How Restaurants Have Changed Marketing Strategy to Survive Recession - Research Proposal Example

Running Head: Research Proposal Research Proposal [Institute’s Research Proposal Introduction Since almost a decade, the globe has been facing huge amount of unfavorable circumstances, and businesses have been witnessing global crisis due to economic recession in roughly every corner of the world, especially in the United Kingdom that plays a leading role in the world economy. In response, economists (GECRC, pp. 23-25, 2009) on international level are endeavoring to reduce the effects of recession that has resulted in creation of various debates related to the factors and reasons behind the economic recession that put millions of dollars of investments in the drain. In such researches and debates, experts (GECRC, pp. 39-44, 2009) have noted that economic recession has left a huge number of companies at the verge of bankruptcy (Graddy & Krugman, pp. 69-72, 2007), whereas, various bigger names such as the General Motors went in the depletion phase. In specific, disparity exists among economists and experts (Aitken-Davies, 2008), as few blame unethical business practices of CEOs that causes such crisis in the globe, whereas, some identified lack of long-term vision in the companies that resulted in their bankruptcies. In the UK alone, various companies were not able to survive; however, restaurant is one of the sectors in the UK business market that was able to confront the effects of economic recession while surviving in it. Aims and Objectives Aims and Objectives are the major backbone of any research, as they ensure acquisition of constructive findings, whereas, lack of objectives often result in draining of efforts of researchers. From this understanding, the researcher has given significant importance to the identification of objectives, and thus, the foremost purpose of the proposed research will be focus on the restaurant sector in the United Kingdom while identifying the extent of adverse effects on them during the economic recession. Additionally, researcher anticipates that findings of the research will provide a comprehensive understanding regarding the business practices of restaurants in the UK that will be helpful in comparing them with previous practices before the recession. Moreover, the researcher will endeavor to identify any changes in marketing strategies of the restaurants that contributed effectively in extending the period of survival of such businesses in the UK. Finally, the most important goal of this research is to relate findings with examples from ground realities that will ensure a practical perspective of the statement effectively. Research Statement In this regard, the researcher will focus on the following research statement to fulfill the aims and objectives of the research: “To identify alterations in marketing strategies and business practices of restaurants in the United Kingdom that ensured their survival during the economic recession” Literature Review Brief analysis of the literature (BBC News, 2008) has indicated that there have been enormous effects of economic recession on the UK business industry, and restaurants are some of the victims that are still confronting the recessionary waves. However, they have been successful in surviving in the majority, as compared with various other business sectors that were not able to stand such economic effects. Experts (Britton & Worthington, pp. 56-67, 2009) believe that restaurants in the UK market played a finest stroke by altering their marketing strategies and business practices at the right time, whereas, other businesses were not able to do so, and if did, were late in their decisions. Although various restaurant owners closed down their businesses due to recession, however, several studies indicated successful restaurants running on various streets of the United Kingdom, even in middle of the crisis. In a study, experts (Thomas, 2009) identified several marketing strategies of UK restaurants that enabled them to survive when majority of businesses were closing down. In specific, experts noted radical decrease in corporate entertainment in such restaurants, whereas, many restaurants ended their traditional marketing and began to reduce retailer offerings. Moreover, a number of UK restaurants promoted and advertised cooking programmes that encouraged consumers to visit them in a hope to see the ambitious cooking styles. Further analysis of the material (Singh, 2009) has indicated that despite of such marketing strategies, restaurants are on top of the victims of economic recession in the hospitality industry, and thus, they must bring more alterations to reduce the number of insolvencies in the restaurant market. In another study, experts (Knight, 2009) indicated that despite closing of various businesses, restaurants in the London city are running their businesses successfully, and there exist various factors for it. In particular, UK government (Hm Treasury, pp. 40-44, 2009) played a leading role by offering a tax cut for temporary period that helped them enormously. Moreover, in marketing, most of the restaurants survived by offering huge discounts to their consumers while promoting their businesses actively that brought huge wave of discount-seeking consumers towards them. For instance, some of the restaurants even offered free dining while charging only for the drinks (Wallop, 2009). In this regard, effective marketing strategies have been very helpful for UK restaurants in this era of economic recession; however, various studies (Brown, 2009) indicate huge number of bankruptcies and closings of restaurants in the United Kingdom. In this regard, the proposed research will be the determining factor in deciding the exact situation of the market. Methodology Besides identifying the purpose statement of the research, and finalizing the aims, methodology is an important and most crucial phase of the research that plays a leading role in deciding the success or failure of the researcher. In this regard, methodology enjoys a significant position in this research, as researcher has put enormous efforts to select most effective methodology for the proposed research, in order to ensure productive findings in the end. In particular, secondary research methodology will be basis of the proposed research that will allow the researcher to scrutinize and