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    Economics finance Assignment Help

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    Economics finance Assignment Help


     ECONOMICS AND FINANCE FOR BUSINESS STUDENT’S NAMESTUDENT’S ID:
    Abstract

    The report investigates the growth of two famous bars of Australia such as The Bulletin Place and Lobo Plantation and also compare between them to achieve effective evaluation strategy for growth in the market. Bulletin Place is located at Sydney which has been inaugurated by three bartenders in 2012. It has been the most famous bar in Sydney due to its perfect ambiance. Another famous bar of Sydney is Lobo Plantation which has been situated at Clarence Street of Australia. The industry of the food and beverage has defined a monopolistic competition market structure in Australia. It has been seen that a new competitor has the opportunity for leveraging their business in the market of Australia. The quality of their drinks and the environment of the bar create a casual vibe and positive impact on the growth in the market. The menu which has been provided by the company is focusing the season. This creates an opportunity to acquired customers and gains competitive growth in the market. Moreover, it has been seen that their business is flourishing to an extent due to the environment of the bar. It has been seen that the price of the cocktails and wines is reasonable which positive impact in the industries. The skimming pricing strategy has helped Lobo Plantation to acquire a segment of customers for their business growth and the premium pricing strategy has helped in creating effective growth in the market for Bulletin Place. The report proposed that Lobo Plantation should follow the penetration pricing strategy which would help in assessing the new market in Australia. However, Bulletin Place should follow the economic pricing strategy to acquire effective changes in their process of product development and acquire customers focused strategy for their business. It has been seen that a non-pricing strategy would help in creating competitive advantages in the market along with the acquisition for the customers. It also provides an appropriate strategy for market development and penetration in the new market for both Lobo Plantation and Bulletin Place.

    1.introduction

    The report has provided a comparison between two famous bars of Australia named The Bulletin Place and Lobo Plantation. Bulletin Place is located at Sydney which has been inaugurated by three bartenders in 2012. It has been the most famous bar in Sydney due to its perfect ambiance. It has been a single room bar consists of 45 seats for the customers (Bulletin place, 2019). In 2015, the bar expands its unit in Surry Hills of Australia named Dead Ringer and in 2018 they expand their wings for the next level. Another famous bar of Sydney is Lobo Plantation which has been located at Clarence Street of Australia. It has been started in 2007 and their collection of rum provided popularity in the market of Sydney (Thelobo.com.au, 2018). It has been provided that effective growth strategies in Australia.

    In order to evaluate effective strategies for the bar, both primary and secondary research has been performed. The primary data has been collected from the website of the company and secondary data has been collected from various statistical data of the industries of Australia. Moreover, secondary and primary data helps in analysing the current condition of the market along with the value position of two companies.  

    The growth and marketing strategies have been provided to analysis both competitive advantages in the markets Sydney in the report. The differences between the pricing and non-pricing strategies have been procured to understand the process for the attraction of customers towards these bars. The product analysis has been performed to explore the growth strategy of both the company. The report has provided effective strategies for both the bar in growing for market. The non-pricing strategy would create effective growth in the market and also help in acquiring sustainability in the market.

    2.Literature  reviw 

    2.1 Market Structure and industry Growthh

    The Australian Food and Grocery Council have provided an assessment of the food and beverage industry in 2018. It has been seen that the AUD 131 Billion profit is procured by the food and beverage industry in Australia. Moreover, it has been analysed that 40% percent of job vacancy has been created in this sector (Afgc.org.au, 2018). Although the importing business of this industry has been increased by 2%, however, the export business has increased by 7.7% in the following industry (Afgc.org.au, 2018). Hence, the profit in the international trade area has been higher and effective in the country.

     

     

     

    Figure 1: Growth in Food and Beverage Industries

    (Source: Statista.com, 2019)

    In 2019, the revenue generated by the food and beverage industry has been around the US $1,443 million (Aaustrade.gov.au, 2019). Moreover, the expected growth of the industries has been reflected around 15.9% in 2023 (Aaustrade.gov.au, 2019). In addition, the international trade business of this industry would generate revenue of US$ 21,945 million by 2019 (Statista.com, 2019). The industry of the food and beverage has defined a monopolistic competition market structure in Australia. It has been seen that a new competitor has the opportunity for leveraging their business in the market of Australia. Moreover, the blooming condition of the industry has created an effective growth industry of the company. As mentioned by Mathews et al. (2016), the industry of food and beverages provide an effective growth strategy for the country and helps in creating acquiring huge customer base for the companies.

