Problem faced by Missenden Abbey in operating its business successfully

This report covers the various problem faced by Missenden Abbey in operating its business successfully. It also analyses and evaluate various external environmental factors that impact on the functioning of Missenden Abbey.

Business Consulting

Table of Contents
INTRODUCTION...........................................................................................................................1
Problem faced by Missenden Abbey...........................................................................................1
Market Analysis of Missenden Abbey ........................................................................................1
Top three issue Missenden Abbey is facing................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Missenden Abbey is a venue for perfect training, wedding, event and conference or
meeting space that provide learning environment, sumptuous cuisine. This report covers the
various problem faced by Missenden Abbey in operating its business successfully. It also
analyses and evaluate various external environmental factors that impact on the functioning of
Missenden Abbey. At last, it has explained the top three issue faced by the company in the
industry in which it operates.
Problem faced by Missenden Abbey
Client of our company is Missenden Abbey that has faced numerous problem while
delivering its service to customers. Missenden Abbey is not able to provide quality services to its
customer and thus not able to satisfy needs of customers as per their expectancy and its market
position was reduced (Liu and et.al., 2019). The infrastructure and ambience of Missenden
Abbey also need renovation and the company does not have enough fund to renovate the
building. Marketer has not effectively analysis various external factor such as competitor policy
of government, society before making its strategies. So, due to ineffective Marketing strategies
of Missenden Abbey it was not able to promote its services and product as per the market
requirements. Research and development department was also not able to effectively identify the
customer preference regarding service and thus not able to develop various technique to provide
better service. Price of various service offered by Missenden Abbey was high as compared to the
quality it offers to customers or it not matches with value of product. There are many
competitors that offer quality service, better accommodation facilities to its customers at
affordable price so it also affects the company position (Raja and et.al., 2019). Management of
company was also not good it was not able to coordinate works of individuals which leads in
deal in taking crucial decision that are necessary for the success of the company. All this factors
has adversely affected its operations, profit margin, market share and lead to failure and close
down of company operation.
Market Analysis of Missenden Abbey
It is the analysis and evaluation of market on the basis of quantitative and qualitative such
as its size, customer buying patterns, competition and various rules and regulations in economy.
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Target audience analysis
Geographical: On the basis of geographical company has divided on the basis of location,
climate and target various customer that are located within UK and has builts its wedding and
event venue near mountains and rivers.
Demographical: On the basis of demographical the company has divided into age, income of
customers and had targeted younger generation, big businessman and high class family so the
company provide facilities and accommodation for wedding and various events in family.
Physiographic basis: The company has analysis and evaluate behaviour, values, interest and
preference of people in the society (Saeedi and et.al., 2017). Thus, on the basis of collected
information the company identify willingness, lifestyle and interest, preference regarding various
service and to deliver them in effective manner.
Competitive Analysis
Missenden Abbey has various competitors in the market that provide quality services,
well furnished interior and accommodation to its customers at affordable rate. So market
Analysis on the basis of competition helps the company in gaining competitive position by
differentiating its product from others.
Expensive: Scottish Castle wedding venue is one of the expensive and provide exclusive
services to its customers such as beautiful ballroom and grand reception with pool and grounds.
So, its one of the competitor of Missenden Abbey wedding venue in the industry on the basis of
expense.
Convenience: Stunning Wedding venue is the foremost company that mainly focus is to provide
better ease and convenience to its customers. It fully utilizes the money of customer by offering
qualitative services and thus increase customers loyalty and satisfaction.
Affordable: Halifax hall in UK is also a competitor of Missenden Abbey on the basis of
affordability as this provide qualitative service and facilities at reasonable cost thus increase
large number of customers and its profit margin.
Swot Analysis
It is analysis of all internal and external factors of the environment that impact on the
operations of company. By identifying various internal and external factor company can
effectively achieve its objective and earn high profit margin. Swot Analysis of Missenden Abbey
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is as follows:
Strength: Strength of Missenden Abbey lies in its infrastructure and stunning background for
any wedding or event celebration. It has private ground of 10 acres, dinning room with vaulted
ceiling and with beautiful dress marquee and glass window. Effectively kitchen team and
delicious and seasonal food that is made by using local source produce help in effectively
attracting large number of customer for various events and destination wedding.
Weakness: Due to ineffective of finance department company is not able to identify various
