INFLUENCE OF NAME, LOGO, AND LOCATION ON A RESTAURANT AND ITS ABILITY TO INCREASE MARKET SHARE
Though any company’s marketing efforts will directly influence its market share, it is not the only determinant. The image of a company, such as its name, logo, and location are an essential factor in determining the business’s influence on its customers. These forms of brand images carry with them information about company values. So how does the name, logo, and location of accompanying influence a company’s impact on its customers and market share, in this case, a restaurant. To demonstrate this, the location of Darling Harbor, Sydney, will be used. Australia’s restaurant industry is one of the most competitive business markets in the world, especially in the Darling Harbor area. The Waterfront Grill restaurant located in Darling Harbor; Sydney is one of the restaurants that is making its name in the area. The restaurant prides itself as a specialist in steaks.
The name first provides essential information about the restaurant and its surrounding area. The name Waterfront Grill includes information about what the company is selling. A grill restaurant specializes in roasting, especially meat. From the information provided in the title, it is easier for customers to know exactly what the company offers. In the restaurant industry, the name does not only represent the product or company but also is associated with the perceived quality, customer’s lifestyle, social class, taste, etc. In Australia, 12% of the population identify as vegetarians; this means that 84% of slightly fewer people eat meat. This is why the grill restaurant industry has grown, and competition has become fierce. This is why the Waterfront Grill name has had an impact on attracting customers. Many customers flock in as a result of being enticed by the name. Others may be referred to by other people to go to the restaurant. This will significantly improve its market share. Large companies with big brand names have a substantially higher chance of making it in the market because of its association with the name of something that is tried and proven (Shehzadet al. 2014). Customers best identify with brand names, and it is no different in the hospitality industry such as hotels and restaurants. One is most likely to recommend a restaurant to a friend or a relative if they approve of the product sold there. If the name certainly lays claim to the nature of the business in which they are performing, then they are most likely to take a market share of the grill restaurant in the Darling Harbor area.
The location of a restaurant is also important to its claim on the market share in the industry. The location of a restaurant largely depends on the type of restaurant and the customers to which it intends to appeal. If a restaurant is trying to appeal to professionals who are most likely to access it on their lunchtimes, the location should be relatively close to where the professionals work. If it is a roadside restaurant, then it will most likely attract individuals who are traveling or on the move (Walker 2007). In the case of Waterfront Grill, it is located at 289 Harborside Promenade, Darling Harbor. The location is directly adjacent to the harbor hence its name. The restaurant cuisine type is a premium steak house, the location along the harbor street complements its cuisine. By combining both street location and a nice outside seating for a more relaxed clientele who are most likely visiting the harbor or on a reservation for a meal. The entire darling Harbor area has been transformed to improve its tourism capabilities. It can cater for whole families. The Waterfront park dining options provide for budget clients to upscale clients with costly views along the harbor. The street along which it is located is transformed into a fun nightlife where young crowds gather for salsa to DJ. There is also a Chinese garden where families can gather to the Sydney aquarium, which is considered one of the largest in the world.Popular attractions for families to visit around the area are the Australian National Maritime Museum and the IMAXtheatre, as seen in Fig. 3. Shopping centers and with bars, shops, and restaurants such as the Waterfront Park also add to the activities around the area. On Saturdays, events, and holidays, the harbor puts out a spectacular display of fireworks to guests and locals. It is, therefore, clear how well of a location Darling Harbor is. The constant traffic of people accessing the area is a testament to how well the site of a restaurant has an impact on it and its market share. Competition aside, the restaurant has a reputation for a premium steak and may be able to outcompete others in reviews from clients. The average income of the individuals around should also affect the market share because of menu prices(Walker 2007). If a place has an average salary that is low, then restaurants around the area cannot make menu prices expensive, thus affecting their income (Yang et al. 2009. The restaurant around the city that serves the best quality and affordable meals will take a significant market share.
In restaurants, creating a logo is also essential for clients to identify with the brand. A good logo is known to be distinctive, graphic, practical, appropriate, simple, and needs to convey the message from the owner. With many people of different ages, economic status, religion, and occupation, it is essential to remain sensitive to what may capture the clientele in which you intend to attract. Since it is difficult to introduce something different in a menu that clients are likely to identify with, the logo is essential in the restaurant industry. For example,figure 4shows a restaurant logo forthe High Tide Poke Bar, whichhas a very distinctive logo that appeals to all demographics and easy to understand in the seafood industry. The logos are all brand identities that their respective customers identify with(Girardet al. 2013).Sometimes, restaurants may decide not to have a logo and have a slogan in its place. An example is provided in figure 5. In such cases, the font matters and should be accurate and straightforward to stand out in all audiences. Figure 6 shows a logo that may not be appropriate for all audiences. It may be scary to young age groups despite the pink font color. After all, a logo is defined as a graphic design that a company uses to identify itself or its products with or without a name. The logo may elicit negative experience from customers hence affects the restaurant’s image (Girardet al. 2013). The logo above, without its name, sends a very graphic message. However, it is to be seen that the company is targeting a specific clientele, possibly of a more youthful nature who just wants to be identified with a cool brand. In a study to determine whether the company logo affects customer retainment and performance, it was discovered that the aesthetic appeal of brand logos significantly strengthens customers’ commitment to a brand, especially among young people (Park et al. 2013). Higher customer retention leads to more substantial market value and consequently improves a company’s market share.
From the discussion above, it is obvious that a variety of factors such as the restaurant’s name, logo, and location affect how customers perceive the brand and whether they will remain loyal to the restaurant. The name and logo all affect how customers perceive the company, while the location affects the number of customers they will get. The nature of the location affects the traffic and the menu to be served (though most of the time, this is not an issue). If a restaurant intends to attract people who are travelers, then an appropriate location will be along the streets. If it intends to attract professions, then it needs to be adjacent to their place of work. Though certain restaurants are located inside the buildings where the professionals are. Logos and names are also effective in communicating the restaurant’s identity. Logos should be graphic and clear but also sensitive to the customers they need to attract.
References
Shehzad, U., Ahmad, S., Iqbal, K., Nawaz, M. and Usman, S., 2014. Influence of brand name on consumer choice & decision. Journal of Business and Management, 16(6), pp.72-76.
Yang, S.S., Kimes, S.E. and Sessarego, M.M., 2009. Menu price presentation influences on consumer purchase behavior in restaurants. International Journal of Hospitality Management, 28(1), pp.157-160.
Girard, T., Anitsal, M.M. and Anitsal, I., 2013. The role of logos in building brand awareness and performance: Implications for entrepreneurs. The Entrepreneurial Executive, 18, p.7.
Park, C.W., Eisingerich, A.B., Pol, G. and Park, J.W., 2013. The role of brand logos in firm performance. Journal of Business Research, 66(2), pp.180-187.
Walker, J.R., 2007. Study Guide to Accompany The Restaurant: From Concept to Operation, 5e. John Wiley & Sons.
Darling Harbour (n.d.) Waterfront Grill. Available from: https://www.waterfrontgrill.com.au/copy-home.
Desjardins J (2019) The World’s 100 Most Valuable Brands in 2018. Visual Capitalist. Available from: https://www.visualcapitalist.com/worlds-100-valuable-brands-2018/.