Establish and adjust the markrting mix Essay
Establish and adjust the markrting mix
1. Research Your Choice of organization
Kentucky Fried Chicken (KFC)- one of the most known fast food chains in the world started in the early 1930’s by Kernel Sanders in the Southern USA as a small franchise operation. Colonel Sanders has become a well-known personality throughout thousands of KFC restaurants Worldwide. Quality, service and cleanliness (QSC) represents the most critical success factors to KFC’s global success. KFC has a number of ambitious aims and objectives:
To increase its percentage share of the fast-food market.
To improve profit margins year-on-year to fund the growth of the company. To return profit on investments to owners and franchisees. The way that KFC reaches these targets is decided by the company’s internal strategy and objectives. Company and Marketing Strategy: Partnering to build customer relationships a. Marketing Strategy
KFC used the Demographic Segmentation, Geographic segmentation, and Psychographic segmentation. In demographic segmentation, the market is divided into groups based on an age, gender, family size, income, occupation, religion, race and nationality. KFC divides the market on demographic basis in this way: Age is between 6-65.
Gender is both males and females.
Family size is 1-2, 3-4, 5+
Income is Rs 10,000 n above.
Family lifestyle is almost all.
KFC has outlets internationally and sells its products according to geographic needs of the customer. In India KFC focuses how geographically its customers demand different products. In north India Chicken is the main selling product, while in the south the Veg. items sell more than the chicken. Dividing a market into different groups based on social class, lifestyle, or personality characteristics is called psychographic segmentation. KFC divides market on the basis of psychographic variables like:
Social class- Upper and Middle class.
Lifestyle is not specific.
Personality is ambitious and authoritarian
b. Target Marketing
As the outlets of KFC are in posh area and prices are too high (overhead expenses-rent, air-conditioning, employees), so KFC targets upper and middle classes. Target market depends upon size and growth rate of population, Company resources and structural attractiveness of market segment. c. Market Positioning
For a product to occupy a clear, distinctive and desirable place relative to “Competing products in the minds of target consumer.” In KFC feedback is taken from the customer in order to know the customer demands and then improvements are made in products. KFC focuses on pure and fresh food in order to create a distinct and clear position in the minds of customers KFC has a strong brand name and they are leading the market in fried chicken. 2. Identify the Key Characteristics of their products and services and their significance to the market. Product Line:
KFC product line includes all chicken based products.
The burger category includes the Zinger Burger, Colonel’s Chicken Burger, Colonel’s Fillet Burger, SUB60 and 80, and Zinger Jr. They have also introduces a Fish zinger burger.
The chicken involved the product line with different number of chicken pieces like 1 piece, 2 pieces, 5 pieces and 10 pieces chicken. Combos:
The combo includes the different meal as Chicken Meals, Sandwich Meals and Family Meals.
Desserts & Beverages:
The desserts and beverages offered by KFC are Fruit Salad, Regular & Large Drink, Regular & Large Mineral Water, Tea, Scoop of Walls Ice cream and Coffee.
Snacks & Side Orders:
The snacks and side orders served by the KFC are Arabian Rice, 5 & 10 Pieces Hot wings, Dinner Roll, Regular & Large Fries, Hot Shots, and Corn on the Cob, Hot & Crispy Soup and the Cole Slaw. 3. Review pricing policy and analyse pricing variables to determine their effect on demand.