MARKETING PLAN 6
Lakewoodbusiness will be market-oriented company, their are customers comefirst. Creation of customer focus is a starting point of as such anorganization. Customers remain loyal to the organization, whichprovides outstanding importance to customer needs. Planning is alwaysflexible and long term. Strategies are based on the ever-changingmarket needs. Market oriented organization understand values of thestakeholders consisting of employees, suppliers, employees,intermediaries, and customers.
Marketingmanagement has developed four objectives that will guide the companyin achieving targeted sales. The first one is a product together withcharacteristics that improve product value for the consumer. Theyinclude guarantees, after sales service, quality, and packaging.Second, communication, which entails making decisions on means ofcommunicating with the consumer concerning product. Consumer must beinformed concerning product, persuaded to buy it as well as bereminded of product need satisfying potential. The third mean isdistribution, which refers to the channel through which product movefrom producer to the consumer, and includes identification of certainplaces where product may be sold. Four, is pricing which requiresdecisions on cash value that enterprise requires in exchange forproduct and that cash value is fixed at level that ensure asatisfactory return on the investment (Mcdonald & Morris, 2000).
Situationanalysis (Fast food industry analysis)
Fastfood industry has served tasty morsels since people started living inthe cities. Modern system of the fast food is known to have startedin mid-1930’s during Howard Johnson franchised the second locationto his friend as the means to increase operations during GreatDepression. The “fast food” term was added to Merion-Websterdictionary in year 1951 and United States fast food companies arecurrently franchised in more than 100 countries. In United States,there are more than 200,000 restaurant locations, and revenue hasincreased from $6 billion in the year 1970 to about $160 billion inthe year 2012, an 8.6 percent annualized rate (Bly, 2009).
Fastfood franchises mostly focus on the high volume, high-speed product,and low cost. Frequently food is precooked, preheated, and servedto-go, through most locations also proving seating for the on-siteconsumption. For sit-down locations, or stands kiosks, food isstandardized as well as shipped from the central locations. Theconsumers enjoy availability of familiar meals in every locationmenus and marketing strategy are similar in each location. Busycitizens still are in need of quick meal options, and the fast foodrestaurants are currently fighting fast food challenges with gusto.To provide healthy food choices in order to fight stigma of theunhealthy food, quick service restaurants are now focusing on organicor fresh products. Fast food franchises are focusing on expanding tonew product lines, like coffee initiative in McCafe. McDonalds isattracting customers to its stores, instead of offering competitionto the Starbucks hoping that customers will buy the fast food.Majority of franchises are exploring other meal times like breakfastand mid-afternoon snack to increase opportunities and increase thereal estate utilization (Mcdonald & Morris, 2000).
Marketingmix refers to a term that describes four main marketing toolsreferred to as 4ps
Producthas specific characteristics and aspects like quality, out looking,and packaging. Lakewood company will offer different meals and fooddeal for customers that are Cheeseburger, Chicken Nuggets, Big Mac,and Hamburger. The company will also provide breakfast menu, andextra-value meals like kid’s meal and family meal.
Pricingis an important part of the marketing mix. In most cases, pricedetermines level of competition among existing companies in themarket. Through giving priority on the effective pricing, Lakewoodwill use its pricing strategies that include product line pricing,promotional pricing, penetration pricing, and value pricing (Onkvisit& Shaw, 2004).
Inthe marketing mix, a place is referred to as distribution channels.The company must have a certain location to reach the clients andcustomers. Business location is an important part of the businessorganization. Lakewood prefers busy places to selects as itslocations and considers some fundamental things like populationdensity, lifestyle, and communication.
Inbusiness operations, promotion includes marketing communications mixto advertising services and products. Lakewood will use differentpromotion channels for the effective communication. To utilizepromotional mix properly, the company consider strengths andweaknesses of every component (Onkvisit & Shaw, 2004).
Lakewoodwill have a broad national marketing strategy, which will change fromone place to another, and focus on consumers. The nationals’campaigns that have become synonymous with some phrases will begeared towards changing the company image as customers change. Thecompany will utilize various distribution points to develop ties withnew consumers, and not just restaurants. The company should sponsorcommunity events, with the aim of establishing relationships withother business organizations such as schools or gas stations, andestablish a web site. Pricing strategy for product encompasses threemajor ways to make a profit. When costs are at lowest and the salesare difficult to find, adopting better pricing strategy is the bestoption to remain viable. One strategy usually does not fit, soadopting an appropriate pricing strategy is like a learning curve itrequires studying behaviors and needs of clients and customers (Bly,2009).
Bly,R. W. (2009). Marketingplan handbook: develop big picture marketing plans for pennies on thedollar.Irvine, Calif., Entrepreneur Press.
Mcdonald,M., & Morris, P. (2000). Themarketing plan: a pictorial guide for managers.London, Heinemann.
Onkvisit,S., & Shaw, J. J. (2004). Internationalmarketing analysis and strategy.New York, Routledge.