Marketing Plan Bibigo Restaurant

Running head: MARKETING PLAN: BIBIGO RESTAURANT

Marketing Plan: Bibigo Restaurant Group 6 Sabin Sharma 201605028 Mehvish Tania 201605024 Lan Anh Nu Ton (Dalena) 201605009 SolBridge International School of Business Marketing Management MKT500 June 05, 2016 Dr. Mahmood A. Awan

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Executive Summary Bibigo restaurant is a brand extension of Cheil Jedang (CJ) that desires to provide fresh and healthy food to Korean people. The restaurant envisages promoting Korean cuisine to the world. The internal analysis shows the weakness of Bibigo restaurant with respect to the lack of information regarding the financial performance. The external analysis, on the other hand, sketches the Korean food service industry from 2011 to 2015 and reveals two trends – the home concept and solo diners that are discussed throughout the marketing plan. The PESTLE analysis helps define some opportunities and threats. These analyses yield the marketing objective that is to enhance Bibigo fast casual restaurant’s position in the Korean quick service industry through improving its current integrated marketing communication. Those improvements are the transition to a new target market, the development of new product strategy, the renovation of physical evidence, the creative promotion strategy, and the technological implementation to process strategy. Situation Analysis Internal Environment Organization background. Bibigo restaurant launched in May 2010 is part of a Korean conglomerate Cheil Jedang (CJ) (CJ Cheiljedang, 2014). The restaurant aims to become a global Korean food brand: the brand name was designed to facilitate pronunciation and can be easily spoken through its English written form (CJ Cheiljedang, 2014). The restaurant’s mission statement is to be a Korean Healthy Fresh Kitchen (Bibigo, 2015). Thus, Bibigo restaurant offers its main dish – Bibimbap, a Korean traditional rice bowl topped with veggies and sauce that reflects the harmony and balance of nature. Aligning with its healthy and fresh concept, Bibigo creates salad type bibimbap with fresh and clean vegetables (Bibigo, 2015). With the global perspective in mind, the restaurant creates a unique value proposition to its products through offering four types of rice, six types of toppings, and four

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types of sauces for product customization in order to match with different customers’ tastes (Bibigo, 2015). The restaurant is believed to reflect CJ’s vision of promoting “Korean cuisine to the World”. By 2017, Bibigo restaurant’s goal is to expand its business through franchising to 18 more countries besides the United Kingdom, United States, China, and Japan (Bibigo, 2015). Products. Bibigo is operating in two kinds of restaurant: one is quick service restaurant and the other is casual dining restaurant. Bibigo’s quick service restaurant is considered as a fast casual dining, differentiating from a traditional fast food restaurant, offers fast but still guarantees fresh and high quality food to consumers (Nath, 2015). Casual dining restaurant, on the other hand, is a full service restaurant, which provides broad menu and wait staff and has food delivered directly to the customers’ table (Franchise Direct, 2010). Notably, this marketing plan is catering to the first type. Bibigo’s fast casual dining serves bibimbap, side menu, and special menu. The products’ points-of-parity are the ability to meet basic requirement of food safety as the restaurant commits to provide healthy food to consumers and the ability to provide fast service to the time and health conscious consumers. The products’ points-of-difference are the restaurant’s innovative service process that allows customers to customize their bibimbap (mixed rice) and the “Bibim” culture – a culture of sharing – that is embedded in the brand story and brings the brand closer to the consumers’ hearts in both domestic and international market. Financial results. Regarding financial performance, Food and Food Services occupied 31.2 percent of sales – the second highest percentage – among the five major businesses of CJ corporation (Cheiljedang, 2014). The sector achieved 5959.1 KRW billion in 2012, 6069.3 KRW billion in 2013, and 6105.9 KRW billion in 2014 (Cheiljedang, 2014). Data related to Bibigo restaurant sales in Korea cannot be accessed but its financial performance overseas. Specifically, Bibigo restaurant in London was mentioned in the 2014

