Continuing in the role of a marketing professional who has been tasked with completing a marketing plan for KFC, refer back to the research you completed in Part 1 and Par
Continuing in the role of a marketing professional who has been tasked with completing a marketing plan for KFC, refer back to the research you completed in Part 1 and Part 2: Product or Service and Price assignments. Conduct additional research related to place and promotion and use it to complete the Marketing Plan Analysis Part 3
I have attached Part 1 and Part 2
Company Name: KFC
Brand Story: KFC, a supplementary of YUM! Brands are a multinational chain restaurant, headquartered in Kentucky, United States of America, with an approximation of 21487 outlets internationally. Noteworthy, the organization accommodates 3% of own-managed and 97% of the franchising methods, operating over 131 countries globally. The company is considerably known for the fried chicken recipes in a global food chain and restaurant organization. The organization presents fundamental articulation to stakeholders including, people, planet, and food, as structural articulation in the operations and production process to meet business objectives goals, and vision. As an international organization, KFC pays attention to critical strategic management and services strategies to elements global food chain and restaurant business environment achieving operational excellence within the global market and performance. The company accommodates the future fundamental considerations for strategic performance and operations underpin a fundamental articulation for the practical connection of the concepts learned and overall application in the areal-world situation for a multinational Company like KFC.
Noteworthy, KFC acknowledges fundamental performance strategies such as the design of goods and services, quality management, and effective supply and chain strategies through effective and constant change to meet global business competitions. Change in the organization occurs as adaptive and transformative, describing short and long scale basis for effective organizational management (personal experience). The design of goods and services forms fundamental operations and management within a globally competitive business environment. Designing products and services is the objective to develop and implement competitive strategies for a competitive advantage in a global market (Uddin, 2020). KFC, as a Brand for fried chicken, employs approaches such as product selection, definition, and design to offer compelling competitive advantages in the global competition. For example, product design accommodates fundamental articulation of organizational change causes such as improving an existing product, differentiation of products, and developing new products for effective performance and competitive strategies.
Company Vision: To provide food in a quick, pleasant setting that caters to cost-conscious, health-conscious people
Company Mission: To sell food in fast friendly environment to provide conscious health minded consumers.
Company Marketing Objectives:
Company Marketing Strategies and Tactics:
To provide quality food for their customers, maintaining businesses reputation via providing a good service and increase profitability and market acquisition, improvement and retention.
Company’s marketing strategies offers an effective platform for effective market share, performance and profitability. In marketing strategies, firms present significant competitive and performance strategies to be unique in the market (Heizer et al. 2017). Notably, KFC has accommodated fundamental marketing strategies including understanding the market, choosing value proposition, and underscoring marketing strategies. As a market differentiator, KFC has posited fundamental differentiation strategies including notable public image and brand equity, nominal prices, customer conveniences, flexibility in franchising for a considerable revenue, customer equity, and organizational culture that supports effective market differentiation and successful organization’s operational excellence in marketing differentiation and strategies Similarly, the concepts in market differentiation including emotional response, branding presentation, innovation, unique experience, and pricing have facilitated the KFC platform as a market differentiator (Uddin, 2020). Notably, KFC has employed a skimming pricing strategy whereby the Company starts with the highest initial product charges and lowers the price over time (Omer, 2018). Significantly, KFC has accommodated fundamental innovation and technology applications focusing on customers, services, experiences, and feedback for decision-making. For example, the Company has adopted big data analytics knowledge and concepts from social networking to gather, analyze and interpret customer data for data-driven decision-making. Additionally, KFC Company has accommodated a digital marketing strategy, engaging with a substantial number of customers via social means for effective brand presentation. Finally, KFC Company has presented a notable unique experience in the recipe and product with no imitation from other multinational Companies, accommodating a narrow competitive scope in the industry. Thus, the KFC Company has accommodated significant marketing strategies for effective performance, differentiation, competitive advantage and profitability
SWOT Analysis: Using the data and information from your research, complete a SWOT analysis for the company. Reference and cite the topic materials for details on conducting SWOT analysis.
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Strengths · Brand Recognition · Recipe Varieties · Strong Position in Market |
Weaknesses · Lack of Trust in Suppliers · Unhealthy Food Menus · High Employee Turnover Rate |
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Opportunities · Increase Healthy Food Demands · Home Food Delivery Increment · Introduce New Products and Services |
Threats · Lawsuits and Currency Fluctuations (Felder, 2022) · Saturated fast-food industry in developing economies · Healthy eating habits |
Citation of Sources: Provide APA citations for the company’s annual report and the other research sources utilized in completing the assignment.
