This paper discusses the roll-out and marketing strategy of a new product at "Red Lobster".
Written in 2003; 3,200 words; 7 sources; MLA; $ 92.95
Paper Summary:
This paper discusses in-depth, the manner in which giant seafood restaurant chain, "Red Lobster" plans to market and promote a new product on its menu. It begins with a summary of Red Lobster's current business situation including a mission statement. It then describes the new product, including a recipe. The writer then provides a situational analysis and examines the demographic market and competitive market. It concludes with a discussion of the company's budget.
From the Paper:
"Predictions for 2002 include increases in market share due to concept remodeling and restaurant execution. Proactive measures to assure continued market leadership must consider shifting demographics, especially, accounting for strong Hispanic and minority gains in ethnic diversity in many major cities. Promotion of new ethnic menu items via TV, Radio, and print advertising will allow Red Lobster to continue to grow and increase market share. Thus, we recommend that Red Lobster begin a methodical ethnic seafood menu expansion, beginning with a test marketing of paella. The suggested test market for the Paella Spanish menu item is a focus on a radius of 100 miles within the Raleigh/Durham area. The addition of Spanish menu items is an opportunity to capitalize on North Carolina's rapidly increasing Hispanic population. The president of Red Lobster, Edna K. Morris, whose background was in human resources before taking the helm at Red Lobster, says that the check averages are $10 to $12 for lunch and $14 to $18 for dinner. Menu management is a sophisticated science at Red Lobster, which currently has 137 different menus available. "You just have to be very agile and very flexible and have contingencies so that we will still have great products, Morris says.?You have to have the ability to make menu changes quickly and accurately driven by the scope of supplies." "
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