MKT4007 Entrepreneur Research: Ledbury Product Development Strategy

This project proposal outlines a research investigation into the growth strategy for the Ledbury Restaurant, focusing on product development to capitalize on emerging business opportunities. The research aims to analyze how the implementation of a product development strategy can enhance the restaurant's growth and success, particularly through online food services, attracting a wider customer base, and adapting to market demands. The study will employ a mixed-methods approach, including SWOT and PESTLE analyses, risk assessments, and a Gantt chart for time management. Data sources will include books, journals, and primary research involving questionnaires. The project targets the 15-60 age group, known for their preference for dining out and online food facilities. The research is expected to provide insights into enhancing the restaurant's performance in the London market and exploring wider operations. The project includes a detailed timeline for completion, including literature review, data collection, analysis, and report writing.

MKT4007 Entrepreneur Research Project
Registration of proposed research subject
Name:
Student number:
I am undertaking an investigation over emerging business opportunities for the
Ledbury to attain higher growth and success.
Proposed subject:
The proposed subject for this project proposal is “To conduct an investigation
over the growth strategy for the Ledbury by the means of product development
strategy:.
Justification for your selection of company/brand/tool:
The present study is developed to analyse the growth opportunity for the
business via the implementation of effective and suitable tools and techniques in the
manner to developing a product development strategy as it is effective in capturing a
wider market to attain higher growth and success (Ledbury, 2018). Therefore, in the
modern business era the primary obligation of each small as well as large business
enterprises is to attaining higher growth and success and for this suitable strategic
implementation is effective for the business to attain higher growth and success. The
company is growing from the past few years and seeking for higher development and
the growth within wider market. However, for attaining higher opportunity in the
market Ledbury Restaurant is concern over featuring a effective facilities to the
customers in which they provide offer online food facilities and deliver them at the
door of the buyer, thus this helps the business to enhancing the customers base via
attracting more and more customers. In the pandemic of COVID 19 the restaurant is
not able to offer dining facilities so they can gain effective benefits via offering online
food facilities to the customers via maintaining all the safety measures from COVID
19. The company will gain well with the support of applying product development
strategy, this will be supportive for Ledbury in increasing the performance of the

business within the market of London and also explore operations at wider level
(Kapferer and Michaut-Denizeau, 2017). Therefore, A product development strategy
is mainly defined as the strategy which is encompasses over creating new products or
modifying existing products so they appear new, and offering those products to
current or new markets effectively, thus this is the widely effective and recognised
approach to gain growth and success. These strategies are typically come about when
there is little to no opportunity for new growth in a company's current market. As a
well known restaurant in London, the demand of the products are high, so at the
beginning of offering online services the restaurant will apply penetration pricing
strategy, therefore, it is an effective approach for the business to attract more
customers as under this strategy the price of the products are less at the starting edge
and the prices will grow with the increasing sales of the products and the services
(Hayes and Venkatraman, 2018). However, this strategy will be effectively supportive
for Ledbury to attract more customers and enhance the sales and revenue of the
business. However, in this present analysis people from 15 to 60 are targeted as
people from this age group are prefer to go out and experiencing delicious food. Thus,
this age group is relevant to enhance the operations of Ledbury in imperative manner.
In addition to this, they are also able to analyse the offers on product and taking
benefits of online facilities to be stated at home (Eckhardt, Belk and Wilson, 2015).
Outline analytical framework to be used:
1) Situational Analysis:
In this present project for the intention to developing situational analysis
SWOT will be implementing as it is effective in developing situational analysis.
2) External market analysis:
For developing external analysis Pestle analysis will be applicable as it
provide suitable external information to develop a new product within market.
3) Risk analysis:
Assorted kind of issues will be determined in which employment risk,
financial risk, global environmental alternation and supply chain risk and so on are
involved.
4) Growth strategy
In this particular project product development strategy will be implementing
by the researcher to enhance the operations of Ledbury effectively.

Expected list of data sources:
Books and Journals
Ledbury, J., 2018. Design and product development in high-performance apparel.
In High-Performance Apparel (pp. 175-189). Woodhead Publishing.
Kapferer, J.N. and Michaut-Denizeau, A., 2017. Is luxury compatible with
sustainability? Luxury consumers’ viewpoint. In Advances in luxury brand
management (pp. 123-156). Palgrave Macmillan, Cham.
Hayes, S.G. and Venkatraman, P. eds., 2018. Materials and technology for
sportswear and performance apparel. CRC Press.
Eckhardt, G.M., Belk, R.W. and Wilson, J.A., 2015. The rise of inconspicuous
consumption. Journal of Marketing Management, 31(7-8), pp.807-826.
Primary or desk research:
In this present research primary and desk both the research will be considering
by the researcher as the primary research will be providing support in development of
new product with the support to developing questionnaire. On the contrary side
secondary research will be developed to enhance the theoretical framework in which
situational analysis, external analysis will be taken place via the help of implementing
theories and models.
Outline timeframe (Gantt chart) to completion:
Selection of the research topic 1 Week
Setting up aim, objectives and questions 3 Week
Literature Review 1 Week
Research methodology and Data collection 1 Week
Analysis 3 Week
Discussion 1 Week
Recommendation and Conclusion 1 Week
Final report completion 1 Week