INTRODUCTION
Quiznos is a fast-food chain in the United States of America. This company sells toasted submarine sandwiches. The company was founded in 1981. Ten years before, it was sold to Rick and Richard Schaden. Salads and other food products are included in the product line of the company. According to 2017 financial reports, the revenue of the company is US$170 million (Maria Online). Many factors revolving around the failure of Quiznos. The emphasis of the study is to propose an effective marketing strategy to regain success and growth in the competitive fast-food market.
QUIZNOS’S FAILURE
Quiznos did not understand the competitive advantage, and it is one of the primary reasons for the failure. It has been revealed that Subway came up as a significant competitor in the sandwich market. Quiznos management thought that a toasted sandwich in different layouts was the competitive advantage Subway behave sharply and introduce sandwiches in different stores. Thus, the company collapsed. It failed to react in the competitive market. As far as the marketing process is concerned, the product of the company was imitable, and subway imitated it to get an edge (Maze).
Another reason for failure was excessive business expansion. Instead of focusing on the product portfolio, quality and differentiation, the firm just wanted to maximize profitability. The management did not want to make the shift, and in the end, it was not in a position to survive after the competitor’s reactions.
IMPROVEMENT THROUGH CO-BRANDING AND AFFINITY MARKETING
Quiznos is struggling, as it has a closed number of stores in different regions. Now, it is the best time to move on and see the big picture in this competitive fast-food landscape. The management of the company must implement Co-branding and Affinity Marketing. Co-Branding is a process of joining hands with a different brand in the market to design and promote a single product. Subway imitated toasted sandwich, but the firm will start differentiating the product to make it unique and robust to emulate. The most important thing for the management of the company is to increase the perception of customers. Co-branding can help to reposition the brand in the minds of customers. Of course, Co-branding needs some changes in the product design, content, name, and logo, and the firm should be ready for it (Woschnick).
KEY COMPONENTS OF MARKETING STRATEGY
This market strategy can be understood by illustrating its components. Differentiation and social media marketing are two different components of this marketing plan.
-
Differentiation
Quiznos Company has to differentiate the products. The affinity marketing group will use different differentiated elements to make the product inimitable. For Instance, both firms may conduct a comprehensive research and development process to find ingredients, which have never been experienced by users in sandwiches. It is an excellent addition in the quality, which can change the behavior and perception in the competitive market. Also, the company must understand the pricing, strictly justify the differentiation. The firm can hit the psychographic customer segment in the fast-food market to sell sandwiches. Interestingly, the company can set higher prices of sandwiches to make the product more attractive and lucrative (Somma). The firm must become a status symbol through improving the quality and pricing. Moreover, the packaging process will be changed. Both groups will work on a unique design of the product along with its packaging to make it more attractive as compared to other substitutes. The purpose of differentiation is to change customer perceptions, increase sales, and boost profitability.
-
Social Media Marketing
Marketing is the second component of the strategy. Instead of focusing on different traditional media channels, the company must improve its presence on various social media channels. Social media integration can help the management to leverage the brand presence. Attractive visualization and content about the product will enhance the product positioning. The big advantage that the company can take from social media marketing is brand awareness. People have to know the unique fast-food item and increase the work of mouth. Quiznos can promote on social media channels such as Facebook, Twitter, and many others after changing the product to increase the conversion rate. Better customer interactions can facilitate derive customer and marketing insight. This time, it comes up to get the sustainable competitive advantage over other small, fast-food rivals.
These are two crucial marketing strategy components. Co-branding and Affinity Marketing is to be executed by creating urgency in the company. It seems a change process to rebuild the brand in the market. Thus, communicating the vision and new marketing plan to all key internal and external stakeholders is necessary. Creating the urgency is good to rationalize the marketing strategy and related components.
CONCLUSION
In the end, it is to conclude that Quiznos has lost its brand image, competitive advantage, and profitability. Now, it is the right time to navigate several options or alternatives to move forward the organization is capable of utilizing its strengths and regain the success and growth. After understanding the causes of failure, the study presented a good marketing strategy or plan for this company. Several components of the strategy have also been elaborated along with some insights and impacts. Successful implementation of the marketing strategy is required to streamline some predictable outcomes in an intense rivalry.
Work Cited
Maria Online. “Maria Online.” Maria Online. Maria Online, 1 December 2018. Web. 5 December 2018.
Maze, Jonathan. “A brief history of quiznos’ collapse.” Restaurant Business. Restaurant Business, 12 June 2018. Web. 5 December 2018.
Somma, Mark Di. “Rebranding Your Price.” Branding Strategy Insider. Branding Strategy Insider, 23 October 2014. Web. 5 December 2018.
Woschnick, Vicki. “Top 10 Most Effective Marketing Strategies.” Weidert. Weidert, 7 February 2018. Web. 5 December 2018.
+447462439809