2711 Pages
2678 Words
Commercial Project Report BMM6102
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Introduction Of Success Factors for Wraps and Wings
The food and beverage sector is a highly competitive and dynamic market that requires firms to adapt to shifting trends and consumer demands on a regular basis. Local small and medium-sized firms (SMEs) face unique hurdles in this area as they compete with larger, more established brands. It is critical for SMEs to understand the variables that contribute to their success and growth in this setting (Bresciani, 2017). This study project intends to investigate the elements that contribute to the success of a local SME, Wraps and Wings, in the food and beverage business.
The purpose of this research project is to provide insights into the factors that have contributed to the success of Wraps and Wings, a local SME that offers wraps and wings dishes to its customers. Through the use of secondary data analysis, this research project aims to identify the key success factors that have enabled Wraps and Wings to achieve steady revenue growth and success in a highly competitive industry.
This research project aims to provide recommendations for future research in this field in addition to analyzing the success factors of Wraps and Wings. This project seeks to contribute to the creation of a more thorough understanding of the success characteristics of local SMEs in the food and beverage industry by identifying gaps in existing literature and highlighting relevant areas for further research.
The objectives of this project are as follows:
- To conduct a thorough analysis of Wraps and Wings' current revenue generation strategies and business operations.
- To identify potential new markets and opportunities for revenue growth.
- To explore different approaches to revenue generation, such as product development, marketing, and customer experience.
- To provide appropriate recommendations and a timetabled plan of action for implementing the chosen strategy.
Research Questions
- What are the most promising new markets for revenue growth in food industry?
- How can Wraps and Wings identify and evaluate new opportunities for revenue growth?
- What are the most effective product development strategies for generating revenue in food industry?
- How can market efforts be optimized to generate revenue for Wraps and Wings?
Overview of the company
Wraps and Wings is a small business in the food and beverage industry that offers a variety of high-quality takeaway, dine-in, and delivery services. The company has a varied menu that includes wraps, wings, burgers, and hot and cold drinks. Wraps and Wings offer clients a memorable taste and flavor-packed fast food experience by focusing on premium ingredients.
Wraps and Wings is a modest food and beverage company that provides a variety of high-quality takeaway, dine-in, and delivery options. Wraps, wings, burgers, and hot and cold drinks are all available on the menu (Boniface, 2017). Wraps and Wings focus on premium ingredients to provide customers with a memorable taste and flavor-packed fast food experience.
In addition to its delicious food, Wraps and Wings also provide exceptional customer service. The company's friendly and welcoming staff creates a welcoming atmosphere that encourages customers to return time and time again. With its focus on customer satisfaction, Wraps and Wings have built a loyal customer base that continues to grow.
Figure 1: company wraps and wings
(Source: feed the lion, 2023)
Research design
This project's research strategy is predominantly qualitative, with desk research methodologies such as ethnographic research, content analysis, and case study analysis used to acquire a thorough grasp of the issue (Chu, 2015). Qualitative research is widely used to investigate and comprehend complicated events and experiences, making it an appropriate method for this project.
This study's research design will be descriptive, which entails carefully watching and describing the subject without affecting them. Descriptive study is frequently used to better understand a specific occurrence, behavior, or situation. The project can provide thorough information on the issue and how it performs within its industry by adopting a descriptive research design.
The data collection method for this project will be secondary data collected from online sources, existing books, journals, and articles. Secondary data collection can provide valuable insights into a particular topic while saving time and resources compared to primary data collection methods. This research will only gather secondary data that is most effective for the analysis of their information (Krippendorff, 2018). By focusing on relevant and reliable sources, the data collected will be more accurate and useful for the research.
The obtained data, whether numerical or theoretical, shall be investigated and assessed. Patterns in financial and statistical data will be examined to provide insight into the subject's performance. Theoretical data will be interpreted and reported in reference to the subject's sector. The project can obtain a full understanding of the issue and its industry by examining both financial and theoretical data.
To safeguard the preservation and privacy of the data obtained in this investigation, ethical concerns were of the utmost importance. The study also made convinced that the information collected was accurate and not misleading in any way. The communication with the members of company was transparent and honest to ensure that the received information is accurate and relevant to the research objectives.
Furthermore, because this research involves examining Wraps and Wings' internet presence, the report made certain that any comments or evaluations from clients were anonymised to preserve their privacy. The report also made certain that any photographs given by the company were of excellent quality and did not violate any copyright laws (Lindgren et.al 2020). Overall, the report considered all ethical factors to ensure that our research was conducted ethically and responsibly.
Overall, the research will take a qualitative approach that will make use of available data to acquire a thorough grasp of the subject. The descriptive study approach and secondary data collection methods will provide useful insights into the topic and industry. The project can give a complete and insightful report by examining both financial and theoretical data.
