This report covers different types of marketing concept and tools which is necessary for firm to known about current situation of marketing analysis. Along with this there marketing plan has been described which involves situational analysis, 7P's of marketing mix, STP approach and financial budget statement.
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Creation Of A Marketing Plan
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Executive Summary This report covers different types of marketing concept and tools which is necessary for firm to known about current situation of marketing analysis. Along with this there marketing plan has been described which involves situational analysis, 7P's of marketing mix, STP approach and financial budget statement. Which all are helpful for particular business firm to achieve its targeted goals and objectives. Whereas, marketing refers to all those activities by which firms are able to expand and launch its business items in an appropriate manner.
INTRODUCTION Marketing refers to the several activities and processes for developing, delivering, communicating and exchanging offers that have value for clients, customers, society and partners in a large way. Along with this marketing research is the function which is interlinked with customers, consumers as well as public to the marketer which is mainly used to define and analyse marketing opportunities and issues that mainly generates while taking appropriate decision(Akbar and et.al., 2017). This assignment is based onChick-fil-a which is one of the best American fast food restaurant. Along with this, it is headquartered in Georgia, US. Further discussion will be based on audit of marketing environment along with SMART objectives. After this STP and marketing strategies 7 P'S will get covered. Question 1 Situation Analysis In order to develop effective strategies of marketing it is necessary to conduct situation analysis in order to identify key elements of business. Therefore, it is useful that provide effective and efficient tool by determining business strength, weakness, opportunities and threats that can influence business firms. In context with Chick-fil-a it is necessary to know about overall situation of their business programmes by which manager of this fast food restaurant is able to identify their overall components by which they can grab market opportunities in a better place and able to improve future results. Apart from this, while using this analysis on business activities then manager of respective firm is able to produce effective aim towards restaurant chain(Chinn, 2017). Marketing management principles: Integrity:According to this audit principle, manager of Chick-fil-a responsible to perform their work in a good manner by which he can observe needs and wants of their business to achieve targeted goals and objectives. Professional care:According to this, auditor of Chick-fila-a should always exercise due care in order to develop important task by performing several task within the workplace by which they can get to know that how many people are interested and happy with their food services.
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Fair presentation:In this principle of marketing management auditor finds best ways to give findings, conclusion and suggestion accurately by managing effective obstacles during the audit team and communicate with seniors towards goals and objectives in time. On the other side marketing audit is the systematic, comprehensive, analysis, evaluation as well as interpretation of business marketing environment internally and externally as well in order to achieve its targeted goals and objectives in a perfect manner(Brychkov and Domegan, 2017). In reference with Chick-fil-a, in order to make every function and operations effective they always used marketing audit and principles in order to identifying various issues and make suitable plan to overcome them. There is brief discussion of micro and macro environment as per the Chick-fil-a restaurant, those are mentioned below: SWOT StrengthWeakness •This is successful fast food restaurant chainbecauseitoffersimpeccable customer services which makes them differentandincreasevalueof restaurant(Baker and Magnini, 2016). •Thisfastfoodrestaurantpaystheir employees much higher so that it can increase the value of Chick-fil-a and satisfy people needs and wants . •Chick-fil-adoesnothaveunique presence in so many countries rather than the USA. Thus they do not part of largest fast food chains. •Ascomparetoothercompetitors chick-fil-apricedarehighersothe prices are being charged the brand and not popular towards medium and lower income group within the US. OpportunitiesThreats •As Chick-fil-a served healthy fast food items to their customers so that they have a option to expend its business in another place by increasing customer base. •This restaurant mainly focus on fast food restaurant where they have high quality of services and able to provide •There are different types of scandals around fast food that use chicken as a primaryingredientinrelationwith quantity and quality of chicken that has beenused.Sothatthemajor competitorsofthisrestaurantis McDonald’s.
