Market Analysis and Strategies
Name of the student
Meaning of MarketResearch
Various definitions have been developed to give a comprehensive meaning to this critical stage in the production process. Various scholars and marketing studies have defined marketing as well planned strategies by a firm by with an objective of communicating and conveying goods and services to the final consumers. Marketing involves the development of strategic approaches that can be used to meet the clients need and also satisfy their needs (Miller, 2014).
Marketing is the central point of an organization as it determines the level of success in a company. It’s the most critical point in an organization as it determines the level of success of any organization. The organization develops competitive advantages to enhance the level of competition in the industry they are found. This study critically analysis, hospitality industry in the United Kingdom and the availability of market opportunity along the Cardiff bay.
Importance of Market Research
Development and arrangement of marketing approaches play a crucial role in the determination of the level of success of a company within an industry.The management should come up with incentives and development strategies that encourage innovation and creativity within an industry. Although rarely examined, radical innovations are crucial to firms for competitive advantages. Population ecologists and strategic planners differ about the most influential set of factors that determine the level of success of a marketing approach. These factors range from managerial to the external environment of a firm or organization. Researches studies have, however, reveal success in marketing can be initiated by various factors, both which constituent both internal and external factors.
Market projection and analysis are the most crucial activities before the establishment of an institution. They are important as they assist an organization and development of strategic approaches within an organization. Management of any industry should carry out management, analytical approaches to ensure investment is made on the most appropriate sites. This should be done critically considering all the factors in the industry concerned. Marketing analysis involves both internal and external factors. The involved management should carry out business analysis before embarking on establishing a business. This should be done in the most prolific and appropriate way.
Cardiff Bay and Hospitality Industry
Establishing of a Restaurant
The hospitality sector plays a significant role in the enhancement and development of the economy. It provides employment to a large proportion of the youths of the United Kingdom. In 2014, the hospitality industry provided more than one hundred and forty thousand jobs. This was more than forty percent of the entire population. The industry is thus a prominent source of employment.
Cardiff bay is one of the highly attractive regions in the United Kingdom. The area receives more than 2 million visitors each year. There are less than two hundred restaurants that leave a big gap in the market. This can be utilized to utilize the available market in the society.
Demographic analysis of the region and the purchasing power of the United Kingdom are the major factors that can facilitate development of market across the region. The highest population is critical in offering market and also cheap labour in the hospitality industry. This is essential in the development and growth of the industry.
Establishment of a Restaurant in the Cardiff bay
The market analysis of the United Kingdom hospitality industry has shown the importance of establishing a restaurant along Cardiff bay.
Analytical Measure of the Activities
The economic conditions in the UK is one of the most significant in job creation. The region has a higherpopulation, well growing economic and legal framework that motivates entrepreneurs while starting up any business in the county. The hospitality sector is one of the most critical in a developed nation. The purchasing power of the people of the United Kingdom is favourable and this is critical in the establishment of the business.
Conference halls and holiday sites are the most crucial in the United Kingdom. The economy is well developed and structured to accommodate costly leisure events and accommodation of first class activities.
Economic potential and ability of UK is one of the vital factors in the development of market of goods and services across industries. The economic performanceover the last ten years signifies the ability of the population to offer a potential market for goods and services. United Kingdom is among the ten most developed nations. It is also a major player in the European economic performance as it is ranked among the six largest economies. This is a significant factor as this determines standards of living of the population involved. It is also plays a major part in the world economy as a market as also a supplier of goods and services across the world.
United Kingdom is among the largest economies in the word. Studies have indicated in 2015the country is ranked as the fifth richest in the globe. World Bank statistics, World Bank figures also indicate that it has a score index of 75.8.The economy has been on a growing trend over the at least ten years.This has been favoured by development of legislations that have ensured economic prosperity in the region for the last ten years.
Economic performance of any country directs affects the standards of living of the entire population. High standard of living signifies a high economic growth and development. In developed countries, the standards of living are more suitable than the less developed countries. The purchasing power of the people of the United Kingdom has been favourable due to consider economic growth. This is an important factor for the hospitality industry. In establishing a hotel or restaurant, the population has the purchasing power and thus more critical as a factor.Economic growth in the United Kingdom has also created a favourable business climate in the country.
