In the present time, the competition level among the companies has been increased to a greater level. This is due to the cause that now days there are large number of organizations emerging in the market which are serving with the similar products to the customers. Thus, it has become important for the firms to attract there customers by providing them with new and innovative products. Further, with the change in the social and technological trends, it is highly influencing the marketing campaigns of the company. Moreover, for ensuring this companies are taking assistance by the marketing consultancy firms so as to develop with efficient marketing plans and determining with efficient objectives. In this report, the efficient study of KFC is been considered. They are involved in serving food products to the customers. Further, in this principles of strategic management is been determined with its efficient analysis in the company. Moreover, the marketing decisions are been assessed for better understanding of the term. In the end, the implementation of these strategies for attaining with the competitive edge is been stated in an efficient and effective manner.
Marketing strategy refers to the process which assist the company to focus on the resources available with them and use them in an efficient manner to enhance the sales and attain with high competitive edge in the market. Thus for ensuring this, an effective strategic planning is been required which helps to maintain with the company's objectives, skills and other resources which will make them increase there profit level. Moreover, strategy is an efficient plan which help to attain long terms goals of the firm. Further, it has been seen that market is highly dynamic in nature, this means that there are number of products which are been served by different companies so as to satisfy the customers to a greater extent. Thus, strategic marketing will assist KFC to produce with the goods and services which are as per the changes occurred in the market conditions. With the pace of time, the choices and preferences of customers are changing on the regular basis. Thus, it becomes crucial for the company to evaluate the needs of the customers for developing with the goods. In addition to this, it is also important to consider the internal and external factors as they have a great impact on the activities performed by the company. Further, strategic marketing is highly focused to achieve the long term relations with the customers so as to retain them for future. Thus, enhancing the loyalty with the brand and providing with good quality products will assist in boosting with the revenue and popularity of the firm in the market. In addition to this, company must also make sure that the needs of stakeholders are been achieved so as to satisfy them to a greater extent. Moreover, the strategies of the firm must be monitored on the regular basis so as to maintain there efficiency in the long run.
Corporate strategy refers to the plan or strategy developed by the organization with a motive to attain the goals and objectives of the firm. Further, in a company both corporate and marketing strategies plays a crucial role in the development of the firm. It can be seen they are highly dependent on each other to succeed with its goals of the company. As the core focus of marketing involves the strategic planning which includes development of the products, pricing strategy and the channels which are used to distribute the products to the customers. Further, the corporate strategy is highly focused with the initiatives taken to enhance the profit rather on seeing the products development. Thus, KFC takes efficient measures to evaluate the needs of the customers and develop with the best strategic plan so as to achieve there goals and satisfy the people to a greater extent. This will make them more competent in the market and help them to enhance there brand image in the market. Further, the corporate strategy assist in determining the mission and vision of the company so that the plan developed fulfil them to a greater extent. This will also lead the firm towards the direction which will provide them earn more and more profits. The strategy formulated regarding this highly focused to earn high revenues which can be attained by developing the efficient structure of KFC and reducing with the debt ratio to improve there balance sheet. Thus, it been seen that the motive of corporate strategy is to determine with the objectives of the company which assist in formulating with the marketing strategies in an efficient manner. Thus the plans must be made taking into consideration the social responsibility which involves the needs of the customers as well as to develop the plan which do not harm the environment. Hence, with the efficient corporate strategies company can formulate efficient marketing plans which assist in promoting the products to a wide range of customers.
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The formulation of the marketing strategy refers to the process which assist in determining the objectives of the marketing goals and objectives. Further, the responsible individual in KFC develop with the strategic plan which assist them to grow and develop in the market. For ensuring this, there are five step which are used by the company to boost with there revenue:
Determining a unique selling proposition of the company
This refers to define with the selling strategy which may include the element on which the organization is focusing. It may include different context such as quality, features, pricing etc.
Defining target market
This includes the market place to which the company is focusing. This includes the set of customers to whom the goods are to be served. This will help them to evaluate the needs and requirements of the people so as to develop with the products which may satisfy them to a greater extent.
