indepth analysis of Quick Green Food s Marketing Strategy Marketing Plan

Pages: 14 (4333 words)  ·  Bibliography Sources: 6  ·  Level: Doctoral  ·  Topic: Marketing

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[. . .] The restaurant will collaborate with local farmers to achieve this. The organization will work closely with farmers to ensure adherence to sustainable agricultural practices.

e) Climate

Generally, business operations are affected by political, legal, economic, social, cultural, and technological factors (Wilson & Gilligan, 2005). From a political and legal perspective, the company will be subject to laws relating to aspects such as taxation, minimum wage, and animal welfare. In addition, shift in public health policies tend to be intrusive, which presents both an opportunity and a threat. For instance, increased regulatory supervision of fast food ingredients and disclosure requirements for genetically modified organisms (GMOs) may provide an opportunity for Quick Green Foods to advance given its commitment to green foods. On the other hand, local health regulations restricting food service at places of work may limit opportunities for revenue. Unfavorable political and legal events may significantly hinder the operations of the restaurant.

Business activities may also be affected by economic factors such as consumer income, economic growth, economic recession, and inflation. Consumer income is an important factor in this case. In Chicago, median household income in 2014 was $47,831 (U.S. Census Bureau, 2016). This means that consumers are able to pay more for healthier fast foods. Nonetheless, unfavorable economic events such as recession may be detrimental to the operations of the restaurant. Recession often results in a reduction in household income, which usually results in a decrease in consumer expenditure. However, as food is a basic necessity, it is quite unlikely that expenditure on fast foods would reduce during a recession. Instead, consumers would most likely cut back on luxuries.

From a social and cultural perspective, the consumption of fast foods in the U.S. has historically been a phenomenal aspect of the American people. Since the 1960s, fast food consumption in the country has grown exponentially (Amidor, 2013). This has presented a significant opportunity for players in the QSR industry. The growth of the industry is anticipated to be even greater in the next five years (QSR Magazine, 2015). Nonetheless, the industry has experienced a tremendous revolution against the backdrop of increased association between fast foods and lifestyle diseases. As a result, there has been a shift in eating habits on the part of consumers, with preference for healthy foods increasing. Americans have progressively reduced their consumption of French fries and other conventional fast foods (Li, 2014). Today, it is not uncommon to witness diners asking for vegetable smoothies and other healthier choices when they visit fast food restaurants. In essence, there has been increased demand for healthier fast foods, which presents a significant opportunity for industry players.

Technological factors are also worth considering. the last few decades have witnessed tremendous technological advancements. A particularly important technological factor in this case is the internet, which has offered limitless possibilities for retail and marketing. Organizations in the industry, including fast food chains, are increasingly relying on the internet to promote and retail their offerings as well as interact with consumers. Technology has also enabled organizations to automate business processes such as order placement and payment. For fast food restaurants, the incorporation of wireless internet in stores has been an important driver of customer attraction.

f) SWOT Analysis

Overall, despite its unique offering and an extensively experienced CEO, Quick Green Foods has to overcome limitations: lack of market share, lack of brand awareness and financial inadequacy predominantly due to its fresher status. These challenges are further compounded by the threat of rivalry as well as political and regulatory factors. Table 2 below summarizes the major characteristics of the internal and external environments.

Strengths

• Experienced CEO

• Use of sustainably raised ingredients

Opportunities

• Increased health consciousness

• The internet and social media

• Favorable public health policies

Weaknesses

• Lack of market share

• Lack of brand awareness

• Financial constraints

Threats

• Competition

• Unfavorable public health policies

Table 2: SWOT analysis

IV. Market Segmentation

As mentioned before, Quick Green Foods will primarily target working adults in Chicago. This population represents the largest consumers of fast foods (Li, 2014). Given their busy schedules, workers tend to be keen on time when it comes to taking breakfast or lunch. In this regard, owing to their ability to serve orders quickly, fast food joints are often the most appropriate solution. Workers visit fast food outlets for not only breakfast or lunch, but also after-work coffee or snacks as they catch up with colleagues or friends. In addition to working adults, the restaurant will target individuals and families as well as travelers. These segments may also visit fast food stores to quickly grab a meal, a snack or coffee. Table 3 below summarizes the characteristics of the company's primary and secondary markets.

