7p S
Product
What we need to know about our product is whether it’s appropriate for the needs and requirements of the customers in the world today. Product is the beginning of any business for it to work well, we need to look at the product from a point of view of an marketing consultant and see from the outsider point of view whether we are doing it right or not.
The liao yan steak restaurant have no problem with the product they are providing. They provide a unique variety and give service differently from the normal college campus food points. They also provide good ambience and service for a date night which is in accordance with the students and their likings.
Compared to the student cafeteria liao yan is a quiet and peaceful place to sit and have a meal, getting it served on the table rather than waiting for food in long ques. This is a advantage they have over the other choices that students have within the campus. The restaurant also provides steaks and is the only one within the campus.
Prices
Price is the second P among the 7 P’s. The pricing is a very important factor to look upon. A constant check on the prices of the services and products provided is a must to keep pace with the present market environment, this is very important because of two reasons, one profit making and two staying in the market with the trend. In the case of liao yan steak restaurant we need to analyze and see what service and product that they are providing is generating profit to them as they have a price higher than the rest restaurants on campus but the service they provide is also of good quality. The pricing strategy has to be such that they do not lose their present customers and extend to new customers.
They can try and change the terms and conditions of the sales of food they are offering. A little change in the strategy like adding free additional items and special offers which will cost us a little to produce but it can make the price to appear attractive for the students
What we need to know about our product is whether it’s appropriate for the needs and requirements of the customers in the world today. Product is the beginning of any business for it to work well, we need to look at the product from a point of view of an marketing consultant and see from the outsider point of view whether we are doing it right or not.
The liao yan steak restaurant have no problem with the product they are providing. They provide a unique variety and give service differently from the normal college campus food points. They also provide good ambience and service for a date night which is in accordance with the students and their likings.
Compared to the student cafeteria liao yan is a quiet and peaceful place to sit and have a meal, getting it served on the table rather than waiting for food in long ques. This is a advantage they have over the other choices that students have within the campus. The restaurant also provides steaks and is the only one within the campus.
Prices
Price is the second P among the 7 P’s. The pricing is a very important factor to look upon. A constant check on the prices of the services and products provided is a must to keep pace with the present market environment, this is very important because of two reasons, one profit making and two staying in the market with the trend. In the case of liao yan steak restaurant we need to analyze and see what service and product that they are providing is generating profit to them as they have a price higher than the rest restaurants on campus but the service they provide is also of good quality. The pricing strategy has to be such that they do not lose their present customers and extend to new customers.
They can try and change the terms and conditions of the sales of food they are offering. A little change in the strategy like adding free additional items and special offers which will cost us a little to produce but it can make the price to appear attractive for the students