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Marketing Management of KFC - Desklib

   

Added on  2020-05-16

15 Pages4076 Words197 Views
Running Head: MARKETING MANAGEMENT 1Marketing Management

MARKETING MANAGEMENT 2Table of Contents1.Introduction..............................................................................................................................32.The Customer’s Perceived Value in fast food industry............................................................33.Evaluation of Texas Chicken’s existing value proposition in comparison to its competitorKFC..................................................................................................................................................8Value proposition of Texas Chicken............................................................................................8Value proposition of KFC............................................................................................................84.Texas Chicken’s new value proposition...................................................................................85.Implementation Plan...............................................................................................................106.Conclusion..............................................................................................................................117.References..............................................................................................................................12

MARKETING MANAGEMENT 31.Introduction In today’s competitive business environment, each and every organization intends to enhance thevalue of its products and services among customers. Generally, it is said that customers are theking of market and increasing customer satisfaction has become one of the major objectives ofmarketing organizations. In the process of customer satisfaction maximization, value is animportant factor, which requires to be focused on. Moreover, customer perceived value plays amajor role in the process of organizational decision making (Bowie, Buttle, Brookes, andMariussen, 2016). In an industry, the products and services, which endures the highest customervalue is likely to entice the people and attain more competitive advantage over against itscompetitors. Due to increase in international market competition, the organizations are seekingfor new and innovative ways for enhancing their value among target audiences. The below report examines the customer perceived value towards fast food industry. To analyzethe customer perceived value of fast food restaurant, Monroe Model has been used in thediscussion. Moreover, this model is used for evaluating Texas Chicken’s value proposition incomparison to its leading competitor, i.e. KFC. After this evaluation, a new value proposition isdiscussed and it includes a new implementation plan for Texas Chicken in Malaysia, so that itcan enhance its perceived value among its target audiences. 2.The Customer’s Perceived Value in fast food industry 1000Customer perceived value is an important factor for analyzing the effectiveness of the productand service delivery. It is an evaluated value, which a customer perceives to get by purchasingany product or service (Buttle, 2012). Customer perceived value denotes the difference betweenthe advantages obtained as per the perception of customers and costs, which customers had topay for that. The value that is perceived by the customers, determines the prices, which he/shewants to pay for a particular product and service. By the use of Monroe Model, customerperceived value of fast food industry in Malaysia is discussed in the below table; Advantages of visiting fast food Outlets Customers’ sacrifices of visiting fast foodrestaurants Monetary Benefits Monetary Customers are looking for affordablefood offerings. Higher prices for fast food products Travelling cost to reach the fast food

MARKETING MANAGEMENT 4Discount and cash back offers on onlinepayment.Profitable vouchers outlet Higher delivery charges (Wirtz, andLovelock, 2016)Ease of Use Health fallouts Customers are looking for the foodproducts according to their food tasteand cuisines A number of outlets for convenienceCustomers have different demands,which belong to different groups andwith demographic characteristics. 24*7 food availability Online food delivery serviceFast delivery service has reduced thewaiting timeThey seek for both take out and dine-inchoices Fast food products are not good forhealth as they contain higher calories Fast food products may be detrimentalfor the health of customers It may cause obesity, overweight andother chronic diseases (Abdullah,Mokhtar, Bakar and Al-Kubaisy, 2017).Long term outcomes of eating outsideare negative for customers Quality Additional Efforts People prefer to buy the food productsfrom the stores, which comply with theall the quality and food safety standardsand policies (Sheehan, and Bruni-Bossio, 2015)Quality of service delivery is good thatis reducing the waiting time for dine-incustomers Standardized quality of food productsand ingredients Time spending on selecting mostconvenient and affordable restaurantsIt is time consuming to visit therestaurantsIn online food delivery, the customersneed to wait for their food itemsTravelling expenses Social benefits Social fallouts There are different types food menus,which belong to different countriesfrom all over the world Health hazards due to over eating The restaurants in the country do nothave a well-maintained brand image

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