The use of the 4P – Marketing Mix is an effective method to ensure 'placing the right product in the right place, at the right price, at the right time' can be carried out smoothly. The Marketing Mix is a set of commonly used marketing tools for implementing business strategies, comprising four essential elements:

1. PLACE

When you have your product and a reasonable communication strategy, one crucial aspect that businesses cannot overlook is getting the product to the customers. With a myriad of products having various characteristics, it's essential to choose appropriate distribution channels and locations to attract the target customers, encourage them to make purchases, and build a connection with the product.

2. PRODUCT

The product or service provided by the restaurant aims to meet the needs and desires of customers while generating revenue for the business. Customers are not only concerned about the product but also consider other factors such as food presentation, service interpretation, customer care services, etc. Before introducing a product to the market, businesses need to conduct careful research and considerations regarding the dish, product...

3. PRICE

Price is the amount of money customers have to spend to enjoy the desired product or service. In reality, production costs and raw materials are not the sole factors influencing pricing. When determining a price for a product, businesses always have to consider brand strategy, the pricing of substitute goods, supplementary goods of competitors, as well as the income level of their target customers. To meet consumer demands, businesses may offer pricing advantages such as combo deals, discounts, loyalty points for each dining experience at the restaurant, or complimentary gifts...

4. PROMOTION

Promotion is the bridge, the tea cup that brings F&B business owners and customers together to enjoy a shared story. The business narrative can be told in various ways through TV commercials, press releases, the internet, and social media, with different short and long-term strategies. When F&B businesses and customers share a common story, they are willing to invest in the product to experience their expectations.

Source: Con Son Restaurant

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