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Michellin Guide because of its enthusiastic run since 2012; its sales are expected to grow 20 percent year-on-year (Park, 2014). In the U.S., the restaurant has generated 30 percent yearon-year increase in sales (Korea JoongAng Daily, 2014). Bibigo has adopted a dual strategy in which the brand carries both processed foods and restaurant franchise chains to facilitate its market development strategy. Bibigo endeavors to achieve 600 KRW million in oversea sales for both processed foods and restaurant business by 2017 (Kim, 2013). External Environment The Korean food service industry. The Korean food service industry experienced increasing sales from 2011 to 2014. The industry’s sales increased from 72 KRW trillion in 2011 ($60 USD billion) to 83.9 KRW trillion in 2014 ($79.6 USD billion) (New Zealand Trade & Enterprise, 2012; Oh, 2016). As of data collected in 2014, full-service restaurants occupied the highest share of 55 percent, quick-service restaurants accounted for 19.5 percent, alcohol beverage bars took up 13.3 percent, and the remaining accounted for 12.2 percent (Oh, 2016). In early June 2015, the sales of the food service industry in Korea declined by 41.1 percent compared with last week of May due to the Middle East respiratory syndrome (MERS) outbreak (Kim, 2015). Fortunately, the food service industry showed signs of recovery in that the sales’ declining rate dropped to 38 percent, 32 percent, and 27.8 percent on the second, third, and fourth weeks of June and began to return to a normal stage as MERS outbreak ended on July 27 (Kim, 2015; Go, 2015). Besides, there are some noticeable trends that will drive the Korean food service industry. Initially, The home concept will be an important determinant in the food service industry (Sohn, 2015). In a survey of 2000 people by Macromill, the participants were asked reasons for dining at home. The results showed that 81.9 percent responded, “feeling most relaxed at home”, 56.9 percent stated, “growing social anxieties”, and 75.2 percent replied, “they can do many things at home without stepping out.” Experts claimed that these reasons

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will give rise to new in-house goods, services and activities (Sohn, 2015). The next trend is solo (single) diners. According to Statistics Korea, the percentage of single member households is estimated to reach 31.3 percent in 2025 (Lee, 2014). These single households are expressing concerns for a place accommodating single diners. Catering to this market need will generate great return for restaurant owners as this household accounted for 60 KRW trillion ($57 USD billion) on goods and services sales in 2010 and are expected to consume 120 KRW trillion ($114 USD billion) by 2020 (Lee, 2014). These trends will be developed further in the opportunity and recommendation sections. Economic environment. South Korea’s economy is strong as the country’s GDP is expected to be 1500 USD billion in 2016 and is projected to reach 1651 USD billion in 2020 – figure 2 (Trading Economics, 2016). The economy is favorable for start-up businesses as the economic freedom is making progress with the 2016 Economic Freedom Score is 71.7 percent improved 0.2 points from last year (The Heritage Foundation, 2016). However, the issue of bribery still persists in business, politics, and everyday life (The Heritage Foundation, 2016). That is an obstacle to small and medium enterprises but an advantage to large family-owned business (Chaebol) such as CJ, meaning Bibigo can be beneficial from this phenomenon. South Korea Consumer Spending was 179014 KRW billion in the first quarter of 2016 dropped from the all time highest consumer spending of 179871.20 KRW billion in the fourth quarter of 2015 – figure 1(Trading Economics, 2016). This signifies a threat to business owners and urges an approach to customer retention. Demographic environment. South Korea’s population in 2016 is 50.5 million people (Countrymeters, 2016). The country’s population is ageing: 6.4 million Koreans were aged 65 and above in 2014 and this number is expected to reach 10.7 million people by 2026 (Lee & Tan, 2016). Also, there is an increasing number of single households which accounted for 25.9 percent of the total households in 2013 and is expected to reach 31.3 percent in 2025

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(Lee, 2014). According to Central Intelligence Agency World Factbook, South Korea occupies high literacy rate: 97.9 percent of the population aged 15 and above can read and write in 2015 (Indexmundi, 2015). Social and cultural environment. According to Euromonitor (2016), Korean consumers are becoming more health conscious. Previous data showed the declining percentage of smokers aged 19 or older from 25 percent in 2012 to 23.2 percent in 2013. The percentage of excessive drinkers was 15.9 percent in 2013 compared with 17.7 percent in the previous year. In the same period, the percentage of the people experiencing overweight declined from 32.8 percent to 23.9 percent (Yonhap, 2015). These changes signify consumers’ willingness to purchase health-related products. Political and legal environment. Korean government is also working to improve the public health through encouraging the reduction in citizen’s sugar consumption (Sohn, 2016). In response to this decision, the Food Ministry requires the disclosure of product’s sugar levels and the organization of health awareness campaign from all food makers to ensure that the citizens’ sugar consumption accounts for 10% of their calories intake. This new regulation also urges Bibigo to incorporate this sugar reduction plan in its business model. Technological environment. According to Internet Live Stats (2016), South Korea’s Internet users occupy 85.7% of the total population, among the top 30 countries with high Internet penetration rate. The country had 76 percent of the population own an active social network account in the fourth quarter of 2015 and the most popular penetration channel was KakaoTalk with 41% (Statista, 2016). Regarding credit card usage, results from a central bank survey show that on average Koreans bring 1.91 credit cards, 2.03 mobile cards, and 1.26 check or debit cards (Yoon, 2016). Korean people are likely to choose credit cards for their payments rather cash. As a result, the central bank issues less cash, creating a momentum for a cashless society.

