The first step in developing a marketing strategy is to understand your customers, enabling reaction to their changing needs and the changing dynamics of the market. To this end we conduct several stages of in-depth customer research and audits of the company’s own brand. This research tells us a lot about how the company is perceived and about trends that are taking place in the market. They also conduct research into the local area of our restaurants, into the general market environment, and into specific areas of our business, children for example. How does a major fast food high street chain develop its marketing strategy?

We also have to have a thorough understanding of our competition. A useful way to gaining knowledge of all aspects of the competition is the examination of the four P’s of the marketing mix: Price, Promotion, Place, Product. Competitive Pricing : Being in touch with the pricing of our competitors allows us to price our products correctly, balancing quality with value. Competitive Promotion : Before we communicate with our customers we must be aware of what our competitors are communicating so that we can create a beneficial difference between us and them. Competitive Place : Distribution is key to any retailer or brand. Competitive Product : Fast food restaurants are constantly expanding their menus. This can be done on a short-term promotional basis or as a long- term expansion strategy.

Product: Target Audience: Product and PackagingPlace Promotion Price Sketch the appearance and packaging of your product: What is the purpose and use for the product? Where will your product be sold? What channels of distribution will be used? Where and how will the product be advertised? (Different types of advertising media). Will you use different types of sales promotion? Will your packaging have promotions on it? What price will be charged for your product? (Give reasons and identify a pricing strategy if possible). Competitors prices if known?

Marketing Mix Product and PackagingPlace PromotionPrice Without a product, there could be no price, no promotion and no place!  Products can have many different characteristics. Manufactures can produce a range of products to appeal to different kinds of customer.  The product must satisfy a need.  Packaging is the wrapping of a product, which can also be used for promotion and selling appeal. Place deals with the distribution process of the product. It depends greatly on the product itself.  A traditional distribution method is from producer, to wholesaler, to retailer, to customer. However, some of these can be missed out depending on whether the product is a fast moving good, a perishable good, etc.  Place also looks at where the product is going to be available for customers to buy and making sure that products are in these places at the right time. Promotion involves four elements:  Sales Promotion: buy on get one free, 25% extra free, competitions, collecting tokens, trial prices, etc.  Advertising: tv, radio, posters, billboards, leaflets, cinema, public transport, etc.  Public Relations: distributing information about the business/product with the aim of improving its public image (ASDA and Children In Need).  Direct Selling: door to door, agents/representatives visiting retailers to persuade them to stock their product. Price can depend on a number of things.  You need to cover your cost of production and also make a profit (cost-plus pricing).  What are competitors prices (competitive pricing)?  Has it cost you a lot of money to research and develop the product because of it being advanced in technology or unique(skimming - high price to skim the market, lowers as competitors copy product)?  Are you entering a highly competitive new market (penetration pricing - low price at first)?

A new energy drink A breakfast snack bar A new low fat packet of crisps A new family car A new computer games console A new range of make-up A new trainer A new magazine