Marketing Mix is a strategy to put the product at the right place, price, and time. In the KFC marketing mix 4ps analysis, we'll discuss the product's strength, price, place, and promotion. However, the specialty of KFC is to serve fried chicken in different forms. There are various marketing strategies to help the brand achieve its business objectives and goals. It is important to keep in mind that KFC is one of the best fast food brands in the world, and it has achieved this success for so many reasons. One of the reasons of its success is its wonderful marketing strategy which has enabled the company to stay ahead of its competitors all across the globe. In this article, we'll discuss the concept of marketing in a broader range. So, let's start to analyze the KFC Company.
Product Strategy of KFC
In the marketing mix, the first and the most important thing is the product of KFC. The product is the most satisfying thing for the customer's needs. However, the product strategy is a list of all the products a company sells to its customers. KFC is the world's top company that provides fast food to its customers.
Furthermore, the original product of the KFC Company is the pieces of fried crispy chicken. But it is famous for its chicken fries and sandwiches. KFC always updates the menu list with the new product to fulfill the customer's needs. It has about 300 menus used in different parts of the world, which are part of its marketing mix product strategy.
Following products are included in the marketing mix of KFC.
- Veggie Selection : Veg Snacker, Veg Zinger, Veg Strip with Salsa
- Streetwise: Veg Snacker, Chicken Snacker, Snack Box, Rizo Rice, Rizo Gravy, Mini Krusher
- Box Mea
- Snacks: Popcorn Chicken, Hot Wings, Boneless chicken strips
- Burger: Veg Zinger, Chicken Zinger, Tower Zinger
- Toasted Wraps
- Desserts: Soft wirl, Choc Amor, Brownie Sundae
- Chicken Delight : Fiery Grilled, Hot and Crispy, Original Recipe
- Bucket Chicken
- Signature sides: Corn on the cob, Coleslaw, Fries
- Krusher: Frappe, Iced Mochaccino, Iced Cappuccino
Price Strategy of KFC
The price is the second of the four ps. KFC initially entered the market through an economic strategy. Their foods were expensive and aimed solely at the upper class. However, to capture the market, they have lowered the price of its products to all local levels.
KFC uses both optional and blended bundling pricing. A customer can order meals from the primary menu and optional pricing, and there are combination deals that include a variety of items.
Optional Pricing: Companies use optional pricing to limit the amount of money consumers spend once they begin to purchase. Optional 'extras' raise the total cost of the product or service. In the case of KFC, consumers can order the main items on their menu and then choose "extras" or "sides" such as drinks or desserts that complement the main thing that they bought. As a result, the purchaser has to pay for both the main item and the add-ons.
Bundle Pricing: KFC wraps various products and sells them to consumers at significantly lower prices. KFC offers a variety of combination deals to its consumers and the option to create their combo.
Place Strategy of KFC
The third p, Place, relates to whether the product is delivered to the customer. It is also referred to as placement, and it relates to the channel by which a product is marketed, whether online or retail, based on geographic region and segment.
KFC only has one distribution platform.
There is no need for a middleman because it only distributes its item directly to the customer. KFC also provides consumer services such as parking, sitting, etc. KFC has locations in critical points such as colleges, schools, and any other industry primarily populated by teenagers and some adults.
They carefully place it so that KFC can satisfy their consumers with goods. Every day, they receive a considerable number of customers from their intelligent target market. Furthermore, KFC has a large number of locations in a single district.
Promotion Strategy of KFC
KFC's marketing mix consists of a strong emphasis on promotion. The company utilizes a well-balanced blend of ATL, BTL, and online platforms to promote awareness and advertise its business.
Advertisement strategy deals with how a firm's products can be endorsed in the market. KFC has a web page and is active on social media platforms such as Facebook, Twitter, Instagram, and YouTube. It has also relied on mainstream media for advancement.
KFC advertisements can be found in both print and broadcast media. Newspapers and magazines with enticing showcases of KFC options, special offers, and prices are examples of print media. It also advertises on inner-city highways and roads with billboards and hoardings.
KFC has devoted 2% of its revenues to advertising and promoting its products across newspapers and internet adverts. When KFC announces a new item, it encourages it through product promotion. They also have special contracts depending on the season and the event. They also support various events, NGOs, and social welfare organizations. KFC is nowadays the Australian Cricket Team's sponsor.
Who will not enjoy flavor and aroma, savory and crispy fries, and world-class juicy burgers? I suppose everyone does. However, I'm sure we've all heard of the popular fast-food restaurant KFC. KFC's marketing strategy examines the brand using the marketing mix structure, including the four Ps (Product, Price, Place, and Promotion). A new product, pricing strategies, promotion planning, and so on are all examples of marketing strategies. Based on the KFC marketing mix 4Ps, these business tactics contribute to the brand's success.
A marketing mix is a collection of techniques and tactics used by a company to reach out to its intended audience and advertise itself. This marketing mix incorporates KFC's four Ps: product, promotion, pricing, and place strategies.
As a result, we can suggest that a marketing mix is an instrument that significantly improves our understanding of a company and its reach.