Analysis of Market Trends on BBQ’s
It is all about analysis figures of market trends and developments in order to determine their influence on the business. The statistical analysis will take you to valuable analysis of comparative market information. It will show us an overview of sampling methods, quantitative research methods, etc. Besides this it will tell you that how to understand the market trends and how to find them. Executive Summary BBQ fun is leading to that products which are we use in outdoor lifestyle . It is catering to growing need for furnishing new and renovated dwelling in the Brisbane area.
It produces the different verities of BBQs, outdoor furniture, and BBQ accessories will position BBQ fun as best in class for outdoor lifestyle retailing. In other sections, we learned that use statistical analysis of market trends and developments to determine their potential impact on the business. Apart from that, we looked at how to perform a qualitative analysis of comparative market information to review organization performance, opportunities or threats. we discussed market research techniques and sampling. Introduction BBQ fun is a well-known company in Australia.
It is also one of the best companies which are producing outdoor living products. This company started in 1950 in Brisbane. First of all BBQ fun’s owner started his business from a little shop and he started his business with the making of charcoal ovens. That became very lovable in the people of Brisbane. However, the time has passed. BBQ fun started producing more outdoor living products and they became famous all over Australia. In the upcoming time the management of BBQ fun thing to take this company all over the world. We hope that with our hard work and good quality of products we will be at number 1 in the world.
Excellent staff that is highly skilled and knowledgeable about outdoor lifestyles. Retail space that is bright, functional for a commercial urban district. High customer loyalty among customers.
A limited marketing budget to develop brand awareness due to the lack of critical mass and store cover. The struggle to continually fund the growing long-term repayment plans taken out by our customers.
A growing market in a high growth area with a significant percentage of the target market still not aware of BBQ fun’s offer. Increasing sales opportunities outside of our target area-greater Brisbane.
Competition from local independents that can reduce price as owner-operators lower than our staff-run stores.. competition from national chains moving into the Brisbane market. A slump in the economy reducing customer’s disposable income spent on outdoor lifestyles.
Findings and discussion
In the initial phases of the marketing plan development, several focus groups were held to get insight into different types of patrons of outdoor lifestyle stores.
These types of groups provided useful insight into the decisions and decision-making processes, of customers. An additional source of market research that is dynamic is a feedback mechanism based on a suggestion card system in the store. The last thing about market research is of reasonable appreciation. For two reasons the management of BBQ will come to the stores. The first one is competitive analysis. The second one is that local business owners are often part of an informal fraternal organization where the support each other’s business.
If we want to build up our company in other countries then we should know bout the people of that country like about their customs, religion, habits and soon. Apart from this quality of stuff is very important to build up any business. If we provide a good quality product to the consumer at a reasonable price then he will come back again and he will recommend to others as well to buy the things from our shop. The very important thing is the area. Before starting the business we should choose a good area that what kind of people are living there. How good their income is. Will they able to buy our product. These are the main tips which we keep in the eye to start the business.