Business Research Methods of Strategic Marketing

Question: Describe about the Business Research Methods of Strategic Marketing? Answer: Introduction In-house LTD cuisine is an Indian cuisine restaurant inside Heathrow airport. The business objectives were to provide the authentic food for people especially students and business persons. In-House Ltd Indian cuisine aims to provide the best quality food for its customers that includes different Indian dishes to the locals. The products are priced differently and affordably to the students and their quality satisfy the needs of the consumers. The staff also is well situated in the cuisine. The major part is that they do not receive any competition from the same genre. The operating style of In-House Ltd cuisine at Heathrow airport is simply traditional and the daily operations include cooking, serving, food preparation and staff would serve them very carefully. (Crosby, 1997) Aim of the project The major aim of this project is as follows: To determine the nature of the organization and to be the best restaurant inside the Heathrow airport is the major aim of this project. IN-house Ltd cuisine is inspired to achieve high sales of revenues and to increase the new opportunities, In House Ltd cuisine need to focus on new strategies to meet the huge potential and to attract the customers for reaching the goals and expansion. To meet the new opportunities, it can increase the emergence of health conscious market segment amongst student as well as business people. This way, the organization can expand its goals and focus on expansion strategy. (Creswell, 2012) Objectives The objectives of the in-house ltd Indian cuisine at Heathrow airport is as follows: To continuously innovate and offer up-to date services to customers. To attract more number of customers and to improve the revenue with the sales is the major objective of the restaurant. To deal with the market oriented business strategy that it helps to identify and analyze the needs of the consumers. Scope The scope of this project i.e. the requested consultation service can be described as: To determine the target customers, to analyze their needs, to design the strategies and approaches, to generate values and to meet the goals as well as expectations To develop the new system of operation in terms of achieving higher value of economics and to increase the higher level of satisfaction. In-house LTD Indian cuisine at Heathrow airport also wants to embark its strategy on expansion methods and advertising campaigns. Method Market research is based on important terms called as designing of questionnaires, data collection, analysis etc. The major purpose of market research method is to improve the decisions of marketing and to make the research effective with more accurate information used in the research. There are two types of data collection methods such as primary data method and secondary method. (Cooper, 2003) Primary and secondary market research Primary data: This type of method is usually observed directly from the respondents and the data must be collected by observations with respect to the respondents. It can be called as time consuming and expensive. The process is lengthy and difficult. It involves experiment, sampling, survey and questionnaires. This method often needs experimental approach to identify the variables associated with the research. (Aaker, et.al. 2004) Experimentation involves the variables constant and the impacts of experimental variables can be measured. Sampling: This method involves systematic selection of number of units and it represents the total population where the marketers can deal with the market segment successfully. The main objective of sampling includes development of the business and it is used to study the event depend on the future revenues of the In-House LTD pvt Indian cuisine. (Bloomberg.et.al, 2011) Survey methods: The survey method can be dependent on the nature of the issue, the information that needs to be tested with respect to the hypothesis like funding and personnel involved in the research. This method includes interviews, either by e-mail or personal interviews. This way, the In-House Ltd pvt Indian cuisine can generate the customer response. (Chisnall, 2009) Questionnaires: The careful design of constructed questionnaire is vital to lead to the success of any kind of survey. It is based on the research purpose that helps to design the questions and also the structure of the interview with respect to the solutions of the respondents. This is designed to deal with the information that could help to meet the requirements successfully. (Milne, 1999) Observations: The observation approach is designed to record the behavior of the respondents and it does not include any direct contact with the respondents. Thus, their behaviors and actions are identified and measured in a systematic matter. Observation is connected directly and ignores issues of survey methods, encouraging respondents to deal with the true feelings or opinions. (Cooper Schindler, 2003) Secondary method The secondary data collection method is dependent inside or outside the organization for some means than the recent identification. It involves general data with respect to data services and it is generally available in private or public reports or has been gathered by the researcher itself. Because secondary data are available already, it does not require any kind of money and the researcher can also save his/her time. It is examined and identified with respect to the primary data collection method and is based on the internal as well as external sources to determine the major goal of marketing. (Lehmann, et.al. 1998) Internal research of secondary data method can participate to research of In-House LTD Indian cuisine might contain information about the past marketing activities and research like sales, revenues of the competitors market and the organization can record and store the correct and excellent sources of data. (Johnson Mathews, 1997) The secondary sources can be developed with the help of periodicals, publications and websites as well as other sources. The famous sources such as The Economist, The Marketing, Wall Street Journal and other information on any reliable published sources could be meaningful for defining problems and developing hypothesis. (Kotler, 2000) The external sources of research that could be used are international sources, books, literature sources etc. There are two types of marketing research and such as qualitative methods and