Predicting Brand Perception Market Entry -Myassignmenthelp.Com

Question: Discuss About The Predicting Brand Perception Market Entry? Answer: Introduction In Singapore, the total population is more than 5.6 million in 2017. If the comparison is made with the past 10 years then it is seen that there are only 4 million people. So it is also seen that governments give assistance to globalization. Burger hut can take advantage of the condition that is prevailing by taking into consideration global expansion. Political stability also minimizes the challenges to the growth of the organization. Burger hut should try to improve the e-commerce capabilities. So, political factor helps to enhance the market on an international platform. Environmental factor It is seen that Singapore national environment agency emphasizes on minimizing the food wastage by launching a campaign. Based on NEA survey it is analyzed that many customers are wasting foods and it is causing a serious problem to the environment. So, it is important that residents should work together so that the waste can be minimized of the society and at the same time resources can be saved by reducing wastage of food. Climate change can minimize the overall stability of the supply chain management of Burger Hut. It can be a threat for the company in the coming years. The company also has the opportunity to enhance the sustainability status. If the focus is given to business sustainability then it can be treated as an opportunity for the company. Also, burger hut has the opportunity to enhance the efficiency so that more customers who advocate low carbon lifestyles can be attracted. With the increase in popularity of low carbon, lifestyle is an opportunity for the company (Brec k, Cantor, Martinez Elbel, 2014). Social Factor The increase in population diversity offers burger hut an opportunity to innovate its products so that customers can be attracted to different backgrounds. Demand is affected by the people who are more Health conscious. If the company has the opportunity to introduce healthy products then they should take into consideration the products that are healthy for the customers. Animal rights advocacy still prevail to attract the attention and threaten the products of burger hut. The company can take into consideration the new supply chain policies so that the rights and welfare of animals can be addressed. The population is increasing because over the years there are foreigners who migrate to Singapore for different retention. Burger hut should focus on analyzing the demand of the customers so that they can innovate products according to the expectation level of the customers. Also as it is seen that Singapore is a multi-racial country that has an endless selection of cultural and educational opportunities. So, if there is more population in Singapore, then wide customer range would consume the products of the burger hut (Brindal, Wilson, Mohr Wittert, 2015). Technological factor There are various new technologies that are present in the business in the current business environment. Burger hut can take into consideration the technologies so that operational efficiency can be improved. The company can also focus on mobile users so that large market share can be grabbed. By considering research and development activity in the fast food sector, burger hut has the opportunity to enhance its research and development investments to enhance performance. The innovation of new technologies can help to create a better job opportunities and working condition of the society. At the time of new launching, it creates a new spark for business. In the coming years, it is noticed that consumer can use VR for shopping, online ordering, and the delivery will be made through the drone. The adults will be paying all kinds of bills with the help of online banking system. In the recent scenario, it is seen that in Singapore 2G mobile phone and network are totally phased out. Not only improvement is made in the mobile network but also new technologies have brought new possibility in future for burger hut (Teichert, Effertz, Tsoi Shchekoldin, 2015). Economic factors As it is seen that countries implement more and expanded trade agreements so it creates a good opportunity for the company by considering global supply chain. Singapore economic stability helps the company to grow in the market. Burger hut has the opportunity to expand in developing economies. Burger hut should focus on growth and expansion so that the demand for the products can be enhanced easily in the market. Legal factors Burger hut should comply with the legal requirements. The overall impact of the legal system will give hindrance to the working structure of the organization. Burger King has the opportunity to enhance the import and export regulations that assist new international trade agreements. The organization can improve its sustainability performance to increase expectations and requirements based on environmental protection laws. GMO regulations affect the performance of burger hut by taking into consideration the availability of GMO ingredients that are used in the industry. So, it is seen that burger hut should focus on the concerns like growth and expansion in the market, sustainability of business