pic for the product 5. Developing 4P’s
pic pic Tutor Marketing plan for the entry of new product Burger King – Fast food into Vietnamese market Length: words Abstract This report present the marketing plan for the entry of Burger King a new type of fast food into Vietnamese market.
• First of all is the introduction about new product. • The following is marketing environment analysis. • Stage of identify target customers and targeting marketing strategy is the next parts. • Then the choice of product position is mentioned. • Last of the report is the plan to develop 4P’ program.Abstract I. Introduction II.
Marketing plan 1. Marketing environment analysis 2. Target customers 2.
1 Target customers in consumer market 2. 2 Target customers in business market 3. Identifying the target marketing strategy 4. Determining the positioning for the product 5. Developing 4P’s program III. Conclusion IV. Reference list —————————– I.
Introduction The purpose of this report is to state the marketing plan to introduce a new product in Viet Nam. This product is Burger King – a kind of fast food.The BURGER KING (BK) franchise was founded by James McLamore and David Edgerton in 1953 in United State.
Flame-Broiled beef begins fulfilling its destiny. its menu predominantly consisted of hamburgers, french fries, soft drinks, milkshakes, and desserts. After being acquired by its Miami, Florida franchisees and renamed in 1954, BK began expanding its menu by adding the Whopper sandwich in 1957, and has since added non-beef items such as chicken, fish, and vegetarian offerings, including salads and meatless sandwiches.As the company expanded both inside and outside the United States, it introduced localized versions of its products that conform to regional tastes and cultural or religious beliefs. Today, BURGER KING appears in many countries in the world like Canada, Mexico, Argentina, Brazil, Italy ….
But not yet in Viet Nam market. Therefore, my group is building a marketing plan for the entry of this product into Vietnamese market. —————————– II. Marketing Plan 1. Marketing environment analysis 1.
Competitors ForcesThere are already many types of fast food in Vietnamese market and the big market shares are now in the hands to KFC, Lotteria, the fast food brands, which are very familiar to Vietnamese customers … Those companies take the advantages about early appearance in Vietnamese market, also their menus are delicious and loved by the young people. KFC primarily sells chicken pieces, wraps, salads and sandwiches, Lotteria’s menu includes typical fast food items such as burgers, fried chicken, chicken wings, chicken fingers, iced coffee, baked potatoes, yogurt, salads, cheese sticks.They have operated in Vietnamese market for a long time, that’s why when entering this market, BK faces a lot of difficulity .
BK’s products must be different from products of its competitors, show its charateristics and creat a difficult competition with rivalries and new entries. 1. 2 Economic forces Vietnam is a developing country with a highly economic growth rate. Income and living standard are much higher in recent years. Vietnamese customers now put more attention on how to enjoy life than just satisfy the minimum demands, especially in urban areas.Customers, mostly the young people are now ready to pay for a delicious and convenience meal which does not only take them a lot of time but also make them feel comfortable to have room to chat with friends and even for personal or team work.
These criteria are appropriate to what BK are doing over the world, thus this is an is opportunity for BURGER KING to entry. The policy of the ministries of Vietnam is to unity together to build Vietnamese economy with orientation of industrialization and modernization, the priority to attract investment outside, and BK will be an investment outside.Therefore, the consumption market has reason to believe that BK will rehabilitate and develop.
The price of BK’s meal in compare with others is not much higher. It is quite reasonable and it is convenient product so people will not need long time to decide to use their buying power to buy the product. 1.
3 Political forces, legal and regulation forces Safty, policy and law of tax are in the first things that the investors think of before deciding to invest in a contry. Vietnam has a stable political system and is one of the safest destinations of Asia-Pacific region in particular.Moreover, Vietnam is a free religious country, that’s why the promotion and distribution are easier than many other Asia countries.
Vietnamese policy and law of tax encourage investment to Vietnam. There is no barrier to prevent business operations of BK. Food hygiene and safety criteria must be followed. 1. 4 Technological forces According to “the third Net Index research in Vietnam” of Yahoo and Kantar Vietnam, daily internet use pass over radio (23%) and newspaper (40%) to become the most commonly media used in Vietnam at a rate of 42%.The attractive package along with the presence of 3G technology in Vietnam is boosting access by mobile phone (30%).
The Internet users aged from 15 to 24 concern (also in the range of the targer customers) mainly to the entertainment content. In addition, young people also use the Internet to update information on social networking sites (52%). BK can advertise on Internet, especially on social networking sites to take the advantages.
