Market Feasibility Presentation

Market Feasibility Presentation

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Market Feasibility Presentation

After undertaking a market feasibility of the success of Oporto Restaurant in the South Korean market, it is evident that the success of the company in the market is dependent on efficient application of various strategies.

According to the environmental analysis, the South Korean market has the required conditions to facilitate success of the Oporto Restaurant. However, the restaurant should take into consideration the social, technological, environmental, economical, and political factors in order to identify existent opportunities in the market (Išoraitė, 2016). Growth will also be facilitated by the development of a unique business strategy and product enhancement to create competitive advantage in the market.

In order to promote the fast-food restaurant in the Korean market, the first strategy that was implemented was to differentiate itself from other restaurants by introducing Portuguese style chicken served in special chilly sauce. Product differentiation in the market was facilitated through the introduction of nutritional options and adopting cooking methods that are free from chemicals in order to gain competitive advantage over other companies such as KFC, Pizza Hut and McDonalds (Pomering, 2017). Additionally, it was identified that it is important to incorporate place, product, promotional, and distributional strategies.

The company was also marketed through online distribution channels as the main shopping platform. Considering that the marketing strategies are likely to get affected by cultural and historical practices as well as customer preferences, it is important to invest in online platforms to ensure that the products reach the market without experiencing a lot of barriers.

Another marketing tool used was through social media promotional strategies alongside the use of print and electronic media to market online purchases. These strategies will increase customer satisfaction through timely, safe, easy, and convenient deliveries.

Another differentiation strategy is through pricing strategy by introducing premium priced units that take into consideration the premium units in the target market (Aussie prices 2020). This initiative has facilitated the restaurant to reach a wider customer base while the premium priced contents have helped to attract high end customers.

However, although these marketing strategies have promised growth in the company, there is need for the restaurant to understand the culture, beliefs, and customer demands in order to implement strategies that will enable it to benefit from competitive advantage both now and in the future.

References

Aussie prices 2020, ‘Oporto Menu Prices’, viewed 20 August 2020, < https://www.aussieprices.com.au/oporto-menu-prices/ >

Išoraitė, M. 2016, ‘Marketing mix theoretical aspects,’, International journal of research granthaalayah, Vol. 4, No 6, pp. 25-37.

Pomering, A. 2017, ‘Marketing for sustainability: Extending the conceptualisation of the marketing mix to drive value for individuals and society at large’, Australasian Marketing Journal (AMJ), Vol. 25, No 2, pp. 157-165.