INDEX
Executive Summary ………………............… 2
Situation Analysis ……………………………. 3
SWOT Analysis ………………………….….…6
Competitive Analysis …………………………8
Consumer Analysis ……………...................10
Secondary Research ………..………….......12
Marketing Strategy …….………...............…17
Target Market Analysis ……………………...18
Client:
Pf Chang’s
Marketing Mix ………………………….…….20
Product:
Tactics …………………………………..…….20
Website:
Budgets & Implementation.…………………21
PF Chang’s Home Menu.
http://www.pfchangshomemenu.com/products/
Campaign:
Measures of Success……….….……………21
Take out just got better…
Preliminary Creative Execution ……….……22
Patricia Campos
References …………………..……...............29
Executive Summar y
P.F Chang’s Bistro is a chain restaurant in the
United States; it’s know for their delicious food.
In the past 2 years, P.F Chang’s has developed
and launch different frozen meals. This marketing plan will research the actual target market of
P.F Chang’s Home Menu and help develop new
market to introduce the products to students and
executivesWW.The success of this plan along with
marketing strategies will increase the awareness
among the target audience by 30 percent in one
year, this will be the primary objective, along with
this, this marketing plan will inform target audience about features and benefits of our product
and its competitive advantage, leading to a 20
percent increase in sales in one year, measuring
the success thru the sales report at the end of
2013 and the amount of traffic the website of the
product will have and the amount of feedback of
the social media sites.
Situation Analysis
P.F. Chang’s China Bistro, is a national
restaurant chain that it was founded in
1993. It’s become very popular thru the
years and has been named in TV Shows
like The Big Bang Theory and South Park.
The restaurant is very well known and it
has a good positioning in their actual target market: Families and adults in general.
P.F. Chang’s China Bistro, Inc. was incorporated in January 1996, they incorporated their subsidiary, Pei Wei Asian Diner,
Inc., in December 1999 as a Delaware
corporation.
As of January 1, 2012, they owned and
operated 204 full service upscale Bistro
restaurants that feature a blend of high
q u a l i t y, C h i n e s e - i n s p i r e d c u i s i n e . T h e
menu features traditional Chinese offerings and innovative dishes that illustrate
the emerging influence of Southeast Asia
on modern Chinese cuisine.
As of January 1, 2012, they also owned and
operated 170 quick-casual Pei Wei restaurants that offer a menu of freshly prepared,
wok-seared, contemporary pan-Asian cuisine in a relaxed, warm environment with
friendly attentive counter service as well
as the flexibility, speed and convenience of
take-away service, his type of restaurant are
seen often in food courts inside the shopping malls and airports.
In 2010, P.F. Chang’s launch a line of eight
brand frozen Asian-style meals, available in
numerous retail outlets throughout the U.S.
through an exclusive licensing agreement
with Unilever. They receive ongoing royalty
revenues based on a percentage of product
sales, with such percentages escalating over
the first three years of the agreement. Later
on 2011, four additional frozen Asian-style
noodle meals were introduced.
Situation Analysis
According to Reuters, on May 1st 2012.
P. F C h a n g ’s s h a r e d 3 0 % o f t h e m a r k e t
share. Marketers and retailers of frozen
foods have offer consumers alternatives to
expensive dinners out. Although economic
conditions are slowly improving,
Americans are still eating in more often,
and frozen foods provide a convenient way
to prepare the healthy, cost-effective meals
consumers want, this is why this marketing
plan is focusing on targeting executives
a n d c o l l a g e s t u d e n t s t o o ff e r t h e m a n d
alternatives too. In a report by Packaged
Facts, they estimates that U.S. retail sales
of frozen foods and beverages through
all retail channels totaled approximately
$56 billion in 2010, with sales up 22%-or
$10.0 billion-during the 2006-2010 period.
And with new product introductions now
picking back up, the market is forecast to
near $70 billion by 2015.
A survey performed by Packaged Facts
confirm that, in the wake of the economic
recession and lingering concerns about
recovery, many consumers have cut back
on restaurant meals in favor of groceries.
