Measuring Success in Marketing
Measuring the success of Team C’s “Gidgets,” is going to require a continual strategy, which can ultimately be recorded and analyzed to yield conducive results. The identification of specific objectives gives insight as to which components of the business should be measured. One of the specific objectives of “Gidgets” is to deliver an experience unheard of and keeps you coming back to indulge in the different and unique dining scenarios. Seeing as to how “Gidgets” would be a tourist attraction, there would be specific metrics to measure, the first being relevance. Measuring the restaurants’ relevance would include monitoring overall sales, inventory (to identify which menu items sell and which do not), restaurant traffic, and internet searches for the restaurant. By determining the relevance of the restaurant, researchers can then forecast sales using the most relevant information. Overall sales would provide great insight regarding what the customers prefer over items that they may not. Improvements and changes would be implemented as direct result of reports produced. Monitoring inventory would be another phase of determining the restaurants’ relevance by advising of which menu items are successful in their sales, or if certain items just need to be replaced with more cost efficient items, or items that cost more, but yield a greater revenue. There’s no waste like having a menu full of items that cost money to store and cook, but the customers are not into. The internet is awesome for promoting and marketing new items and ideas, and restaurants are no different. The fact that internet promotions reach more people faster, the price of this service will definitely be reflected in your overall expenses, so measuring the impact on the restaurant is a crucial part of the process. Seeing as to how “Gidgets” is offering a hologram dining experience, internet promotions would be perfect to grab the attention of new...