their services in a better way. PESTLE Thisanalysismainlyutilisedtoevaluateseveralpositionofbusinesswithinthe marketplace which is done by using PESTLE analysis discussed below in context with Chick- fila-a. Political:Impact of this factor on Chick-fila-a business mainly influenced through federal governments laws and regulations. In order to overcome this affect Chick-fila-a is able to make excellent quality of food and apply best manufacturing process. Economical:This factor always varies country to country in which business takes initiate first in order to increase capital earnings by increasing their net sales and profit. In context with Chick-fila-a, business of this restaurant is increasing every year with changeable products along with they serves nutritional food for babies(Westwood, 2013). Social:This factor always keeps changing in regards with time such as consumer's mindset along with their lifestyle. In relation with Chick-fila-a in order to fulfil their own goals and objectives they generally makes better procedure to gain competitive scenario by giving yummy and healthy food to customers. Technological:Within the development of an organisation adoption of new technologies is most essential thing. In context with Chick-fil-a it is well known organisation that invest several departments to take its entire products at high level. In order to gain competitive advantages this restaurant mainly invests in R&D department to provide much healthier products to its customers. Legal:Within the Chick-fil-a there is no such influence of these factors as its is worried about guidelines and laws(Smith, 2012). Environmental:Due to the production process Chick-fil-a always have safety tools and resources so that they keeps their product safe and able to give fresh food to its customers at marketplace.
Question 2 SMART objectives Goals are part of every business aspect and offers sense of path, a clear-cut focus, motivationandexplainimportance.Inordertosettinggoalsandobjectives,Chick-fil-a restaurant is needed to have target to aim for whereas, SMART stands for Specific, Measurable, Achievable, Realistic and Timely. Therefore, helps firm to focus on their efforts and enhance the chances of achieving specified goals(Pike, 2012). There are different types of objectives which is followed by Chick-fil-a, those are discussed below: Specific:According to this Chick-fil-a have a good chance of being fulfilled. In order to make appropriate goals respective restaurant is needed to focus on what they want to fulfilled, along with what they want to achieve towards goals and so on. For example: A goals is “ I want to get in shape” and here more specific goal is “ I want to acquire a gym membership card within my local community by which I can be a healthier”. Therefore, company should always focus on their specified goals in order to gain competitive advantages. Measurable:It refers to the specify criteria in order to measure overall progress of business. In context with Chick-fil-a they are needed to set criteria by which they can evaluate its overall activities into the marketplace. If there are no criteria then they are not able to measure any progress of their business. Therefore, to make measurable goal they should focus on how much and what is indicator of their progress. For example: “I want to get membership card of gym along with my aim is to lose one pound of body fat.” Achievable:Goals must be attainable and achievable. With the help of this Chick-fil-a restaurant can easily observe work and goals towards their business(Proctor, 2014). In order to achieve goals they are required to face challenges within the country and able to achieve its target. For betterment of goals they needs to focus on what they miss during apply so many resources and workforce capabilities. So that they can make better goals and able to achieve its target. Realistic:Goals should be realistic. In context of Chick-fila-a they should always use of their available resources by which they can implement on those things that helps them to make
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realistic goals. In order to improve this process they are needed to focus on realistic goals and reachable goals(STP Marketing Process, 2019). Timely:According to this factor, goals must be time-bound. With the help of this Chick- fil-a restaurant is able to finish their goals target on time so that they can implements on motivated theories to make goals on time. It they are not able to make their goals on time then they can face issues and challenges at competitive scenario. From the above mentioned approaches of marketing objectives it can be said that if Chick-fila-a restaurant will use these assorted objectives then they can easily overcome its weakness and able to gain competitive scenario. In order to make unique brand image they need to focus on their weak points like competitors(Lusch and Vargo, 2014). Therefore, they have to make their products more testy with lower price so that they can influence large number of people and able to gain effective brand image in U.S. Question 3 STP This is very important concept which is related with marketing applications. Whereas, STP stands for segmentation, targeting and positioning. On the other side it is known as the process which links between entire market and how firms selects to beat in that market. Therefore, Chick-fila-a restaurant use segment marketplace at first stage and then they focus on its target markets and lastly they implements on positioning. So this process of marketing mix is given below in context with respective restaurant:
