Evaluationof Marketing Strategy
Table of Contents
Situation Analysis 4
New Product Development 4
The 4 Ps 5
Competitive Assessment 5
Product Life Cycle 6
Channels of Distribution 6
S.W.O.T analysis 6
Comments and Recommendations on the Marketing Strategy 7
Integrated Marketing Communication Plan 8
Evaluationof Marketing Strategy
The marketing concept illustrates the analysis of customer’s needsand comes up with decisions to meet them. The first concept regardsthe type of product being offered. Taco Time has ventured intooffering authentic Mexican food that is the choice of most customers.The selling concept is essential in getting customers to makepurchases from the restaurant. The organization has invested$2-million in a marketing campaign aimed at attracting customers intogetting fast food from them. Finally, there is the need to focus onaddressing the individual customer requirements. It is in response toa survey conducted indicating that they want Mexican food that isauthentic.
The management at Taco Time has analyzed the situation andascertained the opportunity that exists in outdoing its competitors.For example, firms such as McDonald’s, Wendy’s and Burger Kinghad established themselves as primary fast food providers. Because ofthe same, it has become essential for Taco Time to reposition itselfagainst the competitors and attract customers into making purchasesfrom it. Further, there is the lack of Mexican restaurant chainsoperating in North America. Such is an opportunity for the company toventure into the untapped markets and capitalize on the same. Despitethe competition in the external environment, Taco Time has anopportunity for growth.
The increase in competition negates the need for any organization tocome up with products that are differentiated. Taco Time identifiesthat customers have a high preference for authentic Mexican food. Itis essential that the restaurant introduces food that is appealing tocustomers. The food offered by the restaurant should be uniquecompared to what is being provided by other competitors. Taco Timefocuses on the provision of authentic food that is the category ofFast casual. It is a method that endows the restaurant with acompetitive advantage since products are unique.
Taco Time has embarked on research to identify factors that are mostappealing to the customers. Particularly, the focus groups have beenessential in illustrating the type of service that is appealing tothem. For example, they pointed out that they preferred food servedon a plate than when wrapped in a wax paper. Taco Time has benefittedfrom the research since they understand what needs to be done to getcustomers into buying from them. The research was equally helpful inindicating the need to offer Mexican food. Taco Time could serve thefood their restaurant to attract many customers.
The 4 Ps
The price charged by the company has an impact on the decision bycustomers to make purchases from the firm. Taco Time must ensure thatsets the right prices to get customers vouching for their foods.
The place is the other factor that must be considered by Taco Time.The fast food service must be readily available to ensure manycustomers have access to the same.
Promotion is essential in making customers realize the need to optfor Taco Time’s foods. The organization must give customers areason as to why they should get food from them. Fortunately, thedecision to market foods under the Mexican brand serves theorganization well in promoting its products.
Finally, the type of product sold by Taco Time is dictated how manycustomers make purchases from them. The company has been determinedto sell authentic foods that are an essential marketing tool for theorganization.
The food industry is competitive owing to the nature of services itprovides. The industry analysis indicates that Taco Time is incompetition with McDonald’s, Burger King and Wendy’s. It is areflection of the need for the organization to ensure that it offersfood products that differentiate it from what is being offered byother competitors.
Product Life Cycle
Like any other product introduced by an organization to the market,Taco Time fast food products follows the channel of introduction,growth, maturity, and decline. However, it is imperative that thecompany takes prerequisite measures to ensure the fast food productsthey introduce to the market do not reach the decline stage. Forexample, since the company is working toward introducing authenticMexican food, it is essential that it retains the branding andquality of food that they offer to the customers.
Taco Time has established a central place where customers are servedfast food. Currently, the restaurant is housed in a two-storeybuilding that is located in Calgary. However, the organization hasscheduled the opening of another joint in Cranbrook, B.C. that willserve as the point of access of the food products by theorganization. The locations are appropriate in enhancing theaccessibility of food commodities by its customers.
Taco Time has the finances to facilitate its repositioning strategy.For example, it has set aside 2-million to venture into the activity.
Despite the brilliant plan that Taco Time seeks to implement, thestore may have to deal with competitors including McDonald’s thatis already an established brand. The business is not yet in aposition to challenge such established brands.
Taco Time is venturing in a new specialty that has not been exploredbefore. For example, most customers prefer authentic Mexican foods,but not many restaurants have ventured in that area. It is anopportunity that can be explored by the company.
The possibility of authentic Mexican food acting like the choice formany customers could equally attract many businesses. Taco Time mayhave to prepare itself for possible competition that is likely toensue.
Comments andRecommendations on the Marketing Strategy
The marketing strategy presented by Taco Time is appropriate inenabling the company to attract many customers into buying from them.The approach is efficient since it seeks to meet the individual needsof customers following a series of focused groups meetingillustrating what appeals to consumers. Further, massive advertisingshould be done utilizing all the available channels to get customersinto making purchases from the firm (Henisz & Zelner, 2012).
Taco Time needs to explore other market areas and identify whatappeals to a larger proportion of clients. For example, it relies ona focused group to reach the conclusion of providing authenticMexican food. It is essential for the business to explore other areasin an equal measure for purposes of diversity.
The marketing department should venture into finding market gaps andcome up with strategies aimed at feeling such spaces. Further, it isessential to consider the strategy of its competitors and introducemeasures that can counter the same (Yarbrough, Morgan, &Vorhies, 2011).
Integrated MarketingCommunication Plan
Sales promotions are critical to enabling the clients to get to afind a reason for making purchases from Taco Time. Emphasis is onhighlighting the uniqueness of products offered by the company. Theuse of an appropriate advertising channel that reaches out topotential clients is appropriate in ensuring that most customers getto purchase from the firm. Further, as Taco Time is conducting itsmarketing, it should be in line with the established regulations. Theproducts offered by Taco Time must be commensurate with what is beingadvertised. The use of the internet is appropriate in communicatingthe company products to potential clients. Through the same, it wouldbe possible to reach a large proportion of consumers since theInternet is easily accessible. Finally, personal selling should beadopted for the role it plays in creating a good rapport with thecustomers.
Henisz, W., & Zelner, B. (2012). Strategy and competition in themarket and non-market arena. Academy of Management Perspectives,26(3), 40–51. http://doi.org/10.5465/amp.2012.0052
Yarbrough, L., Morgan, N. A., & Vorhies, D. W. (2011). The impactof product market strategy-organizational culture fit on businessperformance. Journal of the Academy of Marketing Science,39(4), 555–573. http://doi.org/10.1007/s11747-010-0238-x