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Opportunities: Different and new opportunities for the restaurant can be they can open a different business or restaurant with a different name, they can have a different specialty which makes it different from other restaurants as the cheesecake factory specialty is cheesecake. One more opportunity can be a good competitive position. The opportunity for the cheesecake factory is the prices. They charge what they are serving and sometimes after eating the person's perspective changes and they think that it’s worth it to spend that much amount on the food. Quality is the key. Some of the other opportunities that cheesecake factory has are that they can sell their cheesecake not only in the stores, but they can put up stalls at different places such as stadiums, universities, and amusement parks. For instance, if they put up their stall at a university many students will be more than happy to enjoy happy food at their doorstep. This is also a tactic to get more customers.
Threats: Some of the threats can be the competitors who serve the same cheesecake with better quality. More threat can be the economic situation in the country if the economy is bad most people would not prefer to eat out often and this will affect the revenue of the restaurant. Also, one more threat can be that the restaurant may not be able to increase the prices for their products because they are already at a higher price, and increasing the prices further can affect the customers. They might switch to another restaurant. Also, the very intense competitive environment.
There are different marketing strategies that the cheesecake factory uses but as marketing managers strategies we can use to make its point in the market are as follows:
Market Segmentation: means to divide a marketplace based on the needs and wants of the customer. As a market manager needs to see that which segment, he should focus on. To divide a marketplace there are different types of segmentation behavior which as a manager of the cheesecake factory we can take.
Demographic Segmentation: This means dividing the marketplace according to age, gender, race, ethnicity, family life cycle, family size, etc. As we all know women like to eat, and women aged between 18 to 49 have a sweet tooth. As a manager, we can target this audience specifically females.
Behavioral Segmentation: It includes the customer's knowledge about your product and what benefits they get when buying a certain thing. As our segmented audience is women then we also know that playing with women's heads is a very easy trick. All ladies want a different kind of food so if all the variety is available in one place it is very easy to decide, also different women have different preferences some want diet want to lose weight and some want normal food. Now as a manager, it is very crucial to keep in mind and target audience that knows about your product.
Psychographic Segmentation: This is achieved by studying the activities, interests, and opinions of your customers. As a manager of the cheesecake factory, you’ve to study your customers and what their lifestyle is like. Cheesecake is a high-end restaurant so the audience a manager needs to target will be high-class people who eat out just to show off people. So, for people like these, you need to do your advertisement on different platforms where they’ll feel more connected.
Geographic Segmentation: The market can be divided into different geographic locations; the manager needs to open the branch at a place where more customers are willing to pay for the food they serve. For example, opening a new branch in the Middle East is a great opportunity because Arab people like to eat especially women. As a manager, you can select one of the countries in the Middle East by doing a survey and making sure that this survey is more likely available to women.
Customer Segmentation: It means dividing a marketplace in the sense that customers are segmented with similar interests, for example as a manager of the cheesecake factory to segment customers according to their attributes, knowledge of those attributes is an effective tool in developing appropriate marketing strategies. If restaurant managers know their target customer attributes, they can develop a better service strategy or make up for their weak points.
Benefit Segmentation: As a manager, you can also provide customers with some benefits like giving complementary small cheesecakes to test new flavors or maybe sometimes when a customer visits your branch for the fifth time, you can offer them 50% off on the food they will buy. These are all the benefits that customers seek and it’s a very good strategy to retain an existing customer.
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