Application of an economic-mathematical model for the development of a marketing strategy and marketing plan for a small business in the hospitality industry
Developing a marketing strategy for a restaurant business is quite a complex task from a decision-making point of view, as different criteria and constraints, different situations in which rational (suboptimal) or optimal decisions have to be made, etc. have to be taken into account.
Marketing strategies should be developed taking into account different scenarios, which allows the formulation of some criteria and restrictions necessary for the use of certain methods of economic and mathematical modeling. At the same time, marketing strategies developed taking into account the results of economic-mathematical modeling allow for a more comprehensive analysis of possible solutions and the selection of the best ones.
This article presents the development of a set of economic and mathematical models for creating a marketing strategy and plan using the example of a small business in the restaurant industry. The authors have developed an optimization model and obtained optimal solutions for a marketing plan for a restaurant considering a given objective function and a system of constraints on variables that characterize the external and internal environment of the restaurant and the main business processes.
Keywords: marketing strategy, marketing plan, restaurant operation, optimization model
