Strategic Analysis of Business Innovation and Communication for Growth

The analysis focuses on understanding the pivotal roles played by innovation and strategic communication within organizations seeking expansion and increased market share. By integrating various scholarly sources, the assignment highlights how innovative approaches can redefine traditional business models and foster a culture of continuous improvement. It discusses the necessity for effective internal and external communication strategies to ensure cohesive organizational operations and align stakeholders with corporate goals. Additionally, it explores case studies where strategic communication has led to successful negotiations, enhanced brand reputation, and improved customer engagement. The assignment concludes by proposing actionable insights for businesses aiming to leverage these elements for competitive advantage and long-term success.

Running head: IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
Identify and Evaluate Marketing Opportunities
Name of Student
Name of University
Author Note

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IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
Table of Contents
Part-1..........................................................................................................................................2
Task-1.........................................................................................................................................2
a. Incorporating best marketing methods for opportunities....................................................2
b. Conducting a SWOT analysis............................................................................................2
c. Identifying potential new markets......................................................................................3
d. Identifying innovative approaches and creative ideas........................................................4
Task-2.........................................................................................................................................4
a. Describing marketing opportunities...................................................................................4
b. Determining financial viability...........................................................................................5
c. Describing and ranking marketing opportunities...............................................................6
d. Determining return on investment against key performance indicators.............................6
Part-2..........................................................................................................................................7
Task-1.........................................................................................................................................7
a. Developing process to identify and document changes......................................................7
b. Ensuring changes maintain the quality of service..............................................................8
c. Determining resource requirements....................................................................................8
d. Developing communication strategy..................................................................................8
Bibliography.............................................................................................................................10

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Part-1
Task-1
a. Incorporating best marketing methods for opportunities
To gain a competitive advantage in the market, Tong’s Chinese Eatery can use the
fact that it has a reputed customer service. The restaurant has been in the vicinity for over 15
years and despite the change in the marketing environment, the basic factors required for
satisfying the customers remain the same. The happiness of the staffs and the fact that the
restaurant has grown steadily can provide opportunities for further growth and be more
competitive. Based on the analysis of the opportunity and the fact that there exists a new
threat in the market, it can be said that Tong's Eatery needs to adopt an appropriate marketing
method for its success. According to Armstrong, Kotler, Harker and Brennan (2015), the
marketing methods provide opportunities for organisations to select the best practice that can
be used to retain customers. In this case, Tong's can use the relationship market which allows
the restaurant to establish a good relation with the customers. Having been in the business for
15 years, this form of marketing can help the restaurant to solve its failing standards and
attract customers by making the remain loyal to the services provided.
b. Conducting a SWOT analysis
Based on the evidence derived from the case study, a SWOT analysis can be
conducted to find out opportunities and align it with the capabilities and strengths of the
restaurant.
Strength
 Lengthy success in the market
Weakness
 Lack of employees

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IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
 Potent restaurant time
 Prime location
 Steady drop in profit
 Drop in revenue
Opportunities
 Huge area
 Satisfied employees
 High quality service
Threat
 New competition in the market
 Growing concern of consuming fast
food
 Lack of a proper manager
Table 1: SWOT analysis
(Source: Created by author)
The SWOT analysis show that Tong’s can use the length of success they had as an
opportunity to eliminate the most important threat. In this case, the biggest threat that the
company faces is the other Chinese restaurant across the street. Other opportunities that the
restaurant have is the fact that it has a large area of operations and that employees and
customers remain satisfied with the kind of service provided by the restaurant. The huge area
that the restaurant have can open up opportunities for the introduction of various events. It is
already established that the restaurant is involved in managing functions that help in
attracting the customers. Hence, the customers can be satisfied by providing innovative
methods in the vacant space that they have. This can be an advantage for the restaurant as it
proves that it has enough strength and capability that can be converted into opportunities.
c. Identifying potential new markets
To ensure that the restaurant business does not lose out its ground, Tong’s can look to
expand its business in the international market. The expansion can be made in other areas
within the locality as an outlet to gain some profits owing to the fact that the financial
condition of the restaurant has not been good as of now. As stated by Babin and Zikmund

