Strategy means planning and allocating resources for a plan with an aim of achieving a certain goal which is either long term or short term (Gordon, 2018). Tim Hortons Restaurant has strategies to be implemented in the business. The following are current strategies of the Tim Hortons towards the market specifically restaurant industry. This is to operate an action plan of introducing vending machine for self-serving, to have air miles partnership and pursue tea market. All these strategies are supported by internal and external analysis done by Tim Hortons Restaurant (McCamley and Gilmore, 2018).
Strategic alternatives will be towards the product branding, like the change of the company logo and the style of packaging the product. This aims to attract more customers in the marketplace.
Market and segmented to serve
Tim Hortons will serve Canadians in the snacks and coffee industry as its market share. The Restaurant is ready to service all Canadians as the selected market with their product.
Value proposition and new product
The Tim Hortons Restaurant will provide efficient and faster services to the customer. Good value in pricing is also available together with a quality menu of the products. This helps the customer to be more attractive and like the company’s’ product more (Spasojevic and Spasojevic, 2018).
Generic strategy and positioning
The business is focused on generic strategies like setting the price of the product to standard and favor customers. Also, Tim Horton will forecast on product differentiation which will make its product different from the competitor. The positioning of the product will ensure good is created between the customers and business. Example the coffee of Tim Horton is full of flavor and richness which attracts customers more.
The company has to implement the initiatives and programs in the system. All strategies should be implemented using the market mix as the program. This is to deal with the product, place, promotion, and price of the product to be developed in the market (Titus, 2018).
The strategies of implementing self-serving machine and air mile partnership should be functional after successful implementation is done.
Monitoring of the strategies is a compulsory exercise. This means of putting measures on the place and allocate resource to those strategies implemented (Tomczak, Reinecke and Kuss, 2018).
In summary, Tim Horton to success in implementing new strategies should follow the process of formulating to the implementation of those strategies. Successful planning and implementation it will result in the positive result of the business to be more competitive in the market.
Time was limited for the exercise. Lack of enough research and resources also was experienced by the team during the formulation and implementation of the strategies.
Gordon, R., 2018. Critical social marketing: reactions, introspections, and future directions. In The Routledge Companion to Critical Marketing, pp. 99-113.
McCamley, C. and Gilmore, A., 2018. Strategic marketing planning for heritage tourism: a conceptual model and empirical findings from two emerging heritage regions. Journal of Strategic Marketing, 26(2), pp.156-173.
Spasojevic, J. and Spasojevic, M., 2018. Implementation of corporate social responsibility and marketing of unique in the Republic of Serbia. In Economic and Social Development (Book of Proceedings), pp. 320.
Titus, P.A., 2018. Exploring creative marketing thought: Divergent ideation processes and outcomes. Psychology & Marketing, 35(3), pp.237-248.
Tomczak, T., Reinecke, S., and Kuss, A., 2018. Marketing Implementation and Management Control. In Strategic Marketing, pp. 223-244.