Home > Free Essays > Sciences > Scientific Method > Market Analysis: Scientific Method

Market Analysis: Scientific Method Report (Assessment)

Exclusively available on IvyPanda Available only on IvyPanda
Updated: Jan 8th, 2022

Introduction

The core study has a number of objectives. The main objective of the case study was to analyze the shift in attitude towards certain sections of the markets that are affected by ethics. These market types are substantially dependent on consumer attitudes. The analysis seeks to establish to what extent the customers are affected by various ethical practices. The case study also seeks to establish market problems experienced by various firms. The case study also takes a deep look into the issues and trends that affect the market. After the analysis of the key problems, issues, and trends in the market, the study seeks to establish what strategies have been set up to tackle these issues.

Market Analysis

The case study focuses on the different, innovative practices in hospitality and other relative services. The report puts emphasis on the importance of leadership through learning. The case report goes on to bring out an analysis of some cases. It tells of how a fifth of the cases, which were evaluated, presented a certain diverse group of concepts and companies. In the analysis, the group of companies is said to have met their market needs, both the longstanding and the newly identified through a certain set of thinking. The analysis also points out how this is achievable. It goes on to state that the crucial thing is to make sure that the focus is laid on the customer’s desires (Suguaw, et al, 2009). It is through such compilations that the practices applied in hospitality are made effective. The case study also seeks to establish the areas in hospitality where something needs to be done.

The case study is based on the definition of innovation where there is active development of new and or distinctive practice in a certain practice that was already in existence. The case study also goes ahead to point out the essential aspects of innovation that determine the positions of different firms in the industry. The case study brings out the relationship between a competitive environment and the need to be innovative. Innovation is also cited as being an extremely powerful tool for shaping the direction of a company (Suguaw, et al, 2009). The case study shows the different ranking of firms in an industry and how the different firms have applied innovation. The key aspect that stands out in this is that the more innovation in a firm, the higher its performance.

Issues identified

In one of the analysis given in the case study, there are a number of issues, strategies, and key problems identified. The case is about Aqua, which is an idea behind Grandstand. The case study goes ahead to inform us that Aqua is a club, which is immobile. Aqua is presented as being a small business, which is set on a space not exceeding 60 meters in length. Aqua also has the ability to hold contain numerous clients in a limited floor space. This is tremendously beneficial to the business as it can serve many people in different geographical regions. The mobility of the business acts as an advantage due to the nature of its market. The business also takes remarkably little time in the event it has to be set up in a different location. The great minds behind this venture are also some of the best in the field. Looking at the founders, one notes that there is vast knowledge of tourism management, some shipping information, fashion, and even management (Suguaw, et al, 2009). All these qualities blend to produce one of the most effective and innovative business ventures.

Innovation does not stop at the Aqua idea. The case study goes on to give us another firm that has applied innovation in its day-to-day activities. This comes through Brand Karma, an Internet application used to record various comments left by consumers to different firms. This is a highly effective way of ensuring that the communication between customers and businesses is maintained at effective levels. The comments of consumers are particularly valuable in determining the direction through which a business should head. A legitimate business will always follow up on what the customer has to say about their commodities. This venture examines more that 250 websites. This number includes review sites, forums, blogs, and online communities. This has been very useful to companies – especially those with a very big consumer base (Suguaw, et al, 2009). Companies with many consumers sometimes find it very hard to assess all their clients’ suggestions. Brand Karma has made it easy for such companies to find out what each customer wants accomplished.

Through this, companies can deal with what their customers require them to do. It is through the establishment of a good customer relation that most companies thrive in the different sectors of the economy. Through good customer relations, companies build on their customer retention. Customer retention is established as being the lifeline of a business. The more a company builds on its customer retention methods, the more it becomes assured of its place in the market. Brand Karma helps companies to achieve this through establishing an effective communication path between businesses and their clients.

Some of the methods being used by innovative companies to increase their effectiveness are the introduction of new methods of completing their day to day business activities. For instance, the Capella Hotels and Resorts have advanced or calibrated their operation to allow guest to check in and out anytime (Suguaw, et al, 2009). Although there are many such firms, Capella Hotels stand out due to the way it has advanced its operations. Customers find it very effective and convenient in the implementation of such innovative ideas. Another instance where customer’s needs have been prioritized well is the case of EnTrip. This company allows clients and users to manage their online travel plans and trips through the provision of information on different destinations. This is done in a user-friendly manner.

Conclusion

In conclusion, there are a number of innovations and strategic implementations that a company can follow so as to achieve it goals and increase its effectiveness. Companies should work to ensure that it deals with its clients in a unified manner. Customers should not be accustomed to different departments in the event need arises. Companies should also be empowered to take care of the needs that the clients pose to them. This will translate to effective customer relations for the business. Companies should also be committed to enhancing their services and improve the quality of their day-to-day activities. This has the effect of making business easier for all the involved parties. Companies should also provide customers with room to exercise their preferences. All these work to establish a better customer relationship and better business environment.

Reference list

Suguaw, J. et al. 2009. Cases in Innovative Practices in Hospitality and Related Services. Cornell Hospitality Report. 9(17). Pp.4-30.

This assessment on Market Analysis: Scientific Method was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.
Removal Request
If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda.
Request the removal

Need a custom Assessment sample written from scratch by
professional specifically for you?

801 certified writers online

Cite This paper
Select a referencing style:

Reference

IvyPanda. (2022, January 8). Market Analysis: Scientific Method. https://ivypanda.com/essays/market-analysis-scientific-method/

Reference

IvyPanda. (2022, January 8). Market Analysis: Scientific Method. Retrieved from https://ivypanda.com/essays/market-analysis-scientific-method/

Work Cited

"Market Analysis: Scientific Method." IvyPanda, 8 Jan. 2022, ivypanda.com/essays/market-analysis-scientific-method/.

1. IvyPanda. "Market Analysis: Scientific Method." January 8, 2022. https://ivypanda.com/essays/market-analysis-scientific-method/.


Bibliography


IvyPanda. "Market Analysis: Scientific Method." January 8, 2022. https://ivypanda.com/essays/market-analysis-scientific-method/.

References

IvyPanda. 2022. "Market Analysis: Scientific Method." January 8, 2022. https://ivypanda.com/essays/market-analysis-scientific-method/.

References

IvyPanda. (2022) 'Market Analysis: Scientific Method'. 8 January.

Powered by CiteTotal, online essay citation generator
More related papers