Identify Evaluate Marketing Opportunities -Myassignmenthelp.Com

Question: Discuss About The Identify Evaluate Marketing Opportunities? Answer: Introducation To gain a competitive advantage in the market, Tongs Chinese Eatery can use the fact that it has a reputed customer service. The restaurant has been in the vicinity for over 15 years and despite the change in the marketing environment, the basic factors required for satisfying the customers remain the same. The happiness of the staffs and the fact that the restaurant has grown steadily can provide opportunities for further growth and be more competitive. Based on the analysis of the opportunity and the fact that there exists a new threat in the market, it can be said that Tong's Eatery needs to adopt an appropriate marketing method for its success. According to Armstrong, Kotler, Harker and Brennan (2015), the marketing methods provide opportunities for organisations to select the best practice that can be used to retain customers. In this case, Tong's can use the relationship market which allows the restaurant to establish a good relation with the customers. Having been in the busin ess for 15 years, this form of marketing can help the restaurant to solve its failing standards and attract customers by making the remain loyal to the services provided. Conducting a SWOT analysis Based on the evidence derived from the case study, a SWOT analysis can be conducted to find out opportunities and align it with the capabilities and strengths of the restaurant. Strength Lengthy success in the market Potent restaurant time Prime location Weakness Lack of employees Steady drop in profit Drop in revenue Opportunities Huge area Satisfied employees High quality service Threat New competition in the market Growing concern of consuming fast food Lack of a proper manager Table 1: SWOT analysis (Source: Created by author) The SWOT analysis show that Tongs can use the length of success they had as an opportunity to eliminate the most important threat. In this case, the biggest threat that the company faces is the other Chinese restaurant across the street. Other opportunities that the restaurant have is the fact that it has a large area of operations and that employees and customers remain satisfied with the kind of service provided by the restaurant. The huge area that the restaurant have can open up opportunities for the introduction of various events. It is already established that the restaurant is involved in managing functions that help in attracting the customers. Hence, the customers can be satisfied by providing innovative methods in the vacant space that they have. This can be an advantage for the restaurant as it proves that it has enough strength and capability that can be converted into opportunities. Identifying potential new markets To ensure that the restaurant business does not lose out its ground, Tongs can look to expand its business in the international market. The expansion can be made in other areas within the locality as an outlet to gain some profits owing to the fact that the financial condition of the restaurant has not been good as of now. As stated by Babin and Zikmund (2015) it is important for every business organisation to analyse the potential opportunities and threat it may receive in the new markets. Hence, Tong has to ensure that the factors that have forced the loss of finances in the business at present do not affect them again during its expansion in new areas. The new area can help Tong to gain finances for the business if the restaurant maintains its original features and adds innovate features taking into consideration the market at which they are expanding. Identifying innovative approaches and creative ideas According to Hollensen (2015), in order to eliminate any kind of threat it is necessary to be creative so that the competitors may find it difficult to match its potential. However, the creativity need to be unique and the innovative approach need to be financially viable for a company. In this case of Tongs the restaurant can ensure that the take away orders are replaced by online delivery of products. The restaurant can make delivery of food to the customers leaving within the range of 30 minutes. At the restaurant, Tongs can make improvement by providing an atmosphere the provides music for the customers. The dishes that they make can be creative with the use of new ingredients that can help the customers gain a new taste. Apart from this, the part of the area that they have can be used to conduct parties and provide it on lease for the celebration of birthdays. This can help Tong's to gain more revenue from the area. Hence, based on the opportunities that the restaurant possess, it can be said that such improvements can help Tong's to remain competitive in the business. Describing marketing opportunities Based on the SWOT analysis, it can be said that the marketing opportunities that Tong's have included a huge marketing area. The fact that the restaurant can arrange functions in the area indicates that the owners take into account the entertainment level of the customers. This aligns with the goal of the restaurant that states that the satisfaction of the customers is important for the business. Apart from this, the other opportunity that has been identified is that the employees remain satisfied. This may be because of the fact that they have a small number of employees. The level of satisfaction that they provide to the customers enriches the restaurant with an opportunity to gain more finances. Hence, the employees get better pay and work efficiently for the welfare of the restaurant. Thus, it can be said that these factors can have a huge impact on the profitability of the restaurant. Despite the drop in revenue, Tong's can use the marketing opportunity to good effect so that th ey can gain a competitive advantage in the market. Determining financial viability External factors: According to Jackson and Ahuja (2016), while trying to gain an opportunity in the market, it is necessary that every organisation analyse the external factors. This includes the political, social economic and technical factors. However, the real threat is the economic factor as it helps in the assessing the financial viability of an organisation. In the case of Tong's, this is definitely an important factor as the restaurant need to increase its revenue. Hence, the economic factor associated with the externalities is essential for the upliftment of the restaurant. This is particularly important while trying to satisfy the customers. Cost and benefits: It can be said that the cost of availing the opportunities can be high as the restaurant need to analyse the situations that exist in the market. However, the benefit of such opportunity is that Tong can