The case of Mike Monroe is what illustrates both his passion and busy schedule in search of success and some mistakes he did at the same time. The paper aims at analyzing the prospects Mike followed and the ways it could be avoided with no threat of being locked forever. In this respect, Mike is a nice entrepreneur at a glance. However, his way of doing business has to be supported with several recommendations on the marketing strategies and the managerial pieces of advice. Thus, to succeed in competition with the other rivals in the field, Mike has to take into consideration and always carefully observe the relationships with staff, customers, suppliers, and local authorities.
First of all, Mike did everything right during the first two years. Meals for each category of customers were rightly suggested and served in order to make a huge impression that the restaurant looks attractive and affordable. Adults, students and children could have it all at the very beginning. There is a good idea that some rules and principles work for a limited period of time and cannot be prolonged anymore. In fact, if old rules do not work anymore, it would be better to get rid of them and implement some new strategies to make business grow high over and over again. Manipulation and an in-time interchange of different strategies sounds really smart.
Hence, the first faulty act was in the lack of monitoring rivals’ activities. Mike was not aware of the fact that competitors propose against Yore Heroes Tap and Grill. There should be a person to come in like an ordinary customer to Potted Pigeon, Mario’s, and other restaurants. Mike underestimated the place where his restaurant was situated. He had all possibilities to be more successful than his rivals. Thus, it would be better to identify the hours of special offers among those restaurants, particular days when parties and other extravaganzas occur and, of course, the distribution of price policies for different categories of customers (Lock 44).
One of the best recommendations is to focus more on the quality of meals, drinks and background music (Riggs 1). Being persistent in this is what may surprise customers and give them a push to provide a mouth-to-mouth appraisal thereafter. This trend is to be always supported independently of what happens around. On the other hand, Yore Heroes should not mix up different thematic parties at the same day as it makes two groups of customers annoyed and frustrated. The reaction is definitely to leave this place and never come back again.
It was a smart move of Mike to attract Cineplex visitors on the one hand and college students on the other hand. It is vital to have a clear idea “who your existing customers are and how they perceive your product or service” (Sheedy 123). Hence, the first group of customers should have higher priority in services as they are always nearby and ready to have meals or drinks for more satisfaction gained before the premiere. The latter group should be ahead of the curve due to specification of the city of Prince George. Students is the seventh part of the city population, and even the tenth part of all students coming regularly to Yore Heroes would make high revenues for Mike’s business. For Cineplex customers, it would be nice to show coming attractions on the screens in the restaurant area to make them deeply involved in what they are about to get through. Discounts and further offers on the Express Cards along with the announcements of happy hours taking place twice as more are appropriate for college students.
Next step is to make good connections with the staff encouraging them morally and financially. If there is a lack of staff, Mike should employ more personnel to make the whole process smoother in order to omit delays. This conveyor should not stop, and the best employees should be nominated each month so that everyone working at the restaurant could feel his/her own devotion and significance. Special attention should be paid to the chef and the bartender as the main figures of influence on the other co-workers, because, in case of being fired, they may take the rest of the staff which will be unprofitable as in case with Mike (Sweeney 88).
One more aspect to improve is to keep in touch with the local authorities making special meals for them for a relatively low price. It may seem unprofitable, but these persons may turn the whole situation around with one word and impact on masses afterwards. Business communication should serve for the local satisfaction of masses (Guffey and Loewy 45). In addition, suppliers should be well appreciated to come to the restaurant or even arrange some corporate evenings. This strategy would increase sales of drinks at the bar. Mike is to take control of an in-time delivery and not to forget of in-time payment as the main basis for mutual relationships (Ramachandran 47).
Given that, Mike Monroe is to take all aforementioned suggestions into account to take off in a severe atmosphere of doing business against competitors. Marketing strategies are to be well evaluated and put into practice as soon as possible. “Secret shopping”, focus on the main categories of customers, well-polished relationships with the staff and local authorities would help Mike restore previous success (Applegate 30).