The country has a stable political system that has encouraged business growth over time. The country’s performance is above the European average. This can be attributed to good incentives and measures to encourage both large and enterprise growth in the region. Good incentives motivate and encourage business development and this is critical in the development of the hospitality industry. The country has improved significantly on fiscal freedom and property rights. Legal strict legislations that encourage and motivate small and large scale entrepreneurs have also played a vital role in the development of the United Kingdom.
The United Kingdom business environment has increased significantly over the last ten years. This has been favoured by development incentives based on the strong basic rule of law, a suitable enterprise environment and one of the most reliable advanced financial services. A liberal labour market by European standards also significantly plays a greater role in the advancement and development of enterprises in the region. The country has one of the most suitable labour force legislations and this significantly improves the level of performance of a given nation. Large States expenditure, which still takes up fifty percent of the economy, has consumed resources that enable additional private-sector growth.
Population plays a critical role in the establishment of a business. They create a chance for cheap labour and also act as a market for industrial goods. United Kingdom offers a sustainable market for hospitality services. The regulatory environment is one of the most transparent in the region. There are few legal processes and starting enterprises without any capital requires only six days. Inflation levels are moderate and manageable, creating the most suitable business environment. United Kingdom offers one of the most suitable environments in the development of business. These factors are crucial as they allow development and growth of businesses in the economy.
Pricing Strategy in the Marketing of The restaurant Goods
Cardiff bay is one of the most attractive business ventures with a hospitality industry. A comparative advantage will be developed by utilizing the most critical aspects to come up with competitive advantages over the rivals in the industry (Kjellber, et. al., 2012).
Pricing is one of the most useful tools in the development of competitive advantages. In a highly competitive market like the hospitality industry in the United Kingdom, Skimming strategy will be the most critical measure. This involves coming up with an initial low price that will attract customers.The number of hospitality centre has increased significantly over the last ten years. This is to cater for the growing demand in towns and tourist attractions centres. The hospitality industry is a source of income for the nation. The sector provides more than four billion annually to the national budget. This has been for the last three years. It is among the leading industries in the economy of the UK that offers the highest level of revenue to the nation. This has also attracted major investors and therefore a great competition in the industry (Johanson & Vahlne, 2011).
Skimming strategy is useful in a highly competitive market. The restaurant may come up with better measures that will ensure development of the best strategic measures. This should be done with clear emphasis on the most appropriate marketable skills (Storbacka & Nenonen, 2011).
Marketing involves coming up with the most innovative approaches that will encourage consumption of goods and services of a given organization. The restaurant will develop advertisements approaches through social media and also through local media. This will be done to enhance the level of competition in the market (Ambrose, Marshall & Lynch, 2010).
The main aim of promotional activities is to enhance sales, product recognition, brand identity and attract new clients. Promotions are essential to create more demand for the products to the enterprise and also provide required information to the clients about the availability of the products. Business activities should come up with the most appropriate measure to avoid and major losses in cases of highly competitive markets like hospitality industry in the United Kingdom.
Advertising, free sample, trade shows, product demonstrations, media campaigns, telemarketing, door-to-door sales, direct mail campaigns is the major incentives that will be utilized in the marketing of the restaurant. The business is small scale in approach and this will always be taken into consideration to avoid massive wastage in the process.
Promotion incentives to be used will include low prices for some goods and service. Outside catering will also be used to meet out potential clients who will have a chance to taste our meals and services. This will be done in various parts of the Cardiff bay. The restaurant also plans to utilize campaigns through poster and newsletters to potential clients throughout the United Kingdom. This will be done in key strategic areas like airport, bus and train terminals. Promotional through free delivery to the outside catering will also be used to encourage our clients.
Challenges likely to be faced in establishing a restaurant at Cardiff Bay
- Unanticipated competition from a new entry into the industry
- Financial constraints to develop strong promotional measures
- High competition
- Unresponsiveness of the clients to the promotional approaches
- High cost of government regulations and registration process
Marketing research involves coming up with the most appropriate approaches that will earn the highest market share. This paper involved identifying, analyzing and coming up with the most appropriate marketing incentives for a hospitality product. The study identified coming up with a restaurant to cater for the high number of visitors along the bay.
Analysis should be grounded on sound reasoning. Establishment of a business requires motivational and careful measures and strategies to ensure a competitive advantage is developed. The wider economic analysis is critical in the development of a business in any part of the nation.
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