quantitative methods. Qualitative methods include major identification of issues with respect to the development of the Indian cuisine inside Heathrow airport. The major characteristics of this research are to deal with the objectives and to identify the issues that could be seen in the future. (Milne, 1999) Quantitative methods include conclusive research and it helps the researcher to identify the market and to describe the target market to deal with the decision making. The main idea is to deal with the research that could reflect the market. The major characteristic of this market is to define the objectives and to deal with the sampling methods. This will help to measure the estimated accuracy. (Saunders.et.al, 2009) Marketing strategy development Market strategy development is an important art and science that formulates implements and evaluates the decisions which enables an organization to achieve the goals and objectives. It includes systematic determination of objectives and it helps to implement the policies and achieve the organizational goals. (Yin, 1994) It integrates the activities of various functions and sectors such as business, marketing, sales as well as production. It is an ongoing process that helps the business to assess the strategies and to identify the implementation successfully. The major important functions of marketing strategy development are that organization faces changing and challenging situations. It provides a broader approach to the researcher to understand the plan in a better way. (Zikmund.et.al, 2010) To understand the marketing strategy and to develop the market in the dynamic and competitive environment, there is a need to identify the challenges, strengths, weakness and opportunities. Thus, the report aims to present the major frameworks across organization with respect to five forces analysis, porter model, SWOT analysis and marketing mix. Analysis and development of proposed ideas The restaurant is famous for Indian cuisine and it is largely famous for Indian foods. This adds huge excitement to the experience and also creates a relaxed environment. SWOT analysis of In-House LTD Indian cuisine SWOT analysis will depend on marketing strategies such as: Strengths Location of the cuisine would be inside the Heathrow airport and the Indian cuisine will offer competitive prices to increase the base of customers. Food will be cheaper when compared to its competitor and it will be the major strength of this Indian cuisine. This brand will create a strong image in the minds of the consumer. It will also help to increase the convenience and add different menus and varieties in the item. The service style offered to the customer is new and there is a very strong trademark recipe. This way, it can generate high sales every year and create high revenues. High level of customer satisfaction will also add the strength to the customers and necessary actions would be taken to meet the confidentiality as well as privacy. High qualified and talented as well as skilled people will help to meet the customer satisfaction and also it will increase the amount of sales. With respect to the innovation and diversification, the product range could be increased and th us, the strength will increase. Thus, it will increase the extensive geographical and demographical presence. Weakness There might have issues with the growth rate because of lack of knowledge and about the values of the customers. Consumer behavior differs and thus, expectation also differs. It creates issues with respect to changing trends and needs and multiple cultures and varieties. (Fen Meillian, 2005) Opportunities There will have an increase in the applications of franchising and the reputation of Indian cuisine could lead to a greatest asset in the long run. Increase in the demand for the service sector with respect to the increase in population will increase and the commitment of health conscious diet will attract high number of customers across the globe. With the innovation, the product range will keep the accumulation on customer base. Restaurant is located in excellent location and the competitor is not much so the Indian cuisine can increase their operations and can expand it to long range. Threats Legal threats like law suits against the restaurant against their advertising and meals items, obesity caused by the food and employment etc are the major threats for Indian cuisine. There might have issues with fluctuations in net profits that impact the investor relations. More growth in the Indian cuisine comes from the target market and there could have threats with decrease in the consumer spending that could affect the sales of In-house LTD Indian cuisine. (Olorunnirvo,et,al, 2006) Five forces analysis Porters five forces is a framework that helps to analyze the development of business strategy and has been formed by Michael Porter in the year 1979. Porters five forces is a simple yet vital tool to perform the business situations. It is important; it helps to know the strengths of the competitive position. This model plays a great role in the hospitality and tourism industry so as it is important to determine in this market as well. This is very useful to understand the current market and strengths as well as weakness. It offers good services to the industry and helps to make a decision to deal with the successful way and to remain positive for the business. (Haider, 2001) There are many hospitality industries and out of all the hospitality, the organization can succeed with porters 5 forces and this method helps to deal with the effective way to run the hospitality business successfully. It has the potential to be profitable. Thus, porters five forces is very useful and helps to sustain in the market. The porters analysis is divided into five forces such as Threats of new entryThreats of substitutesBargaining power of suppliersBargaining power of customers andRivalry amongst competitors Threat of new entry Each and every business deals with competition and to expand the business, there is competition between the companies. The new entry brings major change in the external market and every person should attract for the profitable business in the market. If there are high profits in the industry, all the people want to spend money to make it a business. There are always the threats of new entrants for the Indian cuisine that would be opened inside the Heathrow airport. Economies of scale could lead to high entrants and brand image of customers, scarcity of resources and high