...Competitor Matrix Knowing who is your competition is only part understanding the local market. You should understand how they get customers to go to their establishment? During your investigation of the industry you determined the factors which make companies in that industry successful (www.hoovers.com). How does your competition satisfy these factors for success? By understanding where your competition is doing well and where they are doing not so well can help you determine how your company can compete in your chosen market. The following is an example of a Competition Matrix. |COMPETITOR MATRIX | |Fast Food Restaurants in Decatur and Forsyth, IL | |Service Quality |Food Quality |Efficiency |Price |Location |Cleanliness |Overall | |A&W |3 |3.25 |3 |3.25 |2.25 |2.75 |2.92 | |Arby's |3.5 |3.75 |3 |3 |3.25 |3.25 |3.29 | |Burger King |3 |3.5 |3 |3.25 |3.25 |2.75 |3.13 | |Culvers |4.25 |4 |3 |3.25 |3.5 |4 |3.67 | |Dairy Queen |3.25 |3.75 |4.5 |4.25 |3.25 |4 |3.83 | |Hardees |2.25 |2 |2.5 |3 |3 |2.5 |2.54 | |Kentucky Fried Chicken |3 |3 |3.5 |2.75 |3.5 |2.75 |3.08 | |Krekels |2.75 |3.5 |3.75 |3.75 |4 |2 |3.75 | |Long John Silvers |2.75 |3 |3.5 |3.5 |3.5 |2.25 |3.08 | |McDonald's |3.75 |3.5 |4.25 |4.75 |4 |3.75 |4.00 | |Panera Bread |4.25 |4.5 |4 |2.75 |2...
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...for the evaluation of the company's objectives, strategy and capabilities. These areas indicate to an organization about the strength of the business model or whether there are areas for improvement, as well as how well an organization will fit with the external environment. Goals & Objectives: An analysis on the mission of the business, the industry of the business and the stated goals required to achieve the mission. Position: An analysis on the Marketing strategy and the Marketing mix. Performance: An analysis on how effectively the business is achieving their stated mission and goals. Product line: An analysis on the products manufactured by the business and how successful it will be in the market. Competitors The competitor analysis takes into consideration the competitors position within the industry and the potential threat it may pose to other businesses. The main purpose of the competitor analysis is for businesses to analyze both the current and potential nature and capabilities of a competitor in order to be prepared against competition. The competitor analysis looks at the following criteria's: Identity competitors: Businesses must be able to identify competitors within their industry. Identification of whether competitors provide the same service/products to the same customer base will be useful is gaining knowledge on direct competitors. Both direct and indirect competitors must be...
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...sales and brand share. Method Nielson Scantrack collected the sales and store display data for 32 areas of sales for June 2012. The data show the sales and percent of store displays of frozen spinach for both our brand and our top competitor, DelMonte. The advertising expenditure data for our brand was taken from company records. The analysis was performed to evaluate the relationship between sales of our brand and DelMonte’s under certain variables such as increased ad spending and increased percentage of store displays. Key Findings The promotional activity of our brand has mixed results in terms of brand sales. Our store displays have the strongest positive relationship with Brand Sales of the promotional activity. More displays in a sales area results in higher sales. On the other hand, our advertising expenditures do not have an apparent relationship with brand sales. Lastly, percentage of competitor displays has a negative relationship with brand sales. The more displays a competitor has in a sales area, the less sales our brand makes. Recommendations Because of its low correlation with sales, our brand should cut advertising spending. Put more effort and resources into creating store displays because its relationship with sales is higher and more positive. If we can produce more displays, that will reduce the opportunity for our competitor to use store displays against our brand. Detailed Findings Relationship of Ad Spending and...
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...III. Industry Analysis Market Overview The market in which [Company Name] is operating can be characterized by the following: You can easily find the following information in one of two ways: 1. Find an association in your industry (go to a search engine and type in “[your industry name] association” (e.g., “restaurant association”), find your association and then search the association’s website for research they’ve conducted on your industry. 2. Go to a search engine and type in “[your industry name] market size” (e.g., “restaurant industry market size”), and review the results. For example, the following statistics were taken from the National Restaurant Association’s website: • Restaurant Market • Sales: $580 billion • Locations: 945,000 • Employees: 12.7 million — one of the largest private-sector employers • Restaurant-industry share of the food dollar: 49% • $1.6 billion: Restaurant-industry sales on a typical day. • $2,698: Average household expenditure for food away from home in 2008. • 73 percent of adults say they try to eat healthier now at restaurants than they did two years ago. • Etc. • Industry Sales ($): • Industry Sales (units): • Other Key Statistics: • • • • Market trend 1 (e.g., growth/decline): • Market trend 2 (e.g., changing customer needs): Relevant Market Size Our relevant market size is the annual revenue that our company could attain if we owned 100% market share. Our relevant market...
