Market Research and Strategies Paper Example

Paper Type:  Essay
Pages:  7
Wordcount:  1831 Words
Date:  2022-07-15
  • JANUARY Price change Reducing costing of services Target: to become competitive in market
  • FEBRUSRY Tips on price change Means the business will use to apply change in service Create a big change that customers would also notice
  • MARCH Initiate change Execution of market policy Applying business policy in the market
  • APRIL Create change By expanding business more Increase profit
  • MAY Increase products supply Increase the number of supplies To sustaining the market demand
  • JUNE Improve company services By employing competent workers To attract customers
  • JULY Create market advantages Through improvement of services To become more competitive
  • AUGUST Business enlargement Business to grow
  • SEPTEMBER Business locations Through starting business from different locations To serve more customers
  • OCTOBER Increasing supply Increase products in the business environment To cab the growing demand
  • DECEMBER Establish market in different regions By ensuing that each region has our business To maximize profit

A business plan is a written description of the future business. It describes the strategy of a business and what you intend to do with the company in the future. It has topics which form part of the business strategy. The table here explains the business strategy. It describes how the procedure that entails a business plan by using subheadings. Details form part of an approach that an entrepreneur would follow to ensure composed strategy work. The second table demonstrates weekly amount abstained from sales made by the business. It also provides evidence. It shows how customers purchased food from restaurant on weekly basis. A business plan should contain strategies that are essential to its effective competition in the market. It should contain details to ensure plan are executed. Target makes it is for company to fulfill the plans.

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Social Media Radio Television Publications Amigos Limited promotion strategies for the 12 months were effective as the company was able to capture more markets despite the stiff competition in the food industry. Amigos Limited focused more on promoting its products through the use of social media as compared to the other media platforms. The advancement in technology has resulted in an increase in the number of people using social media. The cost of advertising through social media is little as compared to the prices of advertising products by radio, television or publications. However, TV and radio are the most effective media platforms for advertising products as compared to social media. Amigos Limited will advertise its food products by radio and television at intervals.

Executive Summary

Amigos Limited is a quality foods provider where the nutritional needs of our clients are very critical to our operations. We believe that customers need to be provided with quality foods as food has a huge impact on their health as well as general wellbeing. The company which was later developed is less than four years in the market, but there is the great hope of more substantial existence given our approach to the market. The brand came into the market after exploring several opportunities that the current market did not have. First, we noted that existent hotels did not have a good observation of the traditionalism of feeding. The existent hotels by 2005 did not have a good view of transforming original dishes into delicious foods that could serve the nutritional needs as well as making the meals delicious. Amigos Limited faces stiff competition from brands such as Java House and other private restaurants that prepare traditional cuisines. Other factors that affect businesses is legislation. Legislations need to favour industry. Increase in the cost to acquire a license affects businesses negatively.

SWOT Analysis

As a promotional strategy, I would first make an entry into the market by holding. Awareness campaigns in the local town. The campaign would seek to make the restaurant known to people who have not yet familiarised with the restaurant. The local radio and Television stations would cover the awareness campaigns of the new restaurant to inform the local population who would not be in town during the active time of the promotional campaign (Cage & Rouzet, 2015). The other promotional strategy would make sales at discounted prices for one month after the promotional campaign kicks on. The discounted prices of the food would however not be too high since it would cause a destabilisation of the customers upon normalisation.

To capture the social media market share, social media contests over Facebook regarding the products that are sold by the restaurant. The contests would seek to attract the attention of the social media users who would then request for deliveries from their social media accounts (Cage' & Rouzet, 2015). Lastly, customer loyalty programs would be undertaken whereby loyal customers would be rewarded in terms of discounts and even free meals at the restaurant.

Strengths

The promotion strategy is robust in that it is full and can reach different people from various platforms. The approach can contact the social media population, the population on the ground and even people listening to the media (Chernev, 2018). The strategy, therefore, is useful in reaching a large group of people. The strength of the plan also lies instrumentally in the fact that it has customer beneficence. It includes discounts and loyalty rewards which will eventually help the customers and the firm in equal measure.

Weakness

The strategy is weak in that it capitalises the vast part of the promotion in the very onset. It, therefore, means that the firm may experience reducing numbers of customers as time progresses and a consequent reduction of their revenue.

