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Development Of Regional Economic Systems

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Question:

Discuss About The Development Of Regional Economic Systems?

 

Answer:

Introduction:

The aim of the report is to study the marketing plan of an organisation. Marketing plan of an organisation has encompasses several aspects like its branding strategy, its market position, the position of its products on the BCG matrix and its product lifecycle analysis(PLC). Hence, in order to develop a more holistic approach into marketing plan, the assignment will take into account all these factors against the background of a restaurant in Australia serving mainly delicacies from Asian countries like Iran called Kebab Thyme.

Overview:

Marketing plans or strategies of commercial organisations are formed based on the marketing objectives. The top management have to take into account several factors related to  the market environment like the product lifecycle of the product being studied, its brand positioning strategy and target customers. In fact it can be pointed that all these factors are interrelated and companies consider all these factors while making marketing plans. The paper looks into preparing marketing plans for a commercial organisation. The chosen organisation is Kebab Thyme, a restaurant in Australia presenting tasty Central Asian dishes with western touch. The report closely delves into these concepts like branding positioning and BCG matrix in the light of Kebab Thyme(Thyme 2017).

 

Report aim:

The aim of the report is to prepare marketing plan for a commercial organisation. The aim is also to delve into important aspects of marketing plans like segmentation, targeting and position of products in the market.   

Structure:

The assignment opens a study of correlated situation analysis followed by a PLC analysis. The next section is a BCG matrix based on the products of Kebab Thyme followed by an Ansoff analysis. A set of three marketing objectives based on Ansoff, BCG and PLC follows this section.  This is followed by a brand positioning strategy based on marketing objectives of the Kebab Thyme. The last section, the marketing metrics section delves into how Kebab Thyme measures success and its outcomes of its business objectives.

Scope:

The scope of the study is marketing plan which is a vast area of study spanning related topics like brand equity and positioning. The paper also includes matrices and figures to present the study in a more lucid way before the reader.

Correlated situation analysis:

Kebab Thyme sells Central Asia food items like kebabs presented in Mexican and Ottaman style to appeal to the local population. The following is the situation analysis of the restaurant:

Strengths:

  1. The main strength of Kebab Thyme is its high quality food products, which are available at very affordable prices. The customer review shows that the customers enjoy food offered by Kebab Thyme. They also enjoy the ambience offered by the restaurant and the services of its trained staffs. This shows that the restaurant enjoys a very big base of loyal customers and very high market position in Australian fast food market(zomato.com. 2017).
  2. The restaurant allows online ordering of food items using its official website portal. The customers can also order food using food ordering and delivery portals like Zomato. This shows that the restaurant is financially very strong which enables it to invest in technology and ecommerce marketing(Ryan 2016).
  3. The strong financial and technological strength of Kebab Thyme allow bring about innovation in its product line and bring about more innovative products like The Mexican Kebab which combines Central Asian and Mexican tastes. This helps the restaurant to serve a large base of customers having diverse tastes.

Weaknesses:

  1. The biggest weakness of Kebab Thyme is the challenge it faces due to rise in health consciousness among the Australian people. The Australian people are increasing becoming aware of the harmful impacts of fast food on their bodies like obesity. The government of the Australia also impose certain restrictions on the fast food businesses like increase in tax. These taxes raise the expenditure of the restaurant(Poti et al. 2014).
  2. The fast food industry is less well developed compared to other industries like automobile and construction. Hence, Kebab Thyme finds it difficult to attract highly qualified and experienced human resources. This weakness of the fast food industry as a whole increases the operating costs of Kebab Thyme.

Opportunities:

  1. Kebab Thyme must expand its product line to incorporate Australian dishes like pea and ham soup. This will give it the opportunity to appear more Australian and attract more customers(Woodgate 2017).
  2. Kebab Thyme must incorporate health food product variant of like kebabs having less oil and salt. This would help the company attract the health conscious customers as well which will increase its revenue generation. This offering food with less oil and spices would help the restaurant to counteract the controversies it faces due to impact of its food product on the consumers’ health.

