The objectives of the corporation remain unchanged as they follow the same procedure which defines their global standard. Their main emphasis is on providing food that is served hot and fresh, made from the highest quality ingredients, served within minutes of placing the order. Local sourcing is the key for truly Australian product- the corporation has developed local Indian businesses, which supply them the highest quality products required for their Indian operations.
Quality, service, cleanliness and value- this is Fast food Corporation’s USP to provide high quality products, served quickly with a smile and in a clean and pleasant environment.
Community partnerships- the corporation believes in giving back to the community it serves.
Through competitive analysis
Marketing campaigns- The eagerness of individuals to participate in marketing campaigns of Fast food Corporation should be high and efficient. For example- during a festival, are consumers aware of the chance to win a free I-Pods.
The marketing mix technique has been used by Fast Food Corporation to compete with its rivals. The core competency in Cost leadership and product differentiation strategy would encompass the practical idea of cost conscious consumers, society’s influence of purchasing patterns, influence of the west, consistency provided by the corporation, influence of children in choosing Fast food Corporation’s, relaxed environment and advertisement campaigns/social campaigns. Company would grasp at least 37% market share in food industry and increase its overall turnover by 30%. The McDonald, Burger king and Pizza hut are the big rivals of Fast Food Corporation.
Identify and implement the marketing performance of the Fast Food organization
Comprehensive Advertisement campaign
Option-1 Introducing products and services in market for fast food restaurant
Fast food Corporation is the world’s largest chain of hamburger fast food restaurants, serving more than 58 million customers daily.
Objectives of Fast food Corporation (company perspective)-
Fast food Corporation underwent a lot of changes in order to adapt to the Indian market. As mentioned by McDonald’s management in their Indian website- “Our strategy is to achieve best value by enhancing experience (offering best quality), while keeping prices low”.
Targeting strategy
Fast Food Company mainly focus how company will attract and retain the youth in the comparison to other age groups for the attraction of the customers’ Fast Food Company will use social media and loyalty card.
Marketing matrix indicators
Performance measurement for online marketing
In order to analysis and implement the marketing performance of the organization, following steps would be followed.
Manpower forecasting
In this step most of the organization do forecasting that how much human resource we need for the future, how much effective and skills labour we need it for the organization, it’s all depend upon the organization how much the organization do sales and do production, how much employees they required, in this stage different mathematical ratio are used to find out the forecast of employees.
Assessment of Manpower gap
Total human resources will be identified that when organization done, supply and demand, so it will be easily for organization whether we are in deficit or surplus of human resource planning for future. Deficit will show how much number of person are recruited, outside while surplus will show termination of employees. Gap might be occurs in term of knowledge and skills.
Action planning
In this step when the gap are identified plans are transferred to fill the gap, the deficit are met through recruitment, selection, promotion, plans surplus manpower are maybe redeploy in other department.
Monitor and control
When the action plans are implemented the HR arrangement and system need to be review and regulated, monitoring and controlling involve only on the utilization and allocation of HR over time. Right action at right time should be taken to remove the deficiencies.
Evaluate tools and techniques available to set team performance targets
Most performance measures can be grouped into one of the following six general categories. However, certain organizations may develop their own categories as appropriate depending on the organization’s mission:
Effectiveness: A process characteristic indicating the degree to which the process output (work product) conforms to requirements (Are we doing the right things?)
Efficiency: A process characteristic indicating the degree to which the process produces the required output at minimum resource cost. (Are we doing things right?)
Quality: The degree to which a product or service meets customer requirements and expectations.
Timeliness: Measures whether a unit of work was done correctly and on time. Criteria must be established to define what constitutes timeliness for a given unit of work. The criterion is usually based on customer requirements.
Productivity: The value added by the process divided by the value of the labour and capital consumed.
Safety: Measures the overall health of the organization and the working environment of its employees.
Communication skills also play an important role in performance appraisals. It includes written and oral communication skills. Hence always concentrate on improving communication skills.
Interpersonal skills & professional behaviour are required and always need to maintain a cool environment within the team, should not be any ego feelings in learning and always solve any personal issues in a professional way in the presence of supervisor (Jain & Haley, 2009).
Feedback:
Feedback is such an important communication skill. Openness, honesty, candour, trust — all of these are hallmarks of high performance teams and organizations. Good feedback skills are essential to any team relationship.
