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Group #3 Page 1 of 26 IOWA STATE UNIVERSITYCOLLEGE OF BUSINESSMKT 340: PRINCIPLES OF MARKETING Marketing Plan -‐ Group 3KFC Breakfast Introduction Section being submitted for review: Complete Group Members: - Matt Goddard (primary contact) - Bhaskar Jakkaraddi - Blake Roberts
Group #3 Page 2 of 26 IOWA STATE UNIVERSITYCOLLEGE OF BUSINESS MKT 340: PRINCIPLES OF MARKETING Group #3 Marketing Plan – KFC1. EXECUTIVE SUMMARY 1.1. Overview 1.2. Business Challenge/Opportunity 1.3. Recommendation 2. SITUATION ANALYSIS 2.1. Industry Market Summary 2.1.1. Industry Analysis 188.8.131.52. Market Size 184.108.40.206. Major Customer Groups 220.127.116.11. Growth Rate 2.1.2. Market Demographics 18.104.22.168. Geographic 22.214.171.124. Demographic 126.96.36.199. Psychographic 188.8.131.52. Behavioral 2.1.3. Competitive Analysis 2.2. Business Climate 2.2.1. Political/Legal 2.2.2. Economic 2.2.3. Social/Cultural 2.2.4. Technological 2.3. SWOT Analysis 3. MARKETING STRATEGY 3.1. Corporate Mission 3.2. Marketing Goal 3.3. Marketing Strategy 3.4. Marketing Objectives 3.5. Financial Objectives
Group #3 Page 3 of 26 4. TARGET MARKET 4.1. Target Market Summary 4.2. Segments 4.3. Positioning 4.4. Strategies 5. MARKETING MIX 5.1. Product/Service 5.2. Pricing 5.3. Distribution 5.4. Advertising 5.4.1. Traditional 5.4.2. Digital 6. OTHER MARKETING PROGRAMS 6.1. Personal Selling 6.2. Channel Marketing 6.3. Partnerships 6.4. Loyalty/Retention Programs 6.5. Customer Service/Support 6.6. Market Research 7. FINANCIAL INFORMATION 7.1. Assumptions 7.2. Break Even Analysis and U.S. Total 7.3. Marketing Budget 7.4. Sales Forecast (3 years) 8. CONTROLS & METRICS 9. CONTINGENCY PLANS 9.1. Symptoms of Failure 9.2. Alternative Strategies 10. REFERENCES
Group #3 Page 4 of 26 1. EXECUTIVE SUMMARY 1.1. Overview KFC is a global fast food restaurant that specializes in fried chicken and is headquartered in Louisville, Kentucky, USA. It is the world’s second largest restaurant chain, second only to McDonald’s in volume of sales. The company is a subsidiary of Yum! Brands, a company that also owns Pizza Hut and Taco Bell. In today’s competitive marketplace, it is imperative for companies to continue to evolve and offer new products to its consumers. The following marketing plan summarizes the company’s approach to introducing breakfast products in its U.S. stores. KFC will offer a variety of breakfast items that appeal to its customers for both quality and pricing, launched with an aggressive marketing and rollout plan across the chain. 1.2. Business Challenge / Opportunity KFC has an opportunity to enter the breakfast market and add incremental sales to every store in their U.S. chain. Existing stores will be able to sell during a time of day when the restaurant has been closed. This new “daypart” would increase same store sales immediately and has the potential to add millions of dollars in revenue to KFC’s U.S. operations. 1.3. Recommendation Although launching a new product will have its challenges, the team feels that the company has the proper resources and tools to implement a successful launch. We have assembled a group of experts in each of the main areas to ensure that the proper research and appropriate plans have been developed to ensure success.