MARKETING STRATEGY FOR NEW BUSINESS

Case Study: Marketing Strategy Development for a Fast Food Industry Using Marketing Mix

[Name of College]

Executive Summary

Marketing strategy is considered as the backbone in the success of any organization, in this report marketing strategy has been designed for a new fast food business that is willing to open a fast food take away restaurant in Wolverhampton. From market analysis for fast food industry at Wolverhampton it has been suggested that the company should open its business by offering any unique product or dish, along with offering lowest possible price to gain the attention of the customers along with focusing on promotion of the products and prices.

Table of Contents

Introduction5

Fast Food Market Analysis of Wolverhampton6

SWOT analysis of Market7

Weaknesses8

Threats8

Strengths8

Opportunities8

Setting Marketing Objectives9

What is competitive advantage and how to get it?10

Marketing Strategy Development in context of Fast Food Industry12

Segmentation, Targeting & Positioning14

Selection of Marketing Technique in context of Market Segments14

Target Market Selection14

Marketing Undifferentiated15

Marketing Differential15

Marketing Concentrated15

Population Demography of Wolverhampton16

Marketing Strategies Using Marketing Mix16

Product17

Price17

Promotion17

Conclusion18

Recommendation18

Reference19

Case Study: Marketing Strategy Development for a Fast Food Industry Using Marketing Mix

Introduction

Marketing Strategies also refereed as business strategies consist of set of actions carried out for achieving specific marketing related objectives. The objectives that marketing strategy serves are mainly design to attract more customers, boost sales, highlight new products, get better coverage and display of products etc. Marketing strategies formulation is the function of business manager. For the purpose of designing marketing strategies a company should initially identify its target market or potential customers and based on this analysis, company should formulate its strategies by considering the desired for the product in target market. This will aid in obtaining competitive advantage, but while designing marketing strategies companies must also take account of competition (e.g. develop strategies that capitalize on the weaknesses of the competitors, or strategies should be based on the best practices) and other factors such as the ability of the company to invest. This study will attempt to formulate marketing strategies for a fast food takeaway business, as the business is planning to operate in Wolverhampton (Hekansson & Waluszewski, 2002).

Fast Food Market Analysis of Wolverhampton

At present the fast food industry of Wolverhampton is very saturated because numbers of restaurant are enough for catering more than 200,000 people. This make the market very competitive as beside the market saturation, the multinational brands of KFC and McDonalds are also available, who offer dine in and take away both as well. At present Salsa Grill, Hot 'N' Spicy, Turkish Delight, McDonald's Restaurant, G S Sandwich Noodle Bar, King Kebab, No 1 Pizza, Lazeez, Pizza Mahan, KFC, Pinocchio Pizzeria, Caspian Kebabs & Pizza, Spudulike, Dixy Chicken, Chicken Cottage, Kebabish Original, Aunt Sally's, Kebab Rush, The Charcoal Grill, Fast Food, Chicken Licken, Favorite Chicken & Ribs, Mediteranean, Gullivers, Rayin Fastfood, La Cucina, Sizzlers, K H Flames Chippy, Chapel Ash Kebab & Pizza House and Rumbles are the fastfood restaurants operating in Wolverhampton.

Setting up a new fast food take away restaurant in Wolverhampton requires well planned marketing strategies so that, this new restaurant could ...