Choosing from among ANY ONE of the business scenarios provided below, prepare a Market Analysis Report that outlines an overall market analysis for your client. This analysis will include a comprehensive macro- and micro-environmental business analysis, an industry analysis, the challenges and opportunities, customer analysis including current and potential target customers, market segments, and some influences shaping their behavioural choices, and an analysis (if applicable) of key competitors. Also to be included are some ideas about how further market research can be carried out to gain more insights.
You are the senior market analyst for a leading marketing consultancy firm. You have been approached by clients asking you to prepare a market analysis that will help them in firming up their marketing plans.?
Marketing for a selected product or a business is much important for any organisation than to establish the organisation. Without proper marketing, no product or no business will run in the future. In this essay, the marketing strategy and development for the company Bodean’s BBQ which is a renounced supply chain of American style Diner- Delis over 10 years will be described. To make a proper recommendation for the Bodean’s BBQ the marketing manager should understand their macro and Micro- environmental factors and also to develop a proper planning relevant with the proper theories and models. In this paper, the organisation is willing to expand their business in the east and south-east England and mainly focused on the Norwich where they want to make proper business. To evaluate all these processes, the senior marketing manager should understand all the marketing processes in the East and South-East England and also should analyse the market and customers to understand to opportunities for the company.
Every business has an impact of macro and micro environmental factors. It is important for any market analyst to understand these all factors which are impacting the business. In this report, the Bodean’s BBQ is going to develop their business in the market of England’s East and South- Eastern zone (Myra Shackley., 2012). Therefore, it is important to understand the macro and micro environmental factors in the Eastern and South- eastern zones of England to make a proper marketing development and strategy. The factors are described in the next segmentation:
Macro analysis:
There are many factors which are affecting a business very crucially. Here, among all factors the macro environmental factors are described to understand the proper business environment of the Eastern and South- Eastern England (Kinra, 2009). To describe the macro environment, PESTEL analysis is very much important. The PESTEL analysis is described below:
Political Factors: England is based on dictatorship. Thus, the Bodean’s BBQ has a great chance to fit in the political environment in the east and south eastern England. So, it is very much clear that the organisation has a chance to match with all the rules and regulations of the zones where they are willing to develop their business (Hall, 2012). Apart from this, it is also a notable part that the organisation should maintain all the governmental factors which should be followed by all the organisations in the eastern and south eastern England. It is clear that the political factors are in favour of the Bodean’s BBQ Company (Editors, 2010).
Economic Factors: England is one of the richest countries in the world. They are developed in all the economic states and they are also a developed country according to the world survey (Pertschuk, 2010). Depending on the recent condition, the organisation is gaining profit from all the outlets. Bodean’s BBQ has a great financial strength as they are the most successful company among all supply chain companies of foods in the world. According to the scenario, the organisation is going to develop their marketing strategy in the eastern and south-eastern zones of England. Therefore, these two zones are also very much developed and they have a potentiality to adopt the prices and foods of Bodean’s BBQ (Wunder, Kemp and England, 2009). It is visible that the economic condition of the states are also supporting the company and they also have a great strength to sustain in the condition where they are going to develop their marketing strategy.
Social Factors: Every English person lives a high profile life in the England. They always prefer branded products whether it is a t-shirt or food. So, it is very much important for any organisation to make products with the best quality. Quality defines the brand and people of England emphasise the quality to judge a product’s brand value. In this case, the Bodean’s BBQ is a well-known company and they are producing great quality foods like barbeques, steaks, and burgers (SoleÌÂ and Recasens i Vives, 2012). Thus, it is very much important for them to develop their quality more to impress the customers in the England. The same situation goes with the selected area Norwich where the people are willing to accept the quality products and the brand. The company has a great brand value and they are also producing a good quality product for satisfying the customer’s satisfaction (Editors, 2010).
