Fast Food Advertising Strategy
ABSTRACT
Fast food industry has becomes more innovative which encourages them to create new ideas to introduce new products to achieve a long-term success. To do this, fast food restaurants must come up with an effective promotional strategy that could help them to convince consumers to purchase the new products they launch which will help to maintain their successful business performance and better level of profitability.
This research study aims to find out which promotional strategy convinced Cavite City residents to purchase new product offered by the fast food restaurant. A questionnaire was used and 276 residents of Cavite City participated in the study. Demographic profile and consumer behavior of the respondents were identified and
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There are 5 types of adopter for products: innovators, early adopters, early majority, late majority and laggards. Innovators are the first customers to try a new product; they are, by nature, risk takers. Early adopters tend to be the most influential; early majority is a class of adopter that are reasonably risk averse and wants to be sure that their resources are spent wisely on products while the late majority tend to put their resources towards tried and tested solution. And lastly, the laggards who value traditional methods of doing things and highly averse to change and risk. Typically, they have low-socio-economic status and rarely seek opinions outside of their own limited social set. Despite an ever-growing number of products on the market, 66% of new products fail within two years, and a startling 96% of all innovations fail to return their cost of capital (Lindsay, 2017).
This study entitled “Promotional Strategies of Fast Food Restaurants for New Product Launch” aims to find out the most convincing promotional strategy to attract customers in purchasing new products launched by fast food restaurants in Cavite City. The result of the study will benefit the owners of the fast food restaurants for they will be able to identify which promotional strategy really convinces customers to purchase their product to avoid new product failures ad to maximize their
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