Free Sample: Marketing Assignment paper example for writing essay

Marketing Assignment - Essay Example

The young Harlan Sanders had many Jobs such as a farmhand, a bus conductor, a steam boat river, a soldier, and a salesman. Eventually he became a business man owning a petrol service station in Kentucky, one of the 52 states of the USA. Many travelers stopped at his service station wanting refreshments and food. The Colonel saw this as a business opportunity and decided to offer food to these customers. The Colonel enjoyed making his customers happy – he was passionate about entertaining them with excellent food and superb service.

His food and service was so good that he was mentioned in several newspapers around the country. As a result he had to expand is dining room to keep up with the increase in new customers. This ‘Customer Mania’ experience made people drive from far away Just to visit the Colonel’s restaurant. After careful testing for many years to find Just the right combination of ingredients, the Colonel knew that he was at last onto a winning recipe.

When he added the 1 lath and final ingredient, he was truly satisfied that he had created the best chicken he had ever tasted – he wanted to share it with the world! To this day, the Original Recipe of 11 Herbs and Spices is one of the biggest secrets in the world – “the Finger Licking’ Taste” of KEF! The Colonel also introduced the idea of using a pressure cooker to cook the chicken. This ensured that the product cooked faster and produced the best results ever. The following marketing plan of Kentucky Fried Chicken (KEF) describes as a major Quick Service Restaurant (USSR) operator in UK . T mainly serves chicken related items with some side dishes. KEF competing the competitors ‘and maintain a strong relationship with its customers under consideration of its Macro and Micro environment very efficiently . KEF has segmented its market on the basis of segmentation like; Demographic, Cryptographic, Geographic, and Behavioral . KEF is showing certain buying behavior . KEF is following of market penetration, marketing development and product development for increase of its customers.

It follows production, marketing and social marketing strategies for increasing its market share and growth. KEF listen its customers to help them to evolve their menu and the choices they offer. KEF has strong demand for HALL products. STRATEGIC PLANNING Strategic planning is the process of developing and maintaining a fit between the organization’s goals and capabilities and its changing marketing opportunities. Strategic planning brings to life the mission and vision of the enterprise .

A strategic plan, well-crafted and of value, is driven from the top down; considers the internal and external environment around the business; is the work of the managers of the business; and is communicated to all the business stakeholders, both inside and outside of the company. Strategic planning is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. In order to determine the direction of the organization, it is necessary to understand its current ignition and the possible avenues through which it can pursue a particular course of action.

Generally, strategic planning deals with at least one of three key questions: 1) “What do we do? ” 2) “For whom do we do it? ” 3) “How do we excel? ” STRATEGIC PLANNING INVOLVES: Current Situation Analysis Segmentation Analysis Strength, Weakness, Opportunities, and Threat Analysis Core Competencies Analysis Key Success Factors Business Unit Strategy or Business Plan Balanced Score Card Evaluation KEF has strategic planning to increase its market worth value of the market and its market share.

They work on a well defined strategic planning for this. They are working efficiently on operational plans for example they only open up the branch were they can easily earn up to more than desired or planned revenue even like KEF has open up its wheels for less cost and market penetrating in areas operational plans once they will think they have made the spot then they would open up its new branch. Operational plans also include launching of a new product to change or innovate its product line for the customers. To be the leader in western style quick service restaurants through friendly service, good quality food and clean atmosphere” KEF is an internationally renowned fast DOD industry in the world. They have the main ambition to increase and maintain the quality in fast food industry. Their aim is to capture the fast food market. Basically they want to provide their products to anyone that is why they expending their branches in all over the world.

They want to increase their profit through giving maximum satisfaction& other better facilities to people that they want. VISION: “Our passion, as a restaurant company, is to put a YUM on people’s faces around the world, satisfying customers every time they eat our food and doing it better than any other restaurant company’. VALUES OF KEF Focus all their resources to their restaurants operation because that is where they serve their customers. Reward and respect the contributions of each individual at KEF.

Expand and update training with time and be the best they can be and more. Be open, honest and direct in their dealings with one and other. Commit themselves to the highest standard to the personal and professional integrity at all times. Encourage new and innovative ideas because these are the key to their competitive growth. Reward result and not simple efforts. Dedicate themselves to continuous growth in sales, profit and size of organization. Work as a team.

POLICIES: KEF policies are excellence for their standards which are shortly termed as CHAMPS: C: Cleanliness H: Hospitality A: Accuracy M: Maintenance P: Product S: Speed of Serve KEF policies regulates around these standards, hospitality is also with the employees regarding their issues and privacy. Procedures are well described in CHAMPS standard library whose access is only given to the employees. There procedures/ rules include safety for its products as well as their employees by providing with sanitize keeping kitchen environment clean and hygienic.

