Who are the current customers/users? Include information related to demographics, psychographics and buying behavior, price sensitivity, customer satisfaction and loyalty.
Burger King is the second biggest hamburger fast food chain in the world, trailing only behind McDonald's. Since options are nothing new in the fast food world, among some of the prominent products from Burger King comprise the chicken sandwiches, Whopper sandwich, chicken tenders, and fries. It also provides other choices like breakfast items, salads, and desserts (Hitesh Bhasin, 2017). For the various brands that often appeal to the larger customer base in the Foodservice industry, Burger King Products attracts a much younger population of both genders aged 18 to 34 years.
The super customers are largely drawn from corporate individuals working in high-end offices in urban cities as well as those studying in colleges and universities. With this type of super customers, they attribute burger products as the most nutritious ready-made foods that can be bought one-stop along the way home. More so, due to the close proximity and positioning of the restaurant outlets to entertainment areas, most of its customers are drawn from video gamers, sports fanatics' soccer moms. These are the major customers who are attracted by the scent and ambiance of the foodstuffs from the restaurants.
What do the customers buy/use?
Some of the prominent products from Burger King comprise the chicken sandwiches, Whopper sandwich, chicken tenders, and fries. It also provides other choices like breakfast items, salads, and desserts.
What changes can the company/brand expect in the future? How can the company/brand better serve its customers? Include information about potential opportunities and threats, providing at least 3 opportunities and 3 threats, discussing why you labeled each.
The company's slogan is "just the way you like them" and the vision is "we proudly serve the best burgers in the business, plus a variety of real, authentic foods all freshly prepared just the way you want it." Their values are to be diversity, fairness, respect, clear accountabilities, caring, teamwork, high values, commitment to distinction, celebrating their achievements. Its operations within the U.S have seen the company own other 13000 franchise acquisitions owing to their financial obligations. Furthermore, the company's strong product line enables it to offer grilled hamburgers that come in different sizes both for breakfast meals as well as for desserts. As of December 2017, the company rolled out new flexible chicken broilers for its outlets, an addition to their menu of shrimp kebabs. The addition of the new broiler product was, however, meant to bring a competitive edge over some of its close competitors in the fast food industry. However, the new broiler product is not only less fatty but also less expensive.
Opportunities (Make sure you label why you call each item an opportunity):
1. Market expansion- it will be beneficial for the company o expand its markets to the neighboring states to become more health conscious.
2. Penetration of market - market penetration will help the company amass more revenue in the long-run.
3. Health conscious eatables- Through its awareness programs, the company will ensure that trans-fats free eatables are produced to add to the healthy menu of flavor additives
Threats: (Make sure you label why you call each item a threat):
1. Fluctuating consumer eating habits-due to the growing NGO and government awareness on the type of foods to consume
2. Competition- stiff competition from amongst its close competitors has always been a challenge to the growth of the company.
3. Prices of raw materials- any sudden rise in the prices of raw materials will adversely affect the revenue collection patterns of the company.
[This is what the brand is currently.] Identify strengths and weaknesses of the company/brand as it exists today, providing at least 3 strengths and 3 weaknesses. What does the company/brand do well and not so well at this very moment?
Burger King is the current brand name.
Strengths (Make sure you label why you call each item a Strength):
1. Global Operations- Burger King is the second largest fast food hamburger restaurant in terms of restaurant outlets and sales in global operations.
2. Strong Franchise Network- Its operations within the U.S have seen the company own other 13000 franchise acquisitions owing to their financial obligations.
3. New Broiler for its outlets- As of December 2017, the company rolled out new flexible chicken broilers for its outlets, in addition to their menu of shrimp kebabs.
Weakness: (Make sure you label why you call each item a weakness):
1. Sales decrease in its mature markets- the effect of the rise in health-conscious population in its mature markets, the company has lost most of its super customers.
2. Unstable ownership - ever since its inception in 1953, the company's ownership has changed hands six times.
3. Large Franchisees- Large franchisees has occasioned difficulties in handling the growing and expanded operations.
[This is what the company/brand needs to become.] How can the company/brand improve its weaknesses and maintain or grow its strengths? Suggest how the company/brand can improve upon the things it does well and not so well.
Owing to the weaknesses associated with its ownership and the large franchisees, Burger King ought to make sure that it vests the ownership to stable partners so as to ensure that the restructuring is controlled from a centralized point of leadership. Furthermore, the company ought to restructure its subsidiary outlets and instead strengthen them rather than keep sprouting all over the world with no proper management being put in place. However, in regard to the new broiler product being introduced, the company should ensure that the product is available in all of its subsidiaries through instituting proper campaign and advertising.
Define the current business environment. Include information about political, legal, economic technological and societal factors that may influence sales.
Political Environment: The current business environment for Burger King is stable with few political and activities affecting its operations. With the stable political conditions in the U.S, the food industry is thriving with the company anticipating to revamp its revenue collection which is founded on the health awareness programs.
Legal: With the recent enactment of rules and regulations governing the food industry, the company is working on improving its health-related consciousness.
Economic: In regard to economic conditions, Burger King boasts of an equally stable economic status in most of its conglomerate subsidiaries registering higher returns every financial year. This is necessitated by the good infrastructure in place with passable road networks which offer transportation of both raw materials and finished products of the foods.
Technological: Furthermore, the introduction of broiler chickens with low fats, a product largely viewed as a high-tech has improved the company's income patterns. The technological advancements, on the other hand, has made it possible to quickly process and distribute the foods from one point of sales to the other. Equally important, there is an easy way in which the supply of products and services, coupled with the high-profile brand name has been enhanced.
Societal/Sociocultural: The local communities that largely consume the products from Burger King view it as a health improvement move and also as an employment opportunity for those who are working in the restaurants as cashiers and waiters.
Define the business partnerships. Does the company/brand have any current partnerships? What other company/brand may be a good partner for them?
Ever since its inception, Burger King has undergone a number of merge ring with other sister companies in order to grow its wings and expand its operations to other countries. For instance, the current company merged with Tim Hortons, a Canadian-based doughnut chain to form a bigger restaurant brand. The new outfit, however, has been the reason as to why Burger King has extensively expanded its control all over the world.
Who are the main competitors? Label and discuss the top three competitors and why you consider them a competitor.
Competitor 1: McDonald's- is the largest fast-food company not only in the U.S but also all over the world. Burger King comes second after McDonald's thus making it its chief competitor in the food industry.
Competitor 2: Taco Bell- is another fast food restaurant based in California, which specializes in a variety of Tex-Mex fast foods such as tacos and nachos. Is ranked the fourth biggest fast food in the U.S, is a key competitor to Burger King.
Competitor 3: Kentucky Fried Chicken (KFC) - Is another American fast food restaurant that specializes in fried chicken. Due to its expanded markets worldwide, KFC is another hey competitor to Burger King.
Based on the analysis you just completed in this worksheet, what are three (3) key recommendations that you could pass along to Management regarding the future direction of the company you selected? Discuss why you have created these strategies and why you think they should be undertaken and work for the business.
1. Enhance sustainable capital markets within the spheres of influence- this will be vital in achieving the long-term social, economic and stakeholder confidence.
2. The management should ensure proper business reporting through the lens of the investors to counter any social and economic justices that might run down the company.
3. Ensure more advertising campaign is put in place to help reach out to a broader market for the various goods and services.
Hitesh Bhasin. (2017, December 22). SWOT analysis of Burger king. Marketing Journal , 2-14. https://www.marketing91.com/swot-analysis-of-burger-king/
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