Solution Code: 1AJH
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Research and evaluate an existing business; define its internal and external environments and identify a strategy to best align the business’s internal capabilities with its external opportunities.
Research, define and argue a business case to justify a new product.
Communicate effectively through structured written argument in a professional report format.
Search for, locate and evaluate discipline specific information Purpose and aims:
This assessment is designed to apply the knowledge and skills developed by the students to evaluating the external and internal environment in which new product is to be realised and defining strategies appropriate to its realisation. The business concept relates to a new product relevant to the company which forms the overarching focus of the learning activities of this section of the subject. In this assignment, the student is expected to analyse the external and internal environments (SWOT), identify a relevant strategy (S-0, W-O etc.), identify and describe a target market, and develop a suitable new product for the company to introduce for this target market. Description of assessment: Each student will be expected to choose a company from the list of companies provided (see table below choices are not limited to the list provided). Each student is then required to conduct a SWOT analysis, identifying the internal strengths and weaknesses and external opportunities and threats of the company. The goal of a SWOT analysis is to identify the critical factors that may affect your proposed business concept (or new product) and then build on your strengths to reduce your weaknesses, exploit opportunities and avoid potential threats. Students are also expected Identify and describe using segmenting variables, one target market being served by your company. Students are required to use 3 types of resources in the marketing plan:
1. Industry reports
2. Company reports
3. Prescribed textbook Reference List: Students are required to use the LTU referencing style and to list resources in alphabetical order using the LTU Harvard Referencing Style. More information at: https://www.lib.latrobe.edu.au/
SWOT table On one page, present the SWOT analysis in a table format, making sure to rank the elements in each of the SWOT dimensions.
Findings a. Explanation of the SWOT table Students are required to provide an overview of their findings and describe their approach and choice of ranking.
Recommendations a. Target market b. New product description c. Customer value proposition d. Justification of the choice of new product using at least one strategy Identify and describe using segmenting variables, one target market being served by your company. Describe your new product designed for your identified target market. Include the relevant marketing mix variables. Explain the customer value provided by your new product. Explain how their new product ‘fits’ with the SWOT analysis by describing at least one strategy profile being addressed (e.g. S-O, W-O etc.)
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KFC is the chain of fast food which is specialized in fried chicken. The headquarter of KFC is in the USA, however, they are also operating from the United Kingdom along with other countries. They are launching a new product in UK market namely RIO BBQ BITES BOX MEAL. There are few internal and external environmental factors that need to be taken into consideration while a new product launched in the market. The internal environmental factors consist of the morale of the employee, changes in the culture, changes in the management body along with the issues regarding the financial sector. The external environments are those factors which happen outside the organisation, however, creates a bold impact on the organisation culture. The external factors consist of the changes that occur in the economy, threats from the other competitors along with the regulations of the Government, political factors and the own industry also.
SWOT analysis refers to strength, weakness, opportunities and threats of an organisation. In SWOT, strength means the characteristics of the business projects which provide the business organisation some advantageous factors over the other organisations. Weakness refers to the disadvantages of the business. Opportunity deals with the factors which can be used as the advantageous factors also. Threat refers to those factors which can hamper the business single-handedly.
KFC has positioned themselves as the market leader in terms of the companies who mainly deals with the chicken. Their well-known slogan and the product list made them top the list. They have over 6000 shops in around various countries which have a large customer base. This is also one of their strength factors.
Now coming to the weakness the suppliers of KFC are not very much trustworthy. Sometimes they fall behind the schedule of their delivery dates of the items. Along with that, the marketing team is not so strong to promote the brand name. In addition to that, now people are very much attracted towards the healthier foods.
The factors which can be counted as the opportunity factors are that KFC is regularly launching some new product in the market which attracts the customers. Moreover, their home delivery service can also work as an opportunity factor (Shuailing and Zhi, 2015, p.144).
The threats can be identified by going through the entire fast food market. There are so many food chains who are competitors of the KFC and those companies are also heading towards their success. Therefore KFC has to be very careful while designing their marketing strategy (Lusch and Vargo, 2014, p.65). The current economic fluctuation is also a threat factor for KFC. They have to go through the economic structure of the country to make the strategies regarding the funding.