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(2015) it is important for every business organisation to analyse the potential opportunities
and threat it may receive in the new markets. Hence, Tong has to ensure that the factors that
have forced the loss of finances in the business at present do not affect them again during its
expansion in new areas. The new area can help Tong to gain finances for the business if the
restaurant maintains its original features and adds innovate features taking into consideration
the market at which they are expanding.
d. Identifying innovative approaches and creative ideas
According to Hollensen (2015), in order to eliminate any kind of threat it is necessary
to be creative so that the competitors may find it difficult to match its potential. However, the
creativity need to be unique and the innovative approach need to be financially viable for a
company. In this case of Tong’s the restaurant can ensure that the take away orders are
replaced by online delivery of products. The restaurant can make delivery of food to the
customers leaving within the range of 30 minutes. At the restaurant, Tong’s can make
improvement by providing an atmosphere the provides music for the customers. The dishes
that they make can be creative with the use of new ingredients that can help the customers
gain a new taste. Apart from this, the part of the area that they have can be used to conduct
parties and provide it on lease for the celebration of birthdays. This can help Tong's to gain
more revenue from the area. Hence, based on the opportunities that the restaurant possess, it
can be said that such improvements can help Tong's to remain competitive in the business.
Task-2
a. Describing marketing opportunities
Based on the SWOT analysis, it can be said that the marketing opportunities that
Tong's have included a huge marketing area. The fact that the restaurant can arrange
functions in the area indicates that the owners take into account the entertainment level of the

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customers. This aligns with the goal of the restaurant that states that the satisfaction of the
customers is important for the business. Apart from this, the other opportunity that has been
identified is that the employees remain satisfied. This may be because of the fact that they
have a small number of employees. The level of satisfaction that they provide to the
customers enriches the restaurant with an opportunity to gain more finances. Hence, the
employees get better pay and work efficiently for the welfare of the restaurant. Thus, it can be
said that these factors can have a huge impact on the profitability of the restaurant. Despite
the drop in revenue, Tong's can use the marketing opportunity to good effect so that they can
gain a competitive advantage in the market.
b. Determining financial viability
External factors: According to Jackson and Ahuja (2016), while trying to gain an
opportunity in the market, it is necessary that every organisation analyse the external factors.
This includes the political, social economic and technical factors. However, the real threat is
the economic factor as it helps in the assessing the financial viability of an organisation. In
the case of Tong's, this is definitely an important factor as the restaurant need to increase its
revenue. Hence, the economic factor associated with the externalities is essential for the
upliftment of the restaurant. This is particularly important while trying to satisfy the
customers.
Cost and benefits: It can be said that the cost of availing the opportunities can be high
as the restaurant need to analyse the situations that exist in the market. However, the benefit
of such opportunity is that Tong can gain back the financial viability that it possesses so that
they can compete with the new Chinese restaurant. With the huge area of space that they
have, Tong’s can look to expand the functioning area, as it is a source of income for the
restaurant.

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IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
Risk: As stated by Kline (2016) without risks companies cannot succeed. This is
because to understand the rate of success and analyse the capabilities, it is necessary that
every company take risks in innovation or expansion. In the case of Tong's the restaurant
need to be involved in both innovations as well as expansion. However, the financial risk
factor can exist as the restaurant has suffered the huge financial set back in the recent years.
Hence, it is necessary that these factors that help in creating opportunities are analysed based
on finances of the restaurant before implementing it.
c. Describing and ranking marketing opportunities
The marketing opportunities as described in the SWOT analysis earlier include the
satisfaction of the employees and the customers along with a huge special area for conducting
functions. In terms of ranking these opportunities, it can be said that the most important
marketing opportunity is the satisfaction of the customers. This is because without the
satisfaction of the customers, Tong's cannot get the finances required for eliminating the
threats. The satisfaction of the customers will lead to the satisfaction of the employees as the
customers may tip well and provide a good word for the services provided to them (Jelfs and
Thomson 2016). Thus, with a load of finances and an increase in the revenue Tong's can use
the huge area of land for expanding the area of a restaurant or make innovative stuff such as a
playground for the children or a pool, for the customers to enjoy a poolside dining
experience. Thus, it can be said that this is an innovative factor that Tong’s can use for
gaining a competitive advantage in the market. However, without the satisfaction of the
customers, Tong’s cannot maintain any other opportunities that present itself in front of the
restaurant.
d. Determining return on investment against key performance indicators
The competitor analysis of Tong’s include the number of employees that the new
restaurant have and the number of seats that it has. The number of seats factor can be crucial

