This sample will let you know about:
- What is economy?
- What is Technological Trends?
- Explain Impact of Market Trends on the Business of Organization.
Market trend is known as a perceived tendency of financial market to move in specific direction for some time. This trends can be classified as secular for long time, secondary for short time and primary for medium time frame. This is important for the business organization to follow these trends to make their business successful in particular market place. These trends are related to demand and changes in market place. By following market trend business organization can make positive changes in their business process to keep gaining higher revenue and profit. This report will be analysing various literatures to get better data of current rends in the food and beverage industry. This report is considering various trends of food and beverage industry for The Grapevine that is situated in Shoreditch Street London. Key Trends of hospitality and food sector will be discussed in the report. The impact of these trends will be evaluated for food and hospitality sector organization. As per the new market trends for food and hospitality industry target audience also will be identified in study. A proper proposal for The Grapevine will be preposed in the report. Ask for assignment help from our experts!
Business and performance of an organization depends on how they are dealing with various trends of the market place. This is important for them to follow the market trends in order to keep their actions profitable. These market trends trends are not constant and varies with needs and requirement of consumer. These trends are also forced by the innovation and inventions in the particular industry. In the food industry and hospitality industry these trends are highly depended on satisfaction level of consumers. This is important for the food and hospitality sector organization to maintain their services as per the market trends in order to provide satisfaction to the consumer. Changes in the trends of food and beverage sector were not frequent in 19th century but with changes in technology and lifestyle of people these changes are become more frequent. There are some things that force changes trends with in the market place. These factors are related to technology, lifestyle of people, economic status of consumers, environment and culture of people. These factor influences the trends of the food & Beverage industry and Hospitality industry. To keep business running it is important for organization to make relevant changes in their products and services according to current trend in the market place.
As per Jogaratnam, (2017) some trends of market place are based on change in the technology and impact of these trends is too high on the food and beverage sector organization. Changes in technology can help the organization to gain benefits by providing them capability to provide better and faster services to the consumers. These technological changes can be classifies in different categories. For example these changes are related to agriculture, artificial intelligence, digital technology, sustainable technology, quality standards, functionality of kitchen, personalised menu and healthy food. These all trends are related to the technology where different type of functionality is provided by technology to the restaurant management ans staff to improvise the services that are offered to the consumers. The role of digital technology is too high for food and beverage sector organization. This technology can be used to improve the functionality of the restaurant. It can help restaurant to provide better services to the consumers. For example digital technology can be used by organization for online booking of tables, personalised menu board and people management. Digital technology allows the people to book the restaurant tables before months and days before. This can help them to make proper arrangements for their events. It also helps the restaurant staff to avoid long queues outside the restaurant. Digital technology allows the restaurant staff to manage the orders of consumers. For example pre booking and consumer management can allow them to avoid conflicts between consumers and it is also helpful to avoid management issues with in the restaurant.
According to Nezdoyminov and Shykina, (2016) the role of artificial technology is also huge in the food and beverage sector organization like restaurant. This is one of the latest trend in the restaurant industry where artificial intelligent robots and machines are preparing food and serving them to the consumer with same quality and taste standards. It can be used by the restaurants to provide better experience to the consumers. These machines can be used to improve the services of restaurant and maintain quality standards to avoid health issues with in the work pace. This technology can be used to perform various tasks that can reduce the burden on the staff member of organization. This reduced burden can improve the services of the restaurant by providing timely service to consumer with better quality and presentation. It also can be used to provide better and unique experience to the consumers. This is how artificial intelligence technology can provide capability to meet requirements of consumers as per latest trends. Want to get Assignment Samples?Talk to our Experts!
In opinion of Susskind and Maynard eds., (2019) one of the most important trend in food sector organization is related to the sustainability and environment protection. This trend is all about the functions of organization and impact of their activities on the environment and society. People are more concerned about the sustainability and environment protection. They want to prefer the restaurant which are effective and working hardly to save environment and provide healthy food without consuming excessive amount of natural resources. Healthy living has become part of the lifestyle of people. These people are more concerned about their health and eating habits to avoid different type of health issues like obesity, diabetes and other diseases caused by unhealthy eating. So this is one of the fastest growing trend around world.
