Market Strategy/ Focus
Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena. 1.
A product is anything that is offered to the market for attention, acquisition, use, or consumption that might satisfy a want or need of the consumers. KFC product is classified as consumer product, i.e. it purchased for solely for household consumption and it has no intermediates. KFC offers specialty goods, that is, it specialized primarily in fried chicken served in various forms. KFC's primary product is pressure-fried pieces of chicken made with the original recipe that was created by colonel Sanders which was based on a pressure cooking method and a secret seasoning mix of eleven herbs and spices. The other chicken offering is Extra Tasty crispy chicken which is made using a garlic marinade and double dipping the chicken in flour before deep frying in a standard industrial kitchen type machine and another original recipe was tender roast chicken. Other products include: Hot Wings pieces, Chunky Chicken pot pie, Kentucky Nuggets®, Colonel’s Crispy Strips®, Honey BBQ sandwich, Original Recipe® Sandwich, Tender Roast® Sandwich, Triple Crunch® Sandwich, Triple Crunch ®Zinger® Sandwich, French Fries and salad. Due to geographical differences, KFC-Japan offered products that were slightly...
Please join StudyMode to read the full document