Development Planning:
It addresses the values, objectives, resources, organizational ability and a range of variables of environment of the development organizational its pursuit.
Assess the value of team performance tools to measure future team performance
A team needs to know how its results will help the organization. Individuals on the team need to know what the team requires of them to reach the team’s goal. The seven-step processes for measuring team performance are
Terminology
Seven-Step Process.
Review existing organizational measures. Ensure that the measures above and around the team are known and linked to the team’s measures.
Measurement Points.
Elaborating on step two of his seven-step process, Zigong describes four ways to identify what should be measured. These methods can be used singly or in combination:
If the team exists to help the organization make an improvement in a specific measurable goal, the measurement points should be determined by asking, “What value-added results does the team produce that can help the organization achieve its goal?”
Performance measurement is primarily managing outcome, and one of its main purposes is to reduce or eliminate overall variation in the work product or process. The goal is to arrive at sound decisions about actions affecting the product or process and its output.
Performance measures quantitatively tell us something important about our products, services, and the processes that produce them. They are a tool to help us understand, manage, and improve what our organizations do. Performance measures let us know:
If we are meeting our goals
If our customers are satisfied
If our processes are in statistical control
where improvements are necessary.
They provide us with the information necessary to make intelligent decisions about what we do.
Know what it looks like
It will be impossible to know when you’re achieving high performance if you don’t know what it looks like. From an organisational perspective, high performance means not only running a financially sound business, adhering to essential policies and ensuring regulatory demands are observed, but also understanding the capability of your workforce to deliver high performance.
All too often, concerns about what they might find and the time it may take prompt organisations to adopt the “three wise monkeys” strategy — don’t see, don’t hear, don’t speak — with the result that low performance goes unchecked for years until it is too late and competitors have overtaken you. Too often, individual high performance is defined as simply getting the job done in the short term rather than looking to the long term and focusing on behaviours.
Make a commitment
Strong and active commitment from leaders and managers, and the pursuit of continuous learning throughout the organisation, are crucial to building a well-defined high-performance culture. Commitment means not leaving it to fate, but truly understanding what high performance looks like, trusting different approaches and working with all stakeholders, including the human resource
Starting point
Knowing where your organisation currently stands will make it much easier to create a vision for the future and to secure buy-in. One of the most effective strategies is to define explicitly what creates high performance in your organisation. Ensure that these behaviours are distinct, while being comprehensive enough to cover different levels of the organisation. Include areas such as how people collect and make sense of information and how they influence and build confidence in stakeholders.
Put a stake in the ground
Once you have agreed what the behavioural high performance indicators look like, it is essential to observe and measure them. The best way to capture current performance is through objective observation, such as work shadowing, behavioural event interviews and subjective feedback via online and facilitated 360-degree analysis. This should clearly distinguish between behaviour that:
Team performance in achievement of organizational goals
The definition of the group dynamics is “the social process by which people interact face-to-face in small groups”. The group controlled through leadership rather than force, ensured discipline through internal pressure, pooled thinking, respected the individual, and allowed all its members to participate in deciding on things that directly affected them in their work.
“”The success of food business relies very much on a good management and control system which allows the development to satisfy the project objectives” Team process skills are- (a) communication, (b) leadership, (c) goal setting, (d) cross training, (e) problem solving/decision making, (f) conflict resolution are the essential elements for successful teamwork.
The roles of a team leader as follows:
Relate the application of delegation, mentoring and coaching to the achievement of the organizational objectives
. It is not a new management technique. Since humans have lived in social groups we have learnt our norms, values and behaviours by the example and coaching of others.
New adaptations of mentoring allowing individuals to interact as colleagues in a helping relationship, on a more equal basis, can cultivate growth and learning to mutual benefit.
Select members for skill and skill potential, not personality.
The wise manager will choose people for their existing skills and their potential to improve existing skills and learn new ones.
Pay particular attention to first meetings and actions. Initial impressions always mean a great deal.
If a senior executive leaves the team kick-off to take a phone call ten minutes after the Session has begun and he never returns, people get the message.
Communication strategy
A communications strategy is a business tool. It helps an organization align their business goals with a marketing plan that focuses on reaching a set of predetermined results. Surprisingly many organizations and businesses don’t have a businessplan. You can’t win without scoring, and you can’t score without goals.
