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Marketing Strategy

Essay by   •  July 12, 2013  •  Research Paper  •  4,427 Words (18 Pages)  •  1,250 Views

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Chapter 1

THE PROBLEM AND ITS SETTING

This chapter presents the Introduction, Statement of the Problem, Assumption and Hypothesis, Significance of the Study, Scope and limitations of the study, Conceptual Framework, Theoretical Framework, and Operational Definition of Terms.

1.1 Background of the Study

"To succeed in business, to reach the top, an individual must know all it is possible to know about that business."

Establishing a business is not an easy thing. One must consider every aspects and details on starting up a business. One should consider the 7 M's of management: Money, Manpower, Machineries, Materials, Methods, Measurement and Marketing. These are not the only things to be considered in starting up a business; there are many important decisions to make, and many rules and procedures that must be addressed.

According to Gaurav Akrani (2011), human beings are continuously engaged in some activity or other in order to satisfy their unlimited wants. Everyday people come across the word 'business' or 'businessman' directly or indirectly. Business has become essential part of modern world. It is an economic activity, which is related in a continuous and regular production and distribution of goods and services to satisfy human needs.

Eating is one of the habits of Filipinos. Some of them go anywhere in the country or even outside of the country just to meet and taste different foods and drinks every place has. They do not mind how much they will spend just to eat. That is why; many aspiring Filipino businessmen choose to have a restaurant business because it is one of in-the-demand businesses in the country.

A restaurant is an establishment which prepares and serves food and drink to customers in return for money, either paid before the meal, after the meal, or with a running tab. Meals are generally served and eaten on premises, but many restaurants also offer take-out and food delivery services. Modern restaurants are dedicated to the serving of food, where specific dishes are ordered by guests and are prepared according to their request.

The location of a business is the place where it is situated. One of the earliest decisions of any entrepreneur has to make is where to place his or her business. One should consider the location, not only the quality of food and services, price and the target market.

According to Scott Allen, one of the basic concepts taught in almost every introductory marketing course is The Four P's: Price, Product, Promotion and Place. "Place" refers generally to distribution, i.e., where your customer evaluates and ultimately receives your product or service. It is also one of the effective strategies that enable somebody to succeed in business. While this may not matter much for people who work independently, or who run a business that drop-ships from a third party, it's critical for restaurants, retailers, and even many service businesses. Therefore, many businessmen consult an expert on how they deal with the factors that will affect the location of business especially in food services.

Where to place a new restaurant business? It is a tough question that an entrepreneur often encountering with. There are a number of factors that need to be considered in choosing a location for a business. In order to have some new idea or strategies about choosing the best location, the researchers will determine the considerable factors in selecting the best location for a restaurant business. It will be basically the main purpose of the study. The researchers will give some facts and only facts that will help businessman who are interested in restaurant business to choose their business location.

1.2 Statement of the Problem

The study determines the factors in selecting the best location for a restaurant business as perceived by the second year marketing students of UE Manila campus.

Specifically, it seeks to answer the following questions:

1. What will be the ranking of the factors in selecting the best location for a restaurant business?

2. Can those factors in selecting the best location for a restaurant business be used as a preference by others?

3. How to find a perfect location?

4. Are there any differences between the perception of the second year marketing students and the perception of the real businessmen about the selection of a location?

1.3 Assumptions and Hypothesis

For this study, the researchers assume the following:

1. The second year marketing students of UE Manila Campus have at least basic knowledge about entrepreneurship.

2. The answers provided by the respondents are applicable in the present market.

3. The factors in selecting a best location will be the guide of the businessmen in starting-up a restaurant business.

4. The demography and the lifestyle of the target market are important subcategories for determining the best location.

5. An owner of a restaurant business will not be able to achieve his goal in the short-run if he will not consider the factors.

Hypothesis

The most considerable factors that should be consider as perceived by the second year marketing students of UE Manila Campus are Population, Customers, Transportation and Accessibility while Nature of the product or services, Cleanliness, Communication, and Area are the factors which the business owners may consider.

1.4 Significance of the study

The researchers believe that the result of the study would be beneficial to the following:

Professors. The result of this study will give ideas and additional knowledge to them.

Business Restaurant Owner. The result of this study will help and guide them to select the best location for a restaurant business during the start-up of their business.

Marketing Students. This study will be very much beneficial in a way that they might widen their knowledge about the selection of a restaurant business location. It will be useful in guiding them in their future research.

Researchers/Future Researchers. This study can be used as their future reference and can give them an idea in formulating related topics. It

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