
- 8. Strategy to influence processes Search •By collaborating with online food partners like Zomato, Food panda •Distributing leaflets and POP in markets with higher footfall to spread awareness Alternative Evaluation • Providing combos to the consumers • Differentiating based on taste, ambience, multiple cuisines and attractive menu cards • Providing discounts, schemes and communicating the same to loyal customers by targeted mails Outlet Selection • By delivering the quality food in time • By taking feedbacks through questionnaire and responding towards them by suitable actions • Maximum visibility on internet and digital media by promoting good reviews and rankings
- 9. Recommendations & Conclusion Joints should focus on other factors like ambience, service and reviews suitable for families as 65% customers are dining out with them 24% prefer to dine out only for Italian food. Hence, Italian along with North Indian and Chinese is a menu to gain maximum eyeballs Location has to be nearby to the customers as only 5% people would want to travel for same food and ambience 51% customers are affected by review on social media and 70% are price conscious. Therefore, 1 bad review will result in huge loss of sales 93% customers prefer to go out for dinners. Hence, food joints should make sure that they prepare fresh gravies during nights and reduce the initial preparation during days
- 10. Thank You