In responding to Packaged Facts’ Summer
2010 survey, 49% of adults reported that they
had eaten less at fast-food restaurants since
the recession began, 50% said they’d eaten
less fast-food takeout, and 61% said they’d
eaten less at sit-down restaurants. Conversely,
the percent of adults who strongly agreed that
they were spending less on groceries because
of the economy was only 15%, while another
28% only somewhat agreed, percentages offset
by the 12% of adults who strongly disagreed
that they were spending less on groceries, and
the 25% who somewhat disagreed. In other
words, restaurants experienced a significant
drop-off in consumer demand even as trends
in grocery spending remained balanced.
Situation Analysis
This marketing plan will focus in developing new markets and focuses on
collage students for example.
The P.F Chang’s Home menu has been
in the market since 2010, but little
print advertisement has been made.
This marketing plan will develop
new markets and create strategies
to reach these targets and increase
the sales and the acknowledgement
of the brand.
The center plate classification as defined by this report now accounts for
slightly over half of all frozen food
sales in mass-market outlets, growing
from a 49% share in 2006 to reach
nearly 52% in 2010, according to SymphonyIRI data.
Conversely, desserts have lost steam
during the same five-year period,
accounting for 26% of frozen food
sales in 2010, down from over 28% in
2006. The other three classifications
remained relatively stable in terms of
market share during the period.
SWOT Analysis
Strengths
Weaknesses
Modern package with minimalist design.
Lack of advertisement.
The reputation of the P.F Chang’s Bistro
Restaurant.
The company just went private in the stock
market dropping their market share by 20%.
Less expensive than eat in the restaurant.
It’s not being distributed in all the grocery
stores.
The consumer has the availability of the
product all the time, because they can buy
the product and eat it in a different time.
T h e p r o d u c t l a s t l o n g e r b e c a u s e i t ’s r e frigerated.
The product has more additives in order
to be preserved longer.
L a c k o f a c k n o w l e d g e a m o n g t h e t a rg e t
market.
Opportunities
Threats
Developing new markets and focuses on
collage students for example.
Competitors like Whanchai ferry with similar
frozen food.
Be more aggressive in penetrating the existing target market.
Indirect competitors like cheesecake factory and Friday’s frozen food.
P ro m o t i n g t h e H o m e M e n u t h r u c o u p o n s
given away at the restaurant.
Environmental groups that are against the
frozen meals with additives.
Handle samples in the main collages of each
city and in the supermarkets. Because the
frozen aisle is a place full of different options
of product that take out the attention of the
consumer towards P.F Chang’s Home menu.
Competitors of Chinese Bistro restaurant
like Confucio that have delivery.
Take advantage of the social media.
SWOT Analysis
The growth in the economy, people eating
out more.
Even though the product has been in the market for a couple of years, the acknowledgement
of the brand is very little. Indirect and direct competitors are also providing a frozen food
option to their consumers and one of the opportunities the brand has, is the print marketing
for the executive market and the social media for the collage students.
Thru better distribution channels the threat of not being available in all the supermarkets
can change, making agreements with the different store chains to distribute the product.
Now What?
This products has a lot of strengths that will help this campaign being successful like the
availability of the product to the consumer once they bought it, it’s available to them 24 hours,
seven days a week in their fridge. The food preserves better and last longer, they can buy it
and enjoy it late.
Competitive Analysis
P.F changes restaurants has a lot of competitors in the Chinese Restaura nt business, but
when it comes to the frozen meal products they have a direct competitor that is Wanchai
Ferry, another brand of Chinese frozen meals. Another competitors are the diet frozen foods
Weight Watchers and Schawans that among their wide menu have Chinese dishes.
In this marketing plan we are targeting executives and collage students this is why we are
taking under consideration restaurants that have a frozen meal brand that offer similar alternatives and solution as P.F Chang’s home menu, there are: Cheesecake factory products,
Fridays and Macarroni Grill frozen meals among others not so popular.
To differentiate P.F Chang’s home menu from the competition this marketing plan will analyzed the biggest direct competitor; Wanchai. Wanchai is different from P.F Chang’s because it has more flavors and it’s available in all the supermarket and stores from east to
west coast. The package is very similar to the ones of P.F Chang’s frozen food, and they
target the same consumer. This is why, this marketing plan is trying to develop and target
new markets that will make the brand grow and increase the sales to be very competitive
to Wanchai.