Formulating marketing plan
Thus after the development of the products it is important to evaluate the marketing techniques which will prove successful in achieving the goals of the company. This mainly includes the marketing objectives and the problems which may be faced by them at the time of implementation. Further it is considered as the most important step as it determines with the plan which may prove beneficial in promoting the goods to wide range of people.
Implementing the plan
After the formulation of the plan, it is important to take several measures to implement them in an efficient manner. Thus it must be made sure that the activities performed are as per the plan determined by the company so as to ensure the effectiveness of it .
Monitoring and controlling the plan
It is very important for the company to control and monitor the plans on the regular basis so as to maintain its effectiveness in the long run. Moreover, the modifications must be made as per the changes occurred in the environmental situations. Thus, the control over the activities will ensure the completion of the goals in an efficient manners.
The direction of the organization is highly affected by the strategic decisions taken by the company. These are made incorporating with the corporate level strategy as they are considered as the long terms goals and have a impact on the objectives of the firm. KFC 's core mission to develop it market across the world and serve food to the maximum number of customers. It is considered as the foremost direction for the company to formulate the strategy which may help in satisfying there goals. Thus for ensuring this, Ansoff matrix is been used for determining with the marketing strategy which the company must practise. Further, if KFC needs to increase with the market share of the products served by it than the company must adopt the strategy for reducing the price list of the products so as to attract wide range of customers. However, if the firm needs to target in new market so they must adopt with the strategy which includes the development of new products so as to gather there interest in purchasing the products. Thus, sometimes the organization may need to target the new market with the existing products than for this they need to adopt several promotional techniques so that they can reach to maximum people. Thus, it becomes the responsibility at the corporate level to make the decisions which are highly appropriate for the organization.
On the other hand, Porter's generic strategy assist in determining that how the company can compete with there competitors in the market. Further, for this the corporate level develop with the strategy of the company which can help them to attain competitive edge in the market. This can be done by adopting focusing, differentiation or leadership strategy. Further, in the focus strategy KFC mainly target the niche market. In this, they try to understand with the different dynamics of the market as well as the needs and requirements of the customers so as to develop with the best of the products to them. However, in differentiation strategy, the company makes the strategy for introducing with the new products which are different from other companies so as to attract more customers. In addition to this, in leadership strategy the strategies are been developed so as to reduce the overall cost of the products and fixing the lower price in comparison to its competitors. Further, these strategies and decisions are taken at the corporate level. This assist in determining the activities which need to be performed at functional level.
The completion of developing at the corporate level, it than comes to the business level which are responsible for focusing on the business. As in the organization there are several departments such as finance, marketing, human resource etc. which are assigned with there individual work to be performed efficiently. Thus, for the completion of the task they are responsible for setting up there own targets and develops with the strategy to fulfil them. Corporate level strategies focus on the overall performance of the organization. On the other hand, functional level strategies includes several functions such as product development, marketing and sales, production, research and development etc. in the company. Further, the strategies which are been formulated at business level are highly concerned with achieving the overall objective of the firm in an efficient manner. Moreover, the final decisions are been made after evaluating with the strengths, weaknesses, threats and opportunities of the individual department so as to attain the objectives to a greater extent. They are responsible for guiding the functional level so as to perform there duty in an efficient manner.
Further, the decisions which are taken for the functional level are highly concerned with the management of different functional areas of the organization. In addition to this, the functional level is also responsible for converting the decisions which are taken by the corporate and business level into deeds. Moreover, each department highly contributes in achieving the overall objectives of the company. But it can be seen that the activities of the company can be segregated into different business and functional units but the end goal is to attain the overall objective of the organization. Thus it can be concluded that if there is any changes in the strategies of corporate level than it directly have a impact on the business and functional level activities.