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Name of Source |
Citation Information |
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Online Article (KFC Annual Report) |
Felder, G. (2022). Yum! Brands Reports Third-Quarter Results 10% System Sales Growth Excluding Russia Impact; Led by 5% Same-Store Sales Growth with 979 Gross Unit Opening. https://s2.q4cdn.com/890585342/files/doc_financials/2022/q3/8K-EX99.1-11.2.2022.pdf |
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Operations Management: Sustainability and Supply Chain Management |
Heizer, J., Render B. and Munson, C. (2017). Operations Management: Sustainability and Supply Chain Management (12th global Ed.) Harlow: Pearson |
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Journal of Process Management – New Technologies, International |
Omer, S. (2018). SWOT Analysis – The Tool of Organizations Stability (KFC) As a Case Study. Journal of Process Management – New Technologies, International. (4)6. 27-34 |
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Internal Journal of Research and Development |
Uddin, S.M. (2020). Operational Strategies and Management of KFC: An Enquiry. International Journal of Research and Development. (5)4. Pp.172-179: DOI: https://doi.org/10.36713/epra4262 |
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Running Head: KFC
KFC
KFC
Instructor Name
Course
Date
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Information to be Researched |
Research Findings |
Resource Citation Information |
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Describe the customer segments and target markets. |
KFC offers a wide range of fast food items that appeal to a broad range of customer segments, from young people to families, from health-conscious consumers to those looking for convenience. The company has identified three main target markets: young adults, families, and millennials. Young adults are attracted to KFC's quick and convenient food options, while families appreciate the value and range of meals that KFC offers. Meanwhile, millennials are drawn to KFC's use of fresh ingredients and its focus on health and sustainability. In addition, KFC has developed a loyalty program that rewards customers for their frequent visits, which helps to build customer loyalty and drive business growth. |
Felder, G. (2022). Yum! Brands Reports Third-Quarter Results 10% System Sales Growth Excluding Russia Impact; Led by 5% Same-Store Sales Growth with 979 Gross Unit Opening. |
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Describe characteristics of the target markets that will affect product/service and pricing decisions. |
KFC has been targeting the health-conscious, cost-conscious consumer, who is looking for a quick, pleasant setting for a meal. KFC customers are typically from a wide range of age groups, genders, and socio-economic backgrounds. KFC has also been targeting a younger demographic in recent years, with their introduction of new products and services that appeal to a younger market, such as vegan options and delivery services. KFC's pricing strategy is to offer competitive prices that are attractive to their target customers. KFC also offers promotional pricing, discounts, and loyalty rewards to further entice customers and keep them coming back. KFC also offers a variety of meal deals, which can be customized to meet the needs of the customer. Additionally, KFC has been focusing on providing a high quality product, which is important to their target market. |
Heizer, J., Render B. and Munson, C. (2017). Operations Management: Sustainability and Supply Chain Management (12th global Ed.) Harlow: Pearson |
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Describe how the company differentiates its product and positions its brand. |
KFC has posited fundamental differentiation strategies including notable public image and brand equity, nominal prices, customer conveniences, flexibility in franchising for a considerable revenue, customer equity, and organizational culture that supports effective market differentiation and successful organization’s operational excellence in marketing differentiation and strategies. Similarly, the concepts in market differentiation including emotional response, branding presentation, innovation, unique experience, and pricing have facilitated the KFC platform as a market differentiator (Uddin, 2020). KFC has employed a skimming pricing strategy whereby the Company starts with the highest initial product charges and lowers the price over time (Omer, 2018). Significantly, KFC has accommodated fundamental innovation and technology applications focusing on customers, services, experiences, and feedback for decision-making. For example, the Company has adopted big data analytics knowledge and concepts from social networking to gather, analyze and interpret customer data for data-driven decision-making. Additionally, KFC Company has accommodated a digital marketing strategy, engaging with a substantial number of customers via social means for effective brand presentation. Finally, KFC Company has presented a notable unique experience in the recipe and product with no imitation from other multinational Companies, accommodating a narrow competitive scope in the industry. |
Omer, S. (2018). SWOT Analysis – The Tool of Organizations Stability (KFC) As a Case Study. Journal of Process Management – New Technologies, International. (4)6. 27-34 |
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Describe a consumer buying behavior model for this company and brand. |
