A Service Perspective On Business Relations - MyAssignmenthelp.com

Question: Discuss about theA Service Perspective On Business Relations. Answer: Introduction In the modern competitive business, it has become essential for the companies to take use strategic plans that help them in carrying out their different processes (Castillo, 2016). One of the major plans that need to be made by different organisation is marketing plan. It is understood to be the blue print of all activities that will be done in the marketing that helps to attract consumers (Chaffey and Ellis-Chadwick, 2016). It helps company in conducting their marketing operations in a planned manner which is necessary for achieving success in the cut throat competition that is present in the market. Marketing plan consists of various kinds of information like the companys present situation, its present condition, marketing strategies, budget that will be required for carrying out the whole process in this financial year. Hungry Jack is one of the biggest fast food outlet chains of Australia and is known for its burger. This report highlights various parts of the marketing plan of H ungry Jack for coming financial year. It also showcases the present business of Hungry Jack and the competition it is facing. Companys profile Hungry Jacks Pty Ltd is an Australia master fast food franchise and wholly owned subsidiary of Competitive Foods Australia. It is second largest franchiser of Burger King Corporation in the world. It is operating at around 390 locations all around Australia. It is an employer of around 15000 employees and had a net income of around AUD 246.5 million. This company is known for its Burger in Australia and was established in the year 1971. It serves in both the veg and non-veg section and its chicken burger is one of the most sold burgers in the industry. Situational analysis It is essential for any company to analyse its situation in the market. It helps them to understand the strategies of the company that will be beneficial for the company (Cheng, Chiu, Hu, and Chang, 2011). Apart from this there are many kinds of factors that can be utilised for understating the situation of the company in the market. Situational analysis is the evaluation of environmental factors that are present around the firm (Spiekermann, Rothensee and Klafft, 2011). It is essential for the firm to understand the conditions that is prevailing around the firm. External environment It is essential for the firm to understand the importance of factors that is lying in the external environment and is affecting business of the firm (Civi and Persinger, 2011). It comprises of many macro factors. All these factors need to be analysed so as to have clear idea about the ways in which Company will make its marketing strategy so that it does not fail. There are some factors that shape its external environment (Czinkota and Ronkainen, 2013). Competitors: There larger amount of competitor present in the fast food industry in Australia. Some of its biggest competitor is McDonalds, Dominoes, KFC, etc. They have the capability to change the industrys trends and are posing harsh competitive environment for Hungry Jack. Apart from them there are some local franchises or SME that are in the industry and are affecting the business of the cited firm. Political: There are larger amount of changes that is going on the political situations of the world and so is the case of Australia. There are larger numbers of decisions that is made by the government of Australia and are affecting the business of Hungry Jack. One of the most significant decisions that have been made by the government is about the Taxations especially service tax which is one of the decisive force of pricing strategy and determines companys profit margin. There are many kinds of political ties that have been made by the government of Australia and many other governments all around the world. Government has become very strict regarding the food quality and has empowered customers regarding any kind of failures and compensations. Economic: There had been many kinds of economic changes that are being noticed in many parts of the world and so is the case with Australia. In past one decade there are many economic hiccups that are being noticed in many economies which also had an impact on the Australian economy. This is the time where the assets earned from previous business of Hungary Jack can be utilised for managing its business. People do not want to spend a lot on the high price fast food products. Apart from this it is to understand that even after so many challenges Australian economy has been relatively stable that can assist firms like Hungry Jack to continue its business. Social: Society is changing and so is its eating habit (Nye, 2016). It has been noticed that people are opting for eating fast food rather than cooking at home. It is also due to the reason that people do not have time for cooking food and hence they are opting for fast foods. Changing habits of the people in the society is one of the positive sign for Hungry Jack. Australian society loves to spend time in the fast food chains that is capable of providing food of various taste at the same place. Since the per capita income of Australia is higher hence the company can easily market its product. Technological: In the era of advanced technology it has become essential for the firms in the fast food industry to take use of such machineries and technologies that can helps them in reducing overall cost of operations (Peter and Donnelly, 2011). It also helps to increase the efficiency of