This assignment focuses on contemporary marketing and covers topics such as marketing principles, macro and micro environmental factors, targeting and positioning, and the 7 P's of marketing mix. It provides insights into the marketing strategies of a Dublin-based fast food company called Chopped.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Running Header: Contemporary Marketing1 Contemporary Marketing Name School
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Contemporary Marketing2 Abstract The assignment is on Contemporary Marketing to underline the various aspects of marketing of a particular firm in modern days. The work is a research work presented to display the concept of marketing principles taught in the class. It takes a particular organization as an example and presents its aspects of marketing principles starting from marketing idea to help the learner get accustomed with the macro and micro environmental factors along with swot analysis, targeting and positioning. The last and the lengthiest part of the paper explains the significance of 7 p’s of marketing mix.
Contemporary Marketing3 Introduction Chopped is a Dublin based fast food company that serves nutritious and tasty foods to its customers who are health conscious but do not wish to compromise on taste. Chopped is a one stop solution to people’s need to maintain a balance between health and taste. At Chopped the foods are prepared keeping in mind both the requirements of taste and balanced nutrition of the food savvy people. Foods served at Chopped come with a label that contains nutritional contents of every food that is served to customers so that customers can make informed decision about buying them(Chopped, 2019). Situational Analysis Macro environmental factors in marketing decisions The macro environmental factors include factors which are out of organizations' control. They are economical, legal, demographic, political, and social along with technological changes. They influence marketing decisions in a significant way. Organizations have to consider all these before finalizing their marketing plan to implement. Social factors relevant to food industry may include prohibitions of some food items such as beef and pork. Demographic and economic factor also plays a great role in marketing related decisions. A firm has to consider these two before implementation of any marketing plans. Factors such as disposable income of the people mustbeconsideredbeforelaunchingaproduct(Snieska,2015).Legalfactorsinclude conforming to Food Authoritystandards of the state.
Contemporary Marketing4 The economy of Ireland is a developed economy where people have lots of disposable income which puts Chopped at an advantageous position with the kind of products they sell. There is another that goes in favour of Chopped and put them in a position to capitalize. Obesity epidemic is getting more common in contemporary days; as the awareness campaign to maintain healthy lifestyle increases, more and more people are contemplating giving up junk food. Micro-environmental factors Micro-environmental factors include those factors which are within the firm's ability to control, and the company considers all of them before arriving at a marketing related decisions. They are suppliers, customers, and competitors. Other micro-environmental factors such as intermediaries and resellers are not applicable here. Food industry such as Chopped has to give due importance to suppliers, customers, and competitors. The provider's assurance and cost effective raw materials provide advantage to the food industry. The customers' response decides the fate of the business. The competitor always should be considered for any marketing decisions. Competitors' pricing strategy, a variety of products influences the prospect of business significantly. The concept of Chopped is though new but it is not exclusive to Chopped; chopped has many competitors in the nutritious fast food segment as the market for the category opens up many opportunities for business.In food and beverage industry, one must have two or three exclusive food products that helps attract and retain customers. This gives company the competitive edge over its competitors. Chopped is ahead of its competitors in this regard; the company’s most savoured exclusive product is Aromatic Flavoured Chicken curry with baked rice flakes which is the one off product that helps Chopped establish competitive edge in the
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Contemporary Marketing5 market. Chopped mostly rely on supply of extra fresh vegetables and chicken along with other dairy products. These products must be maintained at optimum level in stock sans which the company would find problematic to deliver thefood products as promised in its menu. In a fast food industry one needs to have strong supply chain at optimum level of flow on a daily basis to ensure timely flow of finished output products. Chopped concept is still new to the market. Customers are becoming health conscious but they are also price sensitive which at times becomes a problem for Chopped in attracting mid level fast food lovers(Blythe, 2019). Swot Analysis Strength Strength of Chopped lies in its not so common combination of health and taste. Chopped food products offers great taste and also presents health benefits. The company is also able to generate food frenzy traffic during office lunch time by means of spot delivery and also offers special coupons for short bites at meetings and conferences. Weakness Chopped has many weak points which the company needs to work on. Chopped has issues with maintenance of supply chain while procuring raw materials which has the potential to hamper final product and delivery. Chopped products are slightly overpriced than other fast food products in the market. Opportunities The concept of Chopped is gaining momentum among fast lovers with increasing awareness of maintaining nutritious food habit. Obesity is growing at an alarming rate all over the world which has led to many campaigns promoting healthy lifestyle. Chopped foods can be