Competitive Analysis
For this marketing plan, is also important to
a n a l y z e d a n d c o m p a r e P. F C h a n g ’s h o m e
menu with their big indirect competitors like
Fridays and Cheesecake factory frozen meals
among others. Because to the target market
we would like to develop these type of food
are an option in their daily basic choices
when they are i n the frozen aisle of the supermarket.
This type of frozen food is satisfying the need
of the traditional American culture, but does
not give the consumer a healthy choice. Another advantage P.F Chang’s have over these
indirect competitors is that this product are
only available in the big supermarket chains
and not little stores.
Consumer Analysis
The consumer is looking for a quick solution to their meals, it’s a person with a busy schedule,
and this is why restaurants like P.F Chang’s are having this option to the consumer.
About half of U.S adults use Asian or Asian- style sauces or dressings. According to Simmons
Market Research Bureau data, 47% of U.S adults use Asian or Asian- style sauces or dressings,
making this by far the most popular category of packaged products in the Asian foods market.
Consumers who enjoy foreign foods show a strong taste for Asian- flavored prepared salad dressing as well as soy sauce and teriyaki sauce. Consumers who seek out gourmet foods are more
disproportionately drawn to authentic Asian foods than to Americanized Asian-style products.
Overall, 35- to 54-year-olds is the prime age bracket for Asian foods, whether authentic or
Americanized. Younger adults age 18-34, in addition, are somewhat more likely than average
to use the authentic Asian products.
Consumer Analysis
Hispanics are prime consumers for authentic Asian foods but resistant to Americanized
products though not as disdainful as Asian consumers. Blacks, in tur n, are slightly overrepresented as consumers of Americanized products. Blacks are much more likely to
be heavy consumers of soy or teriyaki sauce, and are prime consumers of duck sauce.
Usage patter ns by individual and household income also are complex. In the case
of soy sauce, individuals with an income of under $30,000 are under-represented as
c o n s u m e r s , w h i l e t h o s e w i t h a n i n c o m e o f $ 4 0 , 0 0 0 o r m o re a re s i g n i f i c a n t l y o v e rrepresented. By extension, college grads and graduate degree holders are significantly
over-represented as consumers of soy sauce and teriyaki sauce.
Secondary Research
A questionnaire will be performed to adults
between 20 and 40 years old students and
professionals, to specify if they will be a good
target market to develop. This marketing plan
will define what are they eating routines and
whether they prefer sitting in a restaurant or
cooking at home. And if they rely on the frozen
product the restaurant chains have in the market.
The survey was performed to 30 adults, between
20 and 40 years old, male and female, students
and professionals.
P.F Chang’s frozen food meals buy the product mostly in two different sceneries, primary in supermarket chains like Publix, Win Dixie, Piggly Wiggly, among others. Also,
they buy at superstores like Wal-Mart, Costco and BJ’s.
Survey
Thru the survey acknowledge of the product was measured, along with demographics and lifestyle of out
target market.
It’s less the percentage of adults who cook and eat at
home, each year the market for frozen food product
grow because the adults in United States have less
time. 58.8% of the surveyor were frozen food product
buyer, but only 23.3% of them knew P.F Chang’s Home
Menu, this give us a new market to develop, because
86.7% of them are willing to try the product, or continuing buying it.
This survey gave the marketing plan an idea of how is
our new target market, what are their characteristics and
eating habits.
Survey
Marketing Strategy
Mission Statement
Fresh, contemporary and consistently outstanding are the trademark s of P.F. Chang’s
China Bistro. Founded in 1993, P.F. Chang’s
is a restaurant that has been embraced by
diners across the country. The P.F. Chang’s
experience is a unique combination of Chinese
cuisine, attentive service, wine, and tempting
desserts all served in a stylish, high-energy
bistro. At P.F. Chang’s we are committed to
providing our guests with an exceptional dining experience every time they walk through
our doors. Whether creating custom sauces
tableside, guiding guests through the menu or
suggesting dishes to enhance meal, friendly,
knowledgeable service staff and attention to
detail are a winning combination.