sources of financial, its requirements and thus lead to financial crises. Ineffective communication
has also leads to delay in decision-making and hinder in the success of the company as company
is not able to effectively update itself as current market situation.
Opportunity: Company has an opportunity to expand its business in UK as well as in various
national around the Globe. Company can promote its business through social media, by making
its own website and page so that it can attract large number of customer and increase its market
share.
Threats: Increase in competitors in the market the company operate prove to be threat for the
company such as Scottish Castle, Halifax hall provide exclusive and quality service
accommodation at reasonable price to its customers.
Pestle Analysis
It is analysis of various external factors such as political, social, economical and
technological that affect the company adversely. So, the company has to continuous analysis this
factors while operating its business to gain competitive advantage in the market.
Political Factor: It refers to the policy, rules and regulations of the government that directly
affect the functioning of Missenden Abbey (Teece, 2018). The company has to effectively adapt
to various policy of government while operating its business such as increase in government tax
rate increases the cost of services of Missenden Abbey.
Economical Factors: It includes distribution of income, exchange rate and purchasing power of
consumers so the company has to make its strategies as per the economical position of the
country. Missenden Abbey has to identify the disposable income, age of people and number of
people unmarried on the basis of gather information it can make effective strategies. It can make
marketing strategies as per the target customer and offer various facilities as per their disposable
income.
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Social Factors: It helps in identifying market trends, preference and taste, needs, beliefs and
value of people in the society. So, marketing department should consider this factor while in
satisfy the needs of the customer beyond their experience. Missenden Abbey has to identify
needs, lifestyle and preference to effectively deliver of its service and make changes in its menu,
interior and uses of raw material as per trends,
Technological Factors: It refers to prevailing technology and update technology in the market
company has to continuous analysis this factor in order to differentiate its product and gain
competitive advantages. Missenden Abbey has to continuous update its technique by adding
different dishes in its menu to deliver qualitative services and maintain customers loyalty.
Environmental Factor: It includes the safety and protection of environment while
manufacturing various production and in delivery of service. Missenden Abbey has use various
method to protect environment and ensure safety of customers while manufacturing its product.
Legal Factor: It refers to various laws made by government for company to follow while
operating its business and Missenden Abbey abide all laws made by government thus able to
maintained its brand image.
Top three issue Missenden Abbey is facing
The various problem faced by Missenden Abbey in operations of its business in
hospitality industry is explained below:
Financial crises: Due to inefficiency of finance department the company is not able to
effectively identify various source of finance, does not have many options to choose among them
(Petrescu and Petrescu-Mag, 2016). So, it has resulted in financial crises for the company and
create hinder in the success of the organisation.
Marketing: Marketing department of the company was also ineffective as it was not able to
identify the needs of the customers and therefore unable to satisfy customers needs (Camillus,
2016). Strategies formed by Marketing department prove to be failure as delay in information
gather due to ineffective communication channel.
Infrastructure: In hospitality infrastructure and accommodation plays an important role in
satisfying the needs of the customers and gaining customers loyalty. Missenden Abbey lack
innovative accommodation and infrastructure which decreases customers satisfaction and their
loyalty and less use of updated technology in offering services. It is also facing tough
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competition from various wedding, event venues that are offering better convenience and
accommodation as compared to Missenden Abbey.
CONCLUSION
From the above report it can be concluded that due to ineffectiveness of financial
department company is not able to successfully operates its business. It can also be concluded
that infrastructure plays an important role in attracting large numbers of customers and in
enhancing customers satisfaction. It can also be from the above report that various external
factors effectively affect the functioning of organization and its profit margin.
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REFERENCES
Books and Journals
Camillus, J. C., 2016. The wicked challenge of the business environment. International Journal
of Business Environment. 8(1). pp.19-31.
Liu, J and et.al., 2019. Market segmentation: A multiple criteria approach combining preference
analysis and segmentation decision. Omega. 83. pp.1-13.
Petrescu, D. C. and Petrescu-Mag, R. M., 2016. Propensity to negotiate: business vs
environment. Calitatea. 17(S1). p.138.
Raja, B and et.al., 2019. Market Behavior Analysis Using Descriptive Approach. Available at
SSRN 3330017.
Saeedi, H and et.al., 2017. European intermodal freight transport network: Market structure
analysis. Journal of Transport Geography. 60. pp.141-154.
Teece, D. J., 2018. Business models and dynamic capabilities. Long Range Planning. 51(1).
pp.40-49.
Online
Mouhanna A., 2019. What Is a Market Analysis?. [Online]. Available through :
<https://blog.marketresearch.com/what-is-a-market-analysis>.
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