switching costs can also lead to barrier. The customer will prefer the Indian cuisine with respect to low prices. (Lu Seock, 2008) Threat of substitutes The products or services that would be provided at Indian cuisine inside the Heathrow airport are likely to have substitutes and they could pose a threat to deal with high prices. By this, the high price product has the possibility to occur in the market. Thus, customers always look for low priced products and high quality products. The threat of new entry could also be determined with the factors such as close association with customers, brand loyalty, switching costs for customers and recent trends. (Peterson, et.al, 1997) Bargaining power of suppliers: Bargaining power of suppliers is called as the ability to influence the price setting. It assesses to drive up the prices for the suppliers. Supplier can be influenced with the profits and for reducing the higher prices, they might decrease the level on quality. The Indian cuisine can select the suppliers based on the quality as well as the high profit margins for the business. Suppliers bargaining power is high with the few large suppliers rather than a fragmented source of supply. The switching cost of from one to other supplier could be high and there might have chances of suppliers integrating towards higher price margins. Forward integration leads to economies of scale for the supplier. Indian cuisine looks for high quality ingredients and materials from their suppliers and this also helps to improve the profit margins to operate the business successfully. Bargaining power of customers: Bargaining power of customers depends on the differentiation amongst the products as well as services. It depends on the cost of the customer and if the customer gets more profit from one supplier, it will not create other supplier. Customers bargaining power is likely to be increased with the purchase of large volumes of products and there is a concentration of buyers. The services industry comprises a large number of small operators and if customers have fewer margins, they will switch to other food restaurant. (Denzin, et.al, 2000) Rivalry The increase of rivalry among the industry will impact the food cuisine and the restaurant leads to competition inside the Heathrow airport. The increase of sales and investment on sales promotion of other restaurants will create rivalry and competition exist between existing players is likely to be increased with many players as they possess similar strategies and there is not much differentiation between the players and their products as well as services. Hence, there is high level of price competition and barriers for exist are also high. Indian cuisine is the best and the most profitable restaurant. Thus, to conclude, Indian cuisine is the successful restaurants and it offers the good service environment and variety of Indian food to one place to another in affordable pricing and with the use of porters five forces, the company can improve their services and can examine the position in the market and provide the best and high quality food to the consumers. The restaurant business is developing day by day and also generating more profit for the business. Strategic planning process Ansoff growth matrix Ansoff growth matrix helps the marketer to deal with the business with respect to new market and it is segmented into different strategies such as market penetration, product development and market development. Market penetration: To achieve the market penetration goals, the Indian cuisine will focus on customer value and high quality service along with community participation. Product development: The product development leads to menu and service design and innovation as it generates strong communication and helps to improve high consistency with respect to quality and quantity of the food materials. Thus, the team of Indian cuisine food will follow the trends and tastes responded by the customers for seasonal travels, spring and fall winter seasons etc. Market development: The Indian cuisine can seek advantages with international strategy as they will focus the local as well as international customers thus they will work on proper planning and tactics such as diversification strategy that will recognize the new market. It will follow the most successful diversification with this concept and this way, the Indian cuisine can improve its growth in the Heathrow airport, London. (Sureshchander, et.al, 2002) Marketing mix model The marketing mix of the Indian cuisine inside the Heathrow airport consists of the various elements to achieve the market objectives. Once, the marketing objectives have been established, the next stage is to define how they can be achieved. 4Ps of marketing mix Product: The Indian cuisine restaurant will develop an Indian menu with respect to the customers needs and tastes. It will introduce products that could attract the customers and they will strongly concentrate on vegetarian foods with the diversified product range and high varieties of food in the restaurant. Price: The perception of customer lies in an important determinant and the most authentic cuisine is Indian food that attracts millions of customers. Thus, the product will be classified into the categories of affordability and core value. This will develop different price perceptions. Promotion: The promotion is an important aspect of the marketing mix that covers advertisements and with the help of online promotional methods; it includes sales and direct mail. Place: It is important that deals with the physical location and it encompass to drive the customers in the cuisine. (Sarvanan, 2007) Outcomes/conclusion Once the marketing strategy is in position, various roles will be assigned to an individual and systems are put in place to meet the market feedback that could measure success and in the changing life style of customers, the variety of products will lead to the major food service across the world. Key deliverables Through this research, there will have deliverables with respect to the research findings such as innovation will lead to success and improve the business performance. Marketing is really important and high quality as well as better customer service leads to major areas of business. (Babakus Boller, 1992) References: Aaker D. A.; Kumar V.; Day G. S (2004) Marketing Resarch (Eight edition), John Wiley Sons, Inc., 2004 Babakus, E., Boller, G.W., (1992). An empirical assessment of the SERVQUAL scale. 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