Innovation and Market Diversification For Bakery Industry Assignment Sample

Introduction Of Innovation and Market Diversification For Bakery Industry

1.1 Background of the study

The UK's bakery industry has greatly expanded and grown in recent years. As consumer tastes change, bakeries have difficulty in increasing awareness of their brands and diversifying their product offering to appeal to specialized markets. In this environment, innovation is essential for allowing bakeries to set themselves apart from rivals, attract customers, and increase their share of the market (Zhang, et. al. 2022). Greggs PLC comprises a UK-based bakery chain established in 1939 by John Gregg. It began as a family-owned company in Tyneside and has since developed into a top retailer and provider of meals on the go. The company, most well-known for its freshly baked goods, currently has more than 2,000 locations in the UK and provides a wide range of food and beverage choices. In reviewing the value of originality in the bread industry, the widely recognized UK baking company Gregss PLC provides for a fascinating example analysis. Gregss have to adjust to the evolving demands and preferences of its consumer base while having a substantial share of the market and a loyal customer base Andersen, A.D. and (Gulbrandsen, 2020). Investigating Gregss's development approach and its implications on the diversification of markets and brand awareness might yield significant findings that may be extended to the wider baking business.

This research intends to investigate the numerous cutting-edge tactics used by GregssPLC to broaden its product range and raise brand recognition. It will examine how the company has kept a competitive advantage in the baking sector by introducing new goods, technologies, marketing strategies, and operating practices (Husain, et. al. 2022). The research will also examine how customers react to these innovations, how well these strategies work to penetrate specialised markets, and the way this affects consumer perception of the brand and market share.

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1.2 Research aim and objectives

Aim

The aim behind initiating current study is to ascertain the role of innovation in increasing brand awareness and diversifying niche markets with regards to Greggs Plc UK.

Objectives

• To develop an understanding of the concept and significance of innovation.
• To evaluate the ways of brand awareness and diversifying market within Gress Plc.
• To study the association between innovation, brand awareness and diversification in the context of Greggs Plc.
• To recommend competent branding strategies to Greggs Plc for attaining success.

1.3 Research questions

Q.1 What is the concept and role of innovation within the UK bakery industry?

Q.2 How brand awareness can be created by Greggs Plc within competitive market?

Q.3 What is the level of association between innovation, brand awareness and diversification?

1.4 Rationale

This research, which concentrates on Gregss Plc in the UK and examines the effect of innovation in raising the recognition of a brand and expanding specific markets in the baking company, is motivated by a number of variables. Innovation is often cited as a major factor in corporate success and expansion. Recognizing the function of innovation becomes essential for retaining market relevance and gaining a competitive edge in the competitive bakery business, where customer tastes and market trends are always changing (Kalam and Kalam, 2020). Studying Gregss Plc, a company that has made a name for its position in the UK baking sector, may provide significant insight into the company's cutting-edge practices as well as how they affect brand recognition and the expansion of specialist markets.

Due to its tremendous brand recognition and dedicated client base, Greggs plc is a great case study. Examining the cutting-edge methods used by Gregss Plc may offer insight into practical methods for boosting reputation and entering specialised markets within the bread sector. For businesses in similar industries looking to strengthen their reputations and penetrate new market segments, as well as similar bakeries, the information gleaned from this study might be useful. Although innovation has been thoroughly examined across numerous sectors, there is an opportunity for study that is especially targeted at the UK baking business (Azmi, et. al. 2023). Understanding how innovation affects brand recognition and diversification of markets may have practical ramifications for bakery firms striving to flourish in this cutthroat environment. The bakery sector is an important contributor to the UK economy. The study intends to add to the body of information on marketing and innovation in the baking business by filling this research gap.

The importance of innovation to business performance as well as the industry's vitality in the bakery sector serves as the study's driving forces. Similar businesses may benefit from Greggs' inventive business methods to enhance their brand and expand into new areas. Finding strategic insights for flourishing in a competitive bakery industry is of significance to me since this study advances academic understanding while also perhaps helping bakery companies. Personal interest in the concerned area is one of the main motives behind initiating a research study or framework. Along with this, study and its outcome will also prove to be beneficial for other scholars who want to conduct study in similar areas.

