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Provide a 5 pages analysis while answering the following question: Strategy Analysis of the Lounge Industry in London. Prepare this assignment according to the guidelines found in the APA Style Guide.
Provide a 5 pages analysis while answering the following question: Strategy Analysis of the Lounge Industry in London. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. The lounge and bar industry is relatively established and continues to increase, allowing room for competition. Additionally, the industry does not seem to experience impacts of the country's economic stability or the political attitudes towards the nationality of the drinks or dishes offered by the lounge. As earlier stated, the more specialized the lounge's services and products, the less the threat of substitutes and competition. However, this also imposes a more significant risk of changing consumer drinking and eating habits, such as drinking Chinese cocktails versus familiar English cocktails (Porter, 2004:67). Competition in the industry also depends on marketing campaigns by big lounges and bars, such as the Exchange Bar and Shadow Lounge.
TOWS Model Analysis
TOWS model analysis is a variant of SWOT analysis, with a different arrangement of the acronyms for strength, weaknesses, opportunities, and threats. The chief difference between the two is that TOWS focuses on the external environment and the other on the internal ground (Mind Tools).
Threats
Among the formidable threats are competitors and current economic status. Concerning competition, the central region of London has already established and potentially challenging lounges and bars. These include Village East, the Exchange Bar, Shadow Lounge, Bar Battu, Albion, and All-Stars Lanes. However, these ventures are not posed competition in terms of the type of services and products. This is because they offer products of a different nature. The main challenge may be Shadow Lounge, which has plans to open three other outlets in the region with liquor licenses (Aaker, 2001:71). The main challenge is that they offer Italian cocktails, wines, and dishes with Rome specialists. The current economic condition in the United Kingdom is relatively tricky. Thus, most people may find it not sensible to expensive cocktail and wine sprees at the center of London when they have an option of visiting other joints and possibly spending about half the amount.