Technological Factors: many organisations are producing the quality materials with a great technology having in a background. The Bodean’s BBQ is also a great company who has a great technology to produce the best quality products. Depending on their technological background it is sure that they have a great opportunity to fit in the Eastern and South- Eastern England while they will develop their business there (Ashbourn, 2011). Moreover, there are many other companies who are delivering the best technology based products. In this case, the company have to introduce more improved technology to sustain in the market.
Micro Environmental factors:
The micro environment is made up of the factors which are affecting the organisations with a daily bases like the customers, employees, suppliers, and competitors (Ashbourn, 2011). The micro environmental analysis is as follow:
Figure: 1
Source: https://learnmarketing.net/microenvironment.htm
Macro Environment:
Customers: Every organisation has a need of customers who are the main base of the marketing process. The Bodean’s BBQ is well-known to all the customers as they have a great quality and brand image (Wang, 2014). Keeping these all in mind, the organisation should focus on the targets as like the customers and market while they will develop their business in the eastern and South- Eastern England. It could be a great factor for them while they will deal with the customers of Norwich (Brown, 2010).
Employees: Employees are the strength of organisations. Here, the company has a good employee strength which gives them a great support to retain the best position in the market. When they will make business in the Norwich they have to be very specific towards the market and should train all the employees according to the situation where they will act perfectly to deal with the customers and suppliers (Brown, 2010).
Suppliers: to make proper business in the East and South-Eastern England, the organisation should make a healthy supplier base to do proper business. The market will be tough for them in a case of competition and they have to understand the products that the customers desire. According to the customer’s need, they have to arrange the suppliers in the Norwich.
Competitors: though the Bodean’s BBQ is one of the leading organisation, in the market of Norwich they will face many competitors who will compete with them. Thus, the marketing strategy should include the solution for competing with other and the way to establish there as the best organisation (Brown, 2010).
Before understanding the market challenges and opportunities, it is important to analyse the Bodean’s BBQ’s opportunities and challenges first (Clements, 2012). To evaluate the requirements the SWOT analysis it important for any researcher to carry out the organisation’s potentiality. The SWOT analysis of Bodean’s BBQ is as followed:
SWOT analysis:
Strength: the organisation has a great employee strength and they are the leading company in the market of food supply chain industry. Therefore, it is important for the organisation to retain the position as they are willing to expand the business in the eastern and south- eastern England. The main strength of the company is their management (Clements, 2012). They have a great management who are always taking are of the quality and their customer’s needs.
Weakness: the organisation is not worldwide produced. They have to be more flexible while they are willing to expand the business in the market of Eastern and South- Eastern England. One of the main weakness of the organisation is they have no proper marketing strategy which can affect them in future development (Sawant, 2010). As a result, marketing strategy is necessary for the organisation to sustain in the market.
Opportunity: as it is mention in the previous discussion that they have a great strength of employees and management they can make a great impact on the development. They have a great opportunity to develop the business in different countries and regions. Therefore, it is mandatory for the company to develop the strengths while they are making their development in different places (Kristof and WuDunn, 2009).
Threats: every organisation has a threat of being taken over by other companies. Though they are the leader in this field, they have to be more conscious while they are making marketing in the eastern and south- eastern England (Wang, 2014). There are many other companies who are willing to make their impressions in the market with the best quality. So, their proficiency will be a great threat for the Bodean’s BBQ (Clancy and Greaney, 2012).
Figure: 2
From the above analysis, it is clear that the Bodean’s BBQ is very much potential to put their new steps in the Norwich. They have a great management who are efficient in working in various conditions no matter whether it is good or bad. They have a great employee strength, depending on that they will make their business effectively with best employees. Though they have some barriers like; they didn’t compete at the international level, they have no idea of the international market. Apart from that, they have to face many new competitors who will be a threat. By making a great marketing strategy, they can overcome these all implications (Encourage Great Ideas, 2015).
Knowledge of the industry provides the best understanding of organisation’s strength and weakness and also the competition in the market along with the best customer analysis in the targeted market (Simpkins, 2004). Here the company Bodean’s BBQ is going to make business in the new market of Norwich. Thus, analysis of the Norwich market is very much important for the company.
