Comments IFTM is a partnership between the Macau News Agency and the Macau Tourism Research Institute.
Jerome Kyung Ming Long
Macao's food and beverage industry has made great strides. Food simply ceased to be necessary for survival. As diners have become more refined, sophisticated, discerning, and economical, casual dining has become synonymous with the culinary experience. Not to be confused with thrift shoppers: Today's guests are willing to pay higher prices if they think they're getting good value for money. The increasingly competitive food and beverage industry in Macau needs to be more comprehensive and aggressive in its marketing strategy to meet the needs of its customers.
Therefore, a comprehensive and effective strategy is required to build and grow reputation, brand awareness, sales and long-term brand loyalty. By following the Seven Principles of Marketing, the food and beverage industry in Macau can achieve incredible success, resulting in increased customer retention and increased profits. Following these marketing techniques, which include product, price, place, advertisement, people, process and physical evidence, will produce positive results.
A good product alone will not lead to great writing without the support of your customers. A restaurant will only be attractive if the owners are willing to diversify their restaurant by offering different and varied options based on consumer preferences. While prices here in Macau do not conform to any particular standard practice, over time customers will begin to understand the art of competitive pricing. Local retailers and restaurants have seen sales decline as potential customers cross the line to find similar or even better restaurants at much lower prices. With an appropriate pricing strategy, restaurant owners can not only attract and retain a wide range of customers, but also get a higher return on investment.
Since real estate in Macau has high operating costs, choosing a strategic business location is crucial to gaining maximum exposure while increasing traffic and increasing the customer base. Accentuating the theme of the restaurant with appropriate décor enhances the dining experience for customers without any confusion. With the power of social media, key opinion leaders in the Greater Bay Area have a huge impact as customers rely heavily on their opinions and comments.
The people, processes and physical evidence of the marketing mix become interdependent. Restaurants here in Macau require efficient and effective routines with an emphasis on comprehensive training of restaurant staff along with tangible elements that enhance the quality of customer service. Synchronization of these steps adds a positive vibe and ensures repeat and repeat customers.
With the ever-increasing competitiveness of the food and beverage industry here in Macao, careful planning and implementation of the 7Ps of Marketing will ensure a longer and more visible presence in the industry market.
