Three Monkeys as a family business
Executive Summary (100)
Three Monkeys is a family business in form of a food outlet that offers a wide range of food services to the Brisbane community and to visitors of the City. Service delivery, cheap offers and quality of food products offered at the restaurant are the main selling strengths that significantly determine the customer satisfaction since its inception. However, due to the presence of giant food companies in the food market sweeping the Pacific region and abroad with far much better marketing mix, a proper e-marketing strategy is needed in order for Three Monkeys to remain competitive (fortunecity.com, n.d). A company background coupled to its market presence outlook is discussed to highlight the appropriate approach in the formulation of winning e-marketing strategies as concluded and backed up by the recommendations.
Company Background
Three Monkeys is a private business located in Brisbane which has a variety of competitive threats from giant food companies such as McDonalds in Brisbane (Ferrell and Pride, 2011). One f the most important competitive advantages enjoyed by the competitors thereby creating a real operation threat to Three Monkeys is e-marketing. In terms of an e-marketing presence at Three Monkeys, there is a huge gap that illustrates the threat posed by competitor companies which have an excellent to above average presence. Marketing has gone to a higher level that must be embraced at the food industry since the food market has also been diversified to capture online consumer following. To this end, there a several ways in which Three Monkeys can improve its online presence to capture the growing marketing trend that relies on the internet to reach to consumers of the changing food market.
Development of e-Marketing Strategy
Based on studies on consumer behavior and market trends in terms of marketing, there is an increasing demand for online presence by marketers who want to capitalize on the readily emerging online market. In terms of the consumer behavior, there is an increased attraction for popular eating centers across the Pacific which can be utilized to capture consumer behavior for the benefit of the Three Monkeys’ e-marketing strategy. As an illustration, there are indications that food consumers can stick to one outlet for purposes of identifying with the popularity of the outlet regardless of the quality. This behavior presents Three Monkeys with a rare opportunity to make it known to the huge online market of their popular following and expand the market while being keen to eliminate negative tags that would drive away the consumers. Consumer behavior of ready and fast foods reminiscent of the economic times where people need to rush to their business engagements can favor Three Monkeys in its limited size (fortunecity.com, n.d). The appropriate e-marketing strategy will have to factor in the fast food attraction behavior that will enable defining the economy and the induced consumer likes and dislikes.
E-marketing mix for Three Monkeys will have to consider the driving factors of the consumer population frequenting and likely to frequent the outlet in various perspectives. In terms of the insights obtained from the consumer behavior, the products, prices, place and promotion attributes of the e-marketing strategy will be considered. The food products that are offered at the Three Monkeys have a following among solo travellers, families and fun groups which will need to be clearly highlighted in the e-marketing product portfolio created for consumer sampling purposes (lonelyplanet.com, 2011). Price mix for the e-marketing strategy will consider the economic times and offer competitive prices against those offered by rival companies in the market. Offering a wider variety of products would facilitate the appropriate pricing strategy likely to keep the rivals on their toes and maintaining a significant market share. Place mix will entail offering a competitive highlight of the appropriateness of the location of the business in Brisbane for the various consumers. Providing the appropriate suitability reasons for the location of the business would require assurances of the safety, prestige, comfort and atmosphere attributes that can attract the consumers at the outlet. Promotional detail involved in ensuring that e-marketing strategy passes the test of critique will highlight the advantages of choosing Three Monkeys as the supplier of the day for food products from various perspectives. Using other media channels to attract the consumer attention may involve different online tools, for instance the social media which are becoming undisputed leaders in e-marketing (Haig, 2001).
Conclusion and Recommendation
It is clear that the e-marketing strategy at the Three Monkeys needs a complete transformation with considerations of the effective marketing insights coming into play. The size of the food outlet in comparison with other giant food market players could illustrate the missing gaps in terms of marketing success by the players (Ferrell and Pride, 2007). E-marketing is not only a channel to improve productivity but also presents a challenge to the food industry to consider embracing emerging marketing trends and remain receptive to modern ways of doing business. With the integration of the international community into a global village through globalization, e-marketing offers a chance for businesses to tap from the international market through a clear online presence.
At the Three Monkeys outlet in Brisbane, it will be important that the initial stage of formulation of e-marketing strategy of choice is the upgrading of its online presence in a dramatic way. Identifying the specific strengths such as the atmosphere and preference for group times at the restaurant must be adopted to facilitate the creation of a unique portfolio based on popularity. In addition, it will be vital for the strategy to ensure that the restaurant presents its e-marketing mix in a clear way touching on products, pricing, location and promotional needs for various consumer preferences using interactivity (Ferrell and Pride, 2008).
References
“Feasibility Study of E-Marketing Strategy on Fast Food Industry” (n.d) Retrieved from: HYPERLINK “http://members.fortunecity.com/sdem3/Backgrond_and_rationale.htm” http://members.fortunecity.com/sdem3/Backgrond_and_rationale.htm
“Three Monkeys Coffee House” (2011) Retrieved from: HYPERLINK “http://www.lonelyplanet.com/australia/queensland/brisbane/restaurants/cafe/three-monkeys-coffee” http://www.lonelyplanet.com/australia/queensland/brisbane/restaurants/cafe/three-monkeys-coffee
Fallah, A. (2006) “Three Monkeys West End: South Brisbane,” Retrieved from: HYPERLINK “http://www.newbrisbane.com/16/three-monkeys-west-end-south-brisbane/” http://www.newbrisbane.com/16/three-monkeys-west-end-south-brisbane/
Ferrell, O. C. & Pride, W. M. (2007) Marketing. Boston, MA: Cengage Learning
Ferrell, O. C. & Pride, W. M. (2008) Foundations of marketing. Boston, MA: Cengage Learning
Ferrell, O. C. & Pride, W. M. (2011) Marketing. Mason, OH: Cengage Learning
Haig, M. (2001) The e-marketing handbook: an indispensable guide to marketing your products and services on the internet. London, UK: Kogan Page Publishers