gain back the financial viability that it possesses so that they can compete with the new Chinese restaurant. With the huge area of space that they have, Tongs can look to expand the functioning area, as it is a source of income for the restaurant. Risk: As stated by Kline (2016) without risks companies cannot succeed. This is because to understand the rate of success and analyse the capabilities, it is necessary that every company take risks in innovation or expansion. In the case of Tong's the restaurant need to be involved in both innovations as well as expansion. However, the financial risk factor can exist as the restaurant has suffered the huge financial set back in the recent years. Hence, it is necessary that these factors that help in creating opportunities are analysed based on finances of the restaurant before implementing it. Describing and ranking marketing opportunities The marketing opportunities as described in the SWOT analysis earlier include the satisfaction of the employees and the customers along with a huge special area for conducting functions. In terms of ranking these opportunities, it can be said that the most important marketing opportunity is the satisfaction of the customers. This is because without the satisfaction of the customers, Tong's cannot get the finances required for eliminating the threats. The satisfaction of the customers will lead to the satisfaction of the employees as the customers may tip well and provide a good word for the services provided to them (Jelfs and Thomson 2016). Thus, with a load of finances and an increase in the revenue Tong's can use the huge area of land for expanding the area of a restaurant or make innovative stuff such as a playground for the children or a pool, for the customers to enjoy a poolside dining experience. Thus, it can be said that this is an innovative factor that Tongs can use for ga ining a competitive advantage in the market. However, without the satisfaction of the customers, Tongs cannot maintain any other opportunities that present itself in front of the restaurant. Determining return on investment against key performance indicators The competitor analysis of Tongs include the number of employees that the new restaurant have and the number of seats that it has. The number of seats factor can be crucial for Tongs as the restaurant chain have over 200 seats after 15 years in the business. However, the new restaurant started with 200 seats making it more financially stable than Tong. Hence, the key performance indicators of Tong include the manner in which the restaurant can apply its business in the market at crucial times. In this case, the return on investment need to be judged based on the returns the restaurant receives from the customers. To ensure a proper return on investment, Tongs need to make a proper marketing analysis that can help the restaurant to understand the necessities of the customers. Risk may be involved in this case, as the use of the space that the company have may not help in increasing the financial condition of the restaurant. Hence, it is necessary that the restaurant analyse this facto r before making investments on the customers. Developing process to identify and document changes As per the research of the case study, it is seen that the major issue that Tongs restaurant have faced is the threat received from the competing Chinese restaurant across the street. It is evident that since the opening of the restaurant, the revenue of Tongs had a steady decline in the finances. Hence, the financial condition of the restaurant needs to increase by undertaking a proper analysis of the market. Changes need to be made in the number of employees that the restaurant have. They need to increase the number of chefs and the waiters so that they can cope up with the demand of the customers. The changes can be documented in the database so that the effectiveness of the changes can be monitored. The process to identify the change includes continuous monitoring of the finances. This can help in understanding the effectiveness of the changes that may follow. Ensuring changes maintain the quality of service Huang and Sarigll (2014) stated that most of the times it is seen that changes made in an organisational setting lead to a negative impact on the productivity. The quality of the products is also hampered due to the changes. Hence, in this case. Tong's need to ensure that the changes made in bringing in new chef does not hamper the quality of food served by the restaurant. It is evident from the case study that the quality of service provided by Tongs have made them into a favourite among the customers. Hence, it is necessary that the restaurant maintain the quality of service so that the customers do not get disappointed. This can be done by recruiting top chefs and efficient waiters. Experienced campaigners in this field can help Tong's to maintain the quality of service despite the changes implemented in the restaurant. Determining resource requirements To implement changes it is necessary that organisations gain the support of the employees (Chan, Hwang and Wu 2016). This is mainly because of the fact that employees are the ones that resist changes in an organisation. However, in the case of Tongs, such resistance cannot be done as the restaurant is short on employees and it is necessary for them to gain more support staffs. However, the resources that they require for making such recruitments are the financial capability. The drop in the revenue have had a negative impact on the restaurant and it is necessary that Tongs use the finances it has to make smart recruitments. Tongs also need to keep in mind that training may be needed to be provided to the employees working as waiters. Hence, the financial resource is important for Tongs to maintain the changes in an effective manner. Developing communication strategy To ensure that the changes that are to be made are informed to the employees, it is necessary that every organisation maintain a proper communication strategy (Keller 2017). The communication strategies that can help to motivate the employees understand about the need to maintain the changes. Hence, Tongs communicate changes with the employees using the verbal method. This is mainly because the number of employees is small in the restaurant and the verbal communication with the employees can help in gaining the opinions of the employees about the changes that need to be implemented in the restaurant. This can be a strategy to motivate employees by involving them in the discussions related to the improvement of the restaurant. References Armstrong, Kotler, Harker and Brennan, 2015. Marketing: an introduction. Pearson Education. Babin and Zikmund, 2015. 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