MKT9205M Marketing Management Assignment Sample
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Critical analysis of competitive advantages through the new product/or service
Competitive rivalry
Nottingham Restaurant might face extended competition in the UK market in terms of offering vegan food products. The topmost concern in this context highlights the exposure of extremely competitive rivalry with the existence of market rivals offering similar products. For example, renowned market competitors like Beyond Meat and others can be notified that are offering vegan food options for potential UK consumers. As a result of this, the UK market has been experiencing around 2% share of vegans concerning the age limit of 25 to 40 year old males (Wunsch, 2021). Around 2.67% of the London population has been following a vegan diet. The total share of vegans in the UK has been standing at 3% as per the reports of 2021 (Wunsch, 2021).
Profound growth of vegan population has eventually been recognising the existence of explicit market competition. Existing meat brands operating in the UK market are eventually adding a greater value to enlarge the industrial competition when the Nottingham Restaurant might fall behind due to inadequate brand reputation in the market for vegan food. For evidence, the competitors like Gardein, VBites, Vivera, the vegetarian butcher, fry family food, Oumph and others can be notified that has been increasing the prospects of competition in the UK vegan market (Peta, 2022). In this case, Nottingham Restaurant can be suggested to empower their market presence in the urban centres of Britain that have been experiencing the highest of the population following a vegan diet as compared with other respective regions.
Advantage of selling vegan
People all throughout the world are becoming aware of the disastrous consequences of consuming animals. As a result, many people are adopting veganism, which offers numerous advantages. Approximately $350 billion in expenditure is influenced by these youth of today. Roughly, 73% of Gen Zers identify as animal advocacy groups, and 41% are open to going vegans. Vegan or vegetarianism is practised by 25% of individuals aged 25 to 34 in the United States (PETA, 2022). Vegans in the United Kingdom typically range from 15 to 34. In this context, the following figure will reflect the growing preferences of vegan food.
Plant-based enterprises that embrace this transition and provide them are enjoying the benefits. Beyond Meat, several of the leading companies in the plant-based food sector, is booming, with an operating income rise of 141% year over year (PETA, 2022). Even during covid-19 epidemic, its shares increased 41% in just a week. Fast-food franchises and restaurants are following suit, launching their respective profitable plant-based menus. In 2020, KFC launched the “Original Recipe Vegan Burger” in the United Kingdom, selling 1 million of “Quorn-based chicken sandwiches” in only one month. The idea has been generated that the number of vegan dishes are growing along with its increasing attractiveness. Moreover, customers are preferring and appreciating plant-based products (Pagliarini et al. 2021). Therefore, being accessible with the products that consumers are preferring can possibly allow the organisation to gain the competitive advantages in the marketplace.
Opportunities of Vegan
The vegan culture is an emerging trend in the UK and it would be a profitable opportunity for the organisation to invest upon selling vegan food items in their restaurant. It has been estimated that there are about 600,000 adults in the UK who prefer Vegan (The guardian, 2021). Apart from that, number of vegans living in the UK is subsequently rising. At present, the total number of vegans present in the markets of UK constitutes about 1% of the total population and this has increased by 1.9 % in the past year. The number of vagons has increased quite drastically in 2019 by 62% which is another aspect that the organisation needs to focus on while trying to sell vegan food products to the customers present in the UK (Saveonenergy, 2021). The soaring vegan population in the UK markets have a major opportunity for the organisation to achieve a competitive edge compared to the other competitors. Moreover, it would also be wise for the restaurant to start their vegan food services as early as possible so that they can achieve a competitive edge against the other restaurants that do not serve vegan food at present.
It has also been seen that selling vegan reduces the organisation’s carbon footprint which is another advantage that Nottingham Restaurant can gain in terms of their sustainability. Moreover, in terms of sustainable advantage, the organisation can minimise food waste while also creating awareness in society regarding the importance and benefits of vegan food (Saari et al. 2021).
References
Jew World Order, 2017. Vegan Eating Is Set To Be 2018’s “Mega Trend. [Online] Available at: <http://www.jewworldorder.org/video-vegan-eating-is-set-to-be-2018s-mega-trend/and let’s veg out.https://ceres.org.au/put-that-drumstick-down-and-lets-veg-out/> [Accessed on 5 January 2022]
Pagliarini, E., Spinelli, S., Proserpio, C., Monteleone, E., Fia, G., Laureati, M., Gallina Toschi, T. and Dinnella, C., 2021. Sensory perception and food neophobia drive liking of functional plant‐based food enriched with winemaking by‐products. Journal of Sensory Studies, p.e12710.
Peta, 2022. Vegan Meat Brands That Are Changing Everything [Online]. Available at: <https://www.peta.org.uk/living/vegan-meats/> [Accessed 5 January 2022]
PETA, 2022. Vegan Offerings Are Smart Business. [Online] Available at: <https://www.peta.org/issues/animals-used-for-food/animals-used-food-factsheets/vegan-offerings-are-smart-business/#:~:text=It%20helps%20reduce%20the%20risk,our%20contribution%20to%20climate%20change.> [Accessed on 5 January 2022]
Saari, U.A., Herstatt, C., Tiwari, R., Dedehayir, O. and Mäkinen, S.J., 2021. The vegan trend and the microfoundations of institutional change: A commentary on food producers’ sustainable innovation journeys in Europe. Trends in food science & technology, 107, pp.161-167.
Saveonenergy, 2021. Which cities are the most vegan-friendly in the UK? [Online]. Available at: https://www.saveonenergy.com/uk/vegan-friendly-cities/ [Accessed on 5 January 2022].
The guardian, 2021. No meat please, we’re British: now a third of us approve of vegan diet. [Online]. Available at: https://www.theguardian.com/lifeandstyle/2021/dec/25/no-meat-please-were-british-now-a-third-of-us-approve-of-vegan-diet#:~:text=Previous%20estimates%20of%20the%20proportion,include%20at%20least%20one%20vegan. [Accessed on 5 January 2022].
Wunsch, N. G., 2021. Veganism and vegetarianism in the United Kingdom – statistics & facts. [Online]. Available at: <https://www.statista.com/topics/7297/veganism-in-the-united-kingdom/#dossierKeyfigures> [Accessed 5 January 2022]
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