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1000 words The purpose of Assessment 2 is to analyse the barriers associated with entering a market and the ways in which these can be overcome. Using your own business / business idea or another...

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1000 words

The purpose of Assessment 2 is to analyse the barriers associated with entering a market and the ways in which these can be overcome.

Using your own business / business idea or another start-up or early stage company, identify THREE MARKETS to enter. These markets could include entering into a new industry; for example, your technology that was developed for the tourism industry that can be used for the sport industry. You could also consider entering into a new state or country as well as a new demographic.

Here are some basic guidelines for the submission:

 Introduction: Give a brief background of what the slide deck is about and also give a background

about the business.

 Market Opportunity Analysis

o For each opportunity, share the market research to justify why you have considered

entering into the new market

 Market Opportunity Barriers

o Highlight the key barriers for each of the opportunities that you may face when entering into

that market.

 How to Overcome the Barriers

o For each of the new market opportunities, identify 2-3 strategies that you could use to

overcome the barriers of entering into the particular market.

 Conclusion / Summary

 References

A minimum of ten (10) professional references (journals, reputable websites, government papers, etc.) are

to be used.

Answered Same Day Apr 22, 2020 MBA603

Solution

Abr Writing answered on Apr 24 2020
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Table of Contents
Introduction    3
Market Opportunity Analysis    3
Market Opportunity Ba
iers    5
Overcoming the Ba
iers    6
Conclusion    6
Reference    8
Introduction
The company chosen for the assessment is Unlockd. It was founded by Matthew Ba
iman in late 2014 in Melbourne. It is a mobile based application that allows users to watch the advertisements and get subsequent offers. The idea behind this was to allow users to get some value exchange done just by unlocking their phone. The application has collaborated with McDonalds, Twitter, Yahoo, Uber etc. since 2014 it has grown in cities like New York and London. (Stephanie O'Brien, 2017)
Market Opportunity Analysis
The company has been trying hard to get major cities across the world but that has been burning the cash reserves it has. It now wants to concentrate in Australia. The plan is to collaborate with various restaurants and allow customers to view advertisements and get discounts off the meal that they are eating. For this they have selected the markets of Sydney, Queensland and Victoria.
The Australian restaurant industry is worth $ 20 billion in revenue. The forecasted growth rate is close to 3.5%. A total of close to 24,639 restaurants are operational throughout Australia and employing close to 300,000 people. (IBIS World, 2018)
The three markets were chosen because of the food consumption habits. Each of these 3 rated very high of the amount spent of eating food by people living in those places. The perfect target restaurant category for Unlockd would be the medium range restaurants which employees 1-19 people. This is because the higher range restaurants would come under fine dining and the target customers of them would be people who can afford to eat out and would not be very open and receptive about getting discounts on the food that they eat on the condition that they view the advertisements first.
Sydney- The money spent on food consumption was highest in Sydney. A weekly total of $ 159 is spent on an average by people in the age
acket of 18-65. (Lucy Cormack, 2017) And these are the same people who are the target customers of Unlockd. Unlockd has a perfect opportunity to collaborate with the different restaurants and help people reduce their food expenditure and in turn get more advertisement viewers. Sydney also has the highest number small and medium employed restaurants. The target market for Unlockd is 14,516 restaurants employing 1-19 people. (Connect IBIS World, 2018)
Queensland- In the region of Western Australia, Queensland was second only to Sydney in terms of weekly spend on food. A total of $ 154 is spent by an average Australian on eating food outside. Now this includes eating at restaurants, cafes, diners, movie theatres etc. (Lucy Cormack, 2017) But the largest of all consumption of food is done at restaurants. This provides Unlockd with a unique opportunity to collaborate with the Queensland restaurants. The target market of Queensland is also the same as that of Sydney as the average...
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