    2.2 Competitve Strategy of both  the Bar

    The blooming condition of the industries has provided effective growth for both the bar of the country. In order to attract the customers, Bulletin Place has started two new wings in Sydney (Bulletin place, 2019). Moreover, the product quality has provided effective growth for the market and the attention of the customers. On the other hand, Lobo Plantation has accumulated a collection of rum to attract its customers. It has been analysed that product uniqueness created competitive advantages in the market of Australia. The Bulletin Place acquires the position within top 100 bar present in Australia and the ambiance of the bar acquire extra value for the bar (Bulletin place, 2019). Moreover, it has been seen that the strategy for procuring guest for private parties has helped in creating effective growth in the market. According to Oyewobi et al. (2015), the opening of two wings for Bulletin Place has enhanced the level of marketing and gain competitive advantages in the market. Moreover, it has been analysed that bulletin bar has been one of the best hospitality places in Australia. Moreover, the online facilities of Bulletin Place have procured effective competitive growth in the market. However, the Lobo Plantation has provided diversity in the collection of the products (Thelobo.com.au, 2018). It has been seen that Lobo Plantation creates effective growth through its uniqueness in the products and quality of the food. Moreover, it has been one bar which provides pre-booking to attract the customers towards their service. The food facilities of the company would help in creating competitive advantages in the market and also creates a positive impact on attracting the attention of the customers (Thelobo.com.au, 2018).

    2.3 Proposing for impovement of comperive advantages

    Bulletin Place has absolutely correctly used the current condition of the industry for the growth of their business. Moreover, their two new wings have provided competitive advantages in the market. However, it has been identified that there is a lack of innovative ideas to gain competitive advantages in the market. The uniqueness in the product has been missing which created an adverse impact and can slow down the speed of the growth in the market. On the other hand, the Lobo plantation has acquired the market through the uniqueness of the products. This helped the bar to gain competitive advantages in the market. However, the Sydney new rule has provided a barrier for the growth of the company. Moreover, the pricing strategy should rearrange to acquire competitive advantages in the business. In addition, the strategy for growth and expansion is not effective to acquire value position in the market. Hence, the marketing strategy of Lobo Plantation should be rearranged and the product differentiation should be acquired by The Bulletin Place to acquire competitive advantages.

    3.Growth Strategies 

    3.1 Growth Strategies of both the Bar

    Bulletin place has been incorporated by three bartenders to create an extraordinary ambiance for the customers. The owners of the bar have procured cheapest lease to cut down the start-up cost. Within six years it has acquired the top hundred position of Australia. The quality of their drinks and the environment of the bar create a casual vibe and positive impact on the growth in the market. The menu which has been provided by the company is focusing the season. This creates an opportunity to acquired customers and gains competitive growth in the market. Moreover, it has been seen that their business is flourishing to an extent due to the environment of the bar. It has been seen that the price of the cocktails and wines is reasonable which positive impact in the industries. According to Oyewobi et al. (2015), it has been identified by the analysis that Bulletin Place has been using the market development process which helped them to acquire new market and innovative products.  

    The Lobo Plantation has been incorporated in 2007 as the finest combination of a night club and dinner restaurant. The spectacular taste of the dish which has been served by various flavour rum and wines creates satisfaction and attraction among customer. The classy ambiance of the bar has helped in raising the value position of the Lobo plantation. As suggested by Olaniyi and Reidolf (2015), the collection of cocktails and rum has been appreciated by the customers. It has been provided that Lobo plantation creates an extraordinary product differentiation strategy to acquire the brand value in the market of Australia. The policies followed by the Lobo plantation has provided an opportunity to gain effective growth and gaining competitive advantages in the market. Moreover, it has provided a sophisticated environment for the customers which help in the acquisition of the premium range of customers. As mentioned by McMahon-Beattie et al. (2016), the Lobo Plantation has been following product development which helps in creating uniqueness in the products and acquires value position in the market of Australia.

    3.2 Proposing Growth Strategies

    In order to acquire effective growth in the market, Bulletin Place should procure the product development process with uniqueness to create access for different customers from various backgrounds. It has been seen that consumers prefer to taste various new products regarding food and beverages. Therefore, product development would help in acquiring effective growth in the market. However, the Lobo Plantation should follow the market penetration strategy to expand its business. The uniqueness of the product has created an effective influence on the mind of the customers. However, the growth m of their business cannot be identified which has created a backdrop for the business. However, it has been seen that market penetration would help in creating management for exploring a new market. Moreover, it would provide effective competitive advantages in the company and helps in procuring the attention of the customers from various part of Australia. It has been seen that the market penetration with the existing product would lower the range of risk mitigation for the Lobo Plantation