Timeline/ Action plan
|
Description |
Details |
No of days |
Predecessor |
|
1 |
Finance arrangement |
2 |
|
|
2 |
Business value chain |
3 |
|
|
3 |
Employee hiring |
10 |
1 |
|
4 |
Appraisal of investment |
12 |
2 |
|
5 |
Sales plan |
20 |
4 |
|
6 |
Implementation of plan |
15 |
3 |
|
7 |
Sales team activities |
10 |
5 |
Marketing plan
Marketing plan comprises set of effective strategies to promote the new business or new product in the target market.. This helps the organization to communicate its target audience in relevance with determining the perfect place of distribution, showcasing features of product and appropriate promotional and advertisement strategies. Following is comprehensive marketing
Product- Fast Food Company will offer Latte coffee to its clients by following product differentiation strategy.
Price- Fast Food Company has kept its price high as compare to other rivals offering. Price of the Latte products has been compensated by high quality of Latte coffee.
Place- Fast Food Company has planned to sell its Late Coffee in its existing coffee house. However, this office place is filled with various numbers of visitors.
Promotion- Fast Food Company has planned to use social media and loyalty card approach to attract clients.
People- The main clients of Fast Food Company would be children, couple and office employees who drink coffee on regular basis.
Process- Fast Food Company has adopted international process in its value chain activities which will provides customers international taste to its clients.
Physical environment- Fast Food Company would install new machines and hire new employees to increase the quality of Latte coffee in its business functioning
In order to make the business idea unique and innovative, major product offering of Fast Food corporation will be Asian cuisine and Italian cuisine along with the famous dishes of UK. Asian cuisine has been added in the menu with reviewing the demand of Asian food in western countries. Taste of Asian food is quite impressive as well as unique from other food items. Apart from this, it is bit spicier from other food items, thus, it is included in the menu range of Fast Food Corporation. This restaurant will provide relished experience to the target audience (Finch, 2016).
Fast Food Corporation is a new and innovative business idea and in order make this idea effective in physical market, experienced, knowledgeable and talented candidates will be appointed from the same industry. As budget of the organization is sufficient enough, hence, compromise will not be made in relation with the recruitment and selection of key candidates. Operational capabilities of Fast Food Corporation will be huge due to appointment of talented candidates as well as due huge investment made in order to set up the restaurant in UK market.
Mission statement for Fast Food Corporation will be “Creating an Aura of enriched and delightful experience for the customer by serving high quality dishes handpicked from some of the best chefs of the world” (Finch, 2016).
Vision of Fast Food Corporation is to grab the leading position in restaurant industry in UK market within coming 5 years. To acquire this position, organization has focused over fulfilment of large customer segment’s demand and for the same; varieties of dishes from all over the globe will be served in the restaurant (Boshyk, 2016).
Agenda
Discussion on following terms
WHS- he WHS Act places the primary health and safety duty on a person conducting a business or undertaking (PCBU). The PCBU must ensure, so far as is reasonably practicable, the health and safety of workers at the workplace. Duties are also placed on officers of a PCBU, workers and other persons at a workplace
Customer service expectation
Excellent customer service and high customer satisfaction must start with understanding customer expectations. You need to know who your customers are and what they want. When measuring customer satisfaction, companies generally ask customers whether their product or service has met or exceeded expectations.
Company ethics and values
Code of Ethics and Accountability (the “Code”) is designed to promote The Service Companies compliance with laws and ethical standards applicable in all jurisdictions in which The Service Companies and its subsidiaries conduct their business.
It is a good idea to assign someone the responsibility of making meetings work. This person, let us call him the moderator, should steer the meeting along the correct path. The process need not be formal, for example, there is no need for the moderator to sit at the head of the table or stand up when talking. The team leader will often serve as the moderator, but not necessarily.
Fast Food Corporation followed the strategic planning process (Ferrell & Hartline, 2011:32), which was separated into 4 sections. It focuses on integration of effort to achieving operation, sales and marketing, human resource (HR), and finance stated objective (Ferrell & Hartline, 2011:39). In the sales and marketing section, it analyses the market prospect though marketing research and customer research. Then it provides marketing strategy and risk management plan, dealing with marketing promotion via advertising channels to achieve customer needs and build customer values. In operation, it involves in the strategy of the Supply chain management (SCM), the Just-in-time (JIT) inventory control, and outsourcing management. In HRM, it focuses on employee recruitment, training and evaluation..