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Competitive environment. Bibigo restaurant is competing with both the direct and indirect opponents. Direct competitors are those who offer similar services (fast casual dining) and have identical food concept with Bibigo – fresh and healthy food. Those are Bonjuk (Rice Porridge) whose aim is also to be healthy Korean food for everyone, Subway whose statement is eat fresh, and other local restaurants that cater to a niche market (Vegan) – Jack’s Bean Falafel, PPURI on the plate (vegan pizza), and Plant. With respect to indirect competitors, those that provide dissimilar services/ products to consumers but their existence might affect Bibigo’s sales (threat of substitute). Specifically, due to the home concept discussed in the food service industry, premium instant home-cook meals and convenient stores’ quality lunch boxes will be the potential competitors. Specifically, the lunch box sales in GS25, CU, and 7-eleven increased 50 percent from 2014 to 2015 (Park, 2015). SWOT Analysis Strengths. Initially, Bibigo restaurant is enjoying the benefit of brand extension from CJ, the number one food company in South Korea. The restaurant has positioned well in the fresh and healthy food theme, aligning itself with the Korean health conscious consumers. The brand name “Bibigo” is memorable and easy to pronounce, facilitating its expansion to the oversea market. Lastly, the restaurant possesses a creative service process which allows consumers to personalize their bibimbap, in turn satisfying consumers’ individual references. Weaknesses. With respect to the company’s financial statement, there is little information about Bibigo’s financial performance available online. This lack of transparency creates a barrier to investors, potential investors and franchisees. Investors need a financial statement to access detailed information regarding the company’s assets investments as any changes occur can positively or negatively affect them (Way, 2016). Potential investors can rely on these data to justify their decision of whether to join the company while prospective franchisees can determine whether to run the Bibigo restaurant. Not displaying the company's

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financial statement, Bibigo restaurant might be at risk of losing potential investors or franchisees. Research has shown striking results of improved services, increase customer loyalty, and business performance when the company embraces transparency (Craven, 2015). Hence, it is essential that Bibigo restaurant consider financial disclosure to benefit from the above outcomes. Opportunities. There are four opportunities captured from the external analysis. The first one is from the home dining trend. Though there will be indirect competitors to Bibigo as explained in the competitive environment, there is way to counteract this issue. Bibigo restaurant can capitalize on this trend through infusing the homey atmosphere in the dining area to create a second home for diners. The growing market of solo diners and their high estimated spending by 2020 signals a transition to a new target market. The third chance is an opportunity to revise product strategy to include specific ingredients provided in the meals. The fourth one is a chance to incorporate technology into the service process because of the potential cashless society by 2020. Threats. As mentioned in the economic environment, the decrease in consumer spending can be a threat to Bibigo restaurant as consumers might seek for cheaper alternatives. These are the premium home-cooked meals, which are the indirect competitors of the restaurant. This refers to a threat of substitute products. Besides, consumers’ preferences are changing overtime; thus, a close forecast of consumers’ needs and wants is important. Marketing Objective The marketing objective is to enhance Bibigo fast casual restaurant’s position in the Korean quick service industry through improving its current integrated marketing communication. Initially, it is a transition to a new target market followed by the renovation

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of physical evidence, innovative promotion strategy, and the technological implementation to the current process strategy. Marketing Strategies Target Market Bibigo restaurant initially targets family, friends, and colleagues or group-oriented individuals (Bibigo, 2015). It can be reflected through the types and arrangement of tables and chairs, which accommodate group rather than individual customers. Information found in the Korean food service industry indicates the increasing numbers of solo diners and the market’s estimated sales return from this new market. Thus, the current target market will be a mixture of family, friends, and single diners. Product Strategy The restaurant concentrates on product and service differentiation to compete in the food service industry. It commenced with a unique brand story, which describes the nature of its products as well as food culture embedded in the brand. Bibigo restaurant has successfully communicated the culture of sharing that its food carries and the nutritious balance that its food possesses. The restaurant also provides product customization that enables consumers to design their bibimbap. To make the menu livelier, Bibigo restaurant can offer seasonal menu items including side dish, bibimbap, and soup that are made from a seasonal protein. These seasonal exclusive items can draw in new and existing customers and generate awaiting effect for the following season. Also, as mentioned in the opportunity analysis, Bibigo restaurant can publish detail information about the ingredients in each meal on the company’s website. Being transparent can earn the restaurant credibility and trust from the consumers. Pricing Strategy The restaurant utilized channel pricing (Kotler, Keller, Ang, Leong, & Tan, 2012) as Bibigo possesses two kinds of restaurant – fast casual dining and casual dinning. The price

