They also have to worry about rival companies copying what they offer and taking some of the market share away from them. Like if Starbucks ever started offering subs to their customers Panera could be in trouble. 3 KEY STRATEGIC SUCCESS FACTORS OF PANERA 1. The most important strategic factor of success for Panera’s is their unique healthy menu that ranges from breakfast, to lunch, and dinner. By offering such a diverse array of healthy products Panera has been able to grab a large market share within their niche market.
I can say Whole Food store does a great job of delivering the best results when it comes to a better and healthier lifestyle. In addition, the care they have for each individual if uplifting. They believe in equal opportunities and pay for all. They feel like each of their employees should be treated with dignity and looked at as unique individuals. Whole Foods participates and believes in ethical practices that are very precise and knowledgeable about their outcomes.
‘Insta-broiler’ a device competitive in making burgers and technological advancements in the same gave it a competitive advantage. Product Development – Burger King differentiates its product by innovative product. Diversify/widen product mix to address current product mix limits The Burger King Flame broiled burger is not easy to imitate. Burger Kings Have It Your Ways is among the top thing that differentiates it and one of the core strength from its competitors. At burger King, consumer are given more food and service choices.
The fast food industry can be difficult to differentiate on a single product. Differentiation in this industry can be focused more on the atmosphere and unique menu items. Brand and product advertisement can be key factors in becoming a strong brand name used in households and bringing customers in the doors.Making low operating costs along with fast turnover for a fast casual industry will prove successful. In an industry that has many different options, it is essential to cut down overhead prices to make the most from your future sales. Vertical integration could cut operating costs making profit increase, but you have to weigh the pros and cons to help determine if that is worth doing.
The diagram above shown the CPM of McDonald’s and its competitor, KFC and Burger King; indicates McDonald’s is in a strong strategic position than its competitor. Some of the reasons McDonald’s is successful and has high market is due to it strong brand name recognition, a strong customer loyalty, and its global expansion. Furthermore, McDonald’s is also invested a large sum of money in advertising and very well known toward it charity program through Ronald McDonald’s House. Nevertheless, there are areas in which the organization can improve. One of those areas is their public image.
Section 4 Findings and recommendations (a) Evaluate the effectiveness of the revenue cycle McDonald’s is apparently one of the biggest giants in the fast food industry, and this role simply proves that they did really well in their internal management. Therefore, we are going to evaluate the effectiveness of McDonald’s in term of revenue cycle. Initially, there is a lists of complaints available online about McDonald’s, as the accuracy of ordering process should be improve due to employees often process incorrect orders or even misplace the customer orders. However, in order to solve this serious issues, McDonald’s was able to adapt the Self-service Kiosk system. Self-service Kiosks is considered as one of the newest technology being used
Pricing Strategy McDonald’s pricing strategy involves price bundling combined with psychological pricing. In price bundling, the company offers meals and other product bundles for a discount. In psychological pricing, McDonald’s uses prices that appear to be significantly more affordable, such as $__.99 instead of rounding it off to the nearest dollar. (MEYER, McDonald’s Marketing Mix (4Ps) Analysis, 2015) Distribution plan McDonald’s restaurants are the most prominent places where the company’s products are distributed. This element of the marketing mix indicates the venues or locations where the firm’s products are offered.
Besides, globalization can not be successful without adaptation because they go hand in hand and relate to each other. Basically, numerous American companies use globalization as a goal to achieve such as Apple, McDonalds and so forth. Starbucks’ Globalization and Adaptation is an example on how a successful American business, a global brand achieved this goal. As can be seen in this case, Starbucks brings its taste, its style, its impact to overseas but still always ready for adapting others’ taste, heritage and culture. They have no hesitation in changing for different values to success in expansion.
Marketing and communication Burger King 's main aims and objectives are to serve its customers with the bests meals and services a fast food company could possibly provide. For this efficient communication with its customers is very important. It makes use of networking, media and internet to communicate. Apart from advertising itself through radio, television, banners, barouches it’s also been reaching out to its customers with the help of social media like Facebook and twitter. It also uses demographical strategy to meet its consumer’s interest.
A consumer can buy dishes from the basic menu and go for add-ons which is optional pricing and there are combo offers which comprise a mix of items. KFC has variety of options in each category. For example, in Bucket, there are menus with 8pcs, 12pcs and also 12pcs variety bucket (Hot & Crispy Original Recipe and Chicken Strips). KFC come up with different pricing and bundling strategies for the new launch product which are Vege burger and Vege Wrap such as lunch treat, combo meal and family meal. The superworthy meal enable to attract middle and lower class people to increase overall sales