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Market Research Methodologies

Essay by   •  March 12, 2012  •  Essay  •  1,868 Words (8 Pages)  •  1,868 Views

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Gourmet Food Inc. has a number of food items that focus on healthy delicious food that is affordable. Gourmet Food Inc. offers a wide range of food products, wines, and information for customers to be able to experience French food either at home or at one of our fine restaurants. A SWOTT analysis will be created and explained thoroughly, the internal and external factors of Gourmet Food Inc. in correlation to current trends and forces, such as Economics, Legal/Regulatory, Technological, Innovation, Strategy, Structure, Resources, and Culture.

SWOTT Analysis

For Gourmet Food Inc. to create a SWOTT analysis, there are some questions that need to be addressed to determine the company's strengths; advantages, resources, market strengths, and how Gourmet Food Inc. is better than its competitors. An evaluation of the factors that will add to a loss in sales and revenue from an internal and external point of view needs to be analyzed. The customer's needs and wants need to be taken into consideration as this is what will keep the business flowing.

After the company's strengths and weaknesses are identified, Gourmet Food Inc. will need to decide where the businesses potential opportunities lie. When determining these opportunities, another set of questions needs to be addressed; such as trend purchasing patterns with the customers, the opportunities that are in the near future, and the changing trends in technology within the markets.

The last step in the process of creating a SWOTT analysis is to review the possible threats facing the business. Gourmet Food Inc. can identify threats by locating challenges the company is currently facing. These threats can be many things, from competition from other vendors, changes in technology, and financial problems. Often a company can locate a weakness by preparing an efficient SWOTT analysis.

Economic

Gourmet Food Inc. will provide an economic environment that will comprise of all associated products and techniques supplied for all levels of income. Gourmet Food Inc. has a goal to be affordable so that all customers no matter their income can benefit from what the business has to offer. The store will be full of products that cater to all cultures, races, and preferences. In order for the business to provide accommodation for all customers and cultures, the products will be revamped often to ensure the best services are being offered.

There will be a number of economical weaknesses and threats to the business. One weakness is the current economy and the effects it has on local businesses. This will require the Gourmet Food Inc. to think of creative ways to make more money for their dollar. Due to the present economy, more customers have been put on a stricter budget and will have to reduce their spending at the store causing them to only come in for the free offers, such as workshops. Normally after a workshop a customer will purchase a product, but due to the current economic state, they will pass by on the purchasing a product after the workshop ends. By creating a friendly, caring, loyal environment for the customers, it will create a higher reputation with the public.

Legal/Regulatory

A legal structure needs to be defined for Gourmet Food Inc. The company will be a sole proprietorship therefore the assets will be held by the owner and all existing stakeholders are the bank or lender. The company will require certain legal aspects be taken care of for conducting business ethically. Gourmet Food Inc. restaurants will need a health inspection and a state business license for having on site workshops. The company will also need a sales tax license in order to sell the products they offer and attain an employer identification number from the Department of Treasury. Since the business will be affected by so many people, Gourmet Food Inc. will purchase insurance for the locations, employees, and customers. This will protect them against any legalities involving the business.

Gourmet Food Inc. will be able to lease locations instead of buying right away and will be able to buy a certain amount of years down the road once the business has really taken off. A weakness here would be lack of certain insurance on the premises due to leasing and not owning.

Technological

Technology has become so important in the business world. Buy being able to purchase products on site and participate in cooking workshops, the company will make sure they are equipped with all the latest technology. Gourmet Food Inc. will also hire students studying in the field of nutrition and culinary arts for a way to stay on top of the current food trends. A weakness to this will all take time to process, so the company may have to rent equipment in the beginning and once clientele has increase, they can look into buying their own equipment.

Innovation

Gourmet Food Inc. has created a very innovative way to appease their clientele. By offering a variety of food and beverage products that cater to different cultures and races, the business will be able to gain customers from all over the demographics. The cooking workshops will allow for the company to spread the word of their business and create a buzz in the community. A weakness to this is assuring the right marketing of their products and services to the public is done legally and ethically. If there is no uniqueness the company will face threats from local competitors.

Strategy

The strategy the company develops needs to allow for growth and opportunity in order for longevity. Choosing the right location for the restaurants is critical, as the harder it is to get to a location, the less someone will visit the store. Each location will be in an open downtown area that can be easily seen by the public. The only weakness will still be the current state of the economy.

Structure

Gourmet food Inc. will take over an existing building instead of building from ground up the locations and they will be located in a public area that is fully accessible by the

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