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Usefulness of the product life cycle
Usefulness of the product life cycle
Usefulness of the product life cycle
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Recommended: Usefulness of the product life cycle
Title of Paper
Robert Simon
Course/Number
July 04, 2016
Peterson
Team Strategy & Positioning Analysis Part 2 Summarizing marketing strategies that relate to product life cycles, during the introduction stage (Roger A. Kerin, 2015), the breakfast menu items are promoted to generate responsiveness and improve a market for the item for consumption. In the growth stage, In-N-Out will seek to construct brand desired and to escalate market share. The main objective of the “maturity phase” is to protect market share and yet capitalize on revenue. In-N-Out will decide how to dispense with breakfast menu during the decline phase. The vendors must take care not to miss chances by means of ensuring strategies based on the breakfast menu’s life
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The breakfast menu is refreshed to generate responsiveness and progress a market for the items. “The impression on the marketing mixture and strategy is as charts: item for consumption branding and quality level is recognized and intellectual property security, such as patents and trademarks are obtained. Pricing may be slight saturation to build market share rapidly or high price skimming to improve progress expenditures. Circulation is discerning until consumers show recognition of the product. Advertising is aimed at innovators and diffusion, or adoption. Marketing infrastructures seek to build item for consumption awareness and instruct potential consumers about the item for consumption”. (Roger A. Kerin, …show more content…
In the growth stage, In-N-Out will seek to build its brand of menu items preference and increase market share. Product quality is maintained and additional features and support services may be added. Pricing is maintained as the firm enjoys increasing demand with little competition. Distribution channels are added as demand increases and customers accept the menu items. Promotions are aimed at broader consumers. (Roger A. Kerin, 2015)
Maturity Stage Individual’s menu items that survive the prior stages tend to spend longest in this phase. At maturity, the strong growth in sales diminishes. Competition may appear with similar items. The principal objective’s at this point is to defend market share while getting the preeminent out of profit. “Menu items that feature may be enhanced to differentiate from items sold by competitors. Pricing may be lower because of the new competition. Distribution becomes more intensive, and incentives may be offered to encourage preference over competing items. Promotion emphasizes product differentiation”. (Roger A. Kerin, 2015)
Decline
The average revenue that In-n-out makes is roughly $575,000 million per year. In-n-out mission statement is “Quality you can taste” which is primarily one of the reasons why they don’t want to franchise; they don’t want the quality to go down. In-n-out only has restaurants where their main distribution center is within 300 miles of the store because they don’t allow microwaves or ovens in the restaurant. Their main focus is the quality of the food and keeping it fresh with only the highest quality ingredients. In-n-out keep a very simple menu item which consists of burgers, fries, and milkshakes.
My team consists of four other people besides myself, Lauren Chojnaki, Alexa-Louise Patnode, and Jacobe Loewen, and Ryan Tyriver. Together, we are tasked with the mission to complete a stakeholder analysis regarding a specific organization and their structure. For this project to be completed successfully, it is important that all team members are able to cooperate with one another and are able to use their different strengths to create the best end product.
Coffee, one of the world’s most known beverages. Seen being drinking at work places, colleges, or in the convenience of your own home. There are a variety of companies that provide us the people with coffee. It can be your local market, bakeries, or even fast food places. 3 places that stand out and our known very well for supplying Americans with coffee is Starbucks, Dunkin Donuts, and McDonald’s. From their strategic advertising, deals, and even straight down to the design of their cups, they meet the definition of marketing. We will be examining these 3 companies using the marketing mix which consist of product, price, place, promotion and also cover value based marketing and see how these companies meet these definitions and how they satisfy their customers as well.
2. Consumers: The emergence of dual career families resulted in unavailability of sufficient time to cook food. Hence interest and love towards such frozen food is increasing1. Type of meal 2. Brand 3. Variety.
From a study completed by Chicago-based Research International USA completed a study called “Fast Food Nation 2008. The panel consisted of 1,000 respondents of ages 16-65 who provided their inputs with an online survey which was conducted between March 13 through 2008. Which was based on results on fast food restaurants like McDonald’s, Burger King, and Wendy’s are gaining popularity even through the economic hardship and recession. Marketing strategy has become more of influence on kids and young American’s. As population grows and the demand increases of fast food restaurants are expanding their stores to capturing more consumers. Fast food chains are also willing to change their menus to continue to gain and retain repeating customers. With each generation that passes, brings fast food chains into more homes and continues impacting lives.
