In this regard, part of the marketing strategy is to enable Wendy’s to enhance their marketing communication and advertisements. However, the company also occasionally uses kiosks, such as those located in malls and venues of special events. For GDPR compliance, we do not use personally identifiable information to serve ads in the EU and the EEA. Naik, P. A., Raman, K., & Winer, R. S. (2005). Marketing Research Assignment – Wendy´s Case Martin Meister – Boston University 3 Introduction Wendy´s is a restaurant chain that is immersed in the Fast Food Restaurant Industry where we can find companies that compete in different segments, being Burger, Sandwich, Snacks/Beverages, Chicken and Pizza the most important. However, Wendy’s differentiates its business and products from competitors through product innovation that addresses market and consumer trends. WENDY'S OVERHAULS MARKETING STRATEGIES. Social media has become an important promotional tool for marketing businesses. I love writing about the latest in marketing & advertising. Wendy’s Company believes in digital marketing and impactful advertising to create a positive brand image in the consumer market. The product prices are highly dependent upon the value of the product in a particular location. Wendy’s takes sustainability seriously. Companies develop marketing strategies to build a loyal customer base, to build relationships with those customers and to create value for the customer. It is also looking for places that would offer convenient access to the customers so that a continuous customer flow is maintained. The marketing mix revisited: towards the 21st century marketing. Wendy’s Marketing Strategy The industry is going from strength to strength as the nation’s appetite for personal services and retail goods continues to grow and the business model attracts new industries. Wendy’s also uses personal selling to communicate with customers. Their sarcasm and fearless humor is the central part of their brand, and it shows u… Wendy’s used a Facebook promotion focused on “Love Songs” to market its Pretzel Bacon Cheeseburger. Wendy’s applies sales promotion in the form of short-term special offers and discounts. Your email address will not be published. January 2, 2019 By Hitesh Bhasin Tagged With: Marketing mix articles. Last year, it was #NuggsForCarter.This year, it was the mixtape that Wendy’s dropped on Spotify. Wendy’s applies the following promotion tactics, arranged according to significance: Advertising is the primary tactic Wendy’s uses to promote its products. These pricing strategies are supported through Wendy’s generic strategy. Wendy’s PESTEL/PESTLE Analysis & Recommendations, Burger King’s Marketing Mix (4Ps) Analysis, Wendy’s Organizational Structure Characteristics (Analysis), Wendy’s Vision Statement & Mission Statement (An Analysis), Wendy’s Generic Strategy & Intensive Growth Strategies, Wendy’s Operations Management, 10 Decisions, Productivity, Wendy’s Organizational Culture Characteristics: An Analysis, Wendy’s Five Forces Analysis (Porter’s Model), Starbucks Corporation’s Marketing Mix (4Ps) Analysis, Harley-Davidson Marketing Mix (4Ps) Analysis, Whole Foods Market’s Marketing Mix (4Ps) Analysis, McDonald’s Operations Management, 10 Decisions, Productivity, Ford Motor Company’s Marketing Mix (4Ps) Analysis, Costco Wholesale’s Marketing Mix (4Ps) Analysis, The Wendy’s Company, Form 10-K, 2013-2014. Yun-sheng, W. (2001). It actively uses social media tools like Twitter, YouTube, Facebook and its own website to target its potential and loyal customers via videos, and songs. Wendy’s Company has adopted a Bundle pricing policy and under this scheme offers products in combo style like three items at comparatively lower prices. The retail chain is associated with Food and Beverage industry as it is an eating joint for fast-foods. It has opened its outlets at entertainment venues, office buildings, military bases, hospitals, highways, university and college campus, and airports. This component of the marketing mix presents the communication strategies and tactics the company uses to reach its target consumers. It recruits staffs that have to undergo proper training sessions so that it can offer best possible services. In this component of the marketing mix, organizational outputs are considered. Wendy’s Company has zeroed in high traffic and high visibility locations that would offer best opportunities for attracting customers. We use cookies for website functionality and to combat advertising fraud. Copyright by Panmore