Evaluation Paper Example on Toy Roof Bar

Introduction

Toy Roof is an open-sky roof terrace and bar in Soho, London that provides refreshing cocktails light bites. It stands at the top of Soho's Carnaby Street and has continued setting a standard for other stylish restaurants as well. Also, Toy Roof provides quality food, premium customer services, and a luxurious atmosphere with the heart of the city delivering a capacity of up to 60 people sitting and 80 people standing. Toy Roof is also known for regularly hosting corporate events and private parties ranging from one collection to another. On the other hand, Toy Roof ensures the provision of various terrace facilities such as patio heaters, portable BBQ, small kitchen, modern outdoor design and furniture, and also other bookings. According to Courthouse Hotel London (2018), Toy Roof allows the reservation for group bookings exceeding ten individuals on a minimal budget while groups holding a small number of persons are welcome to Toy Roof on a first come first served basis.

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Toy Roof SWOT Analysis

Strengths

For the longest time now, Toy Roof has managed to operate and function through the various advantages and benefits it acquires as an open-sky restaurant and bar. Through the creation of multiple localities and other setups, the company has gathered a significant resource formation. For example, some of the strengths include;

Location- As the name Toy Roof suggests, it is an open-sky restaurant and bar situated in Soho at Courthouse Hotel London which adds to it productivity and marketing. Through the location, it is at the heart of the city as well as its strategic position being on a rooftop (Toy Roof London, 2018).

Convenient Interior Design- Toy Roof is perfectly designed in a manner that provides more success, especially in its marketing. For example, the restaurant and bar offer both citing and standing with great furniture as well as other facilities that deliver a perfect design for booking, events, among other occasions that may require a properly designed location.

Outstanding Customer Service- Following the nature of its business, proper customer service is critical, especially for productivity and marketing. Toy roof has managed to deliver an appropriate service of a customer which signifies on its ability to grow and develop into the city with other locations.

Affordability and Free Facilities- In consideration to the different offered menus (Such as food menu, bottle menu, cocktail menu, and coffee menu), Toy Roof provides a proper chain of products at affordable prices ranging from PS2.75. Also, there are affordable prices for bookings and other facilities. Some of the free facilities include parking spaces, and Wi-Fi (Toy Roof London, 2018).

Weaknesses

As Toy Roof delivers the different services to customers, it still faces various gaps hindering some of its activities and operations. For instance, the business is new, that means, in most of the services, it is a growing company with minimal actions and operations involving with the overall activities. Also, Toy Roof lacks branches and broader markets. As some of the advancement in the restaurant and bar business revolve around the creation of broader markets and new branches, Toy Roof is the only operate under one market position. On the other hand, Toy Roof is also facing some of the management problems, especially in the cash flow activities as it derives some losses to some extent (Toy Roof London, 2018).

Opportunities

Today, opportunities are an essential aspect of marketing and business. As Toy Roof ventures in offering services to its customers, there are new opportunities and current opportunities the company is holding. For instance, there are opportunities for a partnership with other businesses. The partnership opportunities arise with the capacity of Toy Roof to develop and work with other similar ventures (Toy Roof London, 2018). Moreover, there are chances of higher profit margin considering that the business is offering quality services to its customer along with other services proving great impact to Toy roof cash flow.

Threats

Since Toy Roof is situated close to other similar businesses, there are various threats to its existence especially with consideration to multiple structures. Price competition with other restaurants and bars is one of the primary threats facing the company at varying extents and positions. Also, there is the occurrence of changing US laws which may impact the business at different extends and render a significant threat as well as cases of rising prices of production factors (such as land, skills, capital, labor) which make an immediate impact to Toy Roof as well.

Table 1 Toy Roof SWOT analysis

Technology Toy Roof is Using and What Could be Done

Following the different activities and operations of Toy Roof, the restaurant and bar company is using various technologies such as the digital inventory tracking. With the use of digital inventory tracking, it is providing them with a better view of the assets and other important aspects of the business. Through the use of a device, the employees can directly submit and view inventory control for much better accuracy which helps in creating flexibility in the adjusting and timing of activities that help keep a proper record of the high-end items. For example, using the POS information and recipe, it helps to track the calculation on how much inventory Toy Roof should be holding. Moreover, Toy Roof is allowing the digital reservation manager who plays a significant role in the organization and booking. Through the technology, it ensures that customers are satisfied since there is the provision of enough information during reservations such as the required dishes among others.

