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Prepare a market strategy for Lucky Restaurant.

Extracts from this document...

Introduction

TABLE OF CONTENTS INTRODUCTION 1 AIMS & OBJECTIVES 2 AIMS 2 HYPOTHESIS 2 OBJECTIVES 2 Primary Research Method 1 4 Primary Research Method 1 4 Research result 1 - Public Questionnaire 4 Primary Research Method 2 8 Research Result 2 - Managerial Questionnaire 8 Secondary Research 10 Result 1 - SWOT Analysis 11 Secondary Research Result 12 CONCLUSION 16 RECOMMENDATION 19 BIBLIOGRAPHY 22 MAP 1 MAP 2 APPENDIX 1 APPENDIX 2 APPENDIX 3 Introduction Lucky Restaurant is situated in the rural town of Coleford in the heart of The Forest of Dean, which is 20 miles West of Gloucester, 31 miles East of Newport, 32 miles North of Bristol and 23 miles South of Hereford. (See Map 1 & 2) Lucky Restaurant (See picture below) is a family owned business with two partners who are brothers; it is a well-established business that has traded since September 1974. It has provided services to the community of Coleford and surrounding areas for 28 years. Coleford has an average population of 8,100 in the mid 1998, according to the figure given by the Office for National statistic (See Appendix 1). Lucky is now well situated in the central business district, as most of the businesses are mainly gathered in the area around the clock tower in Coleford. There are a number of competitors around the area. Such as, other Chinese takeaway shops, fish & chips shops, caf�s, pub restaurants, supermarket etc. This has pulled custom down towards the place where Lucky is. It is not modern and attractive in design, but being well established it has built up a loyal customer base through its quality goods and services. The target audience of Lucky is mainly people lives in Coleford and surrounding area e.g. Cinderford, Lydney, Ross-on-Wye. Especially age group 26-35 which has 1264 population which is the largest age group in Coleford. (See Appendix 5. They are likely to have a secure job and higher income among the other age group. ...read more.

Middle

Here, the data and statistics for Lucky are mainly gathered from the Internet, the Office for National Statistics (ONS) and key notes. These data provided a broader picture of the whole Chinese takeaway market. By using these external data, Lucky could be more clearly in its business environment in order to make decisions on its marketing strategy. A wide range of competitors information was also assembled such as brochures, price lists or other marketing information etc.(See Appendix 1) It provided evidence for generating the SWOT analysis. The strengths and weakness elements refer to Lucky itself and would be the basis of asset-led approach to its marketing strategy. The other two aspects, opportunities and threats, involve considering the wider environment and how PEST has impact on Lucky Restaurant. PEST stands for Political, Economical, Social and Technological. Above and below the line promotion which some small businesses used to market themselves were discovered and look at. It will provide ideas and methods, which could be used in the final marketing mix. Result 1 - SWOT Analysis Strengths * Strong, consistent and established name * Locate in a Coleford where deposable income of population in this area are high * Target audience known * Most customers are age 26-35 which has higher income * Good customer loyalty * Provide long service hours services, from Monday to Saturday * Our prices, with our fast service, are competitive with other takeaways * Provide a comfortable area for customers to enjoy their meals Weaknesses * Capital is not easy to acquire * Lost some customers of telephone orders because of delivery delay in busy hours * We are price follower not leader Opportunities * To completely dominate the market of Coleford and the small surrounding towns as the main service provider * Construct internet site or advertise on other internet site * Number of tourist visit Forest of Dean increase Threats * Increase competition * Burden with taxation/VAT * Changing interest rates * Changes in lifestyle * Disease problem of ...read more.

Conclusion

Open questions are ones that encourage the respondent to express opinions and perhaps to talk at length. These are appropriate to obtaining qualitative data from small groups but they are difficult to analyse for larger sample. It has advantage of avoid leading the respondent and bias. This type of questions was generally used in the personal interview with the manager of Lucky Restaurant, involved a face-to-face meeting. Closed questions, where respondents are asked to choose between options and give specific answers, are generally more appropriate for questionnaires. Care should be taken, however, that questions provide an appropriate range of options and are open enough to avoid bias. That is, they do not lead respondents to answers that do not accurately reflect their options. The questionnaire was used as a checklist to ensure that all relevant questions are asked. It provided a means of standardising questions so that information gathered can be combined and compared. Then, the questionnaire presented to a random sample of population in Coleford. Continuous data was presented in a line graph, different segments from group in a pie chart and numbers of individual data in a bar chart. During the primary and secondary research, I considered that there are some factors that would influence the result. Reliability is the main problem with data collected from field research, which are caused by human behaviour and bias. Sometimes people try to guess what you want to hear on a questionnaire and so are not entirely truthful. Questionnaire must be worded carefully to avoid this. Sample size is often not large enough to obtain accurate results. This is especially the case with random sampling (used in this project). A large sample size would also have helped the accuracy of this project, as anomalous results would be averaged out. Whilst secondary data is quicker and cheaper to get hold of than primary information, it is not always in the right format or up to date. The research may have been undertaken in the previous year when what you want is this year's figure. ...read more.

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