the production unit. Apart from this company can take use of technological means for various operations of the firm such as marketing, advertisements and data management which are very crucial for the success of the firm. This company is known for its fast delivery services which cannot be possible without the use of effective technology. Since the technology in the industry gets double in every year and hence firm needs to make sure that company up grades its technology as soon as possible so that it does not face any kind of challenges in the industry. This will also help to survive in the competition that is present in the market. Legal: There are many kinds of legal changes that have been done within Australia which directly affects fast food industry. These legal changes have been made in the field of labour laws, environment related laws as well as laws related to consumer grievances. Cited firm needs to properly comply with these so that company do not have to face any kind of legal challenges in its operations. Environmental: There are many rules and regulations that have been made by government of Australia which has to be taken care of. This company needs to make a new waste management policy so that most of its waste food products can be disposed. Government has made regulations regarding the use of plastics in various industries which have become essential for the firm to take care off. Environment friendly business of the firm results in good will of the firm and help firm in making its name in the market. Apart from this it is also essential for the firm to understand its internal environment as it helps company to understand its competencies that can be utilised for making successful business. For understanding its internal business SWOT analysis can be highly beneficial: Strength This company has an experience of working in the Australian market from around 45 years which gives it a deep understanding of the market and makes its reach more inside the industry. Large number of stores of the firm helps company to capture larger part of the market which is essential for growth of the firm. Larger back strength in the form of Competitive food Australia and Burger king which can help it in the times of financial stress. Burger its primary product is capable of attracting the taste buds of many consumers which helps them in making themselves as market leader. Highly good environment at outlets where people can enjoy their food. Weakness This company has not been able to increase its product range and no other product of the company is as successful as Burger. Not having experience of operating in international fast food market. Many kind of strategic failures in expansion policies have been noticed. Opportunities Company has higher scope in other parts of the world especially in the developing economies such as south Asian countries. Hungry Jack need to expand its business in some other products also. It has opportunity in small and medium size cities with its low priced products. Threats There is a cut throat competition in the fast food industry which reduces its chances of expanding in market and is also affecting its business. Unstable economy in many parts of the world has also reduced the GDP of the nation. This may restrict the business of the firm in the market. Presence of larger firms such as McDonalds who has a capability to change the shape of the industry. Objectives of Hungry Jack It is important that company sets its objectives as it guides them to come with better strategies that help them in gaining competitive advantage over its rivals (Grand view Reserach, 2016). It is also essential that objectives must be SMART (Grnroos, 2011). Objectives of Hungry jack are as follows: Specific: Company aims to double its number of outlets by the end of 2020. Measurable: This Company aims to increase its revenue for two times by the end of financial year 2019. Achievable: They want to train their employees with all major technologies that are used in industry by the end of year 2018. Realistic: They want to beat all their competitors in terms of earning within Australia by end of year 2020. Time limit: They aim to add new products within the food menu by the end of year 2018. Target market Since it has large variety of Burgers that is capable of attracting larger sections of the society hence its target market belongs from different sections of the society. But its major target is children and youngsters as they are more attracted towards its products. Target market of the cited company is youngsters who love to sit in the outlets and enjoy their meals especially in the evenings and their free time. Types of segmentation Segmentation criteria McDonalds target segment Geographic Region Domestic Density Urban Demographic Age 8-50 Gender Male and female Life cycle stage Bachelors, children Income Low and medium Occupation From every profession and students Behavioural Degree of loyalty Switchers and regulars Benefit Sought Cost benefit Personality Careless and easy going User status Regular and potential fast food lovers Psychographic Social class Lower, middle and working classes. Marketing mix It is considered as the set of tools that is utilised by the company for making its marketing activities more sound and effective (Gupta, 2017). It helps company in reaching to the larger sections of the society with the product that this company aims to advertise. Marketing mix is as follows: Products: Its product range includes vegetarian and non-vegetarian burgers, salads, hot and cold beverages of different types. Apart from this company is selling Whopper and Tender Grill sandwiches. It products are generally of lower cost and are made according the demands of the industry. Their product lies in unhygienic section as most of its products have high caloric content. Price: This Company is known for its low and medium pricing range products. There is intense battle in the pricing strategy between its rivals like McDonalds which also has same range of products available at the lower rates. Burger lies in the range of 1-3 AUD according to different sizes of Burgers. It believes in Bundle pricing strategy which assists them in generating larger profits. Place: There is larger number of places where company has its outlets approx. 