Illustration 1:STP Marketing Process Source:STP Marketing Process, 2019 Segmentation:It is mainly considered as a first step within STP approach. It help business to list out all the potential market segment which is generally used to target in a marketing campaign. In context with Chick-fila-a restaurant they mainly segments its market on the basis of Demographic and Psycho graphic segments which generally consist age and gender. With the help of this they can understand people needs and desired and able to launch kinds of services by which they can satisfy their needs and wants appropriately(Murphy, Laczniak and Harris, 2016). In order to grab future opportunities at marketplace it is necessary for them to segmentation of market in a proper way. Targeting:After completing this process of segmentation Chick-fil-a restaurant focuses on target market, for this they always target mom's, families, millennials, faithful along with middle and upper class. They always selects and target assorted classes of people in order to provide products accordingly. Along with this they always focus on their income by which they can offer food items and they can comfortably eat at regular basis(Mullin, Hardy and Sutton, 2014). Positioning:In order to implement of this stage Chick-fil-a restaurant needs to focus on two types of variable in order to examine overall market overview. Along with this, to give better position of their restaurant together with products they needs to adopt different strategies by which they can get to know about overall marketing criteria and able to make its services better and provide satisfactory products to its customers. According to the above mentioned STP approach Chick-fil-a restaurant is able to apply these types of principles and practices by which they can achieve its targeted goals and objectives and able to implement on new terms and policies to satisfy customer's desired accordingly. With the help of this they can target effective market and apply different process to gain competitive scenario(Rudden, 2016).
Question 4 Competitor analysis Competitive advantages are based on conditions that always allow a firm as well as country to country in order to produce product and services at equal value at a lower price according to the desirable trend. These types of situations allows to firm to develop productive entity with more sales by giving competition to market rivals. In reference with Chick-fil-a to gain competitive scenario they are applying so many theories and work related essential points by which they can achieve its targeted goals in a perfect way. Along with this, in a current scenario, there are large number of food chains which are dealing with different types of veg and non veg food items in order to earn profits by giving huge satisfaction to people. If talk about US economy there are large number of food chains but herein, Chick-fil-a as it was founded in 1967 through S. Truett Cathy in Atlanta(Piñeiro-Otero and Martínez-Rolán, 2016). So that have good presence as they deal with fresh chicken and satisfy customer's desires. But now a days this restaurant is focusing to expand its franchise within UK marketplace. In order to this they are needed to follow Porter's Generic Strategies Model, which is mentioned below: Generic strategies are known as porter's generic strategies which involves cost leadership, differentiation and focus in order to get accurate information within the marketplace. There are few points which are comes under this model that are: Cost leadership strategy:There are two types of strategies, where the first is adopt lowest cost if possible or ensures that they can achieve effective market share with effective price. In context withChick-fil-a restaurant they generally use lowest price strategies by which they can attract large number of customers by giving them better ways to eat different types of food items within one place. With the help of this option respective restaurant can make different story with consumers and able to focus on their internal processes by which they are able to focus on their material and labour cost as well(Pike, 2016). Differentiation strategy:In order to target broad market firms and business entities are needed to have effective product and services exclusively in a possible way. In order to make firmmoreattractivetheyarerequiredtohaveeffectiveresearchanddevelopmentwith innovative ability to deliver high quality of goods and services properly(Kotoua and Ilkan,
