KFC also locates its outlets next to schools, market areas, colleges, and cinemas so as to attract more customers. Market segmentation is an effective marketing strategy which every organization should embrace to remain competitive.
Thus, TQM as a strategy is certainly appropriate for such situation. This allows the firm to create value for its products by meeting the needs of people who have both low and high Kfc market research.
The company compares its price with those of the competitors such a McDonalds and Subway before deciding on the appropriate price to settle on.
Besides, KFC uses sales promotion to reach potential customers. As such, their market strategy targets people coming from the upper class, middle class, and lower class. When KFC learned about their needs, it started to produce Halal foods to prevent them from moving to other specialized niche players.
Firms should always perform a comprehensive analysis to determine the best segmentation approach which would add value to the organization. This is because smaller restaurants do not have the ability to develop and sustain cost-effective strategies, which is one of the alternatives that KFC addresses in its strategy.
They are served with the right kind of food that they require at that particular time. KFC utilizes market skimming to determine price for its products. Market segmentation allows the firm to modify and improve the products to appeal to the target market segment.
This is where firms introduce starter products and encourage their customers to make progress up the ladder to consume their premium products.
A priori market segmentation is implemented without conducting thorough market research to identify the market segments that are most appropriate.
Furthermore, the investments made in a particular market segment may go into waste incase the preferences and needs of the customers change. This encourages to do repeat purchase. Most firms always implement two types of segmentation namely post hoc and priori segmentation.
Advantages and Disadvantages of Market Segmentation Advantages Market segmentation allows the marketer to identify the existing marketing opportunities.
The wants and needs cannot be met in a single market segment. The individuals who have similar traits or tastes are classified in a particular market segment.
There are also smaller competitors that KFC must take into consideration. For instance, they allow their customers to celebrate various occasions where they are provided with foods that meet the expectations of their clients. The prices of the foods provided by KFC are always inclusive of the variable and fix costs.
In other words, the company must develop and implement strategies based on intense advertising and promotions in order to gain competitive advantage.
The promotion and distribution costs are likely to rise as the firm will be utilizing separate programs in different markets segments.In market research terms, it’s a ‘deep-dive’ into the world of the people who make or break, and consume the deep fried goods.
Two episodes in and you got beneath the surface of the propagandist, reputation-massaging exercise as KFC boldly took viewers through an emotional journey of poorly-housed poultry and an unnecessary amount of food wastage.
KFC is the world's 2nd largest fast food chain after McDonalds. Here is the marketing strategy of KFC which analyses the complete business model of KFC. KFC is most known for its fried chicken and its chicken Burgers.
It differs from McDonalds mainly because of. KFC employs a marketing strategy similar to other large fast food chains, performing rigorous consumer research and market testing, coupling both with an aggressive national ad campaign.
Celebrity endorsements are also used, while social media advertising is twinned with the opportunity for. KFC Strategies Marketing Project Report discusses about Critical Analysis of Segmentation, Sustainable Relationship between the Customer and the Business, Stimulating Innovation, How KFC Utilizes Segmentation Theory and The 4Ps Marketing Strategy of KFC.
Research Project On KFC co.
with their product by this company can adopt successful business strategy that can take them over their rivals in the market.
Now a day’s many organizations are investing considerable amount of resources in finding out new methods and tactics for filling the gap between the actual customer expectation and.
Jun 15, · Marketing Research of KFC: KFC Corporation (KFC), founded and also known as Kentucky Fried Chicken, is a chain of fast food restaurants based in.Download