PRODUCT PLACEMENT, COMPETITION AND GOALS OF A VENTURE

PRODUCTPLACEMENT, COMPETITION AND GOALS OF A VENTURE

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ProductPlacement, Competition and Goals of a Venture

Fora firm to be successful,theproductsorservicesofferedhaveto captureconsumers’interests.Competitiveedgeis affectedby thequality,quantityandeffectiveness of a productorservice(Russell&amp Barbara, 2009). Forrestaurantservices,theventurerequiresadherence with ethical,legalandsocial-cultural factors.Thefactorsaffecttheventure’sproductsdirectly.Ethicalmattersdealwith howa productis manufacturedanddeliveredto consumers.Legalmatters,in restaurantsventures,ensurethatservicesprovidedare hygienic,exampleby observingcleanliness.Social-cultural factorsdeterminewhatproductsthesocietyneeds,forexamplesellingpork in a populationthatviewsconsumptionof pork as immoralwill bringtheventuredown as noonewill purchasetheproduct. Innovation,beingtheidentifiedstrengthforEasy luxuryentrepreneurplaysa vitalrolein productdevelopment.Consumer`stasteandpreferencekeepon changingtherebynecessitatingcontinuousinnovationto caterforthechangingconsumers’demands(Russell&amp Barbara, 2009). Modelsof serviceprovisionalsorequireinnovative measures.Consumerswill onlycomebackiftheyare satisfiedby themodelof serviceprovisionas wellas theproductdelivered.Whilecreatingandmaintaininga competitiveedge,however,itis importantto keepin placethemajorgoalsandobjectivesof theventure.Somemeasuresmay createandmaintaina competitiveedge,butthegoals,as wellas theobjectivesof theundertaking,are not realized.Asa restaurantanda profit-making venture,themeasuresshould not, therefore,gobeyond reasonablecostsleadingto lossmaking. Thefollowingproduct-market matrixwill be usedto evaluatetheperformanceof Easy luxuryanddeterminethecompetitiveability(Russell&amp Barbara, 2009). Thematrixshowsthecurrentpotentialcustomers,their currentdemands’andexpectedfuturedemands.Thematrixalsoforecastspotentialcustomersthat can beexploitedandwhattheir demandscould be.

Current demands (present products)

Forecasted demands (new products to be introduced)

The current customers

Paleo meals

Home catering services

Healthy food program

Bed and breakfast services

New innovative services on menu

Diversified meals

Unique taste background

Conference rooms

Potential customers to be exploited

Paleo diets

Drive through delivery (outside the city)

Customized special offers

Gift cards

Birthday parties

Family friendly environment

Paleomeals– as themarketresearchproves,thepopulacestillfindsfavorin Paleo diets.However,itis not without innovation.Themaincauseof failureof Paleo dietis thelackof innovationsince consumertastechangeswith time(Cox,Chicksand &amp Yang, 2007).Creativedelivery,thatis, by makingthePaleo dietlookmoreof a presentdaysmealthan ancientmealmakesdemandto rise.Theinnovative Paleo dietdeliverygivesEasy luxurya highlevel of customerretentionas wellas acquisition.Homecatering services– thougheveryrestaurantusesthetechnique,itis importantforEasy luxuryto employdirecthomecatering. However,soas to createandmaintaincustomers,specializedservicesduring thedirecthomecatering servicewill giveEasy luxuryan addedadvantage.Apartfrom thepersonaltouchduring theservicedelivery,thetechniquecan be usedto educatethecustomerson healthydietconsumption,therebyshowingtheinterestsandimportanceof thecustomerto theenterprise. Forbedandbreakfastandcustomized specialoffers,competitiveedgeisreachedwhentheservicesare deliveredaccordingto thecustomers’preferences(Cox,Chicksand &amp Yang, 2007).Easyluxuryis an innovative venture.Therefore,diversityis observed,ensuringstaffmembersunderstandingof theclients’needs,based on thebackgroundinformation.An example,whenofferingbedandbreakfastforacertaincustomerthestaffmembersknowtheexpectedmealaccordingto thecultureof theclient.Therefore,themenuofferedforthemealsavailablewill not containelementsthat may upsettheconsumer.Birthdayparties,familyfriendlyenvironment,giftcardsandconferenceroomsgivetheEasy luxurya competitiveedge.Consumersarewith a feelingof beingappreciatedCox,Chicksand &amp Yang, 2007).Thetechniquealsoservesthepurposeof promotion.In marketing,thecommontoolsare theproduct,price,promotionandprice,commonlyknownas the4P’s of marketing.Therefore,thetechniquewill giveEasy luxurya chanceto promotetheproducts,andservicesoffered. Competitorssuchas Bashan alsousethediscussedmeansto retaina competitiveedgein themarket.However,thetypeof staffusedin servicedeliverydiffers(Hahn&amp Kim, 2006).Thediversified meansemployedby Easy luxuryprovidestheventurewith a competitiveability.Fortheproductmatrix,thedecisionto introducetheproductsandservicesis reachedafter evaluation of theeffectiveness of staffmembers.Since Easy luxuryisequippedwith diverseandinnovative staff,servicedeliveryassuresqualityimprovementson a continuouschangingtrend.Thetrendassurescustomers’needs,andtasteandpreferencesarecatered. Themajorgoalsandobjectivesof theEasy luxuryare to increasewealthof theownerandto grow.Wealthismaximizedwhenprofitis maximized. Profitmaximization strategies,therefore,are crucial.Profitisnot alwaysmaximizedwhencostsare minimized(Hahn&amp Kim, 2006).Therefore,itis not reasonableto employsubstandardstaffandto exploitlow-quality materialswith theaimof reducingcoststo maximize profits.Thelong-term goalof theEasy luxuryis growth.Growthanddevelopmentareassuredwhenlong-term customersare acquiredandmaintained.Therefore,apartfrom theservicesandproductsofferedgivinga competitiveability,itis importantto considerthelong-term effects. Inconclusion,servicesandproductsoffereddonot onlymaintaina competitiveedge.Theproductsandservicesalsoimpactthegoalsandobjectivesof theventure.Therefore,forsuccessto be achieved,theproductsandservicesmust meetthecurrentconsumerdemandsas wellas predictingfutureexpectations (Ounnar,Pujo, Mekaouche &amp Giambiasi, 2007).

References

Cox,A., Chicksand, D. &amp Yang, T. (2007), The proactive alignment ofsourcing with marketing and branding strategies: a food service case,Supply Chain Management: AnInternational Journal, Vol. 12, p.p. 321-333

Hahn.C &amp Kim. (2006). Costsof competition: implications for purchasing strategy.J. Purchasing Mater. Manage. 22 _4., 2–7.

Ounnar,F., Pujo, P., Mekaouche, L.&amp Giambiasi. N. (2007).Customer-supplierrelationship management in an intelligent supply chain network.Production Planning and Control, Vol. 18 (5), pp. 377-387

Russell,Cristel . &amp Barbara Stern (2009). &quotConsumers, Characters,and Products: A Balance Model of Sitcom Product Placement Effects&quot.Journalof Advertising,35 (1), 7–18.