Threats:

  1. The restaurant has a limited presence within Australia and receives threats from all local fast food sellers. Kebab Thyme receives bigger threats from international fast food giants like KFC and McDonalds as well. These fast chains serve pastas and pizzas, which are apparently healthier than kebabs and wraps. Thus, they succeed in attracting more customers than Kebab Thyme.
  2. The restaurant as pointed out faces serious threats from the society owing to the hamrmful impacts of its fast food products on the consumers. Kebab Thyme faces criticisms from media, government bodies and the society at large. It is also threatened by the legal actions and probes initiated by the government bodies.
 

Product lifecycle(PLC) analysis:

Product lifecycle of PLC of food products of Kebab Thyme consist of four stages namely, introduction, growth stage, maturity and decline stage. The following are the analysis of the product lifecycle stages of food items introduced by Kebab Thyme:

Introduction stage:

Kebab Thyme introduces new food items on its menu cards to serve diverse and continuously changing needs of the customers. The restaurant introduces new food products and advertises them in various ways to raise customer awareness and demand for them. The products in the introductory stage do not attract high demand from the customers and hence does not generate much revenue. The restaurant has to inject huge amount of money into the promotion of new products to generate maximum demand and to ensure that they start generating revenue from the customers. It advertises its new food products at the important crossings and in important places like shopping malls and airports. The firm also advertises its food products on the digital platform like Zomato and on its own official website(Morais 2016). This enables the new products in the introduction of their lifecycle attracts a large customer base(Ros 2016).

Growth Stage:

As per Wellner(2015) the food products in the growth stage experience strong growth in demand and sale. This growth in demand and sale for the products happen due to extensive promotional activities carried out by Kebab Thyme to make its new products famous among its customers. These food products in their growth stage start attracting large consumer base and generating revenue.

Maturity:

Fawole and Opara(2013) state that products in the maturity stage generate huge revenue and requires very little investment from the firm to promote them. This is because the food products in the maturity stage already have their individual loyal base of customers who consume them regularly. The kebab items like The Mexican receive huge orders from the buyers both in the restaurant and over the online food ordering portals like Zomato. These food products in the maturity stage earn huge revenue for the firm. The firm can redirect the revenue it earns from sale of products in maturity towards promotion of products in introductory and growth stages(Cooper 2014).

Decline stage:

The food products in this stage generate very demand because they fail to meet the new demands of the consumers. The lack of demand of such products lead to fall in their profit generation. Kebab Thyme deals with the food items in this stage in two ways. First, it withdraws the products in decline stage and introduces new products. Second, it introduces new variants of the product in decline stage for example, if the product in decline stage is a ham category, the firm introduces new product, which is of chicken or pork category. The firm in both the cases introduces the new products by treating them like products in the introductory stage(Fuller 2016).

BCG matrix:

The Boston Consultancy Group Matrix can be divided into four components namely, cash cows, dogs, question marks and stars. The explanation of these four basis and the analysis of the food products of Kebab thyme are as follows:

Cash Cows:

The cash cows are applicable for products which enjoy high market share in a slow growing market. The companies generate huge revenue by selling them and have to spend very little on boosting their market demand because they already share  strong market share. The graph points out to the steady increase in fast food outlets in Australia, which shows that fast food market in Australia is growing very fast. This analysis shows that the fast food does not belong to the category of cash cows because they deal in slow growing markets(Cantwell 2015).

The dogs refer to products, which experience low demand in slow growing industries. It can be pointed from the graph above that fast food is a fast growing industry and hence, Kebab Thyme, being a part of the industry does not fall into the category of dogs.

Question marks:

The question marks represent the products which have low market share in high growth market. An analysis of the statement shows that it is related to newly introduced products in the market. Thus, the newly introduced products by Kebab Thyme come under this category(Fenwick, Kaal and Vermeulen 2017).