1.5 Significance

The significance of this research resides in its prospective implications for the UK baking sector, specifically in terms of consumer awareness and the diversification of niche markets. The study could offer helpful knowledge and suggestions on effective innovation strategies for bakery businesses like Greggs Plc along with other industry competitors. These suggestions can help companies increase brand recognition, establish relations with new clientele, and develop niche services and goods to meet specialist customer needs.

Recognizing innovation may boost brand awareness and growing speciality markets can help bakery companies maintain their edge over their competitors. By implementing fresh tactics, bakeries can distinguish themselves from rivals, create unique value claims, and increase their clientele. This might ultimately lead to increased market share and successful commercial results. The study's findings can contribute to the success and longevity for the baking industry as a whole (Cattani and Malerba, 2021). By learning effective innovative techniques, bakeries may expand their product lines that are react to changing customer tastes, and predict market trends. This may boost the earnings and sustainability of bakeries in the UK.

Additionally, the study might shed light on customer perceptions of novel bread items and productbehavior. Businesses may modify their marketing initiatives, improve customer happiness, and foster higher brand loyalty by having a better understanding of how customers respond to creative techniques (Onufrey and Bergek, 2021). Other scholars who want to conduct study in these areas can also use current outcomes. Referring outcome suitable hypothesis can be formulated by the researcher for further study or evaluation.

Literature Review

2.1 Introduction

A literature review is an in-depth examination and summary of the body of knowledge on a particular subject or study issue. The reader an in-depth analysis of the state of advancement within the topic, it involvesanalyzingand synthesizing appropriate studies, reports, and publications. A review of the literature enables researchers to expand on current knowledge and improve their study goals by highlighting gaps, trends, and noteworthy results. It offers a framework forunderstanding research,underlines the significance of the subject, and gives the study's goals and approaches some perspective.

2.2 The Concept and role of innovation within UK bakery industry

In accordance with the views of Linzalone and Lerro (2021) the growth and its durability of businesses across a range of sectors depend significantly on innovation. There is no exemption in the bakery sector, particularly in the UK. The purpose of this literature study is to examine the idea and function of creativity in the UK baking business. This study seeks to offer insights into the many aspects of creativity, its drivers, obstacles, and the impact that it has on the baking industry by examining pertinent research, papers, and academic articles. On the critical note, Grimsby and Kure (2019) said that The development, acceptance, and use of novel concepts, procedures, goods, or company structures that result in advantageous changes are referred to as innovations in the baking sector. It includes many different tasks, such as developing new products, simplifying procedures, implementing marketing plans, and creating new technologies. Competitiveness and the capacity to satisfy evolving client demands while maintaining effectiveness and long-term viability are intimately related to the idea of innovation.

Drivers of Innovation in the Bakery Industry

Kylliäinen (2019) assessed that UK baking business innovates for an array of reasons. Firstly, new recipes and equations have had to be created by those in the industry in response to shifting customer tastes and requests for healthier, organic farming, andcustomizedbakery items. A growth in the demand for items made using natural, low-sugar, and free of gluten ingredients has been explained by consumer knowledge of health and wellbeing. Second, improvements to production methods, improved product quality, and the introduction of creative packaging ideas have all been made possible by technology and automation breakthroughs. Finally, to separate from the competitors and remain ahead of the market, bakery businesses have been forced by greaterglobalizationand rivalry to innovate.

Floris, Dettori, and Dessì (2020) examined the various types of innovation in the UK baking company can becategorized. In order to meet shifting client demands, product innovation means developing new bakery items or changing old ones. This could involve the introduction of vegan pastries, bread that is gluten-free, or useful bakery goods. The development of processes, which includes automated combining and baking processes, focuses on enhancing efficiency and minimizing waste in manufacturing. To reach more consumers and capture more market share, innovation in marketing entails the developing of innovative branding techniques, packaging ideas, or ways to distribute products.

