- April 27, 2014
- Posted by: essay
- Category: Term paper writing
The company has a well-developed chain of restaurants, hotels, and casinos. At the moment, Hard Rock CafÃ© can use the full potential of its restaurants, hotels and casinos to attract customers and to receive stable income (Khan, 1993). The existing chain of the company allows Hard Rock CafÃ© to maintain stable marketing performance. Hard Rock CafÃ© can expand its business diversifying services offered by the company to consumers in its restaurants, hotels, and casinos.
On the other hand, the company has certain weaknesses which may also affect the position of the company in the market. The company has a limited scope of operations. At the moment, the focus on British and European markets mainly limits the scope of international operations of the company (Nicholson, 2001). In such a way, Hard Rock CafÃ© has to accelerate its international business expansion. The company can benefit from the effective international market expansion but the current chain, being well-developed in traditional markets, still is not enough for the fast business expansion in international markets.
The personnel turnover raises the problem of the retention of well-qualified employees. In actuality, Hard Rock CafÃ© faces the problem of the retention of its employees because many well-qualified employees prefer to transfer to other companies. At any rate, the company faces considerable problem with the personnel turnover which is not high but still the personnel turnover persists. Therefore, the company has to tackle this problem. Otherwise, Hard Rock CafÃ© can deteriorate its position in the market.
Nevertheless, the company has a number of opportunities which can help the company to improve its position in the market and to take an advantageous position in the competitive struggle. In fact, Hard Rock CafÃ© has an opportunity to develop its international market expansion faster. The company has to accelerate its international business development because the international market expansion opens larger opportunities for the rise of revenues of the company, boosting sales of the company and improvement of its competitive position. The company can increase its market share, while opening new markets can help the company to attract more customers worldwide.
In such a situation, Hard Rock CafÃ© has an opportunity of taking the lead in the market. The company attempts to expand its business internationally that naturally leads to the increase of the market share of the company. Hard Rock CafÃ© can become the leader in the restaurant, hotel and casino industry to gain a better position in the market.
The diversification of businesses is another opportunity the company can use to take a better competitive position in the market. The company can offer restaurant, hotel and casino services to its customers. However, the company can diversify its services and offer new services in addition to existing ones.
On the other hand, Hard Rock CafÃ© faces a number of threats. One of the major threats to the current position of the company in the market is the tight competition. The tight competition raises entering barriers which the company has to eliminate to complete its strategy of the international market expansion successfully.