New product development is one of the sensitive issues in the recent competitive business market. The purpose of this study is to research into and study how to develop the new product of Tate catering. For the research in the first chapter, discussion include an overview of new product development, the importance of the company, objective, research question, profile of the company and timeline for the research. However, chapter two discussed the new product development, its process, and a brief discussion of the new product development.
For chapter three discussed the research methodology, discussion about the layer of onion model and format questionnaires to collect data on sampling size, and types of sampling. In chapter four, analyze the findings for Tate catering to improve for the future to make a profit, good service, and quality food. Finally, some recommendations added in chapter five about further development of new products for the Tate catering to how they can improve their product. However, the recommendation section suggests that the NPD needs to improve the chefs and staff and by changing the food quality. For instance, proper advertisement to inform the customer about the NPD, employer the who got proper training about the catering service to make satisfy the customers, pricing and quality of the food for the future.
Chapter 1: Introduction
New technology, improved communications, increased profit demands and shorter products, deterioration of the firm’s market position are inevitable to continue business growth and survive in the competitive market (Kotler et al., 2014). Without brands, firms will inevitably stagnate. Timely and responsive brand development has become even more critical in the highly competitive global environment. Most importantly the hospitability industry has been facing challenges in developing brands and continuing their growth in competitive marketplaces (Smith, 2013). Thus, it has been a significant issue for the UK hospitability industry to conduct a study on how branding development is impacting business growth. Therefore, this undertaking research study has critically analyzed the impact of brand development on the UK hospitability industry, mainly focusing on a particular business organization named “Tat Catering Enterprise”.
In this chapter, the research introductions have been outlined. Research backgrounds and research problems have been discussed in the first section. Then, the research rationales have been explained. Following this, the research aims and objectives with research questions have been defined. Finally, the research structure has been outlined focusing on the research work including literature reviews, defining methods and methodologies, data presentation and analysis, and conclusion and recommendations.
1.1 Research Background
Kotler et al. (2014) state that Brands are the lifeblood of a company. As old products mature and fade away, companies must develop new ones to take their place. The management of brand development in large firms has been studied in great depth. Much has been published relating to how brand development is managed, and in particular to management practices that have been found to be determinants of brand success. Armstrong and Kolter (2013) provide a very comprehensive review of the research into BD to date and conclude that it lacked focus and direction. A wide variety of methodologies and study types has been used. A firm can obtain brands in two systems. One is through acquisition- by buying a whole company, a patent or a license to produce someone else’s product. The other is through the firm’s own new-product development efforts. Blythe (2012) discloses that brands refer to original products, product improvements, product modifications, and new brands that the firm develops through its own research and development efforts. Brands are important- to both customers and the marketers who serve them. For companies, brands are a key source of growth. For customers, they bring new solutions and variety to their lives. However, innovation can be very expensive and very risky.
Brands also face tough odds. A study conducted by Cooper and Kleinschmidt, 2012) discloses that the brand equity of 90% of UK organizations has decreased in the last few years, mainly the hospitability industry is losing its brand image every year (Kotler et al., 2014). The final step in global product development is the decision as to whether or not to introduce the product in each of the markets considered. At this point, with the intense involvement of engineering in process development, it should be clear to the global marketer whether to introduce the product; and which markets should receive a concentrated effort (Booz and Hamilton, 2012). Successful product innovation introduced into diverse markets requires constant monitoring if a firm hopes to maximize the product’s contribution to the overall performance of the firm. Where the new introduction enjoys a great deal of acceptance and popularity, it becomes necessary to follow the introduction with improvements in production and distribution processes. Failure to achieve heights of efficiency offers an opportunity for competitors to gain in the batter for market share (Kotabe, 2010).
Kotler et al. (2014) disclose that there is a strong relation between brand development and company business growth, mainly in the hospitability industry. As a result, conducting a study on brand development and its impact on business growth has been a key issue for mainly the UK hospitability industry including Tate Catering Enterprise. Tate Enterprises is a wholly-owned subsidiary of Tate through which it operates with highly successful trading activities: publishing, catering and retail. Profits go to support the work of Tate. Tate has operated its own catering since the 1970s, providing exceptional quality and value, gaining improved market share and revenue (details in Appendix A.). For Tate catering brand development is very important for the business. Every three months after Tate catering they change their promotional brand. Product advantage or product superiority is judged by many authors to be the most critical success factor in developing brands (Tate, 2015).
However, in the current competitive marketplace, it has been facing challenges in its brand development and continuing its business growth. Therefore, the undertaking research study has assessed and analyzed the impact of brand development on business growth to suggest Tate Catering improve its brand equity and brand image.
1.2 Problem Statement
Research context reflects different modes of discussion regarding the impact of remuneration of senior executives on the performance catering as defined by prior studies (Cooper And Kleinschmidt, 2012). Despite the abundance of literature available on the research context, there is no clear idea of the association between the remuneration of senior directors and the performance of catering companies in the United Kingdom. In addition, a few researchers have focused on this area of research in the catering sector. In this way, it can be said that the main problem in this research area is limited data available on the remuneration policy and its impact on performance of the catering sector. Hence, this particular study is going to fill the existing gap in the literature while identifying the uncovered areas and impacts of new products on the catering sector of the United Kingdom.
1.3 Research Rationales
Companies face a problem –they must develop brands, but the odds weigh heavily against success. In the 1970s Tate has operated its own catering, providing quality and value. In all to create successful brands a company must understand its consumer markets and competitors and develop products that deliver superior value to customers for the Tate catering. It must carry out strong new-product planning and set up a systematic, customer-driven brand development process for finding and growing brands. To investigate the management system of one big corporation. Tate catering is committed to providing the highest quality food and superior service, at a great value, in a clean and welcoming environment (Cohen And Levinthal, 2010). The performance is the Tate Catering well known for the everybody. It begins with delivering a great restaurant experience every time. Our owner/ operators, suppliers and employees work together to meet customer needs in uniquely Tate Catering ways. Tate Catering’s brand mission is to be our customer’s favorite place and way to eat. Our operations are aligned around the UK strategy called the plan to win, which centers on an exceptional customer experience- people, products, place, price and promotion. It is committed to continuously improving our operations and enhancing our customer’s experience (Tate, 2015).
1.4 Research Aims and Objectives
The key aims of this research study to analyze the impact of brand development on the business growth of the UK hospitability industry, and suggest Tate Catering how it can develop its brands to continue its business growth.
- To critically review branding strategies of Tate Catering London Branch
- To identify major factors that are affect branding in the UK hospitability industry.
- To evaluate the impact of branding on consumers buying behaviors
- To recommend Tate Catering for improving its brandings to continue its business growth.
1.5 Research Questions
1.5.1 Key question
How Tate Catering can improve its branding strategies to continue its business growth?
- a) What sort of branding strategies are applied by Tate Catering?
- b) What factors do impact the branding of the UK hospitability industry?
- c) How does branding impact customer buying behaviors?
- d) How Tate Catering can improve its branding to survive in the competitive market with continuing growth?
1.6 Structure of the Study
This research study has been structured in different sections. In the second chapter, a critical literature review on the research topic and subject matters has conducted by the researcher. The required research methodologies and methods have been defined and formulated in the third chapter. The collected data through the research study has been presented and analyzed in the fourth chapter. The research outcome has been concluded in the fifth chapter focusing on the research aims and objectives. Then, the research limitations have been identified in chapter six. Finally, the scope of the further study has been outlined in the seventh section. The following diagram 1.1 has shown the structure of this research study………….
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