Slide 1
Greetings, my name is ... My assignment is on Hakataya Ramen and through this presentation, I will conduct an analysis of the Hakataya Ramen’s business environment.
Slide 2
The key to organizational success is having a strong understanding between intrinsic and extrinsic factors affecting and organization. This is because understanding intrinsic factors points out the strengths and weaknesses of the organization whereas understanding the external environment points out the opportunities and threats for the organization. External factors are those that go beyond the organization's control but should influence organizational strategy and therefore, exploring these external environmental and cultural factors highlights some of the actions that the organization can take, and how to protect itself from threats. Through this presentation I will assess Hakataya Ramen external environment through the lens of regulatory factors, economic factors, technological factors and finally, socio-cultural factors. Through this analysis, I will develop recommendations for Hakataya Ramen.
Slide 3
The subject of this presentation is Hakataya Ramen. It is formally named Nagahama Ramen Hakataya and located in Brisbane. The restaurant has Imported the Japanese food culture to Brisbane and the larger Queensland. It specializes in Ramen with Tonkotsu soup, in addition to offering a variety of options such as dumplings, pork ribs and rice balls among others, offering both in restaurant service and delivery.
Slide 4
In this slide, I will begin by exploring the external environment of the business by looking at regulatory and economic factors. With regards to the political and Legal trends, the main issue that would affect Hakataya ramen is the regulation regarding licenses. Business are required to seek and maintain active licenses and this is even more important for eateries as they have more regulatory requirements like food business licenses, liquor licenses, comply with food heath and safety standards and meet work health and safety standards. This has become even more stringent after the pandemic as food borne diseases are likely to trigger another public health scare. The main threat facing Hakataya Ramen is the high requirements for food health and safety standards.
The second factor is economic Trends. COVID-19 was more than just a public health issue, it eventually morphed into an economic issue, with most people having to cut out luxuries from their budgets. Food from eateries and restaurants is considered a luxury and this led to most people preferring the more affordable home-cooked meals. Despite COVID-19, the Australian economy remained stable mainly due to government subsidies to businesses and individuals. This played a vital role in maintaining the purchasing power of the public. Both public spending and government subsidies were beneficial to businesses like Hakataya Ramen.
Slide 5
Technology has become embedded in businesses by facilitating efficiency in the businesses. This was made even more significant following COVID-19 as the advent of COVID-19 led to the popularity of remote working and even remote engagement with stores. Most stores had to shift service delivery models from in-store service to delivery options aided by technologies such as remote ordering technologies. Therefore, this digital resilience significantly influenced the outcomes of businesses. This brings about more opportunities for Hakataya to leverage technologies to meet the needs of its customers remotely, in addition to advertise its services.
Slide 6
This slide explores socio-cultural factors and how they influence Hakataya Ramen’s business.
Brisbane is one of the most diverse cities in the world. Australia in general and other cities like Brisbane are also great destination for work tourism, academic tourism and those that seek new cultural experiences. Therefore, diversity is bound to grow even further. Diverse places tend to be more receptive of new concepts like foreign cuisine. For example, one of the most popular trends of today is the Asian wave also known as Hallyu, characterized by extensive consumption of the Asian culture and this includes Asian cuisine. This is a great opportunity for Hakataya as it means the population is likely to be receptive of its products and may improve consumption thereof.
Slide 7
Having explored all the previous environmental factors, it is evident that the economic, technological and socio-cultural factors are in favor of Hakataya Ramen. However, there is one significant threat which is the regulatory trends which place immensely high demands on Hakataya Ramen to maintain high standards of safety and health,
As a result, this paper recommends that management should be well apprised of the regulatory trends in Queensland as pertains to the business. Furthermore, the business should work closely with local authorities to conduct regular inspection for quality assurance and improvement purposes.