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...Kudler Fine Foods Mia Broadnax ECO/365 11JUN13 Ed Hartmann Kudler Fine Foods Introduction Kudler Fine Foods is an elegant specialty food store located in the metropolitan area of San Diego. Kudler has expanded her company into three specialty locations. Every location is roughly 8,000 square feet located in a soaring travel district. Kudler offers the most exceptionally optimum in local and international fare. They provide bakery and pastry goods, wine, crisp produce, juicy meat and seafood, cheese, and specialty dairy goods. Kudler Fine Foods not only offers specialty items that are not available at nearby grocers, but they have an exceptionally well skilled and cultured labor force that helps to style an pleasant and rewarding shopping experience. “We are highly selective in acquiring our team members; and will go to extensive lengths to assure that Kudler Fine Foods is the purveyor of choice for customers aspiring to purchase the finest epicurean delights” (Kudler, p. 3). Marketing research Marketing research is depicted as the method of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions (Perreault, Cannon, & McCarthy, 2011). It is the role that joins the patrons and the public to the merchant through information. The information presented is used to assist in classifying and identifying marketing projections and troubles. “Marketing research is used to generate, refine, and evaluate marketing...
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...University Coffee Café Marketing Plan Coffee Café is an initial start-up business that will sell high-end coffee to commuters along different areas of Charlotte North Carolina. Coffee Café will provide convenience and great service for commuters who desire to purchase a high quality cup of coffee within seven minutes from the comfort of their car. Supermarkets and fast food establishments that serve coffee are currently located throughout Charlotte. However, commuters have to exit their cars to get coffee, also only the supermarket carries the high-end coffee. Because the supermarket has a very congested entry and exit location, this causes a lot of commuters to not have the ability or convenience to stop. These customers would be the customers that we will initially target. Coffee Café will provide coffee services that will be matched by no other in the Charlotte area. We will provide high-end quality coffee and dining. Coffee Café will be conveniently located and the quality of service will be superior over our competitors, which will entice customers to make Coffee Café the place they want to drink coffee and dine. The mission of our business is to deliver services that: 1. Deliver superior value. 2. Offer outstanding quality 3. Are customized for the majority needs of the Charlotte N.C area- focusing first in the areas of Charlotte where the local competition doesn’t exist. Coffee Café intends to fulfill this mission by giving extra effort to the following: ...
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...Industry Definition and Competitor Analysis in Strategic Management Question: ‘A “strategic group” continues to be commonly defined as a group of firms within the same industry making similar decisions in key areas’ (Reger and Huff, 1993). Analyse the process of industry definition and competitor analysis as elements of strategic management. There have been numerous viewpoints on the subject of strategy and its role in business since the advent of the industrial revolution and the development of modern management practice. Many modern day theorists and students of the subject, me included, are of the viewpoint that Strategy in business is an ever evolving subject. Strategy can be interpreted and utilised in a number of ways and no theory or viewpoint should be disregarded as each question asked and each framework devised can be beneficial when applied to any situation which merits strategic evaluation. Industry definition is an integral part of the strategic process as a business needs to establish where it will be active, i.e. which market it will be involved in, how to access this market and then how to control the market. This could be equated to The ‘P’ in the well known PESTAL Analysis framework, where the business establishes its position in the marketplace. In Hambrick and Fredrickson’s framework ‘The Five Major Elements of Strategy’ the authors list Arenas, Vehicles, Differentiators, Staging and Economic Logic as the five most important areas to consider when formulating...