The consumer buying behavior model for KFC can be described as an information processing process, which is based on consumer perception and decision-making processes. The information processing process includes the stages of recognition, search, evaluation, and selection. Recognition is when the consumer is exposed to the product or service, whereas search is when the consumer actively seeks out information about the product or service (Uddin 2022). Evaluation is when the consumer assesses the product or service based on the information they have gathered, and selection is when the consumer makes the decision to purchase. The consumer's decision-making process is influenced by a variety of factors, such as personal values and beliefs, the opinion of others, past experiences, and the availability of information. Additionally, the consumer's buying behavior can be influenced by emotional factors such as the desire for pleasure or the avoidance of pain. The consumer's decision-making process is also influenced by KFC's pricing strategy. KFC has employed a skimming pricing strategy whereby the Company starts with the highest initial product charges and lowers the price over time (Omer, 2018). This pricing strategy is effective in encouraging customers to purchase the product, as it is perceived to be of higher quality due to the higher price. Additionally, the pricing strategy is beneficial to KFC, as it allows the company to adjust prices to accommodate changes in the market and consumer demand. |
Uddin, S.M. (2020). Operational Strategies and Management of KFC: An Enquiry. International Journal of Research and Development. (5)4. Pp.172-179: DOI: https://doi.org/10.36713/epra4262 Omer, S. (2018). SWOT Analysis – The Tool of Organizations Stability (KFC) As a Case Study. Journal of Process Management – New Technologies, International. (4)6. 27-34 |
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Describe the product mix. |
KFC has a wide product mix, ranging from signature fried chicken products, such as Original Recipe and Extra Crispy, to value-oriented meals such as the Famous Bowl and Popcorn Chicken. The company also offers a variety of sandwiches, wraps, sides, and desserts, including mashed potatoes, cole slaw, biscuits, Mac and Cheese, and cheesecake. Additionally, KFC offers a range of new products such as the Smoky Grilled Burger and the Zinger Burger, which are designed to capture the attention of customers. KFC also offers a range of meal boxes and family meals, which are designed to cater to larger groups. |
Bui, T. M. (2020). Standardization versus Adaptation Strategy in International Marketing Mix–The case of KFC in Vietnamese market (Doctoral dissertation, Master’s Thesis, University of Turku). |
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Describe the product lines. |
KFC is a global food chain and restaurant organization with an assortment of fried chicken recipes. The company's primary product lines include its signature fried chicken, sandwiches, wraps, sides, desserts, and drinks. The company also offers various combinations and promotions. KFC's signature fried chicken products include the Original Recipe, which is a blend of 11 herbs and spices, and the Extra Crispy Recipe, which is marinated and double-breaded. KFC also offers snackable products such as chicken tenders, popcorn nuggets, and hot wings. The company's sandwiches come in several varieties, including the Zinger, Doublicious, and Tower Burgers. KFC also offers side dishes such as mashed potatoes, macaroni and cheese, coleslaw, and green beans. The company also offers a range of desserts, such as chocolate chip cake, chocolate chip cookies, and ice cream sundaes. In addition, KFC offers a variety of drinks, including soft drinks, iced tea, and lemonade. |
Ali, M., Bangsawan, S., & Rouly, D. (2020). Consumer characteristics and the effects of social factors on purchasing decisions of Kentucky Fried Chicken (KFC) eco-friendly products. In The Future Opportunities and Challenges of Business in Digital Era 4.0 (pp. 86-89). Routledge. |
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Describe the service processes. |
KFC is known for its fried chicken recipes in a global food chain and restaurant organization. The company offers a variety of services, such as providing its customers with fast friendly environment, catering to cost-conscious, health-conscious people. KFC offers customers a wide range of services such as offering quality food, good service, customer convenience, and flexibility in franchising. KFC also offers digital marketing services such as big data analytics knowledge and concepts from social networking to gather, analyze, and interpret customer data for data-driven decision-making. Additionally, KFC provides customers with a unique experience in the recipe and product with no imitation from other multinational companies, providing customers with a narrow competitive scope in the industry. |
Amoako, G. K., Caesar, L. D., Dzogbenuku, R. K., & Bonsu, G. A. (2023). Service recovery performance and repurchase intentions: the mediation effect of service quality at KFC. Journal of Hospitality and Tourism Insights, 6(1), 110-130. |
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Discuss physical evidence of service, service scape, and ambiance. |