Miemczyk, Carbone and Howard (2022) ascertained the fact that creating an atmosphere of encouragement that promotes collaboration as well as knowledge sharing is crucial to fostering development within the UK baking business. By connecting together numerous stakeholders such as bakers, providers, academics, and policymakers, networks of cooperative partnerships and business organizationsplay a crucial role in promoting innovation. These collaborations may result in a transfer of knowledge, increasedutilizationof resources, and combined R&D projects that ultimately spur technological advancement. However, Martindale, Duong and Jagtop, (2022) argued that baking company is now placing a high priority on sustainability. Reducing food wastage, implementing energy-efficient procedures and using recyclable containers are merely a few examples of innovative techniques & innovations that support sustainability aspects. Innovation that is focused on sustainable not only assists bakeries in fulfilling legal standards but also fulfils customer demand for green products. Innovation that incorporates sustainablepracticesimproves the public image of the sector, reduces its negative environmental effect, and boosts its profitability over time.

Talens, et. al. (2021) mentioned in their study that the UK baking sector iscognizantof the value of focused on customer's innovation. For the invention of cutting-edge bakery items and the creation of unique experiences, knowing customer preferences, trends, andbehavior is vital. Bakeries may adjust their attempts at innovation to address particular demands by using market studies, feedback from consumers, and focus groups to collect insightful knowledge of consumer preferences. This focus on the requirements of the client helps improve share of the market, company image, and client retention.

On the contradictory note, Fernandes, George and Mishra (2020) defined that the innovation setting for the bakery sector has been greatly affected by the shift to digital. Production procedures, management of supply chains, and interactions with clients have all undergone radical change as a consequence of the use on digital technologies like artificial intelligence, robotics, and information analytics. Bakeries may streamline operations, improve inventory management,customizeadvertising efforts, and obtain immediate knowledge into customerbehaviorthrough online resources and platforms. The baking sector is more effective, agile, and successful because to the incorporation of digital innovations and technological advances.

Agmeka, Wathoni and Santoso (2019) stated that though innovation is important, the baking industry still confronts a number of obstacles. The expensive nature of development and research (R&D) activities, that are necessary for innovation, presents one of the most significant obstacles. Smaller bakeries frequently do not have the funding to spend in R&D, therefore restricts their ability to develop. Additionally, since novel ingredients or methods of manufacture must pass stringent testing and approval procedures, rigid laws and safety requirements could impede innovation. Furthermore, the execution of new concepts may be hindered by the short lifespan of bread products and the requirement for quick distribution. On the contradictory note, Hien, et. al. (2020) defined that The UK baking sector is greatly influenced by innovation. It promotes expansion and competition, allowing bakeries to stand out from the competition and draw in more clients. Innovative product lines suit a variety of dietary preferences and needs, enabling bakeries to target particular niches and boost income. Process innovation additionally increases productivity and lowers manufacturing costs, which helps boost profit margins. By fostering decreases in waste, energy conservation, and environmentally beneficial practices, technology also promotes sustainability.

2.3 Building brand awareness for bakery businesses in a competitive market

Winter (2021) investigated that the achievement of any business in an extremely competitive marketplace depends on establishing and upholding strong brand recognition. The goal of this literature study is to investigate the techniques and strategies that Greggs Plc, an established British bread business, might use to increase recognition of its brand in the face of fierce competition. This overview aims to offer insights into the value of awareness of the brand, the difficulties it presents, and the effective methods that concerned organizations may use to grow and enhance its reputation by looking at relevant research, publications, and academic articles.

According to the views of Gupta, et. al. (2020) Brand awareness measures the extent to which a product or service is known andrecognizedby consumers. It is crucial in forming customer perceptions, affecting purchasing choices and developing an edge over others. Strong brand recognition encourages customer loyalty and support in along with drawing in new clients. Keeping and enhancing brand recognition is crucial for bakery businesses to maintain market share, encourage consumer involvement and promote business development.

Jasmani and Sunarsi (2020) studied that companies, operating in baking sector, should concentrate on advertising and marketing efforts in order to raise brand recognition. To do this, the demographic being targeted must be identified as well as advertisements and campaigns must bepersonalized to appeal to their tastes and requirements. Reaching a wide spectrum of consumers may be accomplished byutilizingmultiple mediums, including radio, television, internet, and outside advertising. Additionally, you may increase brand awareness by collaborating with influencers, supporting regional events, andutilizingdigital marketing tactics including search engineoptimizationand pay-per-click advertising.