Contemporary Marketing6 part of the campaign and promote the concept of nutritious food among fast food lovers. Chopped also has the opportunity for international expansion in market like India and Brazil where there are huge markets with their rising middle class population and prospering economy. Threat Chopped has few exclusive products which act as the USPs of the company. These products are under constant threat of intellectual theft by competitors with the purpose of emulating them. Chopped must have more diverse range of exclusive products to thwart the risk of sabotage. Besides Chopped also has threats from suppliers and price rise of raw materials which can negative impact on profit generation(Phadermrod, 2019). Targeting strategy The targeting strategy involves selection of prospective customers and designing a product or services to the needs of that customer and targets that customer to sell the product. Different varieties of products are used to target various groups of customers with the intention of selling that product. Targeting strategy for a food company depends a lot on age group and occupation of consumers.An office-goer in a hurry always likes to have foods which are well packaged and can be consumed in a shorter time whereas targeting strategy for a dating couple differs from that of office goers. Likewise targeting strategy for families may contain a variety of foods meant for different age group and with different preferences. Chopped segmented their various products and designed their products accordingly for variety of customers involving office goers, non-veg lovers, vegan body builders and students. As students preferred foods which are relatively cheaper because of their limited pocket size food products such as Sandwiches, Butter omelet, and Turkish potato were prepared keeping them in mind. For office-goers food products which are consumed easy and fast such as Chopped
Contemporary Marketing7 Omelet Breakfast, Green salads, Bacon tomato were prepared keeping in mind that breakfast for them has to finish fast. Food items for non-veg lovers and body builders were accordingly prepared focusing them. Stuffs like grilled chicken and other costly foods were designed for business class and families who venture out for eating together(Schlegelmilch, 2016). Product positioning Product positioning is communicating the attributes of products to its target customer. It involvesvariouschannelsofcommunicationsuchasbillboards,advertising,printingof brochures and leaflets, etc. The punch line of product positioning plays a significant role in making an impact on consumers' mind. Product positioning may be different for different groups of consumers(Ali, 2015). Chopped positioned their products among the various categories of consumers through their effective policy of positioning and reached consumers. They recognized that although pocket size of students are not big, they are more health conscious and they are also upcoming business prospects as later they would be in a position to consume every varieties of foods. They organized seminars creating awareness of health related issues and importance of healthy foods at colleges and universities. Various billboards are erected at parks and outside gymkhanas to position food products designed for body builders. Parks and shopping malls are full of distributing hand-bills to target families and flexes have been put outside companies to position Chopped products designed for office-goers(Chopped, 2019).
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Contemporary Marketing8 Marketing Mix Marketingmixisacombinationofproductdesign,pricingpolicies,place,and promotional strategy used by companies to market their product. For service providing industries there are additional three marketing known as physical evidence, process and people. Under the concept of marketing all the aspects of marketing mix have to complement each other and depends directly on the successful implementation of each. If one of the elements are not implemented properly, the other gets affected and the whole product or services may not achieve the desired results. Proper use of marketing mix enables firm to reach their targeted consumers and lays the basis on which companies target their prospective customers(JAIN, 2017).In moderndaymarketing,therelevanceofthreeadditionalmarketingP’shasalsogained prominence in product industries too. In food and beverage industry, the importance of process as one of the marketing P’s is growing in importance. Consumers now demand on-spot delivery at offices or home more often than it used to be earlier. Food and beverage industries now have to craft special policies with regard to product deliveries and consumer convenience in order to boost their sales and profitability. Product The Products of Chopped has features to satisfy the needs of customers who are both food loving and also concerned about fitness. The food products of Chopped come with a variety of delicious food items in both the vegetarian and non-vegetarian category. It uses fresh and quality ingredients, chicken pieces are well marinated and fresh. It also has the taste which the consumers always crave along with the health prospects. The company's no compromise with health with improved level of taste and flavour strikes chord with food lovers who otherwise find themselves in a dilemma over choice of health or fast food. Company's nutrition label with every fast food item and choice of consumers to select their choice of calorie and other nutritional
Contemporary Marketing9 contents is a new concept to fast food consumers. This adds extra features to the company's product and adds to the overall value of products(Kraak, V. I., Englund, T., Misyak, S., & Serrano, E. L., 2017). Place The customers for the food products of Chopped are mostly found in urban areas and metropolis where people from various places and countries visit. The main branches of Chopped are located in Dublin as the city hosts many important events from across the country as well as from other countries. Chopped products are big hits among athletes and sportsperson as they provide all that athletes can demand. Dublin and other cities of Ireland have many sporting complex and training centre for athletes and rightly, Chopped attracts these customers at its outlets. Chopped products also attract customers who are office goer and work in top managerial position who have disposable income. Irish are food loving by nature and them in infinite love varieties which are evident from the fact that they have accepted the food culture of every community. Price Price of Chopped food products are slightly higher than normal fast food prices.The reason for the higher price is the specialized preparation in line with the promised nutritional value of Chopped which is understandable.Chopped produces and sells many items starting from a simple burger to Grilled Butter Chicken and Aromatic soft Chicken curry. Chopped has three main categories of food according to which prices are charged. The first category is of foods like burgers, sandwiches, and cheese rolls, prices of which are kept moderate. Chopped specifically defines the next category as couples menu as they sit nicely with the company’s policy of attracting couples and partners. Food products in the couples menu are priced differently; some of them are charged moderately while some of them have high prices. The third
