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Marketing Plan Project - Research Paper Example

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Marketing Plan Project Executive Summary This paper represents a business report of marketing plan of a new restaurant food business named Hangout in United Arab Emirates. For developing detailed marketing plan for a new business requires in-depth analysis and understanding of various macro environmental factors, current internal situation, market analysis, consumer behaviour and their consumption trend…
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Marketing Plan Project
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Download file to see previous pages United Arab Emirates has been enjoying modern, diversified and growing retail food sector over the years. Increasing development of new hypermarkets in last few years is the key driver for rapid growth in retail food sector. 90% of the total consumed food especially food ingredients s outsourced from markets and processed in this market. Therefore the domestic firm has huge opportunities in food market of UAE. Consequently, the people have high disposable income and for this reason they are very much reluctant to pay higher price for food if it is presented in a luxurious way and environment. Nevertheless, very few domestic businesses operate in retail food sectors as luxurious restaurant like multinational food chains present in this market. Therefore, future growth of this new business has been identified after detailed analysis of business environment, market trend and consumer behaviour. The main objective its marketing strategy would be to position the brand as luxurious restaurant with a touch of western culture. ...
Important macro environmental factors are political or legal, economical, social or cultural and technological factors of the market. Environmental analysis provides detail overview and understanding of a specific industry in a specific market. Economy Economy has substantial impact on this new food business. UAE is an emerging economy which driven by multiple strength areas of it like per capital income, consumption power and consumption trend, enrichment in living style of people etc. Though the country imports 90% of its annual food consumption from foreign markets but it can be neglected as weakness of the economy if it compared with the huge export of oil. Growth and opportunity of restaurant business highly depends on the positive economic factors of this market like income level and consumption trend. Significant growth in gross domestic product is the overall positive aspect of this economy. Economic growth of major cities like Dubai, Kuwait, Abu Dhabi is average 2.9%. This economic growth leads high income and rising trend of people to adopt modern and luxurious food habits (Rncos, 2010,p.1). Legal This company will operate restaurant food business which is very much sensitive category of business. Legal policies imposed in comparatively higher extend in food businesses than any other businesses in any economy. As a food processing business, it needs to follow the rules and regulations imposed by the government authorities regarding ensuring quality food to the people of the country. First, of all the company must need to have food licence from the government authority to operate its business in legal way. This is special legal requirements for this apart from other mandatory legal procurements. On the other hand, political disturbance and ...Download file to see next pagesRead More
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