operations, mobile transactions and improvement of product for health-conscious consumers so that the demand for the product can be enhanced. SWOT Analysis Burger Hut has a good product line if the comparison is made with the competitors. Burger hut not only provides burgers in different combination but also offers BBQ chicken burgers. Secondly, Burger hut has a strong goodwill in the market. The company is strong in its branding efforts but it is on the stage of expansion. In places where the company is present capture a large market share so that the activities of the company can give positive results. It is also analyzed that the company should have a strategy of the franchise so that innovative menus can be introduced rather than worrying about the finance. Burger hut has a moderate differentiation that helps the company to enhance its uniqueness of many products. Weakness The weakness of Burger hut is that they have a limited product mix. The company has moderate diversity but the weakness is related to the business strategy and goods that are imitated by the competitors. Other competitors can also offer same grilled burgers that company offers it should be imitable by the competitors. It is seen that fast food sector has a limited product mix that helps to prevent the organization from attracting the customers for more options that are available for the customers. Sales of the company are decreasing in the market as there are many customers who avoid fast food because of it unhealthy for health. Just because of the thinking pattern of the customers the revenue also decreases of the company (Grant, 2016). Opportunities There are many opportunities to burger hut which are related to the health consciousness of the customers. It is seen people prefer to consume those products that give benefit to their health. To achieve profit and improvement it is recommended that healthy menus, lo fat and lo calories should be launched so that more customers can be attracted towards the products. Together with diversification and product mix, the company can easily enhance the market share. Burger hut has the opportunity to enhance its product line so that more consumers can be attracted towards the company. The company should also enhance service quality so that differentiation can be made from the competitors like McDonald's (Hanaysha, 2016). The major threat to the company is from the competitors who are offering the same product as burger hut. There is high competition in the fast food business and also among the local easting joint and international companies like KFC, Pizza, and Subway. Just because of health consciousness the habit of the customers is changing. Healthcare awareness campaigns are organized by the government and NGO so that customer becomes conscious and consume more products of the company (Moran, Ramirez Block, 2017). Burger hut can implement the strategies so that major concerns can be addressed like enhancement in the service quality, a healthy lifestyle can be improved and also product mix can be enhanced. Marketing Communication Objectives SMART Approach The objective of the company is to attain profitability, growth and good customer service. It is seen that goals and objectives of the company are very important as it maintains burger hut integrity by considering competitors and customers. The objective of the company is to offer best and affordable services to the customers. It is important to have proper communication with the customers so that better quality and services can be offered to the customers. The company can advertise the offers by taking into consideration banners, coupons, the newspaper by social media (Genoveva Siam, 2017). The target age group will be the young adult and working adult. By considering social media, television advertisement and sponsorship of channel so that concept can be enhanced within 9 months and it will get 40 percent of Singapore residents to get knowledge about the brand. In the first 3 months, we will try to make awareness and promote the concept of social media like Facebook and Instagram. It is seen that official account of burger hut will be created so that review and feedback can be taken from the customers. By scanning QR code, the customers can get more information and also many offers (Rutsaert, Pieniak, Regan, McConnon, Kuttschreuter, Lores Verbeke, 2014). In the next 3 to 6 month, the coupons will be distributed and scan the QR code at the time of redemption of coupons when customers purchases a meal. In 6 to 9 months the company will conduct a competition named as "big stomach king" so that Hashtag program can be launched (Rothaermel, 2015). After 9 months the burger hut sales will enhance and more than 40 percent resident of Singapore will get information about burger king. If the campaign is conducted like "Big stomach king" and the products will be promoted on social media to attract customers can help to enhance the overall sales in an effective manner. Burger hut should share the promotion by taking into consideration social media sites like Facebook, YouTube, and Twitter so that the Time is considered as money. To attain the goals that were set earlier by November 2018, the company will accomplish overall goals and objectives effectively. STDP