Opportunities

There is an opportunity for Amigos Limited to expand their business beyond the current market. The organisation can develop in terms of the foods they serve in a manner that would not destroy their market. One of the opportunities that they have is in the providence of organic foods which are much closer to traditional foods. Organic foods are appreciated by a wide range of people inclusive of indigenous and visitors and could thus be an expansion in their market and consequently, the sales that they make on a daily basis.

Though the firm has made an instrumental view of social media marketing, it has not yet established itself in the most common social media centres such as Facebook and Twitter. The organisation, therefore, needs to engage a greater market and thus needs to have a customer care management approach across social media sites such as Facebook and Twitter. This way, more customer convenience will be experienced, and as well, the organisation will be able to make more sales as orders can also be made over the social media sites.

Threats

There are scores of risks that face the organisation while delivering on its mandate. One of the dangers that face the organisation is extreme competition from extremely competitive fast-foods providers. The threat equivocally faces the firm since the existent providers may diversify in the foods they provide and could thus throw the organisation out of business. Java House offers various kinds of foods ranging from junk foods to drinks that customers like. Amigos Limited should introduce drinks that other competitors currently have.

Another threat that faces the organisation is a change of government legislation regarding Restaurants (S grove, 2016). It is an impacting threat as if legislation change, then Amigos will have to revise its standards. Fierce competition or even closure of the business could experience which would be extremely disadvantageous to the firm. Legislation may either affect business negatively or positively. Legislations need to favour enterprises to to enable growth and expansion. Increase in the cost to acquire a license affects businesses adversely.

Competitiveness Analysis Opportunity

Having been established in 2005, Amigos has been operating for a long period of time owing to their competitiveness. The organisation has made effective efforts in diversifying their market since they consider that the foods industry is one of the most competitive markets. The foods market is competitive in that there are scores of restaurants that offer the same and hence their approaches were different, every restaurant tries its peculiar way of making the food their offer a reliable brand in the market. The competitiveness of Amigos has however been as a result of their choice of the food that they offer. Providing traditional food is an intricate duty that requires a firm to be fully informed of how traditional dishes are made and how they should be handled. Amigos have therefore specialised in their production which has made it stand the test of time as a competitive provider of traditional foods.

Amigos Limited prepares different kinds of traditional foods. For Amigos Limited to capture a large customer base, there is a need for effective promotional strategies that are in accordance to the 4Ps. This will mean that the food products are sold at an affordable price and positioned for easy access by customers. The amount needs to be affordable for all people regardless of their statuses.

From the questionnaire, most participants appeared to purchase food from restaurants on a weekly basis.

WEEK DAY TOTAL MONEY SOLD
MONDAY $ 1000
TUESDAY $ 1432
WEDNESDAY $ 2312
THURSDAY $ 2321
FRIDAY $ 2312

This means that restaurant food has a wide market. However, a larger percentage of the participants were of a middle income. Therefore, to attract more customers to purchase the product, fair pricing need to be emphasised for all Amigos Limited food products. Customers are invited to brands that are well known for reasonable pricing. Customers are attracted to products as compared to quantity. Amigos Limited need to ensure the foods it sells are of high quality. This way, customer satisfaction is guaranteed. Therefore, to maintain customers, companies need to offer their consumers with quality products.

Target Market Analysis

Specialising in the production of traditional foods means that Amigos did not work towards the general market. The target market of Amigos is customers who are concerned about feeding on indigenous foods. This target market is more concerned with the quality of the foods they buy, and thus their main concern is not the amount they spend. It is, therefore, a target market to depend on going to the future owing to the fact that people concerned about feeding on indigenous foods are on the rise.

From the questionnaire, most participants do not purchase traditional cuisines. Therefore, to attract customers "Services provided to business such as food and products excited customers" Amigos Limited need to promote the different kinds of conventional cuisines it offers to the public through its various advertising platforms. Through the various advertising platforms, the sales of Amigos Limited have increased by a wider margin. This means that the promotional strategies used by Amigos Limited are effective. To continually raise the sales of food products, Amigos Limited needs to continue using media platforms such as radio, and television for advertising.

Conclusion

In conclusion, market research and strategies are important in an organizational setting. Through the principles of market research and strategies, marketers are able to understand better on customer needs and wants. The marketing mix is an important business tool as it equips marketers with the knowledge of the market...

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Market Research and Strategies Paper Example. (2022, Jul 15). Retrieved from https://proessays.net/essays/market-research-and-strategies-paper-example

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