Stars:

The stars represent products, which enjoy high market value in a fast moving market. As per Markey and Watson(2017) the expenditure on fast food in Australia is expected to grow more than $37 billion in 2017. This shows that the fast food market in Australia is growth very fast  and the positive reviews  Kebab Thyme receives shows that it enjoys a high market share. Thus, the established food items of the restaurant belong to this category. In short, the new food products of Kebab Thyme belong to the question mark category while the established food items belong to star category, which is shown in the figure below.

Stars

?(New products of Kebab Thyme)

Cash cows

Dogs(Established products of Kebab Thyme)

 
The strategic planning tool of Ansoff matrix stands on four pillars namely, market penetration, market development, product development and diversification. The firms use market penetration to enter deeper into the existing markets in order to gain higher market capturing. The firms enter new markets with their existing products, which are known as market development. The companies enter existing markets using new products, which are known as product development(Fung 2014). The entering of new markets with new products is known as diversification. Kebab Thyme takes to market penetration by promoting its products to generate demand from new areas in Australia. It can also be pointed out that the firm applies product development by introducing new food products. However the firm has no presence beyond Australia which limits its capability of using diversification strategy of introducing new products in new markets to earn high competitive advantage.
 

Market penetration

Market development

Product development

Diversification

Three main marketing objectives based on BCG, Ansoff and PLC:

Three analysis of the PLC, BCG and Ansoff matrices based on Kebab Thyme reveal three main marketing objectives which are as follows:

 

Increase in competitiveness:

As pointed out in the BCG matrix, the fast food market is a very fast growing market in Australia attracting new business firms which is making it extremely competitive. The firm’s first objective of market as a result should be to gain more market penetration by marketing its products. This would help it to sell its products to a larger base of customers and earn higher profits. This would enhance its competitive advantage in the market and help it to counteract challenges from international players like KFC(Zakharova et al. 2015).

Increase in profitability:

Kebab Thyme does not have international presence as pointed out in the Ansoff matrix which weakens its profitability compared to international competitors like KFC. Thus conducting aggressive marketing would help it to achieve deeper market penetration in Australia and earn higher profits. The increased profits can also be reinvested by the company to expand into new markets which in turn enhance its profitability(McMurrian and Matulich 2016).

Customer loyalty and growth:

Yoo and Bai(2013) state that customer loyalty and growth leads to business organisations. It can also be pointed that marketing of high quality products to customers helps the firms to generate high profits. Hence, Kebab Thyme can market its matured products to customers to develop a loyal customer and earn high profits.

Branding positioning strategy according to the marketing mix:

Kebab Thyme would position its entire product portfolio in the market as a restaurant offering high quality Central Asian delicacies in Australia using the following four strategies:

  1. The restaurant should position itself in the market as a high quality fast food producer. It should promote its entire portfolio aggressive in the market to gain high competitiveness.
  2. The restaurant should give offers to the customers to attract more customers and gain more profits. These offers should be offered to both customers who visit the restaurant and those who order online. This would allow the firm to attract more customers and gain higher competitiveness in the market.
  3. The third branding strategy would branding the products to match the culture of Australia. This would allow the firm to attract more Australian customers and gain higher competitiveness compared to foreign companies like KFC.
  4. It must use CSR as a brand positioning strategy and position itself as a business unit who operates to benefit the community by providing high quality food. It must also collaborate with local suppliers like farmers which it to promote its brand as a socially responsible brand.

Framework of marketing matrix:

The marketing matrix consists of the 4Ps of marketing namely, product, place, price and promotion. The below figure shows that marketing matrix based on Kebab Thyme:

Product:

The high quality food offered by Kebab Thyme.

Place:

Australia, has both physical outlets and present online as well to accept orders from customers

Promotion:

Advertisments, offers and discounts

Price:

Affordable

Kebab Thyme can measure its success on the basis of the matrix. For example, it can compare the revenues it generates during and after offer a discount. The difference in profits would show the result achieved by floating the promotional offer. Thus, this analysis shows that marketing matrix can be used by Kebab Thyme to measure its financial and market performance.

