1 . Scenario Analysis
Company Background & Products
AstonsSpecialities started it is first store in a coffeeshop along East Coast Road, opposite the present 112 Katong Mall in 2005. (Astons, 2009)It focuses primarily on steak and has attracted the mass media interest and a group of loyal consumers because of its tasty service (steaks), reasonable pricing and good services.
With very good response and feedback coming from consumers, Aston Specialties moved a few entry doors away and opened its very own shop-front to provide their customers having a better cusine experience within a spacious and comfy environment.
Astons' success may be attributed because of it listening, taking into consideration and responding to itsconsumers' needs and responses. Within a couple of years, the company has established itself as a household name, synonymous with quality and affordability.
Astons introduced " Astons PrimeвЂќ as an upmarket cafe, which is located at The CentrePoint to be part of its manufacturer extension of Astons Specialities. It offers high-end steak reduces like Wagyu Grade 9, Fish, Lamb, Pork & Chicken centered meals by a reasonable cost compared to various other restaurants. (Astons, 2009)
In addition the company likewise owns10 Astons Specialities(within shopping malls) and 11 Astons Express stores (heartland locations) all around Singapore. Astons Express targets the heartlanders' market where meats are good value. (Astons, 2009)
The following SWOT analysis should be to understand the current circumstance and areas to reinforce. (Neil, 2010, g. 41)
Talents (Internal Factors):
вЂўHousehold namein F& N associated with top quality and cost вЂўNation-wide protection of Astons outlets throughout Singapore's shopping malls and heartland areas вЂўKnown for its " value pertaining to moneyвЂќ good dining concept
Weaknesses (Internal Factors):
вЂўBrand dilution (lose focus and concentration with too many bass speaker brands) вЂўSupply chain needs to improved to fulfill demand during peak durations вЂўLack of regional/international coverage (only popular locally)
Chances (External Factors):
вЂўAffordable arranged meals to create more value to customers
вЂўOpportunity of broadening into various other markets just like delivery/catering services for parties, thereby offering greater convenience вЂўExpandingthe industry’s target market to other significant foreign countries with related lifestyles and cultural traits
Threats (External Factors):
вЂўAggressive competition in the F& W industry (Competitors: Angus Steakhouse, Outback Steakhouse, Jack's Place, Swensen's and amongst others) вЂўPoor economic system (high unemployed rate, fewer jobs, hence less spending power)
Unique Selling Task (USP): To offer consumers high quality meals which can be value for money in comparison to other steakhouses like Lawry's, Black Angus and Morton's.
Benefits: Individuals are now hotter and do not mind spending much more on a better dining encounter. At Astons Specialities and Astons Excellent, consumers will consider forward to economical premium quality dishes.
Competitive Location: Astons' pricing is relatively more affordable and inexpensive yet the steaks happen to be of good quality compared to different competitors like Han's Cafe, Jack's Place, Outback Steakhouse and others. (Gomze-Mejia & Balkin, 2011, pg227)Astons' menu and pricing happen to be targeted at the young era market where they are looking for a vibrant and fun go out place with buddies or loved ones. In addition , the company is able to reach out to its target audience easily with numerous outlets located all around Singapore.
2 . Target audience Profile
Astons' target market includes theyounger technology from age 15 to 35. The attractiveness of thismarket segment is that they have relatively large disposable income/spending power. That they appreciate great food and are more willing to spend. In addition they desire for quality meals with affordable price and good cusine experience. Most of the youths are exposed to Western ethnicities and often eat out because of the hectic working environment in Singapore....