Competitive Force:
Competition is the main trend of any market and this can impact on any organisation. Making business in the Norwich is very tough though the organisation is best in the industry. In the market of Norwich, many small and medium-sized similar business is making their impression on the market (Calley, 2012). Therefore, as a new entry in the market, they have to be very much careful when they will introduce their product in the market. They might get much competition while producing the business.
New Entry:
A new entry is always a great factor for any organisation. No company can imagine which kind of technology and product the new organisation will bring (Canton, 2003). So, it is necessary for any organisation to be prepared for the newcomers and their threats. The Bodean’s BBQ should make proper planning for the threat of newcomers. That will give them to understand the organisation with its strengths and weaknesses (P. and Chaudhury, 2012).
Customer’s Demand:
As mentioned before, the English people are living an aristocrat living. They always try to accept the brands and best quality. Thus, to meet all the requirements of customers, they should produce the best quality and best service for them in the new market. In this way, they can satisfy customer’s demands (Cerasale and Stone, 2004).
According to the current scenario, the corporate strategy and marketing mix strategy are one of the best choice for the company (Gregory, 2013).
There are four corporate strategy concepts like:
Portfolio theory: A strategy stand primarily on diversification during attainment. The business shifts capital among the components and monitors the presentation of every industry part and its best. All elements usually run freely, with partial meddling from the commercial hub provided aims are congregated.
2. Restructuring: The business workplace acquires then vigorously intervenes in an industry anywhere it perceives possible, frequently by restoring organization and implementing a new selling scheme.
Transferring skills: significant professional skill and organisational ability are basically extended to numerous businesses. The skills have to be an essential to reasonable benefit.
Sharing activities: aptitude of the joint business to influence centralised jobs, such as sales, economics, etc. Thus plummeting expenses (Gregory, 2013).
According to the theory, the organisation should prepare the best utilisation of the product units which should only be used by the organisation when they will start the developmental process in the Norwich.
Marketing Mix Strategy:
The marketing mix is the arrangement of controllable, strategic marketing tools that an organization uses to create a craved reaction from its objective business sector. It comprises of everything that an organization can do to impact interest for its product. It is likewise an apparatus to help marketing arranging and execution.
Four Ps of Marketing:
Product: The merchandise and/or administrations offered by an organization to its clients.
Price: The measure of cash paid by clients to buy the product.
Place: The exercises that make the product accessible to purchasers.
Promotion: The exercises that convey the product’s components and advantages and induce clients to buy the product.
A viable promoting technique joins the 4 Ps of the marketing mix. It is intended to continue the organization’s marketing so as to promote destinations its customers with worth. The 4 Ps of the marketing are connected, and consolidate to set up the product’s position inside of its target markets.
There are two sorts of market research strategies. The strategies are:
Primary Research:
Surveys and questionnaires: Another magnificent and extremely influential approach to lead essential arithmetical survey is during overviews and ballots. The phrase “reviews” is a generous expression to facilitate a tonne of equipment, for example, overview polls, study shape, learning summits and buyer faithfulness cards, and so on (Hawkins and Hawkins, 2006). It is an obvious plan for meaningful despite of whether the customer is satisfied by the selling present administration and items or what sort of changes might the customer want to see.
Secondary research:
Internal sources: Inward sources are those sorts of secondary market research sources that as of now exist and are gathered in the business’ database or document framework. Inward sources incorporate data that has as of now been gathered by the organisation and demonstrates helpful for future ventures, and so forth. For most organisations, inward sources might demonstrate enough to grow new items and administrations.
Illustrations: benefit and misfortune articulations, accounting reports, and sales figures (Hawkins and Hawkins, 2006).
Apart from these strategies the organisation may also use the market segmentation technique to be most powerful in their marketing and developing their business in Norwich. In market segmentation there are various types of techniques like:
Geographic Segmentation: geographic location can influence any business. This segmentation includes nation, regions, states, countries, and so on. Depending on these variables the organisation should produce their products where these division will accept their products.
