From there, word quickly got out about the unique taste of his chicken. Since that time, many of his restaurants are the more traditional eat-in or carry out restaurants, and other stores carry the buffet style setup.
The reason behind doing so was to give a different image rather than being seen as a fried chicken restaurant. In making this major change the marketing strategy played a major role. Different advertising and promotional campaign helped in making this big change. The objectives of the organization determine their strategies.
Corporate level strategies define the long term objectives of the organization and that determines the marketing strategies Jackson, So ultimately, corporate strategy is a broader term that includes marketing strategy in it.
Marketing strategy plays a key role in strategic planning by making the link between the business and the environment.
Strategic marketing includes the study and analysis of external environment that provides the base for strategic planning. By using this step KFC as well as other organizations can easily develop an effective marketing strategy that can support their business objectives and boost their revenue.
Defining the unique selling proposition of the company Defining the target market Implementing the plan, and Controlling and monitoring the succession. The next step includes the identification of target market. It indicates the market place where organization can find their potential customers.
It also includes the analysis of market and SWOT analysis that defines the strengths and weaknesses of the organization as well as possible threats and weaknesses of the market Porter, On the basis of this analysis marketing plan is drafted. It includes the marketing objectives and issues that determine the track of the succession of plan.
This is the most important step of marketing strategy development because the effectiveness of objectives determines the entire process of marketing so while making the marketing plan well defined objectives should be there.
After drafting the plan the next step is implementation of strategy.
It includes the adoption of drafted plan into real life practises. All marketing activities should be performed according to plan by focusing on objectives. The last step is control and monitoring where managers need to control the activities according to pre determined measures and remove the errors.
The effective control keep the focus of activities on ultimate goals determines the succession of strategy. It also includes the analysis of various resources such as financial resources, human resources, different assets and technological advancement Richard and Colin, Part One Building Competitive Advantage Chapter1 Chapter2 Chapter3 Chapter4 Chapter5 Business and Corporate Strategies Strategic Imperatives The Role of Strategic Competencies in Crafting an Effective Strategy tors in the fast-food restaurant industry and see.
There is a lack of trust in the fast food industry regarding the healthiness of menu items, despite many of the restaurants sharing nutritional information. Kids who influence their parents are loyal to the many established fast food places, and don’t care about the addition of a bar.
Industry Analysis Advertising Strategies Data Analysis Recommendations. Introduction. History of fast food industry intertwined with the inception of the automobile industry: Curb service, carhops and attempt to reduce sodium in restaurant food by 20% in 5 years.
Taco Bell and KFC have reduced sodium in line with this. Jan 29, · The fast-food industry is a multi-billion dollar global industry, and one of the largest in the world, with multiple and diverse players. Most of the strongest brands are American, and despite short-term ups-and-downs, the greater expansion pace doesn’t show signs of abating.
Judging on the company business strategy, KFC should improve on its menu by creating for more choices of healthier food options. We will write a custom essay sample on KFC Exploring Strategy specifically for you.
for only $16 Related Essays KFC‘s 4P strategy in China ; Fast food industry ; Mcdonalds vs Kentucky Fried Chicken ; Kfc. With % share of the U.S. fast food industry McDonald’s as a business is positioned as a cash cow.
With several of its well-branded items McDonald’s can now focus on increasing product quality, and using cash flows from cash cow products to finance star and question mark offerings.