Marketing Plan for a company — You have to nominate a company (the client) for this plan, tutor needs to approve the company before you can proceed to the next stage.
Groups will need to develop a Marketing Plan for the next 12 months.
Groups need to base their marketing plan proposals on appropriate theory and other relevant current market information where possible.
Industry or Market Analysis
BBQ Chicken is a small fast food centre in Sydney Australia which has its 2 or 3 more branches in Australia itself. Because of the continuously growing and developing fast food market of Australia, BBQ Chicken is also expanding itself in various regions of the country. The purpose of this report is to create a marketing plan for BBQ Chicken so that it can expand its market reach by having more branches. The report will provide details of the present industrial position of the business organisation by the means of industrial analysis. Subsequent to this, there will be highlight the various competitors of BBQ Chicken in the food and beverages industry, it will also offer information related to the competitors and their strategies. Following to this, the report will offer a detail customer analysis which will provide information regarding the segmentation as well as the decision making approach of the customers. The report will also present the information related to the threats, opportunities, weaknesses and strengths of the brand and the brand value in the section of brand analysis. After this there will be presented the goals and the objectives of BBQ Chicken for having knowledge related to their future of the company in fast food industry. Later to this, all four elements of marketing mix i.e. promotion, product, place and price will be discuss.
The following industry analysis will offer the information related to the market competition and the various industrial trends prevailing fast food market.
There is strong bargaining power of the buyers as there are numerous other small and large fast food retailers which offer similar kind of products. Therefore, it is probable that the customers can switch to those retailers (Smith, Drumwright and Gentile, 2010).
There is strong bargaining power of the suppliers as there are plenty of fast food stores and restaurants that have high demand for the supplies. Thus, suppliers possess high bargaining power and so it is necessary to take products on the prices which suppliers’ demands for.
There is an increased and high threat of new entrants in the industry. To open a small retail shop or fast food centre there requires average amount of capital. In the last few decades, there is an upsurge demand for the fast food and this has offered an opportunity to several new companies or small players to start a fast food centre. Therefore, by having arrangements of capital, number of small players can enter the fast food industry (Richards and Padilla, 2009).
Buyers’ Bargaining Power
There is an increased and high threat substitute products in the industry. There is availability of such food products by various other restaurants, retail chains and cafes. But BBQ Chicken offers multiple variety of chicken which offers a substantial benefit to the retail chain as there are some of the fixed customers of BBQ Chicken which regularly visits the chain.
There is intense industrial rivalry in the fast food and beverages industry. There are few key players in the fast food sector who rule the industry and have their dominance by acting as the market leaders. Thus, the presence of numerous small and domestic players as well the international chains creates high industrial rivalry in the fast food industry (Montgomery and Chester, 2009).
To have adequate understanding of the competitors and the various competitive approaches used by BBQ Chicken to remain competitive it is essential to perform competitive analysis. This will support the company in projecting the future moves and strategies (Ataman, Van Heerde and Mela, 2010).
There is a direct market competition as well as an indirect market competition to the BBQ Chicken. The direct competition is from the small and domestic retailers and fast food centers whereas the indirect competition is from the major players such as big players of the industry such as KFC, McDonalds, Burger King, etc.
The following are the key market competitive strategies of BBQ Chicken:
- Multiple Varieties of Chicken are offered which attracts the increased number of customers
- Taking use of exotic herbs and spices is another competitive strategy of BBQ Chicken to offer delicious food products to the consumers
- BBQ Chicken also attain competitive benefits by increasing the varieties in its menu
- Discounts on weekdays is another competitive strategy which attracts more number of potential consumers
- The store also offers healthy food products to fascinate the customers preferring healthy and fit lifestyle.
- Special kid meals are offered for kids which is another competitive approach of BBQ Chicken
- Affordable price range is the key competitive strategy of BBQ Chicken which offers several competitive benefits to the store as extended customer base and enhanced revenues (Pearson, et al., 2011).
The customers are the biggest strength of KFC which forecasts the future growth and sustainability of the company. Therefore, there is an essential need for KFC to perform a customer analysis.
There has been performed consumer need analysis of various age groups so that they can be targeted accordingly. The customers of KFC are from age six to sixty five. The consumers who demands high quality and high taste are the major customers of KFC as the organisation offers improved quality and taste to its customers. In present, the individuals demand for new flavours as well as also healthy and nutritious elements in the fast food products also. Therefore, the company also understand the needs of the customers and offer them less Calorie products (Kotler, 2012).