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In the recent time, there is high competitive market for the companies as more and more firms are emerging which are serving with the similar products to the customers. Thus it has become very important for the company to attain the competitive edge in the market by providing with efficient products which assist in attracting wide range of customers. Further, competitive positioning refers to how the company differentiate the products from the other organization's product so as to create with the value in the market. Thus, for becoming more competent in the market, KFC need to determine the goals and objectives in an efficient and clear manner. This will provide with the clear direction for the company to achieve the goals. As KFC are having several competitors such as McDonald, Subway etc. so it is very difficult to maintain competitive edge in the market. Thus, they are need to adopt several strategies which will assist in attaining the competitive edge in the market over there competitors.
Further, for achieving the marketing objectives of the firm, there are several risks which are associated with them. As in this industry there are several competitors who are serving with the similar products so they need to exceed with there marketing strategies so as to attract more and more customers towards there organization. Further, changes in the regulations made by the government, taxes and other legal norms, sometimes have a negative impact on the strategies of the company. Thus, all the risks which are been associated with the following factors must be minimized by taking several measures.
Moreover, KFC company can establish itself in the market by a becoming a market leader. For ensuring this, they need to reduce the cost price of the products in comparison to its competitors. Further, this may affect the earned profits of the company in the future run. Thus, to overcome with this situation, they company must reduce the cost of the product by minimizing the overall production cost. This will prove beneficial for KFC as there large number competitors so they can exceed by enhancing there sales volume and earning more profit. Furthermore, to become more competitive in the market it is important for them to adopt several risky approaches to maintain there position in the market. They need to take the challenge by introducing with new developed products or by expanding there business in different markets. Thus, it can be risky for the company as the food which is been introduced may not be liked by the people.
Further, KFC can attain the competitive edge in the market by focusing on small or niche market. They must develop with the products by targeting a single market and evaluate the needs and preferences of the potential customers so as to satisfy there needs and preferences to a greater extent. Thus, there marketing strategy must be formulated to attract wide range of customers for availing the products.
The evaluation made for the internal environment assist in identifying the strengths and weaknesses associated with the company. Further, the internal evaluation mainly focuses on the company's vision, mission, objectives and strategies which assist in achieving the goals. Moreover, it also involves the analysis made on different resources such as financial, human resource, technological advancement etc. Thus all these resources together assist in achieving the objectives by performing the activities in an efficient manner. There are several methods which are beneficial for analysing the internal environment which mainly includes SWOT analysis, Value chain analysis etc.
Value Chain analysis is considered to be an efficient tool which helps in examining the internal environment in an efficient manner. This assist in determining with the activities of the company with the motive to deliver with the products to the customers in an efficient manner. Further, under this the analysis of mainly two types of activities are included. In the first activity it includes inbound logistics, operations, marketing, outbound logistics and sales services. Further, the second activity mainly involves human resources, infrastructure and technology.
From evaluation it is been found that KFC is a market leader in serving with non-veg items because of there primary activities. Thus, the activities assist them in providing with different food items which are been served by KFC across the world. Moreover, the company is having healthy relations with there suppliers so they are getting there raw materials on a regular basis. In addition to this, they are having highly skilled workforce which are provided with latest technology so as to manage with there activities in an efficient manner. This will result in delivering high quality products at proper time and at proper place to the customers. Moreover, KFC is having efficient marketing strategies which are highly beneficial in attracting wide range of customers.
External approaches are highly beneficial in evaluating the external factors which are having a great impact on the activities of the company. Thus for determining this in an efficient manner, KFC adopt PESTLE analysis for the organization. The following are the elements which are involved in the model are:
These are related to those factors which are related to the changes in the policies of the government which creates a hindrance in the activities of the company. The major political factor for KFC is to produce the goods as per the guidelines determined in health and safety norms, labelling the food items in a clear manner.
These are the factors which are related to the inflation, exchange rates, interest rates and the growth of the economy . Thus, the factors for KFC include the growing market, enhancing disposable income etc.
In this the factors such as lifestyle, knowledge and the value of the members of society. In the present time, people are becoming more conscious about there health and prefer healthy food items. Thus, KFC must come up with healthy food such as salads etc. to attract wide range of customers.