Demographics
Primary
Brickell Financial District
Downtown Miami
Midtown Miami
Design District
Target Market
Analysis
Secondary
Doral
Biscayne Blvd
Coral Gables
Kendall
P.F Chang’s target market is a striver,
th e y a re fu n a n d tre n d y, a n d w h e n
it comes to choose a frozen food
meal they are going to pick the fancier in the fridge. They are focus on
their jobs and education, and they
are motivating by achievement and
success. They enjoy shopping and
Va l s
White, Black, Asian, Hispanic.
S e co nd a ry
20 to 30 years old.
Female and Male.
Full time, part time students.
Living in dorms or with parents.
Working as interns or entry-level job.
Social Media Active
Fashion and Trendy
Geographics
Primary
25 to 50 years old.
Female and male.
Single or married.
Working between 40-50 hours p/week.
More than 35k income per year.
Home owner or paying a rent.
Car owner.
College Graduate
White, Black, Asian, Hispanic.
Target Market
Analysis
Marketing Strategy
Marketing Strategy
Positioning Strategy
To students and executives that don’t
have enough time to cook at home or
eat at a restaurant P.F Chang’s Home
Menu is the best option for healthier
frozen food that would delight their palate with a good meal from a respected
chain restaurant.
Tactics
Online coupon for students and executives thru
email marketing and social media, like twitter
and facebook.
Marketing Mix
Tasting in superstores like Costco and BJ’s.
Product
P.F. Chang’s Home Menu® is a collection of signature dishes and appetizers made with quality
cuts of beef and white chicken breast, succulent
shrimp, crisp colorful vegetables, tender noodles,
and full-flavored sauces.
Tasting in collages and universities by placing
stands with samples, to get acknowledge in the
target market.
Price
Between $7-$10 per meal. Serves 2 people.
A print advertising sent by social media to students in the Miami Area. The social media tool
is very important in this marketing plan, because
is the best way to relate to students and young
adults.
Place
Right now, P.F Chang’s Home Menu is being sold
in Target, Publix. And Winn-Dixie. With this marketing plan, the product will be using more distribution channels like; Costco, BJ’s and Wal-Mart.
Promotion
Social media, advertising and sales promotion.
A print advertising in magazines that relate to
executives like; entrepreneur and Inc.
Posting recipes and ideas to cook the different
meals thru facebook and twitter will educate
the target market and motivate them to buy
the product.
Marketing Strategy
Budget and implementation
50% of the budget will go to media buying.
25% of the budget will go to social media.
25% of the budget will go to sales promotion.
Measure of Success
The success of this campaign will be measured by the
increase in sales in the areas of implementation.
Another source of measure will be the social media
f o l l o w e r s a n d i n t e r a c t i o n s a n d t h e w e b s i t e h i t s P. F
C h a n g ’s H o m e M e n u w i l l h a v e d u r i n g t h e m a r k e t i n g
plan duration.
Preliminary Creative Exceution
Sales Promotion and Social Media
Preliminary Creative Exceution
Preliminary Creative Exceution
Print Advertising
Preliminary Creative Exceution
Preliminary Creative Exceution
References
B i bl i ography:
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing
Lamb/Hair/McDaniel. (2010-2011) MKTG4. Student Edition. South Western. CENGAGE
Learning.
Webl i ography:
Marketing Plan: http://www.quickmba.com/marketing/plan/
NASDAQ Report: http://secfilings.nasdaq.com/edgar_conv_html%2f2012%2f02%2f16
%2f0001039889-12-000003.html#FIS_BUSINESS
NASDAQ: http://www.nasdaq.com/symbol/pfcb
Reuters Market share article: http://www.reuters.com/article/2012/05/01/pfchangsbistroidUSL4E8G15U720120501
P.F Chang’s going private. Article: http://247wallst.com/2012/05/01/p-f-changs-goingprivate-pfcb-chux-jax-cmg/
Report on Frozen food: http://www.packagedfacts.com/Frozen-Foods-Edition-2511637/
Discussion about Chinese frozen foods: http://voices.yahoo.com/chinese-frozen-mealspopping-all-over-grocery-6559756.html
http://www.strategicbusinessinsights.com/vals/ustypes/strivers.shtml
http://www.claritas.com/MyBestSegments/Default.jsp
http://www.magazineline.com/haupt/Category/Category_11_E1_1_42.html
http://www.netmba.com/marketing/mix/
http://www.gettyimages.com
http://www.photoxpress.com