Institute - All rights reserved. I am a serial entrepreneur & I created Marketing91 because i wanted my readers to stay ahead in this hectic business world. For example, the company advertises its products through print media, television, and online media. It faces competition from rival brands and generally keeps its product prices at par with prices set up by competitors. Wendy’s Company believes in online and offline marketing. Wendy’s Company believes in digital marketing and impactful advertising to create a positive brand image in the consumer market. This component of the marketing mix involves standardization of products, which supports economies of scale and Wendy’s generic strategy. For example, with hamburgers, sides, salads, beverages and desserts, customers can enjoy a full meal. Wendy’s completes most of its transactions in its restaurants. Purposeful sourcing is an important part of our strategy. However, the company offers many other products. The brand has been highly successful in maintaining its pricing policies because it has helped it in generating higher revenues. It has spread its presence in nearly six thousand five hundred and thirty-seven locations out of which five thousand, seven hundred and thirty-nine are set up in its home country the United States and the rest seven hundred and ninety-eight are located in the overseas market. As part of its promotional strategy the company has adopted Midnight push plan and under it offers food services to crowds after midnight. Wendy’s is a fast food chain headquartered in Ohio, USA and has the presence in more than 6500 locations. Wendy’s marketing mix (4Ps) shows that the company relies on traditional approaches to reach target customers in various markets worldwide. Outlets of Wendy’s Company are well-decorated with a great ambiance that reflects its premium quality. The marketing mix defines the strategies and tactics the company uses to implement its marketing plan, and indicates how the business relates with the target market. Dominici, G. (2009). It actively uses social media tools like Twitter, YouTube, Facebook and its own website to target its potential and loyal customers via videos, and songs. Published on … Wendy’s generic competitive strategy (based on Michael Porter’s model) is similar to those of other fast food companies like McDonald’s and Burger King. ”We like our tweets the same way we like to make hamburgers: better than anyone expects from a fast food joint” Priya Bhakar Ezz Eldamak Hafsa Ikram Vladimir Pushmin 140011712120060523140006766 130014419 Wendy’s slogan was last changed to “Deliciously Different” in 2016 according to Adage. However, poor performance from long-time rival Burger King allowed Wendy's to move up into the #2 position in the US for a couple of years in the early 2010s. It has also developed a delivery system to increase its sales figures. And now you get $3 off any mobile order over $15. In addition, the company allows consumers to access the menu and special deals through the Wendy’s mobile app. Herein, Wendy’s are planning to do direct mail, TV advertising, banner ads, and inserts, with inserts in the Register Guard likely … The marketing behind Wendy’s promotions is a critical element of its evolving menu strategy. Reply rate has been the secret sauce of Wendy’s Twitter strategy. Wendy’s Company is a globally recognized brand that has its headquarters base at Dublin in the United States. This component of the marketing mix identifies the company’s strategies for setting its prices. Wendy’s marketing strategy includes manufacturing the most suitable products for the customers in order to increase the base of the customers and to increase their share of profit. The company has positioned itself as a restaurant that caters to people’s wishes by offering tasty, healthy and fresh burgers. For example, restaurant personnel usually encourage customers to order more products, such as desserts or sides. From marketing mix to e-marketing mix: a literature overview and classification. Wendy’s Company believes in online and offline marketing. Wendy’s applies the following promotion tactics, arranged according to significance: Customers prefer it for its quality food and superior customer service. Wendy’s pricing strategy is similar to those of firms like McDonald’s and Burger King. Wendy’s applies the following pricing strategies: Wendy’s main pricing strategy is market-oriented. Wendy’s is known for hamburgers. Required fields are marked *, Copyright © 2020 Marketing91 All Rights Reserved, Marketing