mrk106_FPasgn_Dwei

.docx

School

Seneca College *

*We aren’t endorsed by this school

Course

106

Subject

Marketing

Date

Apr 3, 2024

Type

docx

Pages

9

Uploaded by MegaValor11175

1 TacoTime Case – Assignment #2 Name: Dian Wei Course: MRK 106- Marketing 1 Instructor: Stephen Rayfield Date: Aug.12 th .2023
2 Table of Contents Table of Contents ........................................................................................................................................ 1 Situation Analysis ......................................................................................................................................... 2 The Marketing Concept ............................................................................................................................... 2 A SWOT analysis .......................................................................................................................................... 2 Research analysis ......................................................................................................................................... 3 Competitive assessment .............................................................................................................................. 4 The 4 Ps ....................................................................................................................................................... 5 Product Life Cycle ........................................................................................................................................ 6 Comments and recommendations on the marketing strategy .................................................................... 6 Sales Promotions ......................................................................................................................................... 7 Advertising ................................................................................................................................................... 8 Socially responsible marketing .................................................................................................................... 8 Social Media ................................................................................................................................................ 8 Personal selling ............................................................................................................................................ 9 Part 1 Situation Analysis TacoTime is a fast-food chain based in the Calgary which aim to provide inexpensive Mexican food and Quick Service Restaurant (QSR). Though TacoTime expanded fast, it faced high competition from the industry with the rising consumer demand. It is tough to compete with other competitors such McDonald’s and Burger King which are in the leading position in the fast-food market. For avoid the threat of shutting down, TacoTime decided to rebrand and reposition itself which could grow its business successfully. In terms of that, TacoTime needs to develop new marketing strategies to fulfill its objectives to become the head of Canadian Mexican food restaurants that offering affordable Mexican food with friendly services.
3 The Marketing Concept As a QSR provides Mexican Food, the initial and significant concept of TacoTime is to provide the authentic Mexican food instead of simply fast food. Since the product element is limited to the Mexican food, TacoTime apply the penetration pricing to enter the market. Penetration pricing makes the price more affordable, and consumers could easily access. Furthermore, since TacoTime position itself as Quick Service Restaurant. It operates in small food court outlets and drive-throughs in strip malls by considering three factors: Audience, Location, and Incentive that impact its distribution channel. The marketing concept is based on the “Place” which is one of the marketing mix elements. The distribution strategy allows TacoTime reach its target customers effectively. A SWOT analysis Strength The main strength of TacoTime is to provide various options on its menu at inexpensive prices. Its outlets were designed to have more Mexican adobe and earth tones look which is quite attractive. The remodel enhanced the brand image and differentiated it from other Mexican fast-food restaurants. Further, TacoTime located in the commercial areas and provide the drive-through order system. Weaknesses TacoTime has limited products that only serve Mexican food. Canada is a country with multi- culture background. Not everyone likes Mexican food. It could reduce the sales volume while the competitors provide various choices of cuisines at similar prices. Another weakness that is TacoTime does not offer an effective online ordering system. They only offer food delivery in limited locations or consumers must pick it up by themselves. Once consumers click “Online order”, there is no bottom for them to quit ordering or returning. They have to close the tab and do everything again. It could drive the consumers to choose its competitors that have an easy-access online ordering system such as Taco Bell and Chipotle. Opportunities The growing wave of fast-casual dining in Canada is an opportunity for TacoTime. Compared to the Quick Service Restaurants, fast-casual dining is expanding fast. As Jim Robinson, VP of NPF Group Canada in Toronto-a market research company said the recent survey by NPD Canada didn’t reveal any Mexican fast casual chains. It means if TacoTime catches wave, it will boost
4 their market share in the Mexican fast casual chains with low competition. TacoTime could gain more profit and resources to expand its business. Threats The fast-food chain in Canada is highly competitive. Apart from well-known global brands such as McDonald’s, Burger King, ng, and KFC, there are many local restaurants. Especially new entrants in the market that provides innovative products and services are threatening to TacoTime. Another threat is the healthy trend. Many consumers start to concern the health issue caused by consumption of fast food. Due to that, consumers may remove the TacoTime from their list due to the high sodium and high fat their food may contains. Thus, it decreases the sale volume of the company. Research analysis TimeTaco conducted the marketing research by surveying a series of customer focus groups. Participants were asked questions regarding which way they prefer the food to be served, by waxing paper or on a plate. They were also being asked what came to mind when they thought of Mexico. These feedbacks were not only reflecting the customers’ demands and preferences directly but also forming the marketing epiphany. Thus, TacoTime started to promote its existing Casita Platter heavily in store to test the findings. After the sale volume of Casita Platters was increased compared to other significant tacos, fajitas, and burritos, TacoTime decided to rebrand the reposition itself to serve authentic Mexican food. They add a new product line and remodel its outlets to emphasize the Mexican elements. Competitive assessment TacoTime Strengths: TacoTime provides various choice of Mexican fast food in their menu with affordable price which it is the competitive advantage. They also provide weekly offers and kids meal. Customers will choose TacoTime once they like the products that other restaurants do not offer. Weakness: The low price makes some customers question the quality of the ingredients. The image of the food is cheap; therefore, some people believe the food is unhygienic and harmful to their health. Furthermore, TacoTime does not offer an effective online ordering system or any loyalty program either.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help