Explain why you think Peter and Alex conduct market research before starting up their business

What resources will be required to take advantage of newly identified opportunities?

 

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Task 1(Peter and Alex)

After discussing some good business ideas, Peter and Alex have decided that their best option is to open a small cafe. They believe that background and experience in the hospitality industry will help them to succeed.

Alex is keen to start up the business straight away and has already found what he thinks is a good location.However, Peter is not so sure and wants to spend more time researching the market before they commit to anything. Petre can see the benefits in being fully prepared before investing time and money into starting the business.

1)Explain why you think Peter and Alex conduct market research before starting up their business.What could they find out by researching their market?

 

2)There are a few different ways to conduct market research.describe some methods that Peter and Alex could use to learn more about their potential customers, competitors and business location.

 

3)Why is understanding the needs and objectives of the organisation important? How would Peter and Alex ensure that the identified opportunities fit their organisational goals?

 

4)What do you think are the key factors that will determine whether or not this is a viable business opportunity? Please ensure your answer has the following

  • External factors
  • Costs
  • Benefits
  • Risks and
  • Opportunities

 

5)How would Peter and Alex determine probable return on Investment and potential competitors of their business? Use the sample below

ROI=( (Earning) – Initial Investment Amount) /Initial Investment amount ) ) × 100

6) Describe PEST. How could PEST contribute to the marketing opportunities in business that Peter and Alex doing?

 

Task 2(Top Chef Restaurant)

Joseph has operated a small restaurant for more than three years, specialising in healthy and contemporary style food. The restaurant is located in Subiaco, Perth, Western Australia trading as ‘Top Chef ‘.

Overlooking Rokeby, Road, Top Chef features stylish tables where guests can meet to enjoy pre-dinner drinks, a comfortable interior lavished in dark wood and clean, crisp table setting.The atmosphere is enlivened by the vibrant collection of vintage art works and a dazzling wall of wine. All elements combine to provide a wonderful dining experience Top Chef displays all the marketing of a European bistro, before the food even arrives.White-clothed tables are bathed in soft lighting and vintage French posters take diners a world away from the streets of Subiaco. The menu is a contemporary take on classic French dishes and an extensive and comprehensive wine list will suit all budgets.

“Top Chef” has a moderately sized menu, offering a range of low fat, low cholesterol, nutritious foods made with natural ingredients.It also specializes in gluten free, egg free, and dairy free products. It is open for lunch and dinner six days per week (Monday to Saturday. from 10 am to 9 pm).All the offers takeaway food.

In addition to generating, Joseph always considers the effects his foods have on the health and well-being of his customers. He ensures that the vegetables, meat and dairy products used to make dishes are fresh and of high quality. Similarly, the premises, particularly the kitchen, are always kept clean and maintained with a high standard or hygiene. They also have weekly or nightly specials to the kids’menu, too which include special promos on things kids love, such as Shirley Temples, appetizers, or dessert. Kids will love. They also have “Family Hour ” events  on nights when business is slow, such as every Monday from 5.00 – 6.30 p.m

Prior to starting his business, Joseph prepared a brief business plan with the help of one of his friends who works as a business consultant. Even through the business has been able to survive and make a small profit for the last three years, Joseph believes that his business has the potential to grow bigger, particularly in terms of customer base. Joseph has decided to revisit his marketing plan and try to figure out how to maxmise the potential of his business.

 

Help Joseph with below-mentioned methods:

1. Identify and document change needed to current operations to take advantage of viable marketing opportunities.

2.How would Top Chef cater to different customer base including provision for continued quality of service to existing customer?

3.What resources will be required to take advantage of newly identified opportunities?

4.How would you communicate change to current operations to key stakeholders and why is this important.

5.What are the steps you will take  in evaluating marketing opportunities and how will you document those identified opportunities.

 

Task 3(Project report)

In order to demonstrate competence in this unit you will need to show that you can identified, evaluate and take advantage of marketing opportunities by analysing market data, distinguishing the characteristics of possible markets and assessing the viability of change to operations

This assessment involves identifying and developing marketing opportunities for 7 – Eleven Stores Pty. Ltd.is a private company owned by the Withers/ Barlow family. The  company has a license to operate and franchise 7 – Eleven stores in Australia from the US based 7 – Eleven inc

Worldwide 7 – Eleven operates more than 51,000 stores in 16 countries, and is opening approximately six stores per day somewhere in the world.

In Australia, 7 – Eleven operates around 600 stores in Queensland, New South Wales, Victoria and the Australian Capital Territory. Our 400 Franchisees work hard to satisfy more than 170 million customers a year.

7 -Eleven has come a long way in thirty five years,but at its core it’s still a proud, family  owned Australian business,focused on the helping other Australian families to build security and prosperity by owing a successful franchise.

 

Your task

You have been hired as a marketing consultant by a company that is interested in franchising?Eleven in Perth WA. You are required to prepare and present a report to the director.This report willassist in decision making of purchase. your report must cover the following points.

1. Identify marketing opportunities

  • Analysis of the information on market and business needs and identify marketing opportunities.(you are required to provide at least 2 marketing oppertunities)
  • Research potential new markets and explain how it would contribute to the business.
  • Explore entrepreneurial, creative ideas or innovative approches for their business application and provide the details in relation to the resources where you find the information in the reference list.

2.Investigate marketing opportunities

  • Identify and analyse opportunities in accordance with the organisational goals and capabilities
  • Use the evaluation method to analysis each opportunity and determine its impact on business on current business and customer base.
  • Include the relevant external factors such as codes and regulation, costs, benefit, risks and opportunities in this industry.Asses the viability of each marketing opportunity.
  • Predict and determine the possible return on the investment and potential competitors.
  • Describe and rank marketing opportunities in terms of their viability and hoe it contribute to the business.

 

3. Evaluate required changes to current operations

From the analysis of current business:

  • What change would you propose to current operation in relation to viable marketing opportunities
  • What will be the changes in the organization to service an increased or different customer base?

Identify the required resoures for changed operations.

Identify and communicate changes to the key stakeholders.

 

Task 4

For this task you are required to give a presentation on information collected in your report in task 3

  • Present the analysed information on market and business needs identified marketing opportunities.
  • Provide researched information on potential new markets
  • Identified and analyse opportunities in accordance with the organizational goals and capabilities
  • Used the evaluation method to analysis each opportunity
  • Included the relevant external factors such as codes and regulations, costs, benefits, risks and opportunities in this industry
  • Predicted and determine the possible investment return on the investment and potential competitors.
  • Describe and ranked marketing opportunities in terms of their viability and how to it contribute to the business
  • Identified the required  resources for changed operations
  • Presented in a professional manner

 

List any changes you have identified in the external marketing environment that may benefit your firm or product.

Threats

List any changes or potential events in the environment that may harm your firm or product)

 

Action Plans

For each SWOT factor you have identified outline a strategy to respond; How can you further build on your strengths and overcome your weaknesses.

How can you exploit your opportunities and minimise the potential impact of your threats

 

Competitor Analysis

Who will be your major competitors in this market, where are their strong and weak points, where might they be vulnerable to your new product?

There are various ways to undertake a competitor analysis; one method ids to use a grid such s the on below

Attributes Competitor A Competitor B Competitor C
Product quality
Brand equity
Style
Price / Value
Market Coverage
Sales team strength

 

The particular attribute that are important in your particular market may well be different and more extensive than these.

 

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