These are the factors which are highly affecting the marketing campaign for every organization as these days there are several innovative advancement in the technology which can help to promote there goods more efficiently. Thus KFC must use the latest technology and promote there products by putting on to social media sites so as to cover wide range of customers.
These are the legal norms which highly differs from country to country. Thus, KFC must adopt the norms of the place in which they are operating. Thus, it will help them to serve there products by being in the walls of regulations.
These refers to the factors which are highly affecting the activities of the company. Thus, KFC must take several measure to adopt the process which is environment friendly.
The strategies of the company are been formulated after the efficient analysis made of the internal and external factors. Further, the plans of KFC are been developed by ensuring that the company is able to opt with the coming opportunities and overcoming with the weaknesses associated with them. Further, early precautions must be taken so as to reduce with the upcoming threats. Moreover, it has been seen that the internal factors can controlled by the company's management. On the other hand, external factors are out of reach of the firm so they have to bear the consequences. Thus the company must be prepared for facing the challenges coming with the time. Further, the strengths and weaknesses of KFC can be attained by internal analysis, on the other hand the threats and opportunities are been evaluated by the external analysis. In addition to this, the company can sustain with the coming threats by making the optimum utilization of the resources. Thus, it is very important to take into consideration the internal factors as it determines with the management structure, financial applicability which are highly beneficial in making the decisions of the company. On the other hand, external factors assist in providing with the opportunities and threats for the firm. Thus, if the regulations and rules are in favour of the company than it can prove beneficial for the company in the long run.
For attaining with the competitive edge in the market over the other competitors, KFC can practise different strategies which need to be incorporated with the goals and objectives of the company. Further, the following are the strategies which will assist KFC to achieve the competitive edge in the market:
Under this strategy, the company started producing newly introduced products in the new targeted market. This will help the organization to expand there business in different market and earn more profits. In contrast to this, there are several types of risk which are been associated with this strategy. As the newly developed products may not be accepted by the people or the new market may not like to avail the services of the company.
This method is considered to be the most efficient one in attaining the competitive edge in the market over the other competitors. This is mainly driven by the scope, scale, size and efficiency of the company. Further, this develops with the motive to exploit the other economies, scale of production and other scopes.
With the efficient help taken by the marketing communication, KFC can formulate its brand awareness in the eyes of the people. Further, marketing communication strategies assist in rendering with the helping hands to the customers by providing the product information in the perception of the position held by the product in the market. KFC can adopt the following strategies of marketing communication:
This is a strategy which is highly been adopted to convince the people to avail the products and services of the company. The majorly used advertising strategies are based to influence the behaviour, attitude etc. for the products as well as the services. This can be done by using newspaper, magazines etc.
These are been determined as the direct inducement to the clients to make them purchase the good and services of the company. It is considered to be one of the most efficient strategy of marketing communication as they reach to the customers directly.
It is very crucial for KFC to adopt efficient marketing strategies which will assist in developing the brand image of the company. Moreover, by implementing with the efficient marketing and promotional strategies, KFC can attain competitive edge in the market over there competitors. The following are the marketing strategies which are been used for overcoming the issues associated with them:
It is suggested to the KFC to implement with the segmentation strategy at there organization. Under this, they need to choose the appropriate target market so as to serve with the products to the potential customers. Thus, with the efficient implementation of this strategy, it will assist in targeting and capturing with the new market.
It refers to the marketing strategy which assist in selling with the products and services of KFC with incorporating with the development of long term cordial relations with the customers. In this, the preferences of the customers are taken into consideration on the top most priority so as to ensure the sales volume of the company.
The project report which have been prepared above concluded about various aspects of marketing strategies. It has been seen in the report that various marketing planning has been discussed in context to business organization. The report has shown the use of SWOT and PESTLE. And how KFC has successfully implemented it. It is very important for an organization to know what are the various factors which can effect the internal and external environment of a company and here in this report a full detailed description has been given regarding the use of approaches and meaning of such approaches. The project also concluded with various ways in which the companies have applied their marketing strategies. It has also been shown by the project report that competition is an important aspect in marketing and there are various strategies by which KFC had tried to grain advantages.
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