Analysis of Marketing Concepts and Strategies: KFC in Hospitality

This report delves into the application of core marketing concepts within the context of KFC, a prominent fast-food chain. It begins with an introduction to KFC, highlighting its global presence and revenue. The report then explores the fundamental principles of marketing, emphasizing the importance of exchange relationships and customer satisfaction within the hospitality sector. A significant portion is dedicated to the marketing mix, dissecting its components (product, price, place, and promotion) and its extended elements (people, process, and physical evidence), demonstrating its strategic importance in shaping KFC's marketing plans. The analysis extends to the impact of the marketing environment, considering political, social, environmental, technological, legal, and economic factors. Consumer behavior is examined through the lens of the Pavlovian model, and the report discusses market segmentation based on demographic and geographical features, with a focus on income levels and preferences. Pricing strategies, including price bundling, are also analyzed. The report concludes by reiterating the critical role of the marketing mix in developing effective strategies for KFC and the broader hospitality sector. The report is supported by a comprehensive bibliography.

MARKETING CONCEPTS IN A
HOSPITALITY ENVIRONMENT

INTRODUCTION
 KFC is an American fast food restaurant
 It specialises in the sale of fried
chicken, burgers and soft drinks
 It is its located at over 22,621 countries
and earns revenue of US$23 billion
 The company was established in 1930

CORE CONCEPTS OF MARKETING
 Marketing deals with the management
of exchange relationship
 It helps in the positive relationship
between the customers and the
organisations
 For the hospitality sectors, it is an
effective way for the promotion of the
sector

MARKETING MIX
 Marketing mix is a set of marketing
tools
 It can be used in an effective manner
to pursue the marketing objectives
 It includes place, price, promotion and
product
 Extended version includes physical
evidence, people and process

IMPORTANCE OF MARKETING MIX
 Marketing mix helps to determine the
important strategies
 For KFC, the marketing mix strategy
can help to create a marketing plan
 The marketing mix assists in positive
impact on the decision undertaken by
an organisation

IMPACT OF MARKETING
ENVIRONMENT
 Political factor along with social and
environmental factors can be of
advantage for KFC
 Technological advancement can help in
the development of the company
 Legal as well as economic factors can
be challenging for the company

RELEVANCE OF CONSUMER
MARKETS
 Pavlovian model of consumer
behaviour can be applied for
understanding the consumer behaviour
 KFC can use the model to understand
the psychology of the customers
 It can help to understand the factors
such as culture, belief of the customers
along with the types that include food
lovers

DEVELOPMENT OF MARKET
SEGMENTS
 Market segments is developed based on the
segmentation of the customers
 This is done in terms of the demographic
and geographical feature
 KFC, need to ensure market segmentation
based on the income level of the customers
 Customers can be segmented based on the
preferred non-vegetarian and vegetarian
dishes

PRICING STRATEGIES AND POLICIES
 The pricing strategy and market
segmentation is that it helps in
understanding the customers
 Pricing strategy is required for
developing organisational competence
 KFC implements price bundling
strategy
 It helps in fixing the prices of the
company

CONCLUSION
 Marketing mix is an important factor for
developing strategies
 KFC can build a strong reputation at the
market by implementing proper
marketing mix strategies
 KFC can understand the marketing mix
required for business
 It can use price bundling strategy

BIBLIOGRAPHY
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of integrated marketing communications. Nelson Education.
 Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42).
Routledge.
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promotion, place marketing, and place branding-moving beyond conceptual
confusion. Cities, 80, pp.4-11.
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based brand equity align with sales-based brand equity and marketing-mix
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 De Bruin-Reynolds, L., Roberts-Lombard, M. and de Meyer, C., 2015. The
traditional internal marketing mix and its perceived influence on graduate
employee satisfaction in an emerging economy. Journal of Global Business and
Technology, 11(1), pp.24-38.
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