Approach Food is considered as an important aspect in Singapore. It is seen that the living cost is expensive in Singapore. The information below shows the monthly spending of Singaporean. Based on that information it is seen that resident spends more on food and beverages by taking into consideration transport and household expenses. By doing segmentation it is seen that there are working adults and young adults. Targeting When a fast food product is a high price, the target will be on the working adults and young adults. The adults will be targeted as they are able to purchase the product easily. Differentiation Burger hut is taking into consideration unique black and white burger as one of the advertisement appeals and also to make the products different from the competitors. If this appeal is made then it can be easy to attract the attention of the customers. The company should make an attractive poster so that the customers can be attracted towards the products. Positioning Effective brand positioning will help to increase the customer relevance and competitive advantage so that brand value can be increased. The key selling point of burger hut is the combination of a large portion and also the unique combination so that large market share can be grabbed. Marketing Mix The company is also planning to launch 2 different types of the burger like a blue burger and red burger in combo. The special recipe will be considered for both the burgers so that it tastes different. Also, the company should include fries and drinks to enhance the satisfaction level of the customers (Liu, Lee Hung, 2017). The company should not only introduce new burger but also vegetable salad and cheese potato should be introduced in the market. The prices of the product should be fixed by comparing with other competitors. Low prices should be set so that more customers can be attracted. The promotion of the products will be based on the advertisement. The promotion can be done by considering social media campaigns like print media and event sponsorships. The company should emphasize on setting the outlet in the center of the city so that more customers can be attracted towards the products and services. Proposed Evaluation and Control Customer feedback is essential as it offers the opportunity to the marketers and management to enhance their business, products, and services. When the customers buy any item from a stall, a feedback QR code is seen on the bill. The customer can give feedback by clicking on the links. There are few questions that are asked of the price range, customer service, and location. Burger hut should consider the figures to improve the overall performance. Activities of Competitors To analyze the activities of the competitor is important especially when they are trying a strategy related to counter. It is important to know who the competitors are and what services will be offered to assist the management to respond to the competitors. It is also important to analyze the ways that will help to improve the performance of the organization. Conclusion By analyzing the report, it is seen that burger hut could attain its financial goals. In the analysis, it is evaluated that world is changing its activities rapidly by considering a mobile phone that will help the customers to change effectively. It is also essential to adopt a new trend that is on the market. It is essential for the burger hut to put more efforts in branding so that company can compete effectively in the market. By following proper evaluation the company will be able to achieve overall goals and objectives. References Breck, A., Cantor, J., Martinez, O., Elbel, B. (2014). Who reports noticing and using calorie information posted on fast food restaurant menus?. Appetite, 81, 30-36. Brindal, E., Wilson, C., Mohr, P., Wittert, G. (2015). Eating in groups: Do multiple social influences affect intake in a fast-food restaurant?. Journal of health psychology, 20(5), 483-489. Genoveva, G., Siam, S. T. (2017). Analysis of Marketing Strategy and Competitive Advantage. International Journal of Economic Perspectives, 11(1), 1571-1579. Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley Sons. Hanaysha, J. (2016). Testing the effects of food quality, price fairness, and physical environment on customer satisfaction in fast food restaurant industry. Journal of Asian Business Strategy, 6(2), 31-40. Liu, W. K., Lee, Y. S., Hung, L. M. (2017). The interrelationships among service quality, customer satisfaction, and customer loyalty: Examination of the fast-food industry. Journal of Foodservice Business Research, 20(2), 146-162. Moran, A. J., Ramirez, M., Block, J. P. (2017). Consumer underestimation of sodium in fast food restaurant meals: Results from a cross-sectional observational study. Appetite, 113, 155-161. Rothaermel, F. T. (2015). Strategic management. McGraw-Hill Education. Rutsaert, P., Pieniak, Z., Regan, ., McConnon, ., Kuttschreuter, M., Lores, M., ... Verbeke, W. (2014). Social media as a useful tool in food risk and benefit communication? A strategic orientation approach. Food Policy, 46, 84-93. Teichert, T., Effertz, T., Tsoi, M., Shchekoldin, V. (2015). Predicting brand perception for fast food market entry. Theoretical Economics Letters, 5(06), 697.