Risk management strategy
A risk management strategy provides a structured and coherent approach to identifying, assessing and managing risk. It builds in a process for regularly updating and reviewing the assessment based on new developments or actions taken
|
Risk |
Likelihood |
Impact |
Risk Score |
|
Key client XYZ Corp is late paying its invoice. |
5 |
2 |
10 |
|
Loss of power for more than 24 hours. |
1 |
3 |
3 |
|
Our COO Janet leaves the company. |
4 |
4 |
16 |
|
A new competitor undercuts the price of our main product. |
2 |
5 |
10 |
|
Scathing product review from an influential magazine/website. |
3 |
2 |
6 |
There are following strategies
Budget
|
Years |
Budgeted amount of sales ( $) |
|
2018 |
4000K |
|
2019 |
5000K |
|
2017 |
6000K |
|
2018 |
8000K |
Performance indicator
Strategy evaluation and control actions include performance measurements, consistent review of internal and external issues and making corrective actions when necessary. Any successful evaluation of the strategy begins with defining the parameters to be measured.
|
Strategies |
Goals |
|
Implement product differentiation strategies |
Introduce new product in market to overcome the discrepancies’ of old products |
|
Cost leadership |
Decrease the overall cost of the products |
Performance indicator for developed strategic plan
|
Performance indicator |
Factors |
|
Financial operation |
Decrease in overall cost of capital Increase in overall efficiency |
|
Client satisfaction |
Increased level of client satisfaction Developed product |
|
Business operation |
Increased efficiency of business |
Assessment of profitability and productivity outcomes of each strategy
|
Strategy |
Outcomes |
|
Cost leadership |
Decrease the overall cost by 5% Reduction in price of the goods sold in market Increased business efficiency |
|
Product differentiation |
Introduction of totally new product Increased market share Identify the overall new market |
Area of underperformance
Company has faced problem in its value chain activities in which raw material is converted into finished goods. Employees needs to increase their overall efficiency. However, company needs to enter into strategic alliance to increase the overall productivity in determined approach.
Performance evaluation is a very important activity which will be initiated to evaluate and appraise the performance of every employee in the organization. This process can be done twice a year and few companies do the same process for every quarter. Majorly, employee performance can be evaluated based on 5 categories; those are Productivity, quality, communication skills, interpersonal skills, professional behaviour & initiative. Promotions and performance rewards for an employee is decided based on this criteria only (Vargas-Hernández, &Jimenez, 2016).
|
Particular |
Cost ($) |
|
Office infrastructure |
40K |
|
Hiring team= Staff salary= 1K* 13 employees=13K HR expenses= 7K Managers salary= 5k*2 =10K |
30K |
|
Operational plan |
20K |
|
Marketing plan |
10k |
|
Legal expenses |
5K |
|
Tender filling cost with vendors |
1K |
|
Licensing cost in Mojito drink selling |
1K |
Marketing plan
This plan will provide details of potential clients. In order to gather data related with customer’s choice of actions,
Marketing objectives
Targeting strategy
Fast Food Corporation will use social media and loyalty card to attract customers for its products. The main focus of company is to attract youth more as compare to other age group people. In addition to this loyalty card could also be used by Fast Food Restaurant Company for attracting customers who visit Bridge Town Centre and motorway to Auckland City on consistent basis
Target market profile
The main target of Fast Food Corporation is to grab potential attraction of youths. This is considered that more than 30% customers are youth who like to drink international drinks i.e. Mojito from Fast Food Corporation.
Marketing mix
These Marketing mix is used to influence customers in international drink market. These are accompanied with 7’P factors
Product- Fast Food Restaurant Company offers Mojito drink to customers by following product differentiation strategy
Price- The price charged by Fast Food Corporation might be higher than its others rivals but customer are more quality oriented and will be ready to give extra price for the same.
Place- Fast Food Corporation has established its café in Bridge Town Centre, and motorway to Auckland City
Promotion- Fast Food Corporation have adopted loyalty card, social media and survey questionnaire for promoting its Mojito drink and other products.
