Marketing Environment And The Target Market

Marketing Environment And The Target Market

Introduction

Marketing is the practice of communicating the importance and significance of a product or service to the target customers. Marketing involves all the aspects that are undertaken to make the product or service available to the customers. It is also commonly known as the way of selling products to the target customers by attracting them towards the products. When a product is decided to be produced and then introduced in the market, it requires the careful marketing analysis prior to the development of the product or services. It is required to conduct the careful analysis of marketing environment and the target market in order to develop the product or service according to the target customers that ensures the product success and gives the greater profit margins.

While deciding the target market various factors are taken into consideration in order to find out which is the potential target market to which the business can serve its products and services and can generate the profits. Similarly while deciding upon the product or service to be offered to the potential target market, it necessary to have the detailed analysis of various environmental factors that can have significant impact upon the product or service.

For this assignment, the business chosen is the restaurant business. This paper aims at discussing the marketing environment and the target market of the “Restaurant” business. The numerous aspects of marketing environment and the target market are in the section below that are explained under the considerations of opening of a restaurant.

Discussion

Marketing Environment Analysis

The marketing environment is an important aspect that the business organization must take into consideration when it attempts to offer the new product or service to the desired target market. The marketing environment analysis undertakes the careful examination and analysis of various environmental factors that involves legislative or regulatory factors, competitive factors, economic factors and the current economic trends, technological factors as well as social factors (Clarity Marketing Ltd, 2005). These all marketing environment factors have direct impact upon the businesses and all these have significant impact upon the marketing decisions.

Following explained is the marketing environment analysis of the restaurant that clearly explains the impact of various environmental factors upon the restaurant business.

Regulatory factors

Before the opening of restaurant in the area of selected target market, we will have to take the license for the offering of quality food services. As food industry is the industry that also requires careful analyzing of the health factors, therefore the license and certificate of food quality and hygiene will have to be acquired after being tested by the food quality and hygiene assurance department. The restaurant will have to comply with the laws and regulations of international quality standards under the restaurant category.

Competitive factors

The food industry is always a growing industry. In every region there is the food chain of restaurants. There are the competitors of food service providers everywhere. The area, in which the restaurant is decided to be opened, has already ...