Discuss the below in detail:
It is important to choose a marketing strategy that considers the environment, the competition and your products' strengths and weaknesses. Make sure to practice with the Learning Activity if you are not confident regarding a SWOT Analysis before responding in the Discussion.
What is the competitive strategy for your company? Using Porter's Generic Strategy, which approach will you use and why?
Once you identify your approach, discuss how your strategy will be implemented given the market forces. For example, if you choose a differentiation strategy, how will you differentiate your product or service from the competition?
Will your prices reflect the strategy you chose? How will you market to the audience reflected in your strategy?
Research plays a central role in business especially at the time when they enter a market to exploit the existing opportunities. In doing, so, it is important to get as much information as possible about the market so that the activities of a business are aligned toward success.
There are many sources of market research that can be used by the aspiring businesspersons.
The first crucial source is the market surveys. They provide a narrative description and assessment of particular markets like in the hotel industry in which they will avail information that concern original research carried out in the market (McQuarrie, 2015). Such information in most cases entails specific information on tastes, trends, and, preferences of the buyers as well as the strengths and weaknesses of the main peers or competitors in the market.
The second source of market research is FedStats.gov. It is important in that it helps with information in cases where one is in need of data but does not know the specific agency to turn to (Bryman & Bell, 2015). For the hotel industry, for instance, this source is imperative in that it points to various singular points specific and unique to this market such as economic and population trajectories. It will also identify the main players in the industry viz-a-viz their weaknesses.
Finally, SBA.gov is another important source for a business like a restaurant because of its utility. The resource offers all the information needed in starting a restaurant business such as licensing information, financing and loans details, as well as the all-important tips that are required to start and run a successful restaurant business. Additionally, the source also offers information on important elements such as interest rates and economic indicators.
References
Bryman, A., & Bell, E. (2015). Business research methods. Oxford University Press, USA.
McQuarrie, E. F. (2015). The market research toolbox: a concise guide for beginners. Sage Publications.