People- The main target customer for Fast Food Corporation would be children, youth and other persons who visit Bridge Town Centre and motorway to Auckland City on daily basis.
Process- Company has adopted international process of making Mojito
Physical environment- Fast Food Corporation has planned to use set up new place by using new table and chairs.
Sales forecast- Fast Food Corporation has estimated that his sales would be increased by following manner which is given as below.
Financial analysis
Pricing strategy- Fast Food Corporation will keep its Mojito drink price as low as it could. However, cost plus price method have been followed by size of the Mojito drink. The price of Mojito drink would be cost plus 25% profit margin. The cost of Mojito drink in Fast Food Corporation would be based on sizes, and they are classified from $8.50 for the small one, $10.00 for medium size, and the largest size is $12.50
WHS and other duties of company
Fast Food Corporation has the primary duty of care to ensure the health and safety of workers while they are at work in the business or undertaking. A PCBU is also responsible for ensuring work carried out does not carry risk to the health and safety of other employees
Comment on their work
They all are impulsive in taking decisions. However, the industry which they chosen may showcase high amount of growth if they do not compromise with the products in market.
Identify the area which may cause problem
Fast Food Restaurant Company believes that customer perception is one thing which always guarantees the product’s success. So its marketing strategies are also designed while keeping in view the customer perspective. It relies on the fact that many innovative products may fail simply because of their incapability to make a strong perception about itself in the customer’s mind. McDonalds being a globally famous brand brings with it definite hopes for the clients.
|
Particular |
Cost ($) |
|
Office infrastructure |
40K |
|
Hiring team= Staff salary= 1K* 13 employees=13K HR expenses= 7K Managers salary= 5k*2 =10K |
30K |
|
Operational plan |
20K |
|
Marketing plan |
10k |
|
Legal expenses |
5K |
|
Tender filling cost with vendors |
1K |
|
Licensing cost in Mojito drink selling |
1K |
Marketing plan
This plan will provide details of potential clients. In order to gather data related with customer’s choice of actions,
Marketing objectives
Targeting strategy
Fast Food Corporation will use social media and loyalty card to attract customers for its products. The main focus of company is to attract youth more as compare to other age group people. In addition to this loyalty card could also be used by Fast Food Restaurant Company for attracting customers who visit Bridge Town Centre and motorway to Auckland City on consistent basis
Target market profile
The main target of Fast Food Corporation is to grab potential attraction of youths. This is considered that more than 30% customers are youth who like to drink international drinks i.e. Mojito from Fast Food Corporation.
Financial analysis
Pricing strategy- Fast Food Corporation will keep its Mojito drink price as low as it could. However, cost plus price method have been followed by size of the Mojito drink. The price of Mojito drink would be cost plus 25% profit margin. The cost of Mojito drink in Fast Food Corporation would be based on sizes, and they are classified from $8.50 for the small one, $10.00 for medium size, and the largest size is $12.50
Evaluation process
The final stage in the marketing plan is to measure the outcomes of the marketing activities against the original objectives and targets. Continuous evaluation helps the marketing team to focus on modifying or introducing new goals to better achieve objective
Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals. Implementing your strategic plan is as important, or even more important, than your strategy. The video The Secret to Strategic Implementation is a great way to learn how to take your implementation to the next level.
A strategic plan provides a business with the roadmap it needs to pursue a specific strategic direction and set of performance goals, deliver customer value, and be successful. However, this is just a plan; it doesn’t guarantee that the desired performance is reached any more than having a roadmap guarantees the traveller arrives at the desired destination.
Identification of implementation strategy
Company has selected cost leadership strategy plan to increase in overall market share. It could be implemented by decreasing the overall cost of production.
Selection of strategy
Company has chosen newsletter to impart new all the new policies and responsibilities to implement new procedure and cost reduction program in organization
Contracting
Hiring of new experts and implementation of norms and policies will help company to implement new strategy
Monitoring
This is the final stage in which implemented strategy will be monitored by the management department of organization
Define and communication of all the priorities, responsibility budget and timeline
Priorities
Company has planned to increased its overall production and decreased cost of capital
Responsibilities
All the line manager indulged in business will be responsible in delivering work on time and reducing overall cost
Contingency for risk
It is evaluate that company may have risk of high cost of capital and rivals threats. If company wants to reduce this problem then it could be done by implement proactive business approach. However, top management and line manager could reduce the overall risk of company.