Segment

Characteristics

Segment 1 (Primary market)

• Working adults

• Male and female

• Aged 18 to 55 years

• Middle to high income

• Diverse racial backgrounds

• Single, married, divorced, with or without children

• Health conscious

• Values quality

• Frequent and repeat buyers

• First-time buyers

Segment 2 (Secondary market)

• Individuals, families, and travelers

• Male and female

• Aged 18 to 65

• Middle to high income

• Diverse racial backgrounds

• Single, married, divorced, with or without children

• Business travelers

• Local and international tourists

• Health conscious

• Values quality

Table 3: Target market

V. Alternative Marketing Strategies

With an understanding of the internal and external environment, an organization is better placed to design its marketing strategy. Porter's generic model offers three strategies from which an organization can choose: cost leadership, differentiation and focused strategy (Wilson & Gilligan, 2005). Cost leadership entails providing offerings at a lower cost relative to competitors. Though this strategy can speedily accelerate growth, consumers may sometimes interpret low prices as low quality. Differentiation on the other hand entails offering a unique product in terms of not only tangible, but also intangible features. This helps an organization to gain an advantage over its rivals. A focused strategy may involve either cost leadership or differentiation. In each case, the organization attends specifically to the needs of a well-defined smaller, niche market.

VI. Selected Marketing Strategy

Differentiation provides the most appropriate strategy for Quick Green Foods, as there are already hundreds of fast food restaurants in the market. In such an environment, a new player must effectively differentiate its offering from the competition if it is to thrive in the long-term. Though the restaurant will focus on differentiation, it will also seek to offer more competitive prices compared to the ones offered by the few green fast food restaurants in the market.

a) Product

Product constitutes an important element of the market mix (Baines, Fill & Page, 2011). Quick Green Foods plans to beat the intense rivalry in the QSR market by changing the manner in which fast foods are prepared and served. Based on a philosophy that prioritizes the health of the consumer more than profit, the restaurant will offer foods prepared using organically raised ingredients while retaining the concept of fast food or quick service. The foods will mainly include fruits and vegetables, dairy products, fresh juices, salads, cereals, as well as fresh meats and bacon. Instead of having numerous items in the menu like most fast food restaurants, the restaurant will have a shorter menu. This will enable it to perfect on the items it can offer best. Using sustainably raised ingredients and focusing on a shorter menu will provide a significant competitive advantage for the upcoming restaurant.

In addition, the restaurant will be committed to transparency in terms of not only revealing the percentage of GMOs in its food ingredients, but also allowing customers to observe their orders while under preparation. The design of the store will particularly take this aspect into consideration. Physical appearance can be an important distinguishing factor or selling point in the restaurant industry. From fixtures and interior decor to utensils, the restaurant will feature an attractive internal environment, clearly articulating the restaurant's commitment to maintain quality.

b) Price

Price can also be a vital driver competitive advantage with respect to attracting and retaining customers as well as accelerating sales (Baines, Fill & Page, 2011). Quick Green Foods will position itself as a provider of quality and healthy fast foods at affordable prices. The restaurant will specifically utilize the cost-plus strategy to set its prices. This entails considering the major costs of production (such as ingredient costs, rent, utilities and salaries), and adding a markup element as profit. A fairly low-cost strategy will enable the restaurant quickly gain market share in the intensely competitive QSR industry.

c) Distribution

The importance of the distribution strategy cannot be overemphasized. In today's business environment, organizations can choose from conventional brick and mortar stores or online stores (Baines, Fill & Page, 2011). Other… [END OF PREVIEW]

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