Nonetheless, Toy Roof should now assume the use of tabletop tablets technology. With the use of this technology, it creates a significant impact on customer service along with other advancements that are establishing a proper customer relationship. Through the use of tabletop tablets, they help the customer browse over the menu and select any orders as well as customize their orders according to their preferences. The technology is also meant to increase Toy roof's profitability and efficiency considering the availability of customers. Furthermore, Toy Roof should shift to the use of automated purchasing tool. In the process of this tool, it helps ensure that there is enough food to service the customers, it links to the inventory system which helps keep a record of the stock as alert in case of low-level products. Both technologies are a part of what Toy Roof should assume usage.

Toy Roof's Segmentation, Targeting, and Population Strategy (STP)

Under the involvement of marketing, (segmenting, targeting and positioning) involves a framework that simplifies and summarized the process of market segmentation, whereby buyers in a given market range are profiled and divided according to a different range of variables that determine the tendencies and market characteristics. According to Schlegelmilch (2016), the involvement of the STP strategy is a part of the segmentation process. Toy Roof STP strategy is delivering significant usefulness especially in identifying the most valuable categories of customer and then developing a product and marketing strategy that suits the market. It increases the engagement with the group (Toy Roof London, 2018).

Toy Roof's Segmentation - since there are different ways to segment the target markets with the use of approaches such as geographic, behavioral, demographic, and other, Toy Roof is a restaurant and bar company that has split its market into four primary segments. Within the four market segments, they are divided according to the type of menu offering which also vary in prices. In the first segment, it comprises of food menu meant to serve customers that are visiting the restaurant for food. The second segment includes of bottle menu that offers bar services; the third segment entails the cocktail menu while the fourth segments accommodate coffee menu that serves customer only in consuming beverage.

Toy Roof's Targeting- In the targeting aspect of the STP strategy, Toy Roof is assuming the target of various categorizations that vary according to the different market segments as they deliver different costs and revenue. Also, there are different advertisements and products for different sections. The primary market across all the market segments comprise of individual aging in their 20s-40s. Similarly, Toy Roof analyzes the revenue, market size, and profits of each part especially by considering the different offered menus. In some of the cases, a customer may be involved in four sections.

Toy Roof's Positioning- since this lever of the STP strategy involves identifying the means on how to position the products to target the most valuable customer segments. It also ensures a successful selection of the marketing mix. As for the case of Toy Roof, the Bottle menu segment is amongst the most valuable customer segment delivering the positioning of Toy roof operations. For instance, Toy Roof is utilizing the online platforms (such as Instagram and Facebook) to provide some of the ads concerning services offered in the open-sky restaurant along with other selections. Also, the cocktail segments are crucial since it targets some of the most valuable customers within the market categorization.

Customer Buying and Why

In a proper observation of the services offered by Toy Roof, most of the customers buying include individuals most interested in bottle and cocktail menu. For most of the population ranging between 20-40 years, they deliver a significant impact especially in consideration to the most sort menu in the restaurant. According to Toy Roof (2018) as a picture on their Instagram page, there are numerous views of cocktail events that most of the customers are purchasing. Similarly, Toy Roof has found some of the best strategies to conquer a broader market in the segments with the introduction of live music. Thus, it suggests that most of the customers buy from the cocktail and bottle menus considering that a majority of the customers are young and the strategic location of the restaurant (on a rooftop in the heart of London) brings a sense of fun and enjoyment. Also, due to the nature created through the location of the restaurant, it delivers an urgency for the people to visit the bar as well as its accessibility within the city. There are more factors as to why people visit Toy Roof as well as purchase the offered services and products.

Market Gap

Correspondingly, in consideration of the different market segments involved with Toy Roof, there is a market gap that delivers an impact to its operations. For instance, there a difference in determining the trends. In the restaurant business and marketing, watching out for the occurring and determining patterns is essential. It is critical to help identify the areas that are doing as expected and those that require more improvement as well as marketing. With this, it provides a collection of information or data that is essential in coming up with the appropriate requirement in the market. The market gap delivers different impacts. For example, it affects the ability of Toy roof to make the critical decisions ranging from business hours, costs, inventory and al...