    4.1 Pricing strategies of both the Bar

    The pricing strategy followed by Lobo Plantation is skimming pricing strategy to acquire apposition in the strongly competitive market of Australia. As mentioned by Nuseir and Madanat (2015), the range of the products have been provided by them has been quite higher. Therefore they have acquired the attention of only a segment of customer. On the other hand, the product differentiation and acquisition of unique style has provided the opportunity to acquire the attention of the customers in the premium range. It has been analysed Lobo Plantation has not been affected by their pricing strategy due to product differentiation fetches the attention of customers and create competitive advantages in the market. On the contrary, Bulletin Place has been following the premium pricing strategy to create effective growth and value position in the market. As mentioned by Baker et al. (2017), it also helps in acquiring customers from various economic backgrounds and expanding in the market for their business. it has been provided that the Bulletin Place focus on the demand of their customers for the creation of an effective pricing strategy. As mentioned by Bui and De Villiers (2017), it also helps in creating effective growth for their business and also helps in gaining competitive advantages in the market. The environment of the business has helped in creating effective growth in the market of Australia. The pricing strategy of Bulletin Place would help in creating attraction among the customer.

    4.2 Proposing relating to pricing straegies

    The Lobo Plantation should follow the penetration pricing strategy to procure customers from the different economic background. Moreover, it would help in the expansion of their business in a different market. It has been seen that the penetration pricing strategy would create an effective strategy for penetrating a new market. The penetration pricing of the Lobo Plantation would also help in acquiring effective growth along with product development in the market. It has been seen that pricing strategy would help in acquiring value position in the market. On the other hand, Bulletin Place should follow the economic pricing strategy to acquire an effective strategy for promotion and increase the share value of their business. Moreover, it should target a community to acquire effective growth in the market. The high market share value helps in acquiring effective customers from various parts. Moreover, it has been seen that bit helps in acquiring effective growth in the market.

    4.3 Non -pricing strategies for both the bar

    The non-pricing strategy followed by the Lobo Plantation is the product uniqueness and maintenances of the quality of products. Moreover, the quality service would help in creating effective growth for the company and also help in acquiring the customers. The non-pricing strategy would create growth for a new market. As mentioned by Cant et al. (2016), it has been seen that sale promotion would help in creating an effective strategy for gaining competitive advantages in the market. There are various services which helped their business for sustainable development in the market of Australia. Moreover, it has helped Lobo Plantation to create effective growth in the market. On the other hand, Bulletin Place has been following the market segmentation to procure the demand of customers and acquire effective growth for the current growth. As mentioned by Chen et al. (2019), it has been analysed that market segmentation would create an effective strategy for the development of the business in the market. Moreover, Bulletin Place can acquire a strategy focusing on the demand of the customers.

    4.4 Proposing relatring to non -pricing strategies

    The Lobo Plantation should follow the market segmentation and promotional strategies to acquire effective growth in their business. It would acquire customers from the different economic background and helps in achieving effective expansion in the market. The promotional strategy would help in creating brand value and equity for the market. Moreover, the demand of customers would help in achieving the attention of customers and competitive advantages in the market. On the other hand, product development strategies should be followed by the growth in the market. The product development strategies would help in creating effective expansion in the Australian market.

    5.Conclusion

    It can be concluded from the above that product differentiation creates a positive impact on the growth of the Lobo Plantation. The report provided that the uniqueness in the product fetch the customers from various backgrounds. It has been seen that pricing strategy would help in creating competitive advantages in the market. Moreover, the growth strategy followed by both Bulletin Place and The Lobo Plantation has helped them to acquire an effective strategy in the market of Australia. The suggested growth strategies for each of them have been identified to procure effective growth in the market. Moreover, it has been seen that product development would help Bulletin Place acquired effective growth and acquire the attraction of consumer from different economic background.

    On the other hand, it has been seen that market penetration would create an effective strategy for growing and expansion in the market. The skimming pricing strategy has helped Lobo Plantation to acquire a segment of customers for their business growth and the premium pricing strategy has helped in creating effective growth in the market for Bulletin Place. The report proposed that Lobo Plantation should follow the penetration pricing strategy which would help in assessing the new market in Australia. However, Bulletin Place should follow the economic pricing strategy to acquire effective changes in their process of product development and acquire customers focused strategy for their business. It has been seen that a non-pricing strategy would help in creating competitive advantages in the market along with the acquisition for the customers. It also provides an appropriate strategy for market development and penetration in the new market for both Lobo Plantation and Bulletin Place.  

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