Erkmen and Hancer (2019) described Innovative products and distinction is important propellers of brand recognition in an increasingly competitive marketplace. Firm may establish a distinctive brand identity by providing superior and inventive baked items that distinguish themselves from rivals. Interest among consumers may be piqued and excitement created by creating new recipes, releasing seasonal or limited-edition products, and using popularflavorsor components. On the critical note, Ilyas, et. al. (2020) said that Promoting health-conscious choices,emphasizingthe use of new and locally produced ingredients and meeting certain dietary needs may all help bakery business to stand apart from the market.

Iglesias, et. al (2019) described Successful strategies to increase brand recognition include developing unique brand experiences and encouraging customer engagement. By maintaining high standards for its goods, offering outstanding customer service, and establishing welcoming and pleasant retail settings, the company can improve the consumer experience. The psychological connection between customers and the business may be strengthened by implementing loyalty programs, providingpersonalizedincentives, and actively participating consumers on social media platforms. Promotion of user-generated material could boost company exposure and reach a larger audience. Examples include feedback from clients, testimonials, and social network sharing.

However, Foroudi, et. al. (2019) argued that Today's customers place a higher value on companies that show ethicalbehaviorand give back to the community. For example: Greggs Plc may increase customer awareness of their brand by actively participating in CSR projects. This might include assisting nearby nonprofitorganizations, encouraging environmentally friendly habits, and supporting social causes. By promoting these initiatives through numerous marketing channels, including social media, announcements, and collaborations with pertinentorganizations, businesses may build afavorablebrand image and connect with customers who value firms that uphold ethical and social standards. However, Agmeka, Wathoni and Santoso (2019) argued that negative comments of customers on social sites adversely hampers company's brand image. This in turn also impacts purchasing decision of customers and thereby entices sales and profitability aspect.

According to the views of Pizzo, et. al. (2022) a solid online identity is crucial for brand visibility in the digital age. Bakery organization could make use of digital advertising strategies to increase its exposure and interact with more people. Important first measures include creating an educational and easy to use website, improving search engine presence, and continually monitoring social media channels. A further way to position Corporation as the go-to source for bakery-related material is by employing content marketing methods, such as posting blogs, films, and interactive materials about baking, methods, and lifestyle. This will increase brand recognition and engagement. On the critical side, Hien, et. al. (2020) said that designing and monitoring of social media campaign is highly time intensive exercise. Moreover, to attract customers firm has to devote more time in designing advertisements on regular basis. Further, without having skilled personnel firm would not become able to evaluate the success of campaign.

Peszko, et. al. (2020) ascertained the fact that in a competitive sector, Greggs Plc hasbuilding and boosting brand recognition. Organization can successfully increase and strengthen awareness of its brand by using intended advertising and marketing strategies, concentrating on product innovation and distinction, highlighting the consumer experience and engagement with consumers, exhibiting ethical conduct, andutilizingthe internet and digital marketing. In order to keep a competitive advantage, draw in new clients, and foster steadfast customer devotion, firm must constantly change and invest in its marketing methods.

2.4 Alliance between Innovation, Brand Awareness, and Diversification in the Context of Greggs Plc

Matarazzo, et. al. (2021) identified in their study that to stay compete and maintain expansion in the fast-paced business world of today, companies must comprehend the interaction between innovation, recognition of brands, and diversity. The study intends to offer insights into how creativity increases recognition of brands and how efforts to diversify might further reinforce the connection for the organization by looking at relevant research, essays and academic articles. As new goods, processes and marketing tactics set a firm apart from its rivals, innovation serves as an impetus for recognition of the brand. Bakery outlet may boost consumer awareness by introducing novel products, such as by providing newflavors, alternatives that are healthier, or catering to certain diet demands. Business may attract consumer interest, encourage good referrals, and build a solid brand image by constantly adjusting and inventing. This will increase brand recognition and recognition. However, Kalam and Kalam, (2020) argued that, brand recognition may be increased by innovative marketing tactics including social media and online advertising, engaging interactions, and interesting content. Business unit may increase awareness of its brand, provide memorable customer experiences, and increase consumer loyalty byutilizingcutting-edge methods to connect with and interact with their target audience. Firm may improve the relationship among innovation and awareness of the brand through innovation, which will have an advantageous impact on the business's competitiveness and consumer image.