Contemporary Marketing10 category is the executive category especially designed for meetings and official discussions. They are high priced products for executives and foreign delegates who come for official and business purposes in Dublin and other metropolis. Promotion Chopped uses all the promotional tools relevant in today’s business world; Chopped uses large billboard campaigns at crucial city junctures that delivers the message of healthy eating while not compromising with taste. Social media campaign of Chopped targets students and professionals through personalized campaign. Chopped also runs and aids many video learning materials on you tube where advertisements of Chopped products are run to lure students. Chopped has dedicated videos on you tube for healthcare students where advertisements of Chopped products are commonly seen. Chopped also takes part in many obesity awareness campaign to promote their healthy foods. Chopped has also set up small cafeterias in large offices to boost their sales. Chopped sponsors many college events to promote their products among students and also offers discounts on special occasions such as Valentine day. Physical evidence Chopped outlets resemble 3 star hotels and most of the outlets are located in urban and suburban localities. Most of the outlets has specialized lighting and decoration to attract customers; the outlets uses colour effect at night to give cooling sensation to customers who come for dinner. In some sub urban outlets of Chopped located beside amusement parks and greenery, dining tables are spread across small open fields surrounded by flowers and small plants. This gives aromatic sensation to its customers and attracts lots of couples at the outlets. Chopped outlets are also located in malls and multiplexes which attract lots of food lovers on weekends and holidays.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Contemporary Marketing11 Process The company’s chefs receive special training on nutritional aspects fromBrian Lee and Andy Chen to ensure that all of their foods conform well to the nutritional requirements of Chopped. All the head chefs in Chopped are nutritionists and believes in strict adherence to nutritional requirements. The company mostly serves its customers through its employees and staffs that are well trained in hospitality industry. Service boys of the company have dedicated uniforms for the purpose and undergo special training for the purpose. Chopped also has on-spot delivery system for its customers who provides door to door emergency service once order has been placed. People Chopped is managed and run by its employees under the guidance ofBrian Lee and Andy Chen who mentors every employee at Chopped. Chopped recruits nutrition experts who lay out calorie and other nutritional content of foods that are prepared at Chopped. These nutritionists are former physicians regarded as veterans in the field of nutrition. All of the company’s head chefs are themselves nutritionists and comply with the company’s policy of nutrition and health while preparing food. Every people at the company is dedicated and highly motivated to carry forward the mission and vision of the company(Thieu, 2017). Recommendations Marketing mix is one of the most important elements of the overall marketing thing; pricing of any product or services holds special importance to company’s sales prospect. Chopped needs to find ways to reduce the price of its food products for which the company would need to get rid of some overhead costs. Chopped hires lots of nutrition experts for preparation and labelling of its food products. Proper training of assistance chefs can help
Contemporary Marketing12 chopped brings down the requirements of nutrition experts and thereby cut costs associated with producing foods. This may help the company bring down the price of its food products. In terms of Targeting strategy, Chopped needs to produce more family oriented food products at reasonable price and target large family gatherings at their outlets. Chopped does not seem to have specific plan to attract children and pre- teens. Those are quite a big chunk of overall sales prospect which Chopped needs to put their focus on. The company also needs to focus on expansion plans in growing market like India, Brazil and China.
Contemporary Marketing13 Ali, F. (2015).Inderscience Online.Retrieved from http://www.inderscienceonline.com: http://www.inderscienceonline.com/doi/abs/10.1504/IJIL.2015.069634 Blythe, J. &. (2019).Essentials of marketing.Pearson U.K. Chopped. (2019).CHOPPED, 12. Retrieved from www.chopped.ie: www.chopped.ie/ JAIN, M. K. (2017). An analysis of marketing mix: 7Ps or more.International Journal of Advance Higher Education Research & Development. Kraak, V. I., Englund, T., Misyak, S., & Serrano, E. L. (2017). A novel marketing mix and choice architecture framework to nudge restaurant customers toward healthy food environments to reduce obesity in the United States.Obesity reviews, 852-868. Phadermrod, B. C. (2019). Importance-performance analysis based SWOT analysis. . International Journal of Information Management, 194-203. Schlegelmilch, B. B. (2016). Segmenting Targeting and Positioning in Global Markets.In Global Marketing Strategy, (pp. 63-82). Thieu, B. T. (2017). Linkages between Marketing Mix Components and Customer Satisfaction: An analysis on Google in Hanoi, Vietnam.Journal of Economics & Business Research.