Market Presence Of Fast Food Industry †MyAssignmenthelp.com

Question: Discuss about the Market Presence Of Fast Food Industry. Answer: Introduction Burger Hut is planning to introduce a special burger in the market with special ingredients through which burger will be known as special healthy burger. Apart from this Burger Hut has also adopted some strategies to gain competitive advantage in the Singapore market. Singapore is a country known for its attractive places hence; it is included in the most favourable location from the perception of tourists. In this country, fast food industry is also growing rapidly and for restaurants, it is being a big threat as well as challenge because people are adopting these products instead going for restaurants. The burger invented by Burger Hut is a healthy burger as well as it can be shared too because its design will be in the form of slices. To introduce this special burger in the Singapore market effectively, organization as adopted various strategies to analyse the market conditions as well as to determine the factors available in the market which could affect the business performance. Environmental scanning will be the conducted in order to analyse the strategies adopted by competitors and PESTLE and SWOT analysis will be used in order to gain the effective outcomes. Apart from this,marketing strategies which will be used to promote the new product invented by the organization and the medium opted to introduce the special burger will be selected and discussed under this report.Marketing communication channels as well as the controlling methods for risks present in the Singapore market will also be discussed below in this report. The major factors of this burger through which it will be known as special burger are its healthy patty which is made of spinach and fenugreek, apart from the patty, burgers bread will be of wheat or of multi grain. To add the taste in this burger, cheese and mayonnaise and this will be served with ketchup. Along with the burger, consumers can choose fruit juices for making it healthier or it can also be consumed with cold-drinks. Products description The idea of inventing the special burger is influenced by reviewing the health-issues faced by teenagers through consumption of fast food products. It has been observed that the major consumption of the fast food products is done by teenagers and children. It has also been reviewed that various health issues are faced by those people who excessively consumes fast food products. To resolve those issues, organization has invented the idea of producing the healthy burger under which the patty will be made of spinach as well as fenugreek. Both these vegetables have positive results over the human body and apart from the patty of the burger, multi-grain bread will be used and it will be mixed with cheese and mayonnaise. This is the unique concept in the history of fast food industry and it will also help the teenagers and children to resolve their health related issues as well as this will fulfil their needs to having fast food (Whitton , et. al., 2014). Environmental Scanning Under this step, Singapore markets condition and the relevant factors will be studied which could affect the performance of the business. In order to evaluate the effectiveness of the factors available in the market of Singapore, SWOT analysis and PESTLE analysis will be performed for better outcomes (Catherine Henderson, 2014). SWOT analysis Strengths Burger Hut has effectively launched special burger and other relevant product to expand their range of menu. As per the market research, demand of their innovated product is high in Singapore market (Swanson, 2015). Price of the new product is set low to gain the competitive advantage. Weaknesses Being a new organization in the fast food industry, it will be bit difficult for the organization to find prime locations. Lack of knowledge in relevance to the fast food industry. Lack of marketing concepts as well as adaptation of the strategies will also be great challenge for the organization (Popkin, 2017). Opportunities Major opportunity is available with Burger Hut in order to develop distinctive market presence through special burger. Expansion of Burger Huts outlets in the prime locations will result in enhancement in their products (Fogel, et. al., 2017). Adaptation of the adequate promotional strategies will also be an opportunity for the Burger Hut in order to spread the awareness in the Singaporean public. Threats Developing the market position in front of existing big brands of fast food industry. Aggressive promotional strategies used by Burger Huts primary competitors (Aldehayyat, 2015). Failure of the new product is also a big threat because bringing change in the consumers preference is bit difficult task. PESTLE analysis Through this analysis, organization will be able to determine the factors present in the external environment of the Singapore market which could affect the business performance. Following are the macro-environmental factors which could affect the business growth and performance: Political: Impact of governmental policies will affect the business performance such as imposition of taxes over fast food products will lead to the increase in the cost of the burger hence; price will be raised in order to recover the cost of production. Apart from this, introduction of health policies and in result to this, ban may be imposed on the selling of fast food products. This may result in the shutdown of the business. Economic: Singapores economic growth is stable hence; it will be a beneficial situation for the Burger Hut. Adaptation of the adequate pricing strategy will result in maintaining the same demand of the products in the period of recession due to its affordable price (Dey, 2016). Social: Many people are moving towards the healthy lifestyle and the products introduced by Burger Hut will help them to move towards the healthy lifestyle. As it will fulfils the taste requirement of the people as well as it is healthy too. Technological: These are some of the factors which are already practiced by Burger Huts competitors. Taking orders through mobile application, enhancement of business through adopting automation techniques in the workplace. In order to bit them, Burger Hut also needs to adopt these strategies in order to increase their sales as well as to spread the awareness in relation to the new product (Chhabra Kiran, 2015). Environmental: The special burger launched by Burger Hut will not affect the environment because the ingredients used to make this are healthier as well as natural. Apart from this, availability of special burger will never decline because the ingredients used are available through the year. Legal: Burger Hut needs to fulfil the entire legal requirement before commencement of the business in order to remove the chance of disturbance with the effect of non-fulfilment of legal policy in the workplace. Despite the fulfilment of the legal needs, Burger Hut is using ethical as well as healthier ingredients which will not leads to breach of any legal requirement of Singapore (Yang, et. al., 2017). After conducting the SWOT and PESTLE analysis, it