Bilro, et. al. (2022) ascertained the fact that the growth of a business's line of goods or its foray into new markets is examples of diversity. Diversification can significantly impact brand recognition when done properly. Organization may reach new client groups, adapt to shifting consumer tastes and pique the curiosity of prospective consumers by expanding its product offering. For instance, diversifying into new bakery sectors or offering complementing dietary goods may enhance awareness of the brand and grow the consumer base.

On the critical note, Ilyas, et. al. (2020) said that by fostering brand associations and broadening the business's appeal, diversification may help increase brand recognition. Concerned bakery business can use its present brand equity and consumer loyalty to gain an advantage when it joins new markets or releases new products. The reputation and familiarity of the primary brand can have afavorableimpact on how the public views the new goods, thereby promoting brand acceptability across a variety of marketplaces. Firm could bolster its brand position and develop a more thorough and engaging story about the company by proactively expanding.

On the contradictory note, Salampasis and Mention, (2019) defined that when it comes to Greggs Plc, there is an important connection between innovation, diversity and awareness of the company. Along with this, organization can separate its brand from competitors, grab the interest of customers and spread brand awareness through innovating new products, experiences, and services. By extending the good line and establishing new markets, these innovations may boost diversity efforts even more by raising brand exposure and recognition across a wider customer base.

Sürücü, et. al. (2019) mentioned in their study that the identification of emerging markets and customers often requires the creation of unique solutions to fulfill their unique demands, which in turn might present chances for innovation. As the company continuously grows, adjusts, and launches innovative offerings, the connection between diversity and innovation strengthens awareness of the company. Bakery business unit could boost brand recognition, attract new customers, and gain a competitive edge by combining its portfolio diversification and innovation strategy.

In accordance with the views of Huhn, (2022) in the instance of bakery outlet, the degree of correlation between innovation, recognition of the brand and diversification is considerable. Firm is required to boost brand awareness through innovation by creating new goods, procedures and advertising tactics which set the company apart and draw in customers. On the other side, diversity broadens the client base, increases new connections to the brand and increases awareness of the brand. On the critical note, Królak, et. al. (2022) said that Innovation and diversity work in harmony to increase the association with the brand, which affects market positioning and how customers perceive it. Firm can ensure achieve continuous development, customer devotion, and an edge over competitors in the bread sector by properly utilising these characteristics.

Research Methodology

3.1 Introduction

The following section is focused on giving a thorough grasp of the study's methodology. This chapter's importance, aim, range, and substance have all been thoroughly investigated. In order to answer the study's questions and goals, the chapter highlighted the applicability of the specified research methodologies. The rationale and explanation of the study design, data collecting methods, sample strategies, and data evaluation procedures are all included in the chapter's scope. This chapter important attempts to assure the accuracy and reliability of the study results while guiding readers within the methodology framework.

3.2 Research design and framework

Research design relates to the blueprint describing the structure and technique of an investigation. Exploratory research design is selected when an in-depth comprehension of a largely unexplored topic is sought. With the goal to find novel insights, trends, or linkages, this architecture enables flexible gathering of data techniques such as surveys, and observations. It is particularly beneficial when the study topic requires early examination and there is a dearth of background knowledge. Exploratory research helps formulate theories and direct future study that is more narrowly focused.

3.3 Research type

The appropriate navigation of research for the present investigation on Greggs PLC UK is quantitative research. In quantitative research, numerical data are gathered and analysed to find patterns, connections, and trends. For the purpose of reaching results and establishing generalisations about more people, this form of research utilizes statistical techniques (Newman and Gough, 2020). The significance of innovation in enhancing brand recognition and broadening specialized markets in the baking industry is ideally suited for quantitative study. It allows extensive assessment of factors pertaining to innovation, brand recognition, and market diversity. Quantitative research can gather information from a significant amount of respondents via surveys, questionnaires, giving it an expanded perspective of the sector.

The researchers will be able to assess the influence of innovation on recognition of brands and the efficacy of diversity tactics in specific markets through the use of quantitative methods in this study. The strength and importance of a connection among variables may be ascertained by using methods related to the analysis of numerical data.

