Marketing – Coursework Example
Marketing AFFILIATION: Marketing Wendy’s Marketing is a highly beneficial approach for achieving company’s objectives and projected sales as it helps in promoting the product and delivering it to consumers effectively. I believe that it plays a major role in building an image of the firm. How a firm communicates with people can make or break its reputation therefore many organizations keep specialized funds to cater marketing, advertising and promotional needs.
Wendy’s key target market, in my opinion, is of customers who want to consume/ enjoy fresh, nutritional and high quality meals. They aim to provide a mature atmosphere with healthy, home cooked meals’ experience to its customers at low cost. Wendy’s tend to follow this market mix to achieve their goals like high quality, customers’ respect, integrity, profit maximization and contribution to society.
Product: As the main objective of Wendy’s is to target customers who prefer fresh and nutritional food, its latest strategy covers healthy additions in menu like BBQ Ranch Chicken Salad, Ciabatta Bacon Cheeseburger, Asiago Ranch Chicken Club and Asian Cashew Chicken Salad. They also look forward to bring continuous innovations in menu.
Price: Wendy’s has successfully maintained a high-low pricing strategy in order to cater a larger number of customers. Keeping same quality level, it offers both high priced and low priced sandwiches and other items. They are working on controlling expenses as well.
Place (Distribution): By using latest GIS technology, Wendy’s aim to open its franchises wherever the traffic is high, downtown areas and places where more customers can be made in this fierce competition.
Promotion: Wendy’s promotional campaign was successful as they laughed on themselves with viewers rather than allowing people to laugh at them. Additionally, they focused on giving incentives to customers, remain realistic and authentic, raising donations and putting them to various causes.
Cardwell, J. (2013). An In-Depth Comparison of Three Fast Food Industry Giants: How Chick-Fil-A Differs from McDonald’s and Wendy’s in the Growth from Humble Beginnings to Become Multi-Billion Dollar Companies (Doctoral dissertation, The University of Mississippi).
Lutz, A. (2014, May 13). Wendys Is Changing Up Its Strategy To Attract Millennials. Retrieved from http://www.businessinsider.com/wendys-strategy-to-attract-millennials-2014-5
The Secret of Wendys Social Media Success: Massive Stupidity. (2013, October 28). Retrieved from http://www.forbes.com/sites/caroltice/2013/10/28/wendys-social-media-success-secretmassive-stupidity/
Ungerleider, N. (2014, August 25). How Fast Food Chains Pick Their Next Location. Retrieved from http://www.fastcompany.com/3034792/how-fast-food-chains-pick-their-next-location
Waters, J. (2014, March 27). 5 Lessons You Should Adopt from Wendys New Cause Promotion. Retrieved from http://www.formomentum.com/Blog/tabid/87/PostID/211/5-Lessons-You-Should-Adopt-from-Wendys-New-Cause-Promotion.aspx
Wendy’s High-Low Pricing Pays Off. (2014, January 13). Retrieved from http://burgerbusiness.com/wendys-high-low-pricing-pays-off/
Zhang, V. (2013, December 17). How Wendys Plans to Take Over the Burger Market. Retrieved from http://www.fool.com/investing/general/2013/12/14/how-wendys-plans-to-take-over-the-burger-market.aspx