5. Socio-cultural forces The high standard of living in urban areas make people today busier.Mostly 8 hours working per day with one and half hours lunch break make a lot of people tend to have their lunchs (even dinner) in some food shops instead of a hot pan at home. Problems of food hygiene and safty make a lot of urban people decide to chose a famous foodshop brand name than a traditional one. Large room to enjoy the meal, fast and easy to take away, fully energy delivery, delicious and not too expensive for the urban life … Many advantages that the products of BK bring to customers. But there is a fact not only in Vietnam but also globally that the main customers of fastfood are young people.
The older people still prefer traditional food. II. Target Customers 2. 1 Target customers in consumer market.
Target market Burger King (BK) is about fast food appeared in United State from 1950, so we need to analyze the situation of develop this kind of fast food in Viet Nam. Nowadays, fast food becomes more popular in Viet Nam. The name of food show that fast is the criterion of this kind of food.
So what are the kind of people suitable with fast food, easy to see that it is office staffs, teenagers, and hungry people. For this reason, in market segmentation, demographic variables is the first priority.The market should be divided into children, teenagers, adult, superfan, and hurry people. The marketing promotion will be taken place more on these areas to ensure the efficiency and effectiveness. Another criterion to divide market is geographic variable.
We should focus on urban people in Viet Nam, as we know that, there is a gap of income between rural and urban in Viet Nam, and the price of Burger King is more suitable for urban people than rural people. For this reason, we should target marketing for this group – urban people. The promotional champanes will concentrate on cities and big cities that people with high income.
The advertising can be shown on Internet, TV channel or poster which may attract the teenagers or children in cities. By this way, we can get access with this group. 2. 2: Target customer in business market Business customer is also a potential group because of large orders. And delivery will be the good way for getting access closer to customers for our products. According to our analysis, hotels and office and school are organization having the largest volume usage. Therefore, we must direct marketing on these businesses.
Delivery system and marketing system will try a lot effort to persuade these business eat or order Burger King.Successful this way help to get closer to Vietnamese customers. 3. Identifying the target marketing strategy Our product has a characteristic that is fast, declicious and convenience. Therefore, even though the potential customers of Burger King are different in each demographic, geographic segments or types of business but the characteristic of fast food which our customers’ needs are similar.
Moreover, the price of product is suitable for urban people to buy. Thus, the company should design concentrated strategy for this target customers.We think that the concentrated targeting strategy will be effective because of the following reason: The large promotion of customers in the total market must have similar need for Burger King.
People even are different in age, gender and income, living in different location but they still need the food that they can eat fast but also healthy, save time and with a suitable price. 4. Determining the positioning for the product. Positioning is a result of how the company communicate its offer to customers though its promotion, is essentially influenced by the customer experience with company and its brand.It plays a important role, because it shows the how the target customers and competitors see the company. And now, back to Burger King.
Burger King is a well-known brand in US and in the world. It started business form 1950s with value meal and many choices for customers. Burger King was very successful with more than 12,200 outlets in 73 countries (till 2010).
We are now looking for the same success of BK when entering into Vietnamese market. BK should be the first choice of fast food fans Two steps to position where would our organization be in customer’s mind. Firstly, we will find out what they want to position our company to occupy in the minds of our target customers. The determination of the appropriate positioning of product, company generally the following consideration: _ What are the products attributes? 1. Healthy diet 2. Value meal 3.
Many choices One of the company’s first forays into healthier products was in 1983 with introduction of its salad bar. BURGER KING targets “value-oriented” customers with its BURGER KING Value Menu. In the United States, this menu contains products that are usually priced in the $1.
0 to $1. 49 range BURGER KING’s menu predominantly consisted of hamburgers, french fries, soft drinks, milkshakes, and desserts. _ How is our brand positioned on these attributes? No position because of new product.
_ How are our competitors positioned? 2 main competitors: KFC and Lotteria. KFC has appeared in Vietnam for a long time and expanded popularly in many places. Besides, Lotteria is also a strong competitors with KFC. Their product focus on chicken fried and some other additional products. And those companies take the advantages about initial capital.When customer think about fast food, they think about KFC and Lotteria because its popularity. _What is ideal position? 1.
Cheaper or the same price 2. Better quality 3. Better services • To get profit and dominate customers in short time.
The price should be lower or equal to KFC or Lotteria to compete • Another opportunity is developing better quality to get large amount of customers • And one more is good services. _What position is feasible for our brand? According to our analysis on competitor’s product. We see that the quality of fast food of KFC in Viet Nam is lower than KFC in US.But their prices are still high. Therefore, we will try to develop the quality of product by better quality of inputs. The good quality of product will be feasible for our brand in customers’ mind.
pic – Second step is to develop a focused marketing strategy (product, price, place, promotion) for each segment. After determining the desired position in relation to the perceptions of target customers, the final step in the process to select the appropriate marketing for each target market segment is to be determined. At this stage we just have a few problems in the development of the marketing mix.It is important that the detailed marketing mix is established in accordance with the desired positioning in the above step. The following program will show more details of the stategie process. 5. Developing 4P’s program To develop Burger King in Viet Nam.
