MAS30287

Management
Marketing strategy
A new bar is being set up and the competitive strategy which is used to leverage the already existing benefits is the marketing strategy. The ultimate goal of the bar is to establish a healthy clientele as well as the reputation amongst the competition. The marketing strategy will be applied to provide the best service experience to the existing as well as potential customers. In other words the bar adds upon the value to its selling of mead in the Newtown area. The marketing strategy adopted by the buyer will tend to increase the entire overall profitability through the already existing customers as well as the new customers in the area. The marketing strategy of the bar revolves around advertising its mead products through to various magazine articles as well as newspapers (McGee, 2014). The advertisements will primarily focus on the fact that the bar is the most attractive place that is introducing the mead to all age groups of people in a more aggressive manner. In addition to it, the bar will run ads through the local journals and will also put up various billboards advertisements throughout the area of Newtown. It is also a well-known fact that many competitors are also using radio as a tool to establish their business in the market. So similarly the new bar will also rely upon the authenticity of radio in the food industry so that the management plans can run through the advertisement and can be listened by all the age group people. Apart from this to make sure that the maximum efficiency is gained from the marketing strategy (Voola, 2016). To maximize the campaign from the marketing strategy, the bar will also take services from the consulting firms. Also, various ads as well as articles will be scheduled for an approximate period of 1 month after the selling of mead operations will begin. The marketing strategy will provide the new bar and upper edge from all the other competitors in the Newtown area.
Competitive advantage over the competition
Competitive advantage can be gain by the bar after an analysis of the competition in the market regarding the same industry (Sigalas, 2015). Competitive analysis has been conducted for the top leading competitors in Newtown like the Corridor, Miss Peaches, Midnight special, Young henry as well as for the Webster Bar (Hidden City Secrets, 2020). Competitive analysis shows the fact these restaurants and bars have focused upon enhancing their ambiance to attract the customers. Different kinds of music are being played which are preferable to a specific generation. Some of the birds are open for all generations of people and some are open till 4 a.m. apart from this the analysis shows the competitors are providing a place of dancing and laughter to the people who you are attracted towards such kind of ambiance and environment. Various types of drinks and different types of music are being played under a wide space, where people can enjoy the same. The analysis had shown that most of the bars are open at night and most of them had been designed for a particular theme. Many of the competitors are also providing a peaceful and enclosed space for couples. So therefore the competitive analysis provides various ideas to the bar to establish a strategic advantage over all the other competitors in Newtown. The bar will work on added value to have an edge over the competitors (Cegliński, 2017). After the analysis it was found that no bar is offering a variety of mead to the customers and is not into the quick home delivery service. So the new bar will work on providing the quality products of mead to the customers. Also so it was found that most of the competitors are open till midnight but the new bar will work ok to provide 24*7 services to the customers attend a more affordable rate without compromising with the quality of the product. These are few grounds that are identified after the analysis of the competitors in Newtown by which the immediate identification of competitive advantage can be gained. After a thorough analysis of the categories of food served by the competitors and their locations, it is easy to identify the strength and weaknesses to make the bar stronger in those particular areas.
References
Hidden City Secrets. (2020). 10 Newtown bars you need to know about - hidden city secrets. [online] Retrieved from: <https://www.hiddencitysecrets.com.au/news-sydney/10-newtown-bars-sydney/> [Accessed 26 May 2020].McGee, J. (2014). Competitive strategy. Retrieved from: https://www.researchgate.net/publication/280248208_Competitive_Strategy
Voola, R. (2016). Implementing competitive strategies: The role of responsive and proactive market orientations. European Journal of Marketing. 44. 245-266.
Sigalas, C. (2015). Competitive advantage: the known unknown concept. Management Decision. 53. 2004-2016.
Cegliński, P. (2017). The concept of competitive advantages- logic, sources and durability. Journal of Positive Management, 7, 57-70.