In this segment, there is realization to the potential consumers that they recognize that they are starved and are required to have food from BBQ Chicken.
Search for information
The vast numbers of choices available to the consumers are analyzed and evaluate. After that once there is complete information searched by the potential consumer in regards with the accessibility, price and taste, the consumers made a choice (Babin and Zikmund, 2015).
Suppliers’ Bargaining Power
Evaluation of Alternatives
After searching for the info, the consumers will compare the offerings of BBQ Chicken from other fast food centers and retailers. If the products of BBQ Chicken are found fascinating, satisfying and reasonable, customers will op fir them.
After having an evaluation and comparison, the potential customers make their final decision of buying the products from the selected retailer. For example, from the multiple varieties of chicken, the customers can be attracted as can become the buyer of BBQ Chicken (Williams and Page, 2011).
In this stage, the consumers will try to evaluate that whether they have been satisfied or t after purchasing food products from BBQ Chicken. It will be analyzed by the consumers that whether they have received the appropriate value against their money paid (Solomon, 2014).
People of various age groups are the target customers of BBQ Chicken as there are multiple varieties available.
From the income perspective, the lower middle class, middle class and the upper class, all kinds of people are the target customers of BBQ Chicken.
From geographical perspective, there are only two or three more branches of BBQ Chicken which offers the products only to the local residents. It is essential that the products must be offered to increased number of customers, to do so; there must be increased number of branches of BBQ Chicken.
The people who prefer fast food and have a tendency to hang out are the customers of BBQ Chicken.
Some individuals only visit BBQ Chicken on an occasional basis. The people who prefer healthy life style are not the customers of the retailer.
(Kelly, et al., 2010)
It has been observed that starting from just a small shop, the company has developed itself as a successful retail store and in the 5 years of its existence, the company has gained a strong market share.
Strongly recognized local brand
Healthy food products
Variety of beverages
Home delivery to customers
Good marketing and advertising initiatives
There is intense market competition in the fast food industry
Healthy and fitness freak people do not like such products. Thus, less interest of few customer segments.
Environmentally not sustain able as it led negative impact of the animals.
To introduce more healthy products so to attract fitness freak people
To tap the untapped areas through further domestic business expansions.
To introduce more innovative food articles so to have competition with global players (Nezakati, et al., 2011).
Intense market completion so threat from other domestic as well as international companies that they will grab the market share of BBQ Chicken
Changing and deteriorating economic conditions
Diverse needs of the consumers as per the changing market trends
Changing food habits of people due to increased health issues, people are demanding more of healthy products only which results in decline in the sales of food profits of JFC
Recession and decline in the income level of the people (George, Parol and Life, n.d.).
The goal as well as the objectives of the BBQ Chicken’s marketing plan is to extend its reach by the means of expansion in domestic regions. The primary objective of fast food store is to fascinate the middle class individuals and the kid. The company offer good quality products at affordable prices which is the differentiation approach of the retailer to attract more number of consumers. It the goal statement of BBQ Chicken to have increased number of reliable customersProduct
New entrants’ threat
The products of BBQ Chicken are high in varieties that target the people of almost all classes and mainly the middle class. The well-known products of BBQ Chicken are the special fried chicken and the various kinds of kid meals. There is also a good range of beverages which are offered to the customers. The flavoured beverages are also the attraction point for the potential customers (Cheng, et al., 2011).
The prices of the food products and beverages of BBQ Chicken are very nominal and affordable so that customers of every class can afford them. The products, kid, meals and beverages are pocket friendly for the youngsters. To regular customers, the store offers some special discounts so that the customers keep purchasing products from BBQ Chicken (Lang and Heasman, 2015).
There are only two to three branches of the store but the branches are established at the most crowded pace so that it can target the attention of increase number of potential customers. The store is located at such places which are easily accessible to the customers as well as the youngsters so that the sales of the products can be raised (Chandon and Wansink, 2011).
As BBQ Chicken is a small fast food store and only has domestic presence. Thus, there are few promotional activities such as the store take use of billboards, posters, advertisements on local channels, newspaper advertisements as well as promotions at few social platforms such as Facebook, Twitter etc. as well as it also take use of personal selling and discounts and offers for having effective promotion (Kapferer, 2012).
