Wednesday, March 6, 2019
Taco Bell Marketing
08 Fall Introduction Hong Kong is known as being a very multinational and diversified city non yet in Asia but also in the world. Not only is Hong Kong a paradise from a financial perspective, but it is also a great country in terms of the streamer of living. As Hong Kong has a very diversified culture and a mix of various ethnicities, at that place isnt a lack of pabulum options and results suggest that 1 to 4 Hong Kong respondents prefer to dine out and prefer to spend up to HKD$1500 a month.Which looking at the results spend a pennys the ideal opportunity in clear-cuting a relatively new fasting feed concept, which provides a different culinary art from the current trends in a fast viands for thought format into the Hong Kong securities industry. environmental Analysis SWOT Analysis Strengths Weaknesses 1. Established a huge patsy aw areness and truth. Tremendous amounts of consumer satisfaction. 1. Local consumer tastes need to be adapted towards Mexican cuisine. 2. High Quality products, at relatively reasonable prices. 2. Property prices are relatively expensive, high operating cost. 3.Quite new concept could create anxiety and buzz. 3. Not a very health conscious menu could be unappealing to target users. 4. Sole Mexican cuisine fast food concept bowed stringed instrument. Opportunities Threats 1. Introduce Home/Office delivery work. 1. Existing soundly establish fast food chains, e. g. McDonalds, KFC, Subway, Cafe de Coral etc. 2. prove with local needs/taste, incorporate local flavors and delicacies. 2. May not be appreciated by the Hong Kong public. 3. Possibility to develop drive through with(predicate), to create respite of availableness for consumers. 3. Existing Mexican detainaurants that go for established home run loyalty amongst Hong Kong customers. 4. Establish chains where students and working muckle can easily access. E. g. subprogram buildings, university campuses, shopping malls etc. PEST Anal ysis Political The political check out in Hong Kong is relatively stable, hence introducing an American based fast food chain, wint gather in any impacts or create any problems from a political aspect. As Hong Kong isnt facing any political put out or disturbances domestically or internationally. EconomicalThere are or so(prenominal) economical impacts that pass on incur as wetback campana starts its trading operations in Hong Kong. First of all, starting a new fast food chain would create domestic employment, as jobs will be overt up towards the local citizens. furthermore every champion earning will and so pay taxes that will result in an increase in government revenue as the company gradually starts to increase its operations at heart Hong Kong premises. Social The cordial factor also goes on to play a huge intent when establishing a new fast food chain, as this acts upon the consumers values and beliefs.Many people are known to be relatively health conscious, he nce so an aspect that greaser Bell will throw off to consider is the theatrical role and the healthiness of the food that will be served to the local consumers. If the quality of food is compromised it could then impact the demand for the food and could hinder the company growth. Furthermore besides the food element, Taco Bell will also provoke to consider its Corporate Social Responsibility factors of treating their employees in an adequate elbow room and rewarding them with what they deserve, and also the environment factor and to maintain the clean environment Hong Kong stresses, nd to reduce waste and place heavy emphasis on packaging their food with recyclable and biodegradable materials. Technological Technology is shown to be developing and rapidly changing all around the world. Hong Kong is known to be a very technology based country, where majority of the business is do all over technology, hence therefore there are some technological factors to which Taco Bell could adapt to in order to adopt positive impacts to the chain. One method would be to adapt company websites on which the menu and other promotional services can be determined(p), in order to increase convenience for users.Besides websites we are currently living in the Smartphone eras, hence developing apps based on the website and possibly exploiting the opportunities of providing services on-the-go and the ability to deliver from the apps can definitely produce positive growth to the firm. accordingly seeking these technological methods can definitely increase the company value. Hong Kong tumultuous Food Industry Trends Marketing Analysis As Taco Bell enters the Hong Kong fast food industry, it will have to create immediate effects, ascribable to the existing competitors that have already established themselves within the marketplace.Franchises such as McDonalds and KFC, have established themselves as the pioneers of bring western food to Hong Kong in the late 70s and 80s. Whic h has triggered further foreign investors such as Pizza chantey Burger King to name a few. Alongside local entrepreneurs who have obtained a significant market share with Cafe de Coral, Maxims and Fairwood. McDonalds and KFC are shown to have the top shares in the HK fast food industry at 22% and 14% respectively. Whereas the local franchises combined have only managed 10%.The rest is accumulated with the other foreign franchise chains, which each have market shares below the 10% mark. Which will not significantly impact Taco Bell. Besides fast food, bringing in a Tex-Mex cuisine wont be something new to the Hong Kong public, as there are a few Mexican restaurants that provide similar products and caters to the public needs. However Taco Bell tends to hold competitive advantage with the fact that it has an established brand name and the ability to serve quick, good quality and reasonable food items which correlates with what the restaurants serve. Target MarketThe main target mar ket of this fast food chain is mainly aimed at the working population, students and teenagers of Hong Kong. As the fact that it is a fast food chain, its main objective is to provide quick serviced food at reasonable prices, hence incorporating working and student work out people, rather then the high-end consumers of Hong Kong. Besides the financial element, the population who are keen on a different cuisine of food, targeting the diversified population of Hong Kong, and not only to one specific ethnicity but the citizens who are on a certain budget is the main target market.Marketing Mix Variables Price It will also have to consider the budget levels of the chosen target market. As setting an optimum level would then result in a demand, whereas if the price is set(p) as sanitary high, it could hinder demand and if price the price is placed too low, although it may create a large demand, however operating costs might not be covered and could result in financial losses. Product Th e product will be the standardized menu that has been set all around the world. This will include the food items which taco doorbell is known to be about famous for.Although it will serve the standard types of food items, in order to suit the Hong Kong market it could also then explore the tastes and trends of the local population and their eating habits, which could be incorporated within the restaurant menu. Place The perfect locations to reach out to their consumers, would be to open their branches within our minutes away from local university campuses, this would result in halcyon accessibility for the students who would be able to pick up and go, or have the option to eat within the restaurant premises.Besides catering to the students, to make it genial for the working population of Hong Kong, the best locations would be opening stalls and restaurants within an office building premise or shopping malls which are placed around the commercial areas of Hong Kong, in order to c reate ease of accessibility to the working population of Hong Kong. PromotionMethods such as advertising is a great opportunity, as Taco Bell is already a well established fast food chain, hence posting advertisements on local newspapers and magazines can immediately create effects as the reports show that 1 in 7 people in Hong Kong read some manikin of newspaper or magazines on a daily basis. This method is the most appropriate in terms of creating brand awareness within Hong Kong. Furthermore, through the aid of promotional websites such as www. groupon. com. hk and www. beecrazy. com. hk that promote upcoming products, services and offers can definitely help reach out to their potential consumers and create demand.These methods can definitely bring positive results, once the promotion result starts. Conclusion To conclude by implementing the correct marketing mix methods and taking account of the various factors which was looked through in the PEST analysis, it can be drawn to conclusion that although Taco Bell will enter the market with relatively high competition, however due to the already well established brand name and the fact that its products tend to differ quite significantly in comparison to the leading competitors, it can gain from being diverse.