The Nuetro Restaurant New Business Marketing Strategy Paper

Business Finance

Think back to the business you proposed in week three’s discussion about entrepreneurship. Briefly propose a marketing strategy for your business. Consider the following questions.

• Who is your target market?
• What is your competitive advantage?
• How will you use the five elements of the marketing mix: product, price, place, promotion and people?

Criteria	Ratings	Pts
This criterion is linked to a Learning OutcomeInitial Post Content	7.0 pts Addresses all aspects of the initial discussion question(s), applying experiences, knowledge, and understanding regarding all weekly concepts. 5.0 pts Addresses most aspects of the initial discussion question(s), applying experiences, knowledge, and understanding of most of the weekly concepts. 3.0 pts Addresses some aspects of the initial discussion question(s), applying experiences, knowledge, and understanding of some of the weekly concepts. 0.0 pts Minimally addresses the initial discussion question(s) or does not address the initial question(s).	7.0 pts
This criterion is linked to a Learning OutcomeInitial Post Evidence & Sources	4.0 pts Integrates evidence to support discussion from assigned readings OR online lessons, AND at least one outside scholarly source. Sources are credited. 3.0 pts Integrates evidence to support discussion from assigned readings OR online lessons. Sources are credited. 2.0 pts Integrates evidence to support discussion only from an outside source with no mention of assigned reading or lesson. Sources are credited. 0.0 pts Does not integrate any evidence.	4.0 pts
This criterion is linked to a Learning OutcomeFollow-Up Post 1	4.0 pts Response furthers the dialogue by providing more information and clarification, thereby adding much depth to the discussion. 3.0 pts Response furthers the dialogue by adding some depth to the discussion. 2.0 pts Response does not further the dialogue significantly; adds little depth to the discussion. 0.0 pts Does not respond to another student or instructor.	4.0 pts
This criterion is linked to a Learning OutcomeFollow-Up Post 2	4.0 pts Response furthers the dialogue by providing more information and clarification, thereby adding much depth to the discussion. 3.0 pts Response furthers the dialogue by adding some depth to the discussion. 2.0 pts Response does not further the dialogue significantly; adds little depth to the discussion. 0.0 pts Does not respond to another student or instructor.	4.0 pts
This criterion is linked to a Learning OutcomeProfessional Communication	4.0 pts Presents information using clear and concise language in an organized manner (minimal errors in English grammar, spelling, syntax, and punctuation). 3.0 pts Presents information in an organized manner (few errors in English grammar, spelling, syntax, and punctuation). 2.0 pts Presents information using understandable language but is somewhat disorganized (some errors in English grammar, spelling, syntax, and punctuation). 0.0 pts Presents information that is not clear, logical, professional or organized to the point that the reader has difficulty understanding the message (numerous errors in English grammar, spelling, syntax, and/or punctuation).	4.0 pts
This criterion is linked to a Learning OutcomeTimeliness of Responses	1.0 pts Student posts an answer to the initial discussion question(s) by Wednesday, 11:59 p.m. M.T. 0.0 pts Student does not post an answer to the initial discussion question(s) by Wednesday, 11:59 p.m. M.T.	1.0 pts
This criterion is linked to a Learning OutcomeFrequency of Responses	1.0 pts Posts in the discussion on two different days. 0.0 pts Posts fewer than two different days OR does not participate at all.	1.0 pts
Total Points: 25.0

WEEK 3

Class

I want to start a little fresh fruit juice restaurant under the brand “Nuestro” in my neighborhood next summer. The word is Spanish for “our own.” The business would purchase fruits from the local open market, peal, and blend them into juice and serve it to the customers without adding any preservatives. My area usually has a scorching and dry summer. Therefore, the restaurant would provide an alternative to the minors, pregnant women, and other people who do not like alcoholic beverages. However, the idea is not unique. Many companies are offering comparable products. For instance, a majority of grocery stores sell cold yogurt, sodas, juices, coffee, and ice-cream that serve the same purpose. Nevertheless, the business would have some advantages over its competitors. Primarily, customers would have the option of making a call and having the drinks delivered. Due to the proximity of the business to the customers, it would be possible to provide the products within 15 minutes after placing the order. Secondly, customers would likely prefer a local company that promotes other local business such as the fruit market and offers employment to local youths. The primary marketing challenge would be pricing. The size of the business would not allow it to exploit the economies of scale. For instance, transporting two cups of juice to one home costs a lot more than carrying several packs. Similarly, larger companies can purchase more substantial amounts of fruits or purchase farms to grow their fruits, therefore significantly reducing their operating cost (Baumers, Dickens, Tuck, & Hague, 2016). To compete with such companies, I would have to cut my profit margin. Also, the business would risk its key people. Larger companies can poach employees from the business with the promise of higher pay. Therefore, the business would spend much resources looking for replacements. Among the areas that the Nuestro could exploit to cut down the cost is e-commerce. With an appropriate mobile application, the business would allow customers to shop and buy products without moving to the shop or making a call (Kurnia, Choudrie, Mahbubur, & Alzougool, 2015). The customers would have the option of designing their drinks, entering their home address, and paying using their Visa cards. Besides, the internet offers a cheaper marketing platform. Using social media such as Facebook, Instagram, Twitter, and Snapchat, the company can target local prospective customers, inform them of new products, changes in prices, and technological advances among other information that the public find interesting (Stephen, 2016). Therefore, Nuestro would not only attract new customers but also retain its existing customers.

-Brittani

Baumers, M., Dickens, P., Tuck, C., & Hague, R. (2016). The cost of additive manufacturing: machine productivity, economies of scale and technology-push. Technological forecasting and social change, 102, 193-201.

Kurnia, S., Choudrie, J., Mahbubur, R. M., & Alzougool, B. (2015). E-commerce technology adoption: A Malaysian grocery SME retail sector study. Journal of Business Research, 68(9), 1906-1918.

Stephen, A. T. (2016). The role of digital and social media marketing in consumer behavior. Current Opinion in Psychology, 10, 17-21.