Physical Evidence of Service: KFC offers a range of physical evidence of service such as their signature bucket of fried chicken, fries, coleslaw, and drinks. The physical evidence of service is also seen in their restaurant design and decor, with a focus on providing a friendly, inviting atmosphere. KFC also offers a range of sides and desserts, such as biscuits, mashed potatoes, and soft drinks, as well as value meals and family meals. Service Scape: KFC's service-scape helps to create an inviting atmosphere in their restaurants. The service-scape includes the layout of the restaurant, the colors and furniture used, and the lighting. KFC also has a focus on creating a warm and inviting experience for their customers, which is evident in their service-scape. Ambiance: KFC's ambiance is focused on creating an inviting and enjoyable atmosphere for their customers. The restaurants are designed to be comfortable and inviting, with a focus on creating a sense of warmth and hospitality. In addition, KFC has a range of music, television, and other entertainment options to create a pleasant experience for customers. |
Segoro, W., & Permatasari, M. M. T. (2021). The Influence Of Physical Evidence, Reliability, Responsiveness, Assurance And Empathy To The Consumer Satisfaction Of The KFC Grand Kota Bintang Bekasi. International Journal of Science, Technology & Management, 2(5), 1712-1717. |
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Discuss the roles of company employees in service delivery. |
KFC employees play an important role in service delivery. Employees are the face of the company, and they are responsible for ensuring customer satisfaction through their interactions. KFC has implemented several strategies to ensure that their employees are well-trained and equipped to deliver excellent customer service. This includes providing training to employees on customer service techniques, such as active listening and effective communication, as well as providing them with the necessary skills and knowledge to make sure that customers have a positive experience. Additionally, KFC has implemented employee engagement initiatives such as team-building activities and reward programs to motivate employees to provide the best possible service. These initiatives have been successful in creating an environment where employees are empowered to make a difference in customer service. |
Amoako, G. K., Caesar, L. D., Dzogbenuku, R. K., & Bonsu, G. A. (2023). Service recovery performance and repurchase intentions: the mediation effect of service quality at KFC. Journal of Hospitality and Tourism Insights, 6(1), 110-130. |
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Define the company’s pricing objectives and discuss whether the objectives are profit- or sales-oriented. |
KFC's pricing objectives are profit-oriented and focused on increasing profitability. The company employs a skimming pricing strategy whereby the Company starts with the highest initial product charges and lowers the price over time (Omer, 2018). This strategy is designed to maximize short-term profits while maintaining market share. KFC also offers discounts and promotions to customers in order to encourage them to buy more frequently (Ghosh,2022). The company also offers discounts to its franchisees in order to maintain its brand loyalty and loyalty to its franchisees. The company also has a loyalty program that rewards customers with discounts and other incentives for their loyalty. Additionally, KFC's pricing strategies are also focused on maintaining market share. The company uses promotional and advertising campaigns to increase brand awareness and to entice customers to purchase KFC products. Furthermore, KFC also has a pricing strategy that is focused on increasing customer satisfaction and maintaining customer loyalty. The company offers a variety of options for customers to customize their meals and to ensure that they are getting the best value for their money. |
Ghosh, S. (2022). Language in Marketing and Management. International Journal of English Learning & Teaching Skills, 4(2), 1-13. Omer, S. (2018). SWOT Analysis – The Tool of Organizations Stability (KFC) As a Case Study. Journal of Process Management – New Technologies, International. (4)6. 27-34 |
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Provide an example of current company pricing strategies. |
KFC has employed a skimming pricing strategy whereby the Company starts with the highest initial product charges and lowers the price over time (Omer, 2018). |
Omer, S. (2018). SWOT Analysis – The Tool of Organizations Stability (KFC) As a Case Study. Journal of Process Management – New Technologies, International. (4)6. 27-34 |
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Describe pricing tactics (discounts, etc.) that are used to drive short-term demand |
Omer, S. (2018). SWOT Analysis – The Tool of Organizations Stability (KFC) As a Case Study. Journal of Process Management – New Technologies, International. (4)6. 27-34 Noor, A., & Yasir, H. S. M. (2022). Linguistic Glocalization as a Promotional Strategy by Multi-National Fast-Food Chains: A Case Of Pakistan. International Journal of Linguistics and Culture, 3(2), 23-42. |
Research Summary
KFC could use the research findings to develop a marketing plan in order to meet the company's marketing objectives and business needs. The customer segment and target markets for KFC could be identified by researching characteristics such as age, gender, income, lifestyle, and location. Knowing these characteristics would help KFC to better understand their target audience and design their product or service to cater to their needs. Furthermore, understanding the target markets
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