CUFF’S AIM AND OBJECTIVES The aims and objectives of KEF are not only to sell chicken to make money and make a profit, they are to expand as a business whether that is to be a world wide business or Just to open up a phew more restaurants around the country to provide a better and faster service, better customer service to beat competitors or rivals such as McDonald’s, burger king, pizza hut and many more fast food companies. Build an organization dedicated to excellence. Consistently deliver superior quality and value in our products and services.

Maintain a commitment to innovation for continuous improvement and grow, striving always to be the leader in the market place changes. Generate consistently superior financial returns and benefits our owner and employees. SEGMENTATION MARKETING ANALYSIS OF KEF Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then be designed and implemented to target these specific customer segments, addressing needs or desires that are believed to be common in this segment, using media that is used by the market segment.

Market Segmentation is a way by which an organization or firm vides its target market into different homogeneous groups in other to identify and meet the needs of its target customers. They are four bases of market segmentation. KEF has divided its market into distinct groups of customers to meet their needs. GEOGRAPHIC SEGMENTATION Geographic segmentation divides the market into geographical units such as nations, states, regions, counties, cities, or neighborhoods. The company can operate in one or a few areas, or it can operate in all but pay attention to local variations.

In that way it can tailor marketing programs to the needs and wants of local customer groups in riding areas, neighborhoods, even individual stores. KEF has over 20,000 outlets all over the world and it segments its market geographically by regions KEF offers different varieties of chicken depending on tastes in a certain country. KEF also segments its market based on size of the population. DEMOGRAPHIC SEGMENTATION This segmentation consists of Age, Life cycle, Life stage, Gender, Income, Generation, Social Class and Race and culture.

CIFS segments its market according to: Age-7-60 Sex- Both Males and Females Income- for high income earners and average income earners CRYPTOGRAPHIC SEGMENTATION Cryptographic segmentation refers to the use of consumer lifestyles as a basis for classifying ones’ customers. Since different people have different interests and activities, then such an approach would be feasible in marketing. In this approach, companies may classify their consumer on the basis of their values. In Cryptographic Segmentation, segments are divided on the basis of social class, lifestyle and personality characteristics.

Cryptographic variables include: Interest, lifestyles, opinions. KEF market is tailored to satisfy the needs of the wealthy or classy customers. Marketing strategy The strategy to enter into HALL shall be through franchising as avoid the risk committing resources into an unfamiliar market. To grant franchises to the only highly motivated and talented entrepreneurs with integrity and business experience and train them to become more active and aggressive owners for KEF. Product KEF will increase its product line to include new menu items in several locations to test acceptability and possible sales in relations to demographics.

While, the expansion of its menu is very crucial and be focused in continuing its product on the healthy foods” they domestic customers is demanding as target market. KEF could reach the objective of healthy foods by adding new additional items such as grilled chicken and grilled chicken sandwiches and dinner and steam chicken. Place For achieving the goal this kind of industry, distribution channel for new product introduction are the keys to success. Thus, KEF shall expand into more non- traditional locations in those hospitals area, gas stations, convenience stores, malls, airports, concert halls, amusement parks, and college campuses.

They need to implement new culturally specific procedures such as serving beer in German restaurants, more Asian chicken dishes, familiar dress in Asian restaurants, and a pub-type atmosphere for London restaurants with a leisurely atmosphere conducive to long conversations and others depending on the Birmingham and Manchester. Pricing Price is a factor needed for customer decision to make on the first purchase. The price should be considered as a reasonable and competitive with other local restaurants who offer chicken menus. Therefore, the price of the initial launch must be reasonable in terms of low price setting. Promotion

Promotion of all the three divisional products combining advertisement and reducing cost for individual advertisements. Offering special introductory bargain for newly opened locations attract customer’s attraction. Celebrity promotions of KEF should be continued. Promotion of beneficial societal programs by continuing its neighborhood grant programs and expanding opportunities for more neighborhood youths as new restaurants are built up as the outreach and advertisement of Pepsi CO’s traditional values and “caring” attitude. CORE COMPETENCIES & ANALYSIS Competitors A business cannot be enjoyed without competitors.

No organization can afford to ignore their competitors. It is very important for marketing managers to monitor the activities of their competitors, what they are doing? KEF adopted such sort of strategy that there is no competitor for spicy chicken, which is made by KEF. KEF beats its competitors through the revising marketing strategy at every movement but the main competitor of KEF is Mac Donald. How KEF compete its competitors? It is found that KEF compete its competitors by five ways: It is found that KEF compete its competitors by these ways: KEF compete its competitors through marketing strategy

They offered different packages at different events like Ramadan offer, midnight offer and many things KEF compete there competitors by providing good services They must hired the hard selling persons to market their product in the market and motivate their employees for the sake of organizations and employees do well and they compete there competitors KEF has quality products and through these quality products they compete their competitors KEY FACTORS OF KEF For KEF Key success factors fall into five categories: customer requirements, competitive factors that must be met, regulations/industry standards, requirements o implement competitive strategy, and technical requirements to build a competitive position. Determining the precise key success factors for its specific product is simple when using these categories. 1- Customer Requirements: The Cuff’s higher management writes down a list of customer requirements. These are the things that you know your potential customers want in a product. This can be gathered via market research. An example as it is described that the size of the burger is now attracting customers.