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...Edexcel GCSE Business Unit 2: Controlled Assessment Task 1 What would be the most suitable location for a small business to start up in your local area? Chicken cottage is one of the leading halal fast food services in Keighley which I am going to talk about. The original one was founded in 1994. In Keighley it is on the Cavendish high street. Their mainly are a fast food takeaway but can also eat inside so it is sort of a restaurant as well. It sells different types of chicken such as burgers, stake, etc. it is mainly a take away and you can also eat indoors. The four factors to do with location that I have decided to investigate are: Transport links, location of competitors, market (customers and population) and access to Labour. My primary research which I did was I went to Chicken Cottage to have an interview with the owner to find out why he chose the location for his business e.g. was it access to customers or staff, etc. I also carried out a primary research questionnaire of customers to see how they travelled to the restaurant and how far they were prepared to travel, etc. The location of the building is on Cavendish Street, Keighley. This is a busy high street. I also asked him if I could leave questionnaires for the customers he agreed For my secondary research I went online to see the competitors for his business, plus I researched if his business was easily accessible and it turned out that it was. I also got a number of the population of Keighley...
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...would you classify the office superstore industry? Who are the competitors? What are the characteristics of this industry that lead to this conclusion? Today’s office superstore industry in the United States provides a convenient one-stop shopping experience for small businesses and individuals with home offices. The main competitors in the industry are Office Depot, Staples, and Office Max. All of them offer a variety of office supplies, as well as computers, office furniture and other business related items. Office Depot is the largest office superstore chain in the United States. Office Depot is first in total number of stores, first in average sales per store, first in average weekly store sales, first in total delivery sales and first in net earnings. Most importantly, Office Depot is the lowest price competitor among office superstore chains. Staples is the second-largest office superstore chain in the United States; and the third major player in the office superstore industry is OfficeMax. The intense competitive rivalry between Staples and Office Depot turned to be quite beneficial for consumers. Both competitors had to reduce prices, introduce innovative approaches to marketing, distribution and store layout and expand into new areas of the country, bringing increasing numbers of consumers the convenience of one-stop shopping at low prices. Office Depot has been the most aggressive and lowest-price competitor, in turn forcing Staples and OfficeMax to compete more aggressively...
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...result in the identification of a corporation’s core competencies, but also in the identification of opportunities that the firm is not currently able to take advantage of due to a lack of appropriate resources. The SWOT analysis framework has gained widespread acceptance because it is both simple and powerful for strategy development. However, like any planning tool, SWOT is only as good as the information it contains. Thorough market research and accurate information systems are essential for the SWOT analysis to identify key issues in the environment. Assess your market: * What is happening externally and internally that will affect our company? * Who are our customers? * What are the strengths and weaknesses of each competitor? (Think Competitive Advantage) * What are the driving forces behind sales trends? * What are important and potentially important markets? * What is happening in the world that might affect our company? * What does it take to be successful in this market? (List the strengths all companies need to compete successfully in this market.) Assess your company: * What do we do best? * What are our company resources – assets, intellectual property, and people? * What are our company capabilities (functions)? Assess your competition: * How are we different from the competition? * What are the general market conditions of our business? * What needs are there for our products and services? * What are the...
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...solutions for developing business processes, increasing profits, improving company performance, investigating competitors and getting more satisfied customers. Marketing research should be looked at something positive that is going better your business if done the right way. On the other hand, it the research is not done correctly it could kill your business before it starts. The success of the business depends on the market reach conducted. If the research was done correctly you will be able to learn things about your business you had never hear or had no idea about. A good and or effective research can tell you things like the average household income in the area you will like to open your business. This information can be used to help you come up with reasonable prices for those that will be able to afford it with no problem. You can also learn about the demographics in that particular area; ones you learn this you will be able to make a decision on the types of product, good, and service that will be offered. There are many business who have opened their doors and closed them a moth or two after due to lack of area knowledge. If the market would have been research prior to opening they would have realized what a waste of money it was going to be. The Kudler Fine Foods opened their doors knowing that there product was unique at least in the Sandiego Metropolitan Area. This is a good sign because this means they don’t have any immediate competition and their will be no need to...