Demographic Segmentation: demographic segmentation includes, age, sex, generation, religion, and occupation and education. All categories of variables have their different choice of foods. So, the organisation will understands the desires of these geographic customers and they will provide service according to the choice.
Behavioural Segmentation: every customers have their own perspective and behaviours based on their choice, usage and interests. Therefore, understanding the customers in the new area will be their 1st activities.
Psychographic Segmentation: this segmentation includes the lifestyle that the customers have accepted. The organisation Bodean’s BBQ should recognize the lifestyle of customers. That will give them a proper knowledge of their product quality and how much they have to improve in the new place.
Occasional Segmentation: Incidental customer segmentation combines customer level and event level segmentation models and gives a comprehension of the individual buyers’ needs, conduct and esteem under various events of utilization and time.
Recommendation and Conclusion
From the above discussion, it is clear that the organisation has a great opportunity to undertake a development of business in the east and southeastern England. So, they have to understand the main factors that the organisation will face in the new market. They have to be careful about the new companies and the existing companies in the Norwich. For marketing strategy, the organisation should follow the corporate strategy as this is most appropriate marketing development in the new city. Therefore, if they follow all the necessary factors and do proper implementation according to the market they will lead in the market again.
References
Ashbourn, J. (2011). Guide to biometrics for large-scale systems. London: Springer.
Brown, S. (2010). Tough customer. New York: Simon & Schuster.
Calley, D. (2012). Market denial and international fisheries regulation. Leiden, NL: Martinus Nihoff.
Canton, L. (2003). Guard force management. Amsterdam: Butterworth-Heinemann.
Cerasale, M. and Stone, M. (2004). Business solutions on demand. London: Kogan Page.
Clancy, T. and Greaney, M. (2012). Threat vector. New York: G.P. Putnam’s Sons.
Clements, B. (2012). The challenge of public pension reform in advanced and emerging market economies. Washington, DC: International Monetary Fund.
Editors, A. (2010). The Five Basic Methods of Market Research | AllBusiness.com. [online] AllBusiness.com. Available at: https://www.allbusiness.com/the-five-basic-methods-of-market-research-1287-1.html [Accessed 12 Feb. 2016].
Encourage Great Ideas. (2015). The Volunteer Management Report, 21(1), pp.2-2.
Gregory, A. (2013). GOLDEN LESSONS. Business Strategy Review, 24(4), pp.76-81.
Hall, E. (2012). Political Realism and Fact-Sensitivity. Res Publica, 19(2), pp.173-181.
Hawkins, J. and Hawkins, K. (2006). Professional marketing & selling techniques for digital wedding photographers. Buffalo, NY: Amherst Media, Inc.
Kinra, A. (2009). Supply chain (logistics) environmental complexity. Frederiksberg.
Kristof, N. and WuDunn, S. (2009). Half the sky. New York: Alfred A. Knopf.
Myra Shackley., (2012). Environmental Archaeology. Springer US.
and Chaudhury, B. (2012). Competitive strategy (Porter) – IS Theory. [online] Is.theorizeit.org. Available at: https://is.theorizeit.org/wiki/Competitive_strategy_(Porter) [Accessed 12 Feb. 2012].
Pertschuk, M. (2010). The DeMarco factor. Nashville: Vanderbilt University Press.
Sawant, S. (2010). SWOT Analysis of Dabbawalla’s. Prabandhan: Indian Journal of Management, 3(11), p.38.
Simpkins, R. (2004). The secrets of great sales management. New York: American Management Association.
SoleÌÂÂ, M. and Recasens i Vives, D. (2012). The initiation of sound change. Amserdam: John Benjamins Pub. Co.
Wang, H. (2014). Theories for competitive advantage. [online] Ro.uow.edu.au. Available at: https://ro.uow.edu.au/cgi/viewcontent.cgi?article=1410&context=buspapers [Accessed 12 Feb. 2014].
Wunder, T., Kemp, T. and England, S. (2009). Fact Based Economic Education. Journal of Economic Issues, 43(2), pp.467-476.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download