We have first Startegic Marketing Process: Customer’s needs and wants -( The Marketing Process -( Marketing outcomes 4Ps (including product, price, place, promotion) are focused on providing product information in the right place, at a reasonable price to buyers, it also requires the disclosure of information, which helps clients determine whether to satisfy the product’s needs.First P: Product variable We need to know about the needs and wants on fast food of customers. The product variable of the marketing mix deals with researching customers’ needs and wants and dsigning a product that satisfy them. We focus on product’s attributes features, benefits that exist for the purpose of exchange to satisfy both customer and organization objectives _Features: Burger King itself differs from its competitors mainly in that the hamburger in order to achieve a “grill flavor”, grilled over open flames. This process is especially in advertising and selling points over its main competitors.Remains unmentioned, however, that the typical smoky flavor by less than the open fire by the addition of special smoke flavor, known as “liquid smoke”, is achieved.
_Benefits: Burger King is about fast food, “fast” “healthy” and “safety” are the benefits BK use to stand out to satisfy customers. The first P also involves in creating or modifying brand names _Brand: Burger King often abbreviated as BK, is a global chain of hamburger fast food restaurants headquarterd in unincorporated Miami-Dade county, Florida, US. The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurants chain.Burger King use the slogan “HAVE IT YOUR WAY” to become a popular brand name of fast food in customers’ mind. In Vietnamese market, a slogan should be easy to remember and it should have a little bit of EASTERN culture.
“ HAVE IT YOUR WAY “ adapts both of conditions. Moreover, this slogan is close to the slogan of Viettel-SAY IT YOUR WAY-a familiar mobile network in Viet Nam. Therefore, Burger King- Have it your way will be applied in Vietnamese market. Second P: Price variable Price variable related to decisions and actions associated with establishing pricing abjectives and policies, and determining product prices.In Vietnamese market, we face to many competitors like KFC and Lotteria.
If we use our price as a competitive tools, it may not efficient because of two trends. -First, if we make a lower price to attract customers, immediately others will respond to this actions. They set the lower price to compete, so both BK and other competitors will not get benefits. Morevover, low price in the minds of Vietnamese people is low quality. -Second, with higher price, the customer would chose their old choice rather than our product because their loyalty. Therefore, our price will be equal or little bit lower compare with others, not a lot.Price could be lower if people buy the big volume, the discount service will be applied.
Third P: Place (Distribution) variable Burger King is the new product in Vietnamese market. And the BK restaurant must be available at the right time and in concentrated locations. BK restaurants in Viet Nam are planning to place near by school, offices… which have a large amount of teenagers and hurry people at the break time.
And BK’s wholesalers and retailers should locate at entertainment central, cinema…. Fourth P: Promotion variable The promotin variable relates to activities used to inform individuals or groups about our company and products.First, we promote BK in total public awareness in TV channel.
This is the good choice to make focus of customers on Burger King. Advertising for BK should have teenagers’ style and it must show the benefits of BK that are “Fast” “Healthy” and “Safety”. Second, the poster of BK should locate at the attractive place like cinema, entertainment central, and wheresoever like that or near by the BK’s retailers. The last one, we can directly promote to our customer by trial of BK. There will be a small amount of fast food deliveried to student, officers, teenagers hand-to-hand.
These activities should undertake continueously when we put a heel in Vietnamese market. III. Conclusion Vietnam is a potential market. Vietnamese young customers (the target customers) are not too rigorous in chosing a new product but very curious and intersted in famous brand name in the world. They are all the strong advantages for BK to enter into Vietnamese market. IV.
Reference list http://www. bk. com/en/us/company-info/index. html http://en. wikipedia. org/wiki/Burger_King_legal_issues http://en.
wikipedia. org/wiki/KFC http://en. wikipedia. org/wiki/Burger_King_products ttp://en.
wikipedia. org/wiki/Lotteria http://www. vietnamfranmart.
com/d4986-burger-king-comes-to-vietnam. aspx http://www. intellasia. net/news/articles/business/111272196.
shtml http://en. wikipedia. org/wiki/Burger_King http://en. wikipedia. org/wiki/Burger_King_advertising http://www.
burgerking. ca/en/View. aspx? uid=TopMenu_Home http://de. wikipedia.
org/wiki/Burger_King http://vnvic. com/tin-tuc-cong-nghe/140-tinh-hinh-su-dung-internet-tai-viet-nam-2011. html ———————– Expensive Saving KFC Lotteria Burger King Basic functions Purex Comprehensive functions