 

Conclusion:

It can be concluded that marketing plans are very crucial to the business organisations to retain high competitive position in the market and generate high profits. Marketing plan of fast food firms like Kebab Thyme depend on analysis of the market using the tools like BCG matrix, Ansoff matrix and marketing matrix. These tools provides the companies with valuable information so that they can position their brand in the market to earn high profits.

 

References:

Baker, P. (2017). Fat nation: why so many Australians are obese and how to fix it. [online] The Conversation. Available at: https://theconversation.com/fat-nation-why-so-many-australians-are-obese-and-how-to-fix-it-23783 [Accessed 30 Sep. 2017].

Cantwell, B., 2015. Are international students cash cows? Examining the relationship between new international undergraduate enrollments and institutional revenue at public colleges and universities in the US. Journal of International Students, 5(4), pp.512-525.

Cooper, R.G., 2014. What's Next?: After Stage-Gate. Research-Technology Management, 57(1), pp.20-31.

Fawole, O.A. and Opara, U.L., 2013. Changes in physical properties, chemical and elemental composition and antioxidant capacity of pomegranate (cv. Ruby) fruit at five maturity stages. Scientia Horticulturae, 150, pp.37-46.

Fenwick, M., Kaal, W.A. and Vermeulen, E.P., 2017. The ‘Unmediated’And ‘Tech-Driven’Corporate Governance of Today's Winning Companies.

Fuller, G.W., 2016. New food product development: from concept to marketplace. CRC Press.

Fung, H.P., 2014. The Relationships among Porter Five Forces, Generic Strategies, Ansoff Growth Strategies & Strategy Methods in an IT Industry–A Conceptual Paper.

Markey, A. and Watson, C. (2017). Australia's takeaway bill to hit $37bn. [online] NewsComAu. Available at: https://www.news.com.au/national/obesity-levels-show-australia-is-the-chubby-country/news-story/7e4b8198e68a0761a9d0a886ca8dc8c6 [Accessed 30 Sep. 2017].

McMurrian, R.C. and Matulich, E., 2016. Building customer value and profitability with business ethics. Journal of Business & Economics Research (Online), 14(3), p.83.

Morais, M.M.R.D.A., 2016. h3, New hamburgology adapting to the contemporary consumer: how plant-based lifestyles affect the fast food industry (Doctoral dissertation).

Poti, J.M., Duffey, K.J. and Popkin, B.M., 2014. The association of fast food consumption with poor dietary outcomes and obesity among children: is it the fast food or the remainder of the diet?. The American journal of clinical nutrition, 99(1), pp.162-171.

Ros, M., 2016. Responsive Website vs. Mobile Application: Street Food in Phnom Penh.

Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.

Shanbhag, M., Dutt, M.L. and Bagwe, S., 2016. Strategic Talent Management: A Conceptual Analysis of BCG Model. Imperial Journal of Interdisciplinary Research, 2(7).

Thyme, K. 2017. Kebab Thyme - Order home delivery/takeaway online. [online] Kebab-thyme.com.au. Available at: https://www.kebab-thyme.com.au/kebab-thyme#prettyPhoto [Accessed 30 Sep. 2017].

WellneAnswer:on and integration of the world economy as drivers of economic growth. Journal of Service Management, 26(4), pp.565-587.

Woodgate, T. (2017). Australia: 40 dishes locals call their own. [online] CNN Travel. Available at: https://edition.cnn.com/travel/article/australian-food/index.html [Accessed 30 Sep. 2017].

Yoo, M. and Bai, B., 2013. Customer loyalty marketing research: A comparative approach between hospitality and business journals. International Journal of Hospitality Management, 33, pp.166-177.

Zakharova, E.N., Prokhorova, V.V., Shutilov, F.V. and Klochko, E.N., 2015. Modern tendencies of cluster development of regional economic systems. Mediterranean Journal of Social Sciences, 6(5 S3), p.154.

zomato.com. 2017. Kebab Thyme Burwood East · Fast Food. [online] Available at: https://www.zomato.com/melbourne/kebab-thyme-burwood-east/reviews [Accessed 30 Sep. 2017].

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