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...Case Analysis：Frito-Lay, Inc. Problem Definition In mid-1990, Frito-Lay, Inc. makes a new chips brand called Sun Chips Multigrain Snacks. The product had been in test market for 10 months in the Mineapolis-St. Paul, Minnesota, and metropolitan area. The senior Frito-Lay executives need to decide it they would launch this new product to market officially after the test period. Objectives: (1) Extend its product to attract the customers who always look for new and variety product. (2) Update healthier recipe to meet the current trend of healthy eating. (3) Pioneer a new snack chip category to maximize profit in the new market. Concerns: (1) Whether the premarket test results can correctly reflect the market performance when it introduced to nationwide market. (2) There are many competitors in national market or local market. It's easy for them to make similar products. (3) The advertising and merchandising budget will rise. (4) The new product will cannibalize volume from its previous products. The Situation of the Company Frito-Lay, Inc. is a division of PepsiCo, Inc. It is a worldwide leader in the manufacturing and marketing of snack chips. It is capturing nearly one-half of the retail sales in the United States snack chips market. Well-known brands include Lay's brand Lay's brand and Ruffles brand potato chips, Fritos brand corn chips, diorites brand, Tostitos brand, and Santitas brand tortilla chips, Cheetos brand cheese-flavored snacks, and Rold...
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...seeking to develop an edge over rival firms can use this model to better understand the industry context in which the business operates (Baltzan, 2012). Buyer Power Buyer Power is simply the ability that buyers have to affect price of a given item. The framework that affects buyer power can be bargaining leverage, price sensitivity, product differentiation, buyer incentives, buyer volume, substitute products available, buyer information, and brand identification (Teisberg, 2006). The major buyer factors that affect the Hometown Deli are within the marketing area. The deli exists within a small town with few buyers and no large volume of purchases from neighborhood businesses. There are no incentives to patronize the deli or reminders that the business exists. Substitute products are readily available from other potential sandwich shops. The Deli does not have a product that distinguishes it from its competitors. Hometown deli products are not important to the town’s buyers and they can do without making any purchases. To improve customer knowledge and provide incentives to return; I would prepare a grand re-opening and marketing kick- off campaign, with all the bell and whistles. The Hometown Deli needs to update and make its place in the market known; within the entire town before it’s too late. Supplier Power Supplier Power entails your supply chain consisting of all parties involved in obtaining raw materials or a product either directly or indirectly. Factors...
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...is currently focused on expanding the services, improving the efficiency of its operations, and increasing the consumer purchase cycle. (Kudler Fine Foods) Kudler Fine Foods continues to grow and gain popularity. With their current growth, Kudler Fine Foods is ready to develop changes to increase revenue and lower costs. This paper will justify the importance of research to the marketing strategy and tactics of Kudler Fine Foods. This paper will also cover competitive intelligence and analysis and explain how it plays an important role in the development of the marketing strategy and tactics. In addition, if Kudler Fine Foods needs any additional areas of research, this paper will identify those as well. Marketing ResearchMarketing research is a type of business study that gathers records and analyzes data about consumers, competitors and the market. Marketing research can help create a business plan, launch a new product or service, expand into new markets, fine tune existing products and services. Businesses use market research to configure which parts of the population will purchase their products based on variables such as age, gender, location and income level. Marketing research finds the characteristics of target markets and plays an important part in an organization’s strategy of expansion. (Kotler, 2006)Marketing research is important to Kudler Fine Foods (Kudlers) since they are expanding their services. Marketing research will help Kudlers develop a plan for their...
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...expansion of the services it provides in an effort to improve efficiency of its daily operations with the ultimate goal of boosting consumer purchasing. With the company’s current growth, Kudler Fine Foods is committed to implement changes to increase revenue and to cut costs. This paper will highlight the importance of research to the marketing strategy and the direction in which Kudler Fine Foods heads; additionally this paper will cover competitive intelligence and analysis in order to explain the role it plays in the development of marketing strategies and tactics. Finally, should Kudler Fine Foods require additional areas of research; this paper will point out those areas as well. First a brief description of market research; Marketing research is a study of a particular type of business that compiles information and analyzes data about consumers, competitors and the market being researched. Marketing research can be used to create a business plan, launch a new product, expand or enter into new markets, or make adjustments to existing services and or products. Companies utilize market research to determine which parts of the populace will buy their product based on gender, age, income level and location. Marketing research can find the specific characteristics of a particular market that a company wishes to target and has a substantial importance in a company’s strategy for expansion (Kotler, 2006). So why is marketing research...
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