As per view of Jogaratnam, (2018) environmental sustainability is also part of trends in the food sector. The major concern of people regarding environment force the food sector organization to use various products and processes that are good form environment. There are many processes with in restaurant that can cause harm to the environment. This is important for the organization to keep their actions sustainable and ethical to cause less harm to biodiversity and environment. To follow this trend this important for the organization to make certain changes in their policies and raw material prevent harm to nature. This can be done by implementing ethical and sustainable practices in restaurant. For example by preventing use of one time use plastic in various functions pollution can be prevented. By using processes like six sigma, recycling and reusing organization can prevent major impact on sustainability measures. This process also can be used in the waste management to avoid extra expenses. This is how sustainability trends force restaurants to make effective changes in their business processes to get better results in the market place.
Samori, Salleh and Khalid, (2016) has said that apart from the technology and sustainability customers wants fresh and healthy meals that are safe to eat. This can be considered as healthy and high quality food. Customers wants the restaurants to use fresh ingredients in their menu board to avoid health issues. As per this trend restaurant management have to make contact with local supplier to get fresh food products for their menu board dishes. This can also force them to avoid stoking of vegetables and meat in warehouse and inventory. These requirements of consumer force the restaurants to make contacts with local raw material supplier to provide fresh and healthy food to them. This is all about building trust and making customer loyal to the organization. By improve the transparency in restaurant functions they can gain trust of people. By implementing this practices in restaurant they can modify their actions as per market trends.
As per Mahmud, (2017) personalised menu board is one of the most important trend of the restaurant industry. The eating habits of people are different and due to these differences between the eating habits of people this is not possible for restaurant to meet all different needs of different people. So in this case personalised menu board can help them to full fill demands of different customers. For example, the people who are suffering from different health condition can not eat food which consists of various ingredient and spices. This is by making personal menu board they can provide opportunity to the customer to customise their food as per their needs. This is how this market trend force the organization to make changes in their menu board to get better result with consumer satisfaction and profit of organization.
In opinion of Lepkowska-White, (2017) this also one of most important trend of food and restaurant industry to manage the size of meals according to the need of customer. This is also related to process that can help them to prevent the wastage of the food products. This issues can be prevented by changing in the size of dishes as per need of people. Meals should be designed as per the diet of individual person. This can help the restaurant to avoid wastage of food product to maintain sustainability of business. This also can save a lot money of consumers. This situation also can be improved by planning better menu that is consists of higher nutritious value. By this process restaurant can attract more people who are too concerned about what they eat. As per this trend people also want meals that is consist of low fat and high nutritions in order to stay healthy. This how as per this trend restaurant have to make changes in their raw material in order to avoid health issues in customer. By offering this healthy and nutritious diet they can full fill requirements of people.
According to Bharwani, Mathews and Ghura, (2019) changes in the lifestyle of people also changes their eating habits. People are now too concerned about their health and fitness. In order to stay healthy customers are changing their diet plans. To meet the health standards standards they are avoiding unhealthy food products like meat. These people are selecting vegetarian food products over non vegetarian products to maintain their fitness. This trend of the market place force the food sector organization to make changes in menu and processes of restaurant to increase the number of vegetarian dishes and keep non vegetarian dishes limited to gain higher profit. This is how by adding more vegetables to their dishes they can attract more people to take their services.
Impact of Market Trends on the Business of Organization
The impact of marketing trends is both positive and negative for food sector organization. Some of positive changes in organization can allow them to make effective changes in their business policies and processes to provide high value service to the consumers. Better and effective high value services can help them to achieve long term goals of organization. As per the view of Ginsberg, (2017) if the organization runs as per specific trends of market place then it cam provide different type of benefits to restaurant in different manner. For example technological changes can help them to improve their productivity and process that are designed to serve customer. The technologies can help the organization to provide better services to the customers. New trends of market place allows force the organization to make technological changes in their operations to provide better services to customer. This can be understand with example of artificial intelligent robots which are designed for the restaurant and hospitality organization. These robots can be used by the organization as chatbots and virtual assistants who can provide information to the customer about their products and services. These bots also can help the customer to get better solution for their problems regarding services and menu board of restaurant.