KFC's environment is supportive for the social activity. The company hires people with the better sense of communication and with a polite voice so that they can handle the customer with proper sense. The customer dealing has never found any kind of objections by the clients. In addition to this KFC hires people with listening disability to serve the clients (Akroush et al. 2013, p.306). The employees are so trained that they can understand the lips of the clients to deliver proper services to them. The company maintains a better workplace atmosphere by sustaining impressive structure in business. The customer dealing employees are guided by the manager at each outlet. Bidirectional polite attitude helps the organization to maintain a proper internal atmosphere. In addition to this, any employee suffering poor workplace atmosphere can complain to header branch and the branch manager takes proper and unbiased action against it (KFC. 2016).
KFC's newly appointed material is a combo pack that ensures snacks as well as soda included to it. The pack of the deal includes four pieces of chicken bites with fillet burger and fries (Menon et al. 2015, p.69). An extra glass of soda is also provided by the company to get a better customer's attraction. The pack is named as Rio BBQ Bites. The BBQ is added to provide the name a robust influence. The name also includes Rio that is considered as the Capital of Brazil. The company is promising to deliver Brazilian flavour of taste to this product with the odour of barbeque added to it (Hollensen, 2015, p.11). Pepsi is serving as the stakeholder to provide soft drink in the combo package. The relationship of Pepsi and KFC has been in touch since the implication of KFC outlets in the UK. United Kingdom constituents are very attractive to Combo pages and the South American flavour will add a pungent taste to it (Yumcsr.com. 2016).
The United Kingdom food legislation specifies the organization to deliver healthy and less fat food to people of the country. As the country is suffering from obesity and diabetes problem so the company is delivering food according to that. Rio BBQ Bites is a combo food that includes less fat ingredients. However, the fats added to it belong to saturation groups only. The saturated fats are easy to burn out of the body. Basic level of workouts and physical activity is sufficient to reduce saturated fats. The ingredients those are used to deliver the products are palm oil, corn flour, fresh chicken, potato and virgin oil (Kotler et al. 2015, p.85). The chickens are not fried with regular oils. The vitamin level of palm oil is very high in compare to others. The taste in food also betters when fried in palm oil. The challenge faced by the company is to deliver potato fries in regular diet chart. However, the company expertise found that potato fats reduced when fried in virgin olive oil (Yumcsr.com. 2016).
The name KFC name worked as a brand factor and the seal of trust to everyone. The company has delivered an exemplifying standard of food for UK people since last decade. The tendency of UK people to get imbibed with new strategies of KFC. KFC is also providing free baked corn to make the combo pack complete in nutrition. The UK food and health care society have identified that this product can be very innovative and lucrative for the customers (KFC. 2016).
KFC's newly introduced product is very impressive for young generations in the UK that fonds of fast food activity. However, the product is some kind of limitation as compared to McDonald's combo packs. The soft drink that KFc is providing is not a maintained with proper sugar level. The Sugar factor in the drink is very high. AS mentioned earlier, the majority of the UK people is suffering from diabetes in these days. The improper and high-calorie level in the drink can wax up the number of obese people in the UK.
The structural position of KFC is very small and transparent in outlets. However, the process of employee motivation is very poor in KFC. The incentives are high in compared to other fast food corners but the work hours are lengthy as compared to others. So, it can hinder the process of work. KFC allows hearing disabled persons work for the organization. However, the company has no policy to deliver service and work opportunity for other physically or visually challenged person.
KFC is globally approved fast food delivery corner that delivers foods with the best quality. The company has initiated goods and services according to protocol and legislation policy of the country. The internal structure of the company is very simple and transparent to maintain a better workplace atmosphere for the employee. The company hires people with polite voice and customer dealing ability to serve the clients with better workplace atmosphere. The company has initiated a new combo pack for the clients that is named as Rio BBQ Bites. The South American added flavour and the BBQ addition to it is also taken into consideration. However, the company can improve the level of diet related to the product by allowing a proper diet soft drink in place of the older one. The company is also facing issues related to employee motivations. So implication proper motivation can allow the employees to regain their level of motivation.
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