3.4 Research approach

The deductive approach is the most suitable approach of investigation for the present investigation on the impact of innovation to improving brand recognition and broadening specific markets in the UK baking sector (Pandey and Pandey, 2021). The deductive approach entails the creation of hypotheses using theories or data already known and empirically evaluating of this presumption. Considering there exists a theoretical framework for the link among innovation, awareness of brands, and market diversity, the deductive approach works for this study. Insights and theories from the available research may be employed to develop hypotheses about how technology affects the diversification of niche markets and consumer perceptions of brands.

The investigators can systematically examine these presumptions through data gathering and analysis by using the deductive method. To get quantitative information that directly relates to the study objectives and hypotheses, they might create experiments or surveys (Mukherjee, 2019). The deductive method allows a methodical and systematic study, ensuring that the results are supported by actual evidence and have the potential to advance theory and be generalised.

3.5 Research philosophy

For the present study positivism is the selected research philosophy. Positivism is an approach to philosophy that places an extreme value on the use of unbiased, scientific research techniques. By methodically observing and measuring things, it aims to elucidate concrete facts and causal connections. The purpose of this study is to look into the influence of innovation in increasing brand recognition and broadening specialized markets in the UK baking business. As a consequence, positivism is the most appropriate approach to research for this study (Mishra and Alok, 2022). The study uses a positivist method with the goal to collect actual data and examine hypotheses and literary presumptions.

Positivism make it possible to gather measurable information through trials, surveys, or other structured ways, which makes it easier to monitor and analyse factors connected to innovation, brand recognition, and market diversity. With the use of statistical approaches, researchers mayanalyzedata using this research philosophy and arrive at unbiased findings. By using positivism, the research may provide reliable and applicable results, adding to the body of knowledge in the area of baking industry and innovation. By providing a thorough andorganizedexploration of the research issue, this method improves the validity and reliability of the results of the research.

3.6 Data collection

The present research will focus secondary data gathering methods. This investigation will benefit from sources of secondary information such as publications, papers, and journals. Secondary data will contain current information, ideas, and case studies to provide more depth on the topic. It is feasible to evaluate and summarize the pertinent literature by consulting academic publications, business reports, and reliable books (Pawar, 2020). This secondary information will serve as a base for theoretical perspectives, conceptual frameworks, and research needs. Along with the books, journals and scholarly sources table, graphs and diagrams has also been added to develop as well as present suitable solution about the issue being investigated.

3.7 Data analysis

Data analysis is the procedure of examining, purifying, modifying, and interpreting information in order to gain valuable information, generate findings, and make well-informed choices. Thematic analysis is an appropriate approach for examining how innovation contributes to increased brand recognition and the growth of niche markets in the UK baking industry. It entails locating, examining, and summarising recurrent themes in qualitative data to enable a thorough investigation of the subject's perspectives and experiences. Thematic analysis offers flexibility to capture many points of view, textual subtleties, and underlying trends in data given the multifaceted character of innovation and its influence on brand recognition and diversification of markets.

This method enables the study to reveal complex relationships between innovation tactics and their impacts on boosting brand recognition and reaching specialized bakery customers. This method will allow for a comprehensive comprehension of Greggs' business practices and produce insights that may guide academic study as well as actual business strategy, adding to the conversation about innovation and market growth in the bread industry.

3.8 Research limitations

The intrinsic limits of any research study should be highlighted to offer a clear understanding of the method of enquiry and any potential limitations. The results of this investigation may only pertain to Greggs PLC UK and might not be completely generalizable for various bakery companies or areas. The findings' application to larger situations in the baking industry may be limited by the number of participants, sample features, and research context (Pandey and Pandey, 2021. This study's quantitative methodology emphasises numerical information and statistical evaluation. Potential data mistakes, limited oversight over the accuracy of the data, and applicability to specific study goals are among limitations of secondary data collecting in research. In addition, the inability to address certain research topics and the absence the context may limit the scope of analysis and the conclusions that may be formed.