Therefore, it is considered a key success factor. 2- Competitive Factors: Write a list of competitive factors that must be met. For example, if you are marketing a new sports drink and all other sports drinks contain caffeine, putting caffeine in your product is a competitive factor that you must meet. Not meeting this factor means that you will likely be unable to compete, so this factor is a key success factor. 3- Regulations/landlords standards: Write a list of regulations/industry standards in your specific business. A food product, for instance, needs to pass certain health requirements. Not meeting these requirements makes it likely that you will be shut down by regulators.

Therefore, these requirements are considered key success factors. 4- Resource requirements: Write your resource requirements to implement competitive strategy. For example, for a marketing campaign you will need to the approximate cost and the number of employees needed. These are factors necessary to implement your strategy, so they are considered key success factors. 5- Technical requirements: Write a list of technical requirements you need to build a competitive position. If you need access to particular technology to produce and distribute your product, this is a key success factor. KEF SOOT ANALYSIS A soot analysis means analyzing strength, weakness, opportunities and threats of the company.

Much evaluation have revealed that kef has a strong market purpose as today it is firmly represented by all its branches and subunits over the world known as the Second best global brand in fast food industry in terms of value ($ 6 billion). KEF is known by many and is a trustworthy brand in many countries mainly due to its early franchising and international expansion, and it is place on the first position as the market leader in the world among companies featuring chicken as heir primary product offering. KEF has positioned itself clearly among other fast food chains bearing its famous slogan and trademark chicken products. This success is attributed to Original 11 herbs and spices recipe.

KEF original chicken recipe is a trade secret and a source of comparative advantage against firm’s competitors through this process 11 herbs and species has made it the leader in chicken for the last 50 years. KEF sells three recipe, original recipe, extra crispy, tender roast . Due to its uniqueness KEF has a hold at the market and through customer satisfaction they eave higher profits rates which is a result of their diversity in products innovation for a better service . Today kef holds a perfect branding due to the fact that it had a good approach to media also it has resisted through all the challengers as it had overcome difficulties with different handling strategies.

With 18,000 outlets in 120 countries and territories kef always chooses a very good location in the busy area of city also it also empowers its staffs with the best skills to handle over every situations so that the have a better efficient service delivery to customers WEAKNESSES Indeed huge companies like kef do also have weaknesses as it has been noticed that kef do have : Untrustworthy suppliers. Over the years, KEF has been contracting suppliers, which supplied contaminated poultry to KEF or were mistreating chicken, thus resulting in falling sales and damaged reputation. Negative publicity. KEF receives much criticism from PETA over the conditions chickens have been raised. Furthermore, it received bad publicity for selling chicken wing with kidney. There are many more or less bad news from KEF, which damage firm’s reputation significantly.

Unhealthy food menu. KEF menu is largely formed of high calorie, salt and fat meals and drinks. Such menu offering prompts protests by organizations that fight obesity and hence, decreases KEF popularity. Consumers also often opt out for healthier choices. High employee turnover. Employment in KEF is a low paid and low skilled job. It results in low performance and high employee turnover, which increases training costs and add to overall costs of KEF. But overcoming of these issues can be done when the kef seizes its upcoming opportunities, which can be described as a chance to climb the ladder of success : OPPORTUNITIES Increasing demand for healthier food.

While demand for healthier food increases, KEF could introduce more healthy food choices in its menu and reverse its weakness into strength. Home meal delivery. KEF could fully exploit (it test deliver services now) this opportunity and reach more customers. Introducing new products to its only chicken range. KEF could introduce new meals to its menu and offer pork, beef or only vegetarian meals, which would target wider consumer group and would result in more costumers. The biggest for this large multinational is the TREATS that rises everyday Today people like much fast foods and it has results as a saturated fast food markets in the developed economies.

The fast food market in the developed countries is already overcrowded by so many fast food restaurant chains and this already proves to be a threat to KEF as it finds it hard to grow in the developed economies. It has also been observed that in many part of the world people trend towards healthy eating. Due to government and various organizations attempts to fight obesity, people are becoming more conscious of eating healthy food rather than what KEF has mainly to offer in its menu. Local fast food restaurant chains. Local fast food restaurants can often offer a more local approach to serving food and menu that exactly represents local tastes.