The demographic segmentation of KFC also focuses on the ethnic group of individuals where they operate. In this case, the business has to get innovative so as to provide products that meet the specifications of each market segment.
KFC is one of the worlds most popular fast food joint, having a great specialty in burgers. Most consumers from these two social classes identify themselves with the brand created by KFC. Advantages and Disadvantages of Market Segmentation Advantages Market segmentation allows the marketer to identify the existing marketing opportunities.
In order to conform the needs of the market monitor the business industry environment. By taking the best use of their resources an organization can easily survive in upcoming threats.
Internal factors can be controlled by the management of the organization but external factors cannot be controlled. As such, customers can get the right quality of products and the right place. The firm serves different types of chicken to appeal to its customers in various geographical locations.
Besides, KFC has also introduced porridge made of cereals and grains to meet the demands of the Malaysian who love having porridge in the morning. KFC has a distinctive taste of chicken and is keen on developing its markets in different countries around the world. The company compares its price with those of the competitors such a McDonalds and Subway before deciding on the appropriate price to settle on.
Firms should always perform a comprehensive analysis to determine the best segmentation approach which would add value to the organization. The corporate level executives have three general directional orientations for chose a directional strategy; these orientations are called grand strategy: Price The food items of this food chain are provided to the clients at the reasonable rates and they can afford to buy these foods.
Most firms always implement two types of segmentation namely post hoc and priori segmentation. The menu at KFC is offered at affordable prices and they have adopted inventive strategies to compete in different markets.
Increased Marketing Efficiency Market segmentation makes it easy for firms to reduce the cost involved in marketing. KFC has divided its market based on various psychometric variables such as personality characteristics and lifestyle.
Besides, KFC uses sales promotion to reach potential customers. Segmentation allows them to avoid costs incurred in market research while determining who to sell to and the market strategy to be utilized to appeal to all customers.
For instance, KFC provides products that address the needs and wants of people from both upper class and social class. This will give the company an opportunity to learn the needs and wants of its customers as it plans to offer more advanced products.
The brand has provided such food items to the common people, who cannot afford to buy the expensive food and do their lunch. Defining the unique selling proposition of the company Defining the target market Implementing the plan, and Controlling and monitoring the succession.
This gives it a competitive advantage over other fast food restaurants that do not consider the life cycle of their clients.
Identification of the right market segments is the initial step that a firm can use to create value for its products.
This allows customers from all social classes to find products that meet their specifications at one place. Increasing use of online ordering, increasing trend of social networking and online marketing campaign are the key technological factors for KFC.
Target marketing KFC is now providing its facilities across the world in the urban and industrial, where the people have no time to wait for their lunch and they have to reach at their other work. The company utilizes a slogan known as finger lickin to promote its products in various market segments.
Marketing Objectives KFC is the leading food chain in the world, which is going to spread its business in various other countries. Four different types of strategies can be formulated with the integration of internal and external analysis. This part of analysis includes all those changes in government policies that could affect the business performance.
The consumer preferences are what form the segmentation variables which every firm should consider. The company is now spreading its more branches in some other countries and also tapping the new emerging economies of the world for the provision of their food items there.
KFC has optimized its product offerings as per the geography and demand. For instance, they allow their customers to celebrate various occasions where they are provided with foods that meet the expectations of their clients.
The good quality fast food can help to return back the investment and it earns profit on its products and services. It has one click button through which user can register, fill in details and begin ordering. KFC Weaknesses • The brand has to face the lack of building of relationships with employees, who are unskilled and young.
• KFC only deals in fried chicken. • There is lack of strong marketing efforts in the brand. • The brand faces the high employee turnover, which affects its business. KFC employs a marketing strategy similar to other large fast food chains, performing rigorous consumer research and market testing, coupling both with an aggressive national ad campaign.
Celebrity endorsements are also used, while social media advertising is twinned with the opportunity for. Marketing Mix of KFC analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion). KFC marketing mix explains the business & marketing strategies of the brand.
It also consists of Service Mix (Process, People, Physical Evidence). KFC says its limited-edition fried chicken-scented sunscreen was a hit. The stunt shouldn't have been a surprise given some of the wacky 6 legendary KFC marketing gimmicks. KFC is the world's 2nd largest fast food chain after McDonalds.
Here is the marketing strategy of KFC which analyses the complete business model of KFC. KFC is most known for its fried chicken and its chicken Burgers.
It differs from McDonalds mainly because of its focus on Chicken in its menu and its recipes. Segmentation, targeting, positioning in the Marketing strategy of KFC. KFC (Kentucky Fried chicken) uses demographic segmentation to serve the market as per the customer needs & wants.
The consumers of KFC are the young as well as young adults.Marketing kfc