In the current scenario it is essential for the small companies or stores to develop by the means of domestic expansion in the untapped regions. To accomplish this aim, the above developed marketing plan sounds to be very useful for BBQ Chicken. From the above report, it can be concluded that BBQ Chicken has several opportunities to develop. If there establishes more branches of the store than it will result in increased revenues and sales. From the domestic point, BBQ Chicken has recognized presence and the multiple varieties is the core strength of BBQ Chicken. The demand for the products of BBQ Chicken is rising and it is also have several competitive benefits in comparison with other small fast food retailers because of low prices and increase varieties. Thus, it can be stated that BBQ Chicken must have efficient strategies to have successful execution of the marketing plan.
Ataman, M.B., Van Heerde, H.J. and Mela, C.F., 2010. The long-term effect of marketing strategy on brand sales. Journal of Marketing Research, 47(5), pp.866-882.
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Chandon, P. and Wansink, B., 2011. Is food marketing making us fat? A multi-disciplinary review. Foundations and Trends® in Marketing, 5(3), pp.113-196.
Cheng, C.C., Chiu, S.I., Hu, H.Y. and Chang, Y.Y., 2011. A study on exploring the relationship between customer satisfaction and loyalty in the fast food industry: With relationship inertia as a mediator. African Journal of Business Management, 5(13), p.5118.
Kapferer, J.N., 2012. The new strategic brand management: Advanced insights and strategic thinking. Kogan page publishers.
Kelly, B., Halford, J.C., Boyland, E.J., Chapman, K., Bautista-Castaño, I., Berg, C., Caroli, M., Cook, B., Coutinho, J.G., Effertz, T. and Grammatikaki, E., 2010. Television food advertising to children: a global perspective. American Journal of Public Health, 100(9), pp.1730-1736.
Kotler, P., 2012. Kotler on marketing. Simon and Schuster.
Lang, T. and Heasman, M., 2015. Food wars: The global battle for mouths, minds and markets. Routledge.
Montgomery, K.C. and Chester, J., 2009. Interactive food and beverage marketing: targeting adolescents in the digital age. Journal of Adolescent Health, 45(3), pp.S18-S29.
Nezakati, H., Abu, M.L., Toh, C. and Abu, M.L., 2011. Exploring hierarchy situation of 4A marketing mix on malaysia’s fast food restaurants. World Applied Sciences Journal, 15(8), pp.1157-1167.
Pearson, D., Henryks, J., Trott, A., Jones, P., Parker, G., Dumaresq, D. and Dyball, R., 2011. Local food: understanding consumer motivations in innovative retail formats. British Food Journal, 113(7), pp.886-899.
Richards, T.J. and Padilla, L., 2009. Promotion and fast food demand. American Journal of Agricultural Economics, 91(1), pp.168-183.
Smith, N.C., Drumwright, M.E. and Gentile, M.C., 2010. The new marketing myopia. Journal of Public Policy & Marketing, 29(1), pp.4-11.
Solomon, M.R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). Engelwood Cliffs, NJ: Prentice Hall.
Williams, K.C. and Page, R.A., 2011. Marketing to the generations. Journal of Behavioral Studies in Business, 3, p.1.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2021). Marketing Plan For BBQ Chicken: Industry Analysis, Customer Segmentation, Competitive Strategies, SWOT Analysis Essay.. Retrieved from https://myassignmenthelp.com/free-samples/bus104-introduction-to-marketing/analysis-of-bbq-chicken.html.
"Marketing Plan For BBQ Chicken: Industry Analysis, Customer Segmentation, Competitive Strategies, SWOT Analysis Essay.." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/bus104-introduction-to-marketing/analysis-of-bbq-chicken.html.
My Assignment Help (2021) Marketing Plan For BBQ Chicken: Industry Analysis, Customer Segmentation, Competitive Strategies, SWOT Analysis Essay. [Online]. Available from: https://myassignmenthelp.com/free-samples/bus104-introduction-to-marketing/analysis-of-bbq-chicken.html
[Accessed 01 March 2024].
My Assignment Help. 'Marketing Plan For BBQ Chicken: Industry Analysis, Customer Segmentation, Competitive Strategies, SWOT Analysis Essay.' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/bus104-introduction-to-marketing/analysis-of-bbq-chicken.html> accessed 01 March 2024.
My Assignment Help. Marketing Plan For BBQ Chicken: Industry Analysis, Customer Segmentation, Competitive Strategies, SWOT Analysis Essay. [Internet]. My Assignment Help. 2021 [cited 01 March 2024]. Available from: https://myassignmenthelp.com/free-samples/bus104-introduction-to-marketing/analysis-of-bbq-chicken.html.