1. Discuss the type of product the company will offer and identify its primary characteristics.
Late Night Wings and Things’ product offering will include food, dessert and beverages. The concise menu items include fish, chicken, fries, a dessert and beverages, offered in combo baskets and ala carte. The chicken selections will include whole wings, buffalo/sweet-hot, lemon pepper and ranch wings. The fish selections will include tilapia, catfish and whiting. French fries or sweet potato fries will be the sole side item to go with the other entrees. The methods of preparation for the items will be both deep fried and oven-baked. The primary common characteristics of the product are that they are fresh, made to order, robustly seasoned, reasonably priced soul food, that serves a delightful alternative to Wendy’s , Taco Bell and McDonald’s. 2. Discuss the service component of the product and how it will be used to enhance the product.
One of the primary service components of Late Night Wings & Things are the hours of operation. By offering extended hours, Late Night Wings & Things will quickly become the first thought and first stop to satisfy late night cravings with down home good comfort foods. Another important service component of LNW&T will be our locality. Late Night Wings & Things will be strategically located within a 1 mile radius of any major interstate exit while still be readily accessible by the community residents in which the restaurant will serve. The combination of convenience and accessibility will set our eatery above the typical fast food restaurant drive in style that closes after a particular time. Lastly, another very important service component will be our very competitive pricing. At Late Night Wings & Things, we made sure to purchase the best selections of poultry & meat at the best wholesale costs, as well as purchase fresh fruits and vegetables from local growers in order to price our dishes at extremely affordable prices. It is very important to LNW&T that a family be able to dine together without worrying about absorbent prices.
3. Explain how the product could be expanded to a product line, and the depth and breadth of the line.
The product could be expanded to a product line by more than one item being offered. The breadth and depth of the Late Night Wings and Things product line would be as follows:
4. Determine how the core business may change in response to industry or market changes.
By Leon Stafford
The Atlanta Journal-Constitution
Business is looking up for metro Atlanta restaurants.
Same store sales were up 4.7 percent in the fourth quarter of 2011 over the same period in 2010, according to NetFinancials, an Atlanta company that offers tax and accounting services for restaurant companies. For the full year, metro restaurants saw a 6.25 percent rise compared to 2010. The fourth quarter 2011 growth, however, was slower than the uptick during the first three quarters, when sales increased 5.3 percent, 7.2 percent and 6.4 percent respectively compared to 2010. “Though consumers faced daunting economic worries in 2011, Atlanta’s restaurants managed to post impressive sales gains,” said Robert Wagner, NetFinancials president. “It is remarkable that almost 90 percent of Atlanta restaurants we surveyed revealed positive sales gains in 2011. Clearly the industry is as vibrant and relevant as ever and, we think, poised for solid growth in 2012.” Some of the sales improvements have come from higher menu prices as restaurants, facing higher commodities costs, have passed on the increases. But operators been reticent to raise prices too much to avoid risking losing customers.
NetFinancials surveyed 71 independent metro Atlanta restaurants for the report. Of those, 78 percent had positive sales increases in the fourth quarter of 2011 while 22 percent saw their numbers fall. One-fourth of those with sales gains reported double-digit increases in the fourth quarter. Total sales volume for the fourth quarter was about $39 million and $152 million for the year. Restaurant operators said the improved sales were a result of more customers and larger check averages, Wagner said. The surge was felt across all sectors — fast-casual, casual and fine dining. Karen Bremer, executive director of the Georgia Restaurant Association, said restaurateurs that she has spoken with are cautiously optimistic about the numbers. While they are pleased to see more foot traffic and bigger receipts, they remain concerned about the potential impact that continued troubles in Europe and the presidential race could have on the economy as well as customers’
5. Support your marketing plan with at least two (2) reference sources that discuss the nature of the product.