Marketing Management Assignment: Challenges affective business operations after ownership Change

Question

This is by no means meant to be prescriptive but rather just to give you an idea of what the Assessment 1 Part B should look like and what we are expecting to read about in each section. Following this structure will allow you to improve your marks from Assessment 1 Part A and help to indicate where you have lost marks. If you have any questions, please ask them in your tutorial class

Answer

Introduction: Antonio Carluccio founded the Italian fine dining restaurant chain in UK. One of the famous restaurants all over the UK, it serves different Italian cuisines to their customers in a fine dining style (Rogers, 2018). In this report, the marketing condition of the Restaurants after the death of its founder and the effects that are caused to the different stakeholders are also going to be discussed. The challenges that affected their company and other stakeholders are also given in this report. A simple recommendation has been given to overcome the situation and to make their business stable.

1. Marketing issues: Carluccio restaurant chain is in one of their biggest financial troubles after the passing away of the original owner of the restaurant chain (Cassia & Magno, 2015). In UK, the chain has shut down their restaurant on 34 locations out of 103, leading to the loss of jobs of about 500 of their well trained employees. Many employees have been fired due to their financial condition of the organization. The transportation cost of the Italian ingredients from Italy is also having cut off because of their financial situation. The increasing rate in their product price is also saddened their customers. The Carlucci is under debt and has signed an agreement in which it is stated that they have to repay all their due after a designated time (Resnick et al., 2016). According to the 4ps of marketing, the condition of the organization is related to its people, product, and physical health.

2. Stakeholders and their benefits and challenges
The critical stakeholders of the organization are the owners of the restaurant's chain who have founded the organization, the investors, the employees, and the customers.

List of stakeholders and the potential impacts to their stake

3. Recommendation: The Carluccio’s restaurant chains have to use the 4ps of marketing which will help the organization to improve their present condition and to overcome their issues (Akgun et al., 2017).

Product: Good quality of service and innovative food items should be produced to their customers, which will enhance their restaurant's profit because new kind of delicacy food always attracts more customers.

Price: The food item with a reasonable price can attract a large number of customers to their restaurants.

Promotion: Advertisement of the restaurants such as in TV, social media, banners will also help in the marketing of the restaurant chain where little glance of the place is shown.

Place: Renovation of the restaurants will make the area more attractive and more welcoming to the customers.

As opined by Harrigan & Commons, (2015), the company can use the Maslow Hierarchy of needs methods because it will help the restaurant chain to overcome their current situation.

• Physiological needs: If the company can satisfy their customers with their service then it will attract more customers to their restaurants.
• Social needs: The restaurants have to keep a good connection with their investors, employees so can they enhance the business more.
• Esteem needs: When the employees get good salary according to their work then it makes them more loyal and efficient to their work
• Safety needs: Security of the employee's job, financial stability, and services are given to their customers have to keep in mind of the company owner.
• Self-actualization: The organization has to understand their potential and use their efficiencies for their profit (Tiwari et al., 2018).

The method will help the organization to resolve all the issues and can enhance their business.

References
Akgun, a. E., keskin, h., ayar, h., & etlioglu, t. (2017). Why companies go positive marketing innovations: a new theoretical prototype for 4ps of innovation. Journal of business economics and finance, 6(2), 70-77.

Cassia, F., & Magno, F. (2015). Marketing issues for business-to-business firms entering emerging markets: an investigation among Italian companies in Eastern Europe. International Journal of Emerging Markets, 10(1), 141-155.

Harrigan, W. J., & Commons, M. L. (2015). Replacing Maslow’s needs hierarchy with an account based on stage and value. Behavioral Development Bulletin, 20(1), 24.

Mok, K. Y., Shen, G. Q., & Yang, J. (2015). Stakeholder management studies in mega construction projects: A review and future directions. International Journal of Project Management, 33(2), 446-457.

Resnick, S. M., Cheng, R., Simpson, M., & Lourenço, F. (2016). Marketing in SMEs: a “4Ps” self-branding model. International Journal of Entrepreneurial Behavior & Research, 22(1), 155-174

Rogers, C. (2018, 12 11). Carluccio’s bounces back from CVA with £10m ‘brand reboot’. Retrieved 12 20, 2018, from www.marketingweek.com: https://www.marketingweek.com/2018/12/11/carluccios-bouncing-back-cva-10m-brand-reboot/employees. Journal of Service Research, 17(4), 446-459.

Tiwari, S., Jaggi, C. K., Gupta, M., & Cárdenas-Barrón, L. E. (2018). Optimal pricing and lot-sizing policy for supply chain system with deteriorating items under limited storage capacity. International Journal of Production Economics, 200, 278-290.

Wilder, K. M., Collier, J. E., & Barnes, D. C. (2014). Tailoring to customers’ needs: Understanding how to promote an adaptive service experience with frontline

Appendixhttps://www.marketingweek.com/2018/12/11/carluccios-bouncing-back-cva-10m-brand-reboot/