According to Thapa and Thapa, (2018) there are some physical artificial intelligent robots can be used by the organization to process food and deliveries with in restaurant premises. This can reduce the workload of employees and help them to manage other functions that are important for organization. With the changes in market trends organizations are more concerned about the customer experience and customer engagement. For this they can use Kiosks that can help organization to keep engage their customers while preparing their order. Over all the technologies that are used by the organization have larger opportunities that can help them to offer better services to the customers and build long term loyal relationship with people. It can be said that technological trends of market place allows the company to develop and grow their business to next level. Some other other benefits of artificial intelligence and other technology are related to the information management, time and cost saving better management, high efficiency, few chances of error and ability to perform repetitive tasks. These benefits can help the organization to develop their capability in order to generate high profit from operations.
As per opinion of Lafontaine and Sivadasan, (2020) there are some negative impact of technological trends for food industry in the market. Some of most common challenges are associated with financial capital that is required to implement this technology in organization. The technologies like artificial intelligence and automation are too much expensive for organizations. This is not economical for small or medium level restaurants to implement this technology in organization. Other challenges with this technology are associated with awareness of people regarding implement this technology in implementation. This is difficult for the customers to deal with this technologies and perform interactions with this technology to get better benefits. Some other challenges that are associated with technological are about the updating process. This is important for organization to make frequent maintenance of system to avoid major failure.
In opinion of Baksi, Rao and Anitha, (2019) the changes that are implemented by organization related to market trends can help them to meet the demands and needs of customers. To keep business efficient and profitable this is important for organization to keep aligned with these trends in order to generate higher profitability. For short term this could be difficult for organization to implement changes as per market trends but for long term these trends can help them to gain higher profitability. Form the perspective of customer this is important for restaurants to follow the market trends in order to full fill their needs regarding food product or services that are offered to customers.
Target Audience for Organization
This is important for the organization to focus on their target audience while implementing some changes in the organization as per current trends in the target market (Lafontaine and Sivadasan, 2020). For The Grapevine target audience will be upper class families and upper middle class families. These people can be targeted by the company to develop and enhance their business in the target market. As per the age group the people who will be targeted by organization are- working men and women who are 20 to 50 year old. For the personal booking The Grapevine can target collage bands and musical performers for practice and meetings. This is how organization can target people for marketing purpose in order to attract them to take services of restaurant.
Target Customers of Organization
As a restaurant there are many competitors of The Grapevine in market place. The restaurants that are providing similar services and food products to consumer that are provided by The Grapevine. For example restaurents like Popolo Shoreditch, The Clove Club Pizza East Shoreditch, Lyle's, Dishoom Shoreditch, SMOKESTAK and Homeslice Shoreditch are main competitor of The Grapevine in London. This is important for the Grapevine to offer better products and services to customers in order to get higher response form target market and gain higher profit. Take Macroeconomics Assignment Help from professional experts!
There are different processes and strategies can be used by the Grapevine to gain competitive advantage in the market place. These processes can be used to implement various changes in functions and operations of The Grapevine in order to meet all the requirement in the market. The Grapevine can use Change management process to implement changes in their current processes and practices to offer better services to the customers.
To Implement changes in the business practices as per the current trends in the market place.
- To implement relevant technologies in organizational operations and functions to meet market trends.
- Adopt technologies and respective changes in products and services in order to gain competitive advantage in market place.
Strategy to Gain Competitive Advantage in Market Place
- Implement changes in the business process in order to adopt various changes in organization as per current market trends.
- Maintain quality standards in product and services of the restaurant to offer better satisfaction to consumers.
- Develop information and data base of restaurant to get better analysis of target consumer to make respective changes in restaurant products and services.
- Implement strategies like six Sigma and Total quality management in order to meet market and customer demands.
This report is concluding importance of considering market trends for the success of the organization in the target market. Various market trends of restaurant business will be evaluated for The Grapevine in target market. Different type of current marketing trends has been studied in repost that can affect the operations and performance of restaurant in target market. The market trends like technological, sustainable, healthy food and personalised menu has been learned in detail to make relevant changes in organization. The impact of these market trends has been analysed for their performance in market place. Positive and negative impact of these trends on operations of organization has been studies to check future possibility of organization in competitive market. A proposal has been prepared in report to gain competitive advantage in market place by targeting customers and considering competitors of local market.
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