Measuring of stakeholder satisfaction
It is evaluated that clients satisfaction could be gauge with the increased market share. However, questionnaire and other survey could be implemented to identify whether employees are satisfied with the work or not. In addition to this, increase level of price of share of company may reflect the shareholders satisfaction Analytical data gathered from other sources can be equally valuable. CMOs report they spend 8% of their marketing budgets on marketing analytics, and expect to increase this level in the next three years.
Conduct information session
One of the most difficult tasks of a researcher is to turn the data into information. To explain the difference between data and information, the main characteristics of data is that it is raw, specific, undigested and therefore largely meaningless; information in contrast of data is what comes out when data have been arranged in such a way that uncertainty is lessened, queries resolved, and questions answered.
To get data to generate literature review, two paths are followed one is the theoretical concepts, and the other is investigation of secondary sources of data within telecom industry. The literature review is designed to give critique of the area of relationship marketing. Its aim is to create a background for the primary and secondary research.
Researcher needs to collect the data from various sources such as online methods, monkey survey and other implemented program.
The main commination strategy which they use is to connect with the cyber computing system.
Submission could be done by using electronic means or depositing files with the tutors.
Prepared work should be done through ethical and legal way
All the emerging ideas were examined further at each stage of analysis, with the regular refining which formed the recoding stage of the grounded theory process. All through this analysis stage an attempt was made to relate the concepts to the previous research where possible.
Identifying issues of risk within a marketing plan of Fast Food Corporation
Constructing a marketing plan is not an easy process and it is not out of risk factor which may lead to failure if marketing planner unable to address potential problems effectively and Fast Food Corporation is not also escaped from potential problem which may be:
Political behaviour: Typically, marketing planning is a resource allocation process by manager. In this allocation process the power base, career opportunities and salaries may bring conflict.
Perception of planning: There are different people involve in this planning with different perception and they wishes to apply their perception to construct the plan which may be the cause of conflict.
Reward system: The reward system of business emphasize only short term reward. Managers may overweight the short term focuses rather than long term focuses and the marketing plan not only concern with short. Basically, it is concerned with long term which thing may be underweighted by manager and marketing plan is treated as the secondary focus.
Cultural clashes: Cultural clash is another potential problem associated with marketing plan because in a business we can get different culture which may be the reason of conflict like as the business may plan by making incremental decision and strategic planning may challenge the status quo.
Lack of knowledge and skills: In planning process, the manager may not has the sufficient knowledge in terms of market segmentation, competitive advantages and the nature of strategic objective and lack of skills in terms of analysing competitive situation and defining core strategy which may lead to failure.
Lack of information: The systematic marketing planning system needs accurate information inputs in terms of market share, size and growth rates. These are basic inputs into the marketing audit which may unavailable.
In order to construct the effective marketing plan marketing manager should overcome from these problems. To overcome from potential problems leading to risk, Fast Food Corporation can use Jobber’s formulation of remedies which are as follows:
Senior management must support the middle management and coordinate with them and must be committed to the planning process.
To address cultural clashes, there should be match between planning process and the culture of the business.
The reward system should focus on long term objective rather than focusing on the short term.
There should be clear communication system in both ways top to down or bottom to top.
Management can conduct training program to marketing personnel in order to provide knowledge and skills about to perform the planning job.
Discussing how the plan supports strategic direction.
David Jobber suggested five different organization structures in order to implement a marketing plan namely: no marketing organization, functional organization, product base organization, market centred organization and matrix organization. Out of these five structures, Fast Food Corporation has structured as a product based organization which focus on individual responsibilities to product managers for managing product lines. Specifically Fast Food Corporation focussed for individual product lines and can develop own marketing mix which helps to Fast Food Corporation to align marketing plan to strategic objectives.
Identifying an evaluation and review measures for the agreed plan.
The marketing plan is a cycle that begins and ends with evaluation. The final stage of in the marketing plan is to measure the outcome of the marketing activities against the original objectives and targets. Continuous evaluation helps the marketing team to focus on modifying or introducing new activities to achieve objectives.
Fast Food Corporation adopted a range of key performance indicator to assess the success of the iPhone 4’s marketing plan.
This development platform should consist of the following factors:
References
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