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range for fast casual dining is from 4,000 KRW to 9,500 KRW while that for casual dining is from 8,000 KRW to 16,000 KRW. Additionally, Bibigo restaurant’s pricing strategy is also geared towards the market and competitors’ price. A meal’s price at a typical Korean restaurant ranges from $3.80 (KRW 4,500) to $6.77 (KRW 8,000) while that at a more quality-centric restaurant is from $7.62 (KRW 9,000) to $16.93 (KRW 20,000) (Choi, 2015). Bibigo restaurant has successfully segmented its quick-service restaurant in the latter price range, making it more acceptable to quality sensitive customers and stay competitive in the market. Promotion Strategy To enhance Bibigo restaurant’s position, it is recommended to intensively engage with the customers. Data found in the technological environment can help conclude that the majority of Koreans are tech-savvy. Capitalizing on that characteristic, Bibigo restaurant can innovate a campaign called “Vote your favorite healthy ingredient” via a separate website or its social networking site (SNS). Through either a separate website or a SNS, consumers will voice their favorite ingredients and collect votes from others. In the end, the one who amasses the most votes will receive a prize (mobile coupons or gift certificates) from the restaurant. The purposes of this campaign are to link the image of healthy food to Bibigo restaurant, to engage and listen to consumers, and to renovate its menu. Distribution Strategy Bibigo restaurant also provides delivery service to accommodate “home diners.” South Korea is home to food delivery service. Having food delivery service as a fast casual restaurant is important. For delivery service, Bibigo restaurant delivers two kinds of lunch boxes: One is for individual diner and the other is for picnic goers – Bibigo picnic box (Bibigo, 2015). Regarding the picnic box, the components are customizable (Bibigo, 2015). Distribution strategy can be further developed when Bibigo restaurant incorporates

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technology into the service. It is recommended to build an online ordering on the website and develop a Bibigo app. Service speed will be improved as payment can be completed online and service quanity is higher as the cash registers can focus only on in-store diners compared with the traditional phone call delivery service. People Strategy Information regarding Bibigo restaurant’s online staff is not available online. However, the people strategy from the mother corporation (CJ) is published in the annual report. It is assumed that the philosophy from the mother corporation will be translated the rest of the sub-brands in all five sectors of CJ (food & food service, home shopping & logistics, entertainment & media, bio & pharma, and infrastructure). Chairman and President of CJ Group – Lee Jay-Hyun and Sohn Kyung Shik – said, “…CJ envisages and makes every effort to create a world in which people can enjoy daily happiness by watching two or three Korean movies a year, eating Korean food like Bibimbap once or twice a month, watching one or two Korean TV drama a week, and downloading and listening to ten or more Korean music tracks every day.” Physical Evidence Strategy The arrangement of tables and chairs is currently catering to group-oriented diners (family and friends). Since there will be a transition to a mixture of group-oriented and individual diners, interior modification is needed. Bibigo restaurant should equip the store with tables for one or bar counter to accommodate these solo diners. Besides, according to the technological environment, Bibigo can take advantage of the increasing usage of credit cards, the potential of a cashless society, and tech-savvy Koreans to install ordering kiosks. Ordering kiosk also called a self-order kiosk uses touch-screen technology to speed up the ordering process, allow better customization, and reduce human error (Peterson, 2015). Ordering kiosk ranges in price from $3,000 to $20,000 and its license fee is $500 per kiosk

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(Ekert, 2016). As a debut, Bibigo restaurant can install three kiosks in a testing area and experiment on the restaurant’s performance. The number of kiosks can be from two to five depending the space within the restaurant. Processes Strategy Bibigo restaurant has creatively constructed a service process that allows consumers to personalize their bibimbap, yet still retains a culture that Bibigo desires to transmit to diners around the world – the culture of sharing. There are three steps that consumers involve to design their own bibimbap. Initially, consumers will select their type of steamed rice. Then, they will choose the protein toppings and finally their preferred sauce (Bibigo, 2015). Embedding customization into the restaurant’s service process is a wise move as consumers are becoming more individualistic and more concerns about their diet and health (QSRWeb, 2015). In addition, as suggested in the physical evidence strategy, ordering kiosks are to be installed in the restaurant. Thus, customers’ orders will be electronically processed, speeding up the ordering process and reducing the number of cash registers. Conclusion In summary, research from the external and internal environment is utilized to improve Bibigo restaurant’s current marketing strategies. Some recommendations for developing an integrated marketing communication to enhance Bibigo restaurant’s position in the Korean quick service industry are a transition to targeting a mixture of group and individual diners, a detail description of ingredients in the food, a proposed seasonal menu items, an innovative “Vote your favorite healthy ingredient” campaign, a suggested online ordering and ordering app, and finally an installment of ordering kiosks.

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MARKETING PLAN: BIBIGO RESTAURANT Figures Figure 1. South Korea Consumer Spending (2013 – 2016)

Figure 2. South Korea GDP (2006 – 2016)

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