examine a huge pool of books, articles, journals, etc that will provide various theoretical understandings related to the economic recession and its effects on the UK business market, etc. While determining the methodology, it is observation that various economists, business experts, and organizations have carried out researched related to the economic recession and its effects on various business sectors around the world that will be very beneficial for the researcher to identify linked material for the study. In addition, besides library, internet is the most resourceful platform for the acquisition of huge amount of material on any topic, and thus, the researcher will take advantage of the internet during the research. In specific, various companies have now put forward their collection of books and journal articles in electronic formats that will be a significant factor in easing the process of research. This is one of the major reasons to emphasize the utilization of secondary research method primarily during the proposed research. Nevertheless, there exist some limitations in the secondary method that will create complexities and issues in case if the research will only depend on this method. For instance, brief review of the material has indicated that although there is a huge amount of material on the economic recession, marketing strategies, UK’s restaurant market, etc in the libraries and the internet, however, none provides the material that exactly relates with the identified research statement. From this rationale, it will be essential for the researcher to utilize the primary methodology as well that will provide a critical perspective to the study, and will be very beneficial in acquisition of required data. Specifically, the proposed research will exercise the apparatus of case studies to collect data from a specific restaurant market that will be very efficient in analyzing the role of marketing strategies and business practices of UK restaurants during the economic recession. In particular, primary research methodology during the proposed study will encourage consumers, as well as restaurant owners and employees to participate in the questionnaires, and if possible, interviews that will enable the researcher to acquire real-time data related to the research statement. In addition, results of surveys from consumers and employers will be very valuable, and will allow the researcher to compare ground-reality findings with the information acquired from secondary research methods. Specifically, data from the consumers will indicate direct effect of marketing strategies of restaurants, whereas, employers will provide understanding of their experiences during the economic recession, and will facilitate the researcher in identifying specific alterations in the marketing strategies that were helpful in extending survival period of the restaurants. To finish, the proposed research will based on an unbiased approach that will be including both primary and secondary research methods. In addition, secondary methodology will enable the researcher to acquire data in an easy way by examining and analyzing books, articles, journals, magazines, etc from library and the internet. However, primary method will require enormous efforts of the researcher during distribution and collection of questionnaires, as well as during taking interviews from the consumers and employers, if possible. Conclusion Conclusively, the research proposal has discussed various perspectives related to the marketing strategies and business practices of restaurants in the United Kingdom briefly that will be the focus of researcher during the study. The researcher identified that the proposed research will include recognition and investigation of various studies that will ensure a critical analysis of the identified research statement. Moreover, the proposed research will include endeavors to use both primary and secondary research methodologies that will be very effective in facilitating acquisition of data related to economic recession, and specifically the restaurant market in the United Kingdom. Lastly, the research will attempt to identify the role of the UK government in providing facilitating environment to restaurants in the country. Finally, it is expectation that results of the research will be very beneficial for students, teachers, and business professionals in better understanding of the identified research statement. References Aitken-Davies, Richard. (2008). “Accountable Crises.” The Guardian. Issue of October 06, 2009. Retrieved on December 17, 2009: http://www.guardian.co.uk/commentisfree/2008/oct/06/executivesalaries.banking BBC News. (2008). “Recession ‘looming’ for UK firms.” BBC News. Issue of July 08, 2008. Retrieved on February 22, 2010: http://news.bbc.co.uk/2/hi/business/7494508.stm Britton, Chris & Worthington, Ian. (2009). Business Environment. Pearson Education. Brown, Kirsty. (2009). “Downturn bites for restaurants.” SKYNEWS. Issue of February 08, 2009. Retrieved on February 22, 2010: http://news.sky.com/skynews/Home/Business/Restaurants-In-Recession-Big-Rise-In-Number-Of-Eateries-Going-Bankrupt-In-Economic-Downturn/Article/200902215218758 GECRC. (2009). Global Economic Crisis. Cengage Learning. Graddy, Kathryn & Krugman, Paul. (2007). Economics. Worth Publishers. Hm Treasury. (2009). Financial Statement and Budget Report. The Stationery Office. Knight, Robin. (2009). “In Recession, London restaurants are mushrooming.” CNBC. Issue of August 24, 2009. Retrieved on February 22, 2010: http://www.cnbc.com/id/32506547 Singh, Anita. (2009). “Antony Worrall Thompson closes restaurant as recession bites.” Telegraph. Issue of January 27, 2009. Retrieved on February 22, 2010: http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/4361941/Antony-Worrall-Thompson-closes-restaurant-as-recession-bites.html Thomas, Daniel. (2009). “Restaurant sector hit hardest by recession.” CatererSearch. Retrieved on February 22, 2010: http://www.caterersearch.com/Articles/2009/02/02/325994/restaurant-sector-hit-hardest-by-uk-recession.htm Wallop, Harry. (2009). “Restaurant offers diners food for free…if they don’t want to pay.” Telegraph. Issue of February 02, 2009. Retrieved on February 22, 2010: http://www.telegraph.co.uk/finance/personalfinance/consumertips/4434772/Restaurant-offers-diners-food-for-free-.-.-.-if-they-dont-want-to-pay.html Read More