mix of Wendy’s – Wendy’s Marketing Mix, Marketing Mix of Facebook – Facebook Marketing Mix, Marketing Mix of Bentley – Bentley Marketing Mix, Marketing Mix Of Cheerios – Cheerios Marketing Mix, Marketing Mix of Oracle – Oracle Marketing Mix, Marketing Mix of SoftBank – SoftBank Marketing Mix, Marketing Mix of BPCL – BPCL Marketing Mix, Marketing Mix Of Costco – Costco Marketing Mix, Marketing Mix Of Guinness – Guinness Marketing Mix, Marketing Mix of Bose – Bose Marketing Mix. Wendy's Twitter may seem flippant at first glance, but there's a method to its madness, as explained by the company's chief marketing officer. Thus, Wendy’s addresses this component of the marketing mix mostly through advertising and personal selling, which are significant determinants of the company’s revenues. Perfection and innovation of 4P Marketing Mix – How to evaluate 4P Marketing Mix. Van Waterschoot, W., & Van den Bulte, C. (1992). New market expansion and further development within existing markets will continue to be dominant drivers of Wendy’s worldwide strategy over the coming years. Rahmani, K., Emamisaleh, K., & Yadegari, R. (2015). This approach changes according to trends in the global market. Wendy’s Company is a public limited company of American origin. As Wendy’s Company is a retail chain, their staffs play an important role in its business dealings. This component of the marketing mix identifies the places or venues through which the firm transacts with its customers. Wendy’s Company has posted its revenues and operating income at 1.44 billion US Dollars and 314.78 million US Dollars respectively at the end of third quarter of the financial year 2016-17. The company has a skilled development team that offers experience, skills, training, resources, and support to franchises in terms of layouts, designs, kitchen equipment, and menu selection so as to increase its opportunities. Wendy’s Company has a strong and powerful supply chain channel that helps it in better dealings. A review of marketing mix: 4Ps or more? But Wendy’s is also unabashed in calling out the competition and roasting other users, much to the delight of its more than 2.5 million followers. The fast food giant has clocked in billions of media impressions for its clear and controversial brand positioning across all advertising platforms, and the social media and marketing team behind the brand voice continue to rack up industry recognition for their work. It was bounced back to third place during 2014. Dave Thomas, in 1969, opened a restaurant back in 1969 after he could not find a good place for hamburgers in … The company was founded in the year 1884 and over the years have been known via different names. In Wendy’s case, the following are the places for distributing products: Wendy’s generates most of its revenues at its restaurants. The 4P classification of the marketing mix revisited. Wendy's invested 391 million U.S. dollars in advertising in the United States in 2019. By Kate Macarthur and [email protected]. It has launched a women’s vid… And Wendy’s personality is definitely well defined and distinct. Taco Bell, which like Wendy’s is a top 10 chain, is also trying to find its growth footing internationally. Wendy’s promotes its products through a variety of strategies and tactics. Promotion in the Marketing Mix of Wendy’s, Sustainable Marketing – Strategy, Importance and Principles, Top 10 Problems for Small Businesses in 2021. Ultimately, we believe that earnings generated from international markets will be a significant component of our ability to generate long-term value for our stockholders. Wendy's has traditionally ranked as the #3 fast food burger chain in the US. This component of the marketing mix shows that Wendy’s relies on opening more restaurants to maximize its growth. The following are the product lines in Wendy’s product mix: While hamburgers are the main product line, Wendy’s offers other product lines to complete the customer experience. Craig Bahner, Chief Marketing Officer at Wendy’s stated that: “Every brand evolves over time to maintain relevance with consumers. Wendy’s marketing mix is the company’s approach to the dynamics of the fast food market. Big orders = Big Rewards With Wendy’s Rewards, the more you eat the more you earn. The chain also is using YouTube as an important channel, especially to reach Millennial women. And Wendy’s is hardly the only such concept that is redoubling its efforts to grow globally. Wendy’s brand voice (and its social media presence) wasn’t built overnight. This article may