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2017). In context with Chick-fil-a restaurant by following this strategy they can differentiate their product and services by having innovative techniques and ability to understand customer's desires. Along with this they are able to deliver effective product and services in a flexible manner so that they can easily adopt more changes in market in a proper manner. Cost focus strategy:According to this element from porter's generic modelChick-fil-a restaurant always target niche market by which they can easily focus on marketing strategies and able to provide lowest prices on their product. By selecting this type of niche marketing concept they can easily understands dynamic markets and consumer's desires by which they can ensure that prices will be low(Okumus and Cetin, 2018). Differentiation focus strategy:By focusing on niche market Chick-fil-a restaurant is able to produce effective product and services by applying new features and numerous varieties of foods. Along with this, it involves strong brand loyalty towards customers. With the help of this they can sustain in the market for long period of time and able to give better services with effective food items to customers in an appropriate manner. According to the above mentioned strategies this can be said that if Chick-fil-a restaurant is able to apply above strategies on their entire management and operation activities system then they can achieve their targeted goals and objectives and able to design its profits potentially. Along with this SWOT analysis is also very beneficial tool for them by which they beat their competitors and able to achieve their target it will influence overall function of an organisation and make them attractive fast food chain in a proper manner(Griffitts, 2016). Question 5 Marketing Mix 7P's The combination of marketing mix refers to the combination of seven elements that aims to work together in order to achieve business goals and objectives along with marketing strategies. Therefore, these 7 P'S are the product, price, place, promotion, people, process and physical evidence. There is comparison between Chick-fil-a and McDonald’s to understand marketing mix concept, mentioned below: 7P'SChick-fil-aMcDonald's ProductIt is one of the leading fastIt is world's largest fast food
food restaurant which provides lunch, breakfast and dinner as well.Otherbeveragesare includes juices, iced tea, soft- drinks and so on. chainindustry.Itinvolves differenttypesoffoodlike chickenandsandwiches, burgers,fries,salads,shakes and so on. PricePrices of its food items slightly higherthenitscompetitors (Faßmann and Moss, 2016). Themainaimofevery individual of McDonald's is to offerfoodatacompetitive value that driven price for the customers. PlaceIthasawidegeographic presence with its outlets along withtheyhavepremium qualityoffoodwhichis available for all customers. It means distribution. So this firmalwaysprovideits productandservices worldwidewiththeaimof makepeoplehappy (Kingsnorth, 2019). PromotionIn order to promote its goods and services they always used TVandradioinorderto increaseitssellsandreach customers effectively. To promote its strategies they useinternet,socialmedia, newspapers and so on. PeopleMain target of this business is toreachhighestlevelof income by providing numerous fooditemstoitscustomers (Eng, 2017). Itworkwithapproximately 97,000peoplearoundthe world. ProcessFranchisesrequireanfirst investment of $ 10,000 then they can provide training and developmentprogrammesto Theyalwaysperformlarge numberofactivitiesinone timeinordertoachieve targeted goals.
its entire workforce. Physical evidenceIthasbiggestphysical evidenceastheyhavelarge numberofemployees/waiters who treat consumers in a better way. They have good feedback from itscustomer'sexperienceas they provide high qualityof food. ForfurtherimprovementChick-fil-arestaurantisneededtohavemoreattractive strategies in order to expand its business across the U.S. Financial performance / Budget: 20182019 Revenue£ 7.5B8.2B Netcashprovidedby operating activities £ 120m£180m Netcashusedininvesting activities £100m£120 Net cash provided in finance activities £408m£130m From the above table of financial budget this can be said that, Chick-fil-a restaurant value increase in a year of 2018-2019(Kerin and Hartley, 2015). herein,entire sales and revenue has been maximised from 7.5 to 8.2B. Now it can be said that investment on managing and funding activities has been enhanced by making plan of expand business in UK.
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CONCLUSION From the above mentioned report it has been analysed that marketing is an essential concept for each and every business as well as firm by which they can conduct effective research and able to know about marketing situation of business perfectly. Along with this, report has been covered effective marketing plan in which there are brief description of PESTLE, SWOT, STP approach and so on. All are helpful for firm to gain competitive advantages and able to achieve targeted goals and objectives in an effective manner. Along with this they are able to expand its business in another place.
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