This allows the company itself to make any further changes to the product, and ensures that they have the best available menu options to cater to the customers as well as compete with their competitor, Jose’s Southwestern Cafe. This is a very important step in the process because if you do not offer menu items that customers enjoy, there is a good chance your business will fall to the
Being part of a highly competitive and dynamic market, SUBWAY® faces a strategic marketing challenge as to what specific marketing mix to use in order to sustain a differential advantage while maintaining sales growth and, above all, profitability.
McDonald's also focuses on the perception of value within it line of products and therefore takes care to price its menu items accordingly. Different products are priced differently depending on which target audience those items appeal to most. An extensive value menu is an essential part of any fast-food menu in recent years. The prices and products within the value menu can prove to be areas that will make or break a fast-food companies' year depending on the competitions value menus.
The purpose of this paper is to introduce you to the fast food industry, how it is everywhere in the United States and increasingly spreading globally. The majority of the fast food restaurants in the United States is dominated by hamburger fast food restaurants. Amongst the burger segment, McDonald’s is the number one leader in the burger industry, followed by Burger King, and Wendy’s respectively (Oches, 2011).
One of the following is an environment analysis of “largest Pizza chains” in the US and International. In the following sections, we will assess the environment analysis on “consumer satisfaction” and its re-formulated pizza recipe. Within the re-formulating and the expansion of its menu, we will see how they have been able to recapture some of the market with existing and new customers, with customer satisfaction and excellent delivery. Domino’s Pizza, for example, they have re-formulated their ingredients and added new items to their menu, but like Pizza Hut, Papa John’s, and Little Caesar, we will discuss their strength’s and weakness to be able to survive in the Pizza Industry. Within this report, I will cover the existing/future components of the general environment such as demographics, economics, political/legal, sociocultural, technological culture, and their efforts to remain a competitor in the industry.
The purpose of this paper is to introduce you to the fast food industry, how it is everywhere in the United States and increasingly spreading globally. The majority of the fast food restaurants in the United States are dominated by hamburger fast food restaurants. Amongst the burger segment, McDonald’s is the number one leader in the burger industry, followed by Burger King, and Wendy’s respectively (Oches, 2011).
When society thinks about the local McDonald’s, they probably do not think “innovation’. That is because everyone has become accustomed to the many novelties that McDonald’s has introduced over the years. Some people do not even know that McDonalds was the leader in innovation being the first major international fast food restaurant, with the first drive-through window. What many people do not realize is that McDonald’s continues to drive innovation in fast food. Some times the innovation is well advertised, but other times they are designed so that customers will never even notice (Ritzer, 2004).
CHANGING PREFRECE depended vastly on the fast food manus. For example we can mention about SALAD. Now salad was never considered as a part of fast food menu. But with the change of taste and preference, fast food chains like Windy, Taco Bell, and McDonald have introduced SALAD into their menus. This preference is not stopping only with salads. In 2002, McDonald’s introduced great tasting new products including premium salads, n salads plus menu; Chicken McNuggets made with white meat; Fish McDippers; Chicken Selects; and new breakfast offerings like the McGriddle sandwiches. Here as a fast food chain, McDonald did not have to introduce new dishes in their menus but with the impression and image in the market analysis, of increasing demand and chan...
via promotional stalls and kiosks to create brand awareness and allow customers to first hand taste
Several facts are changing in today’s marketing communications. More companies adopt the new concept of integrated marketing communications (IMC) to convey a consistent message about their brand and products. Hence, IMC has played a powerful role and developed into a useful strategy for company to reach more customers and build good customer relationships. According to Herstein et al. (2008), IMC is one of a successful strategy that coordinates and integrates all of marketing communication tools to efficiently and economically influence between an organization and its existing and potential customers. Moreover, marketers can combine IMC tools (advertising, sale promotion, personal selling, direct marketing and public relations) rather than separate practices to create values and avoid potential conflicts (Duncan & Everett, 1993). In fast food industry, fast food chains integrate advertising, sale promotion, sponsorship, packaging and Internet to promote their products as well as build brand image (Sperber, 2003; Story & French, 2004; Morrison, 2010). Advertising is most used form of communication and the most frequently utilized medium due to it easily contact the target market, especially on television advertising (Story & French, 2004; Case, 2007). In addition, simple toys and products are typically used by fast food chains in children’s meal to attract children and adolescents.