390 across Australia. Its outlets are highly comfortable where people can enjoy food with their family and friends. Apart from this there are many kinds of arrangements for the people that are coming to the outlets for having peace. It is known for its fast services. Apart from this it does online delivery of the food that can be booked using mobile apps or website. Promotion: This Company utilises both traditional and advanced mediums of communication for promoting its products. Vouchers and Freebies are given to the consumers so as to attract more number of consumers towards outlets. Shake and Win campaign in which free foods have been delivered to the consumers within one Kilometre of the outlets was highly successful. It also own Perths first Australian Football league team. Apart from this it has been donating money for various good causes. Nothing Naughty about it was its strategy to attract women customers People: This Company has employed one of the most skilled employees for Australia for their outlets who have an experience for serving in most professional manner. They handle their customers in a better way as they understands that higher satisfaction level can be achieved only if employees deliver services in effective manner. They believe in timely training of their employees. Physical evidence: Hungry Jack focuses on serving healthy food and it provides food in the same way as it has promised. It products are tangible and have a capacity to lure the test buds of many customers at a time. For its health conscious consumers it has different range of products like salads. Process: This Company is known for using one of the best practices in the industry. It also takes use of many advanced technologies which ensures that delivered food is of higher quality. It also has formalised the way of serving so that it can satisfy larger number of consumers. It believes in bundling of products that includes different kinds of food under lower rate than what individually would have cost. Budget It is essential for the firm that it makes its marketing budget (Hartley and Claycomb, 2013). It comprises of various expenses that will be done on different activities of marketing (Hawkes and Harris, 2011). It helps company to manage its last moments financial problems. Activities 1st year (In AUD) 2nd year (In AUD) Direct marketing 14000 16000 Sales marketing 15000 17000 Traditional advertisement 30000 24000 Social media marketing 5000 9000 Digital marketing 15000 20000 Total 79000 86000 Implementation It is essential for the company to apply appropriate measures for implementation of the marketing plan (Hebden, King, Grunseit, Kelly and Chapman, 2011). It helps in making sure that marketing activities become successful (Jin, Lee and Huffman, 2012). There are many kinds of things that need to be taken care of while implementing a marketing plan some of them are as follows: Strategy: This Company needs to develop a strategy of product differentiation. This is due to the fact that there are large numbers of competitors in the market and without making their product different from others they cannot achieve higher sales. In the Burger section they need to add new taste into it so that large numbers of consumers can get attracted towards it. All the marketing activities must be aligned with this strategy. Monitoring: It is important for the managers to make sure that they monitor activities at the time of implementation as well as during entire marketing activities (Hollensen, 2015). This helps in reducing the illness of the marketing plan as changes can be easily made in the plans according to the requirement (Jobber and Ellis-Chadwick, 2012). For doing so they generally need to develop a system where they document all the activities that is going on in the marketing (Kannammal and Dr. Suvakkin, 2016). By doing this marketing team can easily check the deviations that occur while conducting various activities. Evaluation It is essential that the data obtained through monitoring of activities has to be evaluated (Kotler, 2011). This helps in finding what necessary changes need to be done in marketing process (Morgan, Katsikeas and Vorhies, 2012). For evaluation there must be a specific team that must be present. This evaluation must be done on a regular basis so as to make it more successful. Future Recommendation There must be continuous monitoring of all the marketing activities so as to find out any kind of discrepancies. Time to time evaluation of whole marketing process must be done so that necessary changes can be made as per the requirement. Company must focus on digital marketing rather than tradition marketing. Conclusion From the above based report it can be concluded that in modern times it is essential that companies develop an effective marketing plan so as to attract larger number of consumers towards its products. 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