has been observed that organization needs to adopt some effective marketing strategies though which they could spread the awareness in the Singaporeans as well as in the tourists effectively. The primary competitors of Burger Hut in Singapore are ZCA Burgers and Unique Fast Food Company. They both are quite famous in the Singaporean market as well as they have developed their goodwill through serving qualitative as well as tasty burgers. They both are involved in the same process as Burger Hut is planning to get involved. The major difference will be that Burger Hut is introducing the healthier burger whereas ZCA and Unique Fast Food Company are serving un-healthy burgers through which people may face health issues such as over-weightage, blood pressure issues, addiction of fast food, etc. (Fuster, 2016). Marketing communication objectives Marketing communication objectives are built to spread the awareness in the public, target the audience in relation with the product launched by the organization, selection of advertisement strategies on that basis, etc. In terms of Burger Hut, major objectives for marketing their new burger will be spreading awareness in the Singaporean market in relation to spread the awareness for special burger. Since the concept of launching healthy cum sharing burger is quite unique hence; this requires adaptation of adequate marketing strategies so that positive response in relation with the special burger could be found (Percy, 2014). Apart from this, marketing communication objectives defines that accurate and ethical information should be provided to the public and this should not vary with the actual description of the product otherwise it may affect the demand of the product as well as the goodwill of the company will also be effected. Basic qualities of marketing strategies are quality, integrity, consistency, convincing power, enough information, etc. should be present (Armstrong, et. al., 2015). Quality which is the major objective in terms of introduction of new product in the market so it should be followed adequately in manufacturing the new product otherwise demand of the special burger will decrease. The second marketing objective for Burger Hut is integrity and through this objective, organization is promoting only those qualities which are actually present in the product. Maintaining the same quality and the taste is also a bit difficult task for the organization but this is the major objective for maintaining the demand of the Burger Huts products. Apart from this, the characteristics as well as the qualities of the special burger need to be convincing enough so that consumer adopt special burger in place of ZCA and Unique Fast Food Companys burger (Hollensen, 2015). Marketing Communication Strategy This strategy consist the outcome adopted from the previous method i.e. marketing communication objectives. Burger Hut is inventing the special burger which includes all those ingredients which can be consumed by any age group. It will not lead to health issues such as over-weight, addiction of fast food, etc. To promote the special burger, Burger Hut may choose any of the available method for promotion. The major platforms of advertisement are print medium and electronic medium. Being a new firm in the fast food industry, Burger Hut needs to adopt a good combination of print as well as electronic medium of promotion through which organization could be able to obtain effective results in terms of demand of the product (Ashley Tuten, 2015). Print medium of advertisement incudes newspaper advertisement, distribution of pamphlets, board hoardings, etc. and electronic medium of advertisement includes social media promotion, advertisement through television, radio, etc. Print medium of advertisement covers small market area whereas electronic media has the ability to cover large area in terms of spreading the awareness in relation to the special burger launched by Burger Hut (Baker, 2014). In order to promote the special burger invented by Burger Hut, organization needs to showcase the characteristics on selected platform of the advertisement. For instance, Burger Hut is using television advertisement and the print medium of advertisement. The major characteristics i.e. healthiness of the special burger as well as the ingredients used to produce the special burger will also be showcased because this is the speciality in the new burger (Parente Strausbaugh-Hutchinson, 2014). Implementation Tactics Under this process, organization selects the most appropriate strategies in order to meet with the goals and the objectives set up by the organizational management. The major objective of Burger Hut is to introduce the special burger in the Singapore market to serve the healthiness as well as the qualitative products. It is the combination of effective strategies that were selected for enhancing the performance of the organization (Nagle, Hogan Zale, 2016). With the successful implementation of these strategies, organization will be able to develop their distinctive image in the competitive fast food industry. Under this process, adaptation of the adequate promotional technics will also be included because this is the major source through which Burger Hut can enhance the demand of their special burger in the Singapore market. Board hoardings could also be included in the marketing strategy of spreading the awareness of the healthier as well as sharing burger (Ryan, 2016). Evaluation and Control Methods Burger Hut needs to evaluate the impact of their strategies adopted to develop their distinctive image in the competitive market environment. In order to review and analyse the effectiveness of these strategies, market research as well as customer feedback method could be adopted. With the implementation of these methods, effectiveness of the strategies executed by the Burger Huts management in order to enhance the new product launched in the Singapore market. The method of evaluation should be conducted in adequate time intervals in order to analyse the efficiency of the organization. Appropriate measures needs to be adopted for updating the existing and practicing marketing strategies for enhancing the demand of the product launched by the Burger Hut. Till the time, conditions did not turn into the favour of the organization; they need to practice this method for making the conditions favourable. This will lead to the achievement of desired goals and the objective for the organizat ion (Carlsen, Nygaard Nikolaou, 2013). Conclusion It has been concluded from the above analysis that inventing a healthy product also requires adequate promotional strategies in order to gain the competitive advantage. Fast food industry has grown rapidly in recent years and the major demanded products in fast food category are pizza, burger, fries, etc. Under this report, Burger Hut which is a fast food company and planning to introduce a healthy burger in order to resolve the health related issues faced by teenagers and children. For making the innovation successful, organization has adopted various strategies after conducting numerous analyses such as PESTLE and SWOT. 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