Finding and discussion
This study project's findings are based on secondary data gathered from web sources, existing books, journals, and articles. The acquired data was evaluated utilizing ethnographic research, content analysis, and case study analysis approaches to gain an in-depth insight of the subject and its industry.
According to the findings of the investigation, the subject, Wraps and Wings, is a local SME in the food and beverage business. Customers can choose from a selection of wraps and wings dishes made with fresh and locally sourced ingredients.
Based on the financial and statistical information collected, Wraps and Wings has been experiencing steady revenue growth over the past few years. This growth can be attributed to the company's focus on quality ingredients, customer service and affordable prices. The company has also been able to expand its customer base through effective marketing strategies and promotions.
The theoretical information collected from literature reviews supports the findings of the analysis. The literature suggests that local SMEs that focus on quality ingredients, customer service, and affordability are more likely to experience growth and success. Effective marketing strategies and promotions can also help attract and retain customers.
The comparison of the data to the literature reviews emphasizes the significance of these aspects in the effectiveness of Wraps and Wings. The company's emphasis on quality ingredients, customer service, and pricing has helped it build a loyal client base and achieve consistent sales growth (Renz et.al 2018). Good marketing strategies and promotions have also assisted the organization in increasing its customer base and revenue.
The findings of this research project indicate that Wraps and Wings is a successful local SME that has achieved consistent development and success by focusing on quality ingredients, customer service, pricing, and effective marketing techniques. The discussion of the findings in relation to the literature reviews lends additional credence to these elements and their significance in the development of local SMEs.
The findings of this research project highlight the importance of social media marketing in promoting local SMEs in today's digital age. Through our analysis of Wraps and Wings' social media marketing strategies, we have identified several key elements that have contributed to their success on these platforms.
By implementing these strategies, Wraps and Wings have been able to expand their customer base and increase brand awareness, which has contributed to their steady revenue growth. Our analysis also shows that local SMEs that focus on quality ingredients, customer service, and affordability are more likely to experience growth and success (Oswald and Dainty, 2020).
Literature discussed in the assessment 1
The literature reviews of Fahmi and et.al., (2020), Sikandar and Ahmed, (2019), and Kumar, Konar, and Balasubramanian, (2020) provide valuable insights into the effective marketing strategies for local SMEs in the food and beverage industry. The findings of this research project also support the importance of social media marketing and online presence in the success of Wraps and Wings.
Posting about the services and dishes of the restaurant is a very effective strategy, as suggested by Fahmi and et.al., (2020). Wraps and Wings can utilize this strategy by posting high-quality photos and descriptions of their dishes on social media platforms such as Instagram and Face book. Posting innovative content at least three times a week is also important, as it can help influence the audience and keep them engaged.
Sikandar and Ahmed, (2019) suggest that delegating the responsibility of social media marketing to a dedicated social media marketing manager can be a key factor in the success of local SMEs. Wraps and Wings can consider hiring a social media marketing manager who can help them develop effective marketing strategies and keep their online presence active and engaging. They can also take inspiration from other restaurants that are doing well on social media to find out ways of attracting customers.
According to Kumar, Konar, and Balasubramanian, (2020), sharing high-quality photos of deliciously prepared dishes can be a very effective strategy to attract the attention of customers. Wraps and Wings can take advantage of this strategy by regularly sharing photos of their dishes on social media platforms. Responding to online views and comments is also important, as it can help generate communication between customers and the business.
The findings of this research project and the literature reviews suggest that Wraps and Wings can achieve further growth and success by utilizing effective social media marketing strategies, including posting about their dishes, delegating social media marketing responsibilities to a dedicated manager, sharing high-quality photos, and responding to online views and comments. These strategies can help them attract and retain customers, increase their online presence, and ultimately lead to further revenue growth and success.
Conclusion and recommendation
The report concluded that the Wraps and Wings is a successful local SME that has achieved consistent development and success by focusing on quality ingredients, customer service, affordability, and effective marketing techniques. The theoretical material gathered from literature reviews backs up the study' conclusions and emphasizes the significance of these aspects in the development of local SMEs.
Several recommendations for future research can be made based on the findings. To begin, future research may look into the effect of social media marketing tactics on the growth and success of local SMEs in the food and beverage industry. This would entail assessing the efficacy of various social media platforms and methods in acquiring and maintaining clients.
Secondly, further research could be conducted to explore the role of innovation in the success of local SMEs. This could involve studying the impact of new and unique menu items, as well as innovative marketing strategies, on the growth and success of local SMEs.
The recommendations for future research would help to further explore and understand the factors that contribute to the success of local SMEs in the food and beverage industry. This could ultimately lead to the development of more effective strategies and approaches for supporting and promoting the growth of local SMEs in this sector.
References
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Feed the lion, 2023. Wraps & Wings – Eastcote, London. (online). < https://www.feedthelion.co.uk/wraps-wings-eastcote-london/> accessed on 24 march 2023.
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