Introduction:
The company of choice, in this case, is Burger Kling, which is one of the fastest growing fast food companies globally. The company has been in operation for the last 60 years during which time the entity has been able to create a brand due to the quality of their lead product, the Burger King hamburger. The brand has more than 100 restaurants globally with an
additional 15000 franchise outlets.
Strategic Plan:
The success of Burger King is because they have been able to develop a current functional strategy that is also overly futuristic. The growth of Burger King both currently and in the future will be overly dependent on the implementation of two important aspects, which are the generic and the intensive strategies (Harrigan, 2017). The two approaches are essential because they provide the entity with the thrust to compete actively with other fast-food companies and to provide a basis on which to position the company for future success. Four critical aspects stand out in the case of Burger King, which will have important implications for the company’s overall victory in the future. The first aspect relates to the ability to minimize the underlying costs in the process of operation. This approach means that Burger King must routinely focus on finding possible cost reduction measures as an essential tool towards sustaining the current competitive advantage that the entity holds in the broader market setting. The ability to introduce cost-cutting measures means that Burger King may be able to operate above the possible limitations of excess outlay. Cost-cutting measures will form an essential part of the future operations. The second aspect relates to the issue of price leadership, which will also form a necessary part of the future success of Burger King. The element of price leadership, in this case, means that by reducing cost, Burger King is also able to manage the overall ability to determine the price range of the fast food products they offer. The price leadership aspect is essential in the end because it ensures that Burger King can be able to promote their products based on lower prices (Lieberman, 2016). The two aspects are essential to the overall competitive strategies that may be critical in the future. The third aspect relates to the issue of differentiation in the process of providing unique products within the broader market setting.
Differentiation, in this case, relates to the fact that Berger King can be able to offer a product offering that is unique from the other products. The aspect of leadership refers to the idea of ensuring that the products that Burger King provides are uniquely different. The other issue relates to product features, which means that Burger King can use elements such as packaging where the company utilizes certain features to provide a different concept that is important in a competitive market. The four aspects also present a critical intensive strategy for the long term.
Marketing Plan:
The other important aspect that Burger King must consider in the present and the near future relates to the element of marketing. The marketing strategy is essential because it serves to guarantee that Burger King can establish a market beyond the current markets. The first aspect relates to the ability to enhance market penetration. The idea, in this case, describes the ability to foster broader market relations by expanding the market penetration with the aim of expanding into new markets (Groucutt, 2005). The penetration process, in this case, means that Burger King must continuously focus on expanding towards achieving a more significant market base. The other aspect relates to segmentation within the market setting, where Burger King can understand the markets based on the underlying needs and preferences in the broader market setting.
Segmentation is vital towards providing the necessary information regarding the markets. Further, the idea of targeting means that the Burger King marketing process must focus on the process of targeting. Targeting means the need to ensure that the company understands the specific needs within the broader market setting and uses this knowledge to target particular customers in the course of undertaking business. Finally, the process of marketing must also focus on the marketing mix, where Burger King will establish a combination of products and services to achieve the overall market targets.
Burger King Partnerships:
The idea of partnership in the course of doing business is essential, especially where the underlying motivation is to achieve a greater market share. The current fast food market presents stiff competition for companies such as Burger King. For this reason, Burger King may need to focus on new partnerships, which will provide a basis on which to deal with the dynamics that encompass the new competitive markets (French, 2009). For this reason, Burger King will focus on the need to foster partnerships with others for the purpose of sustaining a high level of competitiveness.
Burger King has been in partnership with Budweiser in the recent years, which has been an essential move in the process of building broader market shares (French, 2009). The partnership involves the development of a limited-edition burger brand, which will be central to the development of a broader futuristic target market. The American Brewhouse King Sandwich forms an essential introductory partnership for Burger King. The partnership, in this case, would be important towards fostering greater market penetration.
Current Sustainability Practices:
The sustainability process in the course of managing the operations within the fast food industry may require the introduction of specific approaches that may be critical towards ensuring that the companies are alive to the needs within the social setting. Burger king has been keen on adopting managing waste through the conservation of resources within the broader environmental context (Larson & Story, 2018). The idea, in this case, is to ensure that Burger King is on track towards adopting eco-friendly approaches in the course of achieving the set marketing goals. The company has also had to come out strongly and support various ethical approaches in the fast food industry such as the practices adopted in the preparation of the meat and meat products necessary in the course of preparing the burger. The other important aspect is to focus on serving natural foods, without hormones. The idea is to reduce the impacts of chemicals on these fast foods, especially due to the negative implications that such fast foods may have on the overall health of the consumers.
References
French, J. (2009). Partnerships in social marketing. Social Marketing and Public Health, 301-318. doi:10.1093/acprof:oso/9780199550692.003.20
Groucutt, J. (2005). The Marketing Mix and Relationship Marketing. Foundations of Marketing,155-166. doi:10.1007/978-0-230-21227-5_8
Harrigan, K. R. (2017). Strategic Flexibility and Competitive Advantage. Oxford Research Encyclopedia of Business and Management. doi:10.1093/acrefore/9780190224851.013.2
Larson, N., & Story, M. (2018). Fast Foods. Encyclopedia of Adolescence, 1363-1372. doi:10.1007/978-3-319-33228-4_366
Lieberman, M. (2016). Cost Leadership. The Palgrave Encyclopedia of Strategic Management, 1-2. doi:10.1057/978-1-349-94848-2_472-1
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