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IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
for Tong’s as the restaurant chain have over 200 seats after 15 years in the business.
However, the new restaurant started with 200 seats making it more financially stable than
Tong. Hence, the key performance indicators of Tong include the manner in which the
restaurant can apply its business in the market at crucial times. In this case, the return on
investment need to be judged based on the returns the restaurant receives from the customers.
To ensure a proper return on investment, Tong’s need to make a proper marketing analysis
that can help the restaurant to understand the necessities of the customers. Risk may be
involved in this case, as the use of the space that the company have may not help in
increasing the financial condition of the restaurant. Hence, it is necessary that the restaurant
analyse this factor before making investments on the customers.
Part-2
Task-1
a. Developing process to identify and document changes
As per the research of the case study, it is seen that the major issue that Tong’s
restaurant have faced is the threat received from the competing Chinese restaurant across the
street. It is evident that since the opening of the restaurant, the revenue of Tong’s had a
steady decline in the finances. Hence, the financial condition of the restaurant needs to
increase by undertaking a proper analysis of the market. Changes need to be made in the
number of employees that the restaurant have. They need to increase the number of chefs and
the waiters so that they can cope up with the demand of the customers. The changes can be
documented in the database so that the effectiveness of the changes can be monitored. The
process to identify the change includes continuous monitoring of the finances. This can help
in understanding the effectiveness of the changes that may follow.

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b. Ensuring changes maintain the quality of service
Huang and Sarigöllü (2014) stated that most of the times it is seen that changes made
in an organisational setting lead to a negative impact on the productivity. The quality of the
products is also hampered due to the changes. Hence, in this case. Tong's need to ensure that
the changes made in bringing in new chef does not hamper the quality of food served by the
restaurant. It is evident from the case study that the quality of service provided by Tong’s
have made them into a favourite among the customers. Hence, it is necessary that the
restaurant maintain the quality of service so that the customers do not get disappointed. This
can be done by recruiting top chefs and efficient waiters. Experienced campaigners in this
field can help Tong's to maintain the quality of service despite the changes implemented in
the restaurant.
c. Determining resource requirements
To implement changes it is necessary that organisations gain the support of the
employees (Chan, Hwang and Wu 2016). This is mainly because of the fact that employees
are the ones that resist changes in an organisation. However, in the case of Tong’s, such
resistance cannot be done as the restaurant is short on employees and it is necessary for them
to gain more support staffs. However, the resources that they require for making such
recruitments are the financial capability. The drop in the revenue have had a negative impact
on the restaurant and it is necessary that Tong’s use the finances it has to make smart
recruitments. Tong’s also need to keep in mind that training may be needed to be provided to
the employees working as waiters. Hence, the financial resource is important for Tong’s to
maintain the changes in an effective manner.
d. Developing communication strategy
To ensure that the changes that are to be made are informed to the employees, it is
necessary that every organisation maintain a proper communication strategy (Keller 2017).

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IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
The communication strategies that can help to motivate the employees understand about the
need to maintain the changes. Hence, Tong’s communicate changes with the employees using
the verbal method. This is mainly because the number of employees is small in the restaurant
and the verbal communication with the employees can help in gaining the opinions of the
employees about the changes that need to be implemented in the restaurant. This can be a
strategy to motivate employees by involving them in the discussions related to the
improvement of the restaurant.

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IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
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