The range of data gathering and analysis may be constrained by the limited time and resources accessible to the study. The thorough investigation of all pertinent factors and potential associations may be constrained by limitations in terms of funding, a period of time or accessibility. The design, data collecting, and evaluation of the results may be impacted by the subjectivity and biases of the investigators themselves.

3.9 Reliability and validity

Any investigation must take reliability and validity into consideration in order to ensure the accuracy and dependability of its findings. The uniformity and dependability of the procedures or equipment used for the investigation are referred to as reliability. Usingstandardizedsurvey tools and carefully crafting the questionnaire are two evaluates that will be performed in this study to ensure reliability. To reduce errors and discrepancies, the data collecting procedure shall be precisely set out and regularly applied. The degree to which a research analyses what it set out to assess is referred to as validity, on one hand (Firdaus, Zulfadilla and Caniago, 2021).

3.11 Ethical considerations

While doing research on human subjects, moral concerns are of the highest significance. Several moral problems or ethical dilemmas have been addressed in this study. Providing comprehensive details about the research, the methods used to obtain the data, and any possible risks or advantages have been part of the procedure (Sileyew, 2019). Making sure correct acknowledgement is given and following copyright regulations are crucial when dealing with secondary data. Possible prejudices or misunderstandings in data sources might potentially pose ethical problems. To preserve the standards of informed consent, privacy, precision, and respect for the rights of participants and the authenticity of the data sources, researchers must manage these issues.

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3.12 Conclusion

The investigation's technique has been laid out in detail in this section, including essential components such research kind, strategy, sampling, analysis of data, constraints, reliability, validity, or ethical issues. The study's strives and the requirement for statistical information to analyze the effect of innovation in boosting brand recognition and broadening specializations in the bakery sector in the UK, particularly within Greggs, led to the qualitative method been selected. The research technique for this study gives obvious advantages of effectiveness and affordability by using secondary data. It does, however, have some drawbacks, including possible data bias and limitations on how certain study issues may be addressed. It is crucial to give quality, relevance, and ethical consequences of the data analysis. Although secondary data is a great starting for analysis, it must be used in conjunction with a thorough strategy that includes critical assessment, awareness of context, and synthesis with other sources.

Findings And Discussion

Revenue at Greggs increased by 23% in 2022, but they were still down from the year before. For 2022, the total revenue from sales was about £1.51 billion.

Figure 1: Growth in annual sales of Greggs in the United Kingdom (UK) from 2006 to 2022

(Source: Statista Research Department,2023)

Conclusions And Recommendations

Recommendations:

The suggestions that follow might be made in light of the study that was conducted on the effect of innovation on raising brand awareness and expanding specific segments in the UK bakery company, with a focus upon Greggs Plc:

• Support constant innovation: Greggs Private Limited should give ongoing innovation top priority in order to compete in the highly competitive bread sector. Greggs can draw in consumers while maintaining them interested by routinely releasing new and distinctive baking goods, flavors, and recipes.
• Spend in development and research (R&D): With the goal to promote innovation, the company Greggs PLC should dedicate funds to R&D projects. The business may investigate new ingredients, technology, and patterns that fit with evolving customer tastes and dietary needs by investing in R&D (Foroudi, et. al, 2019). With this investment, Greggs will be able to produce unique, healthy baked goods that appeal to specialized markets and help build brand recognition.
• Leverage digital technology: Greggs must embrace online platforms and technological advances to increase brand recognition and target specialised audiences. This entails creating a website that is easy to use, utilising social networks, and putting e-commerce capabilities in place. Greggs can reach a larger audience and raise awareness of its products among tech-savvy consumers by utilising digital marketing tactics, such as targeted advertisements, influencer partnerships, and engaging content, effectively.
• Establish collaborative partnerships: To promote innovation and raise brand recognition, Greggs PLC may team up with other companies operating in the same field, vendors, and researchers. Partnership can make it easier for people to share information, have utilization of resources, and work together on collaborative R&D projects (Grimsby and Kure, 2019).
• Tailor offers for niche markets: For it to effectively expand into specific markets, Greggs has to identify certain client groups and adjust its marketing strategies and product offerings appropriately (Hien, et. al, 2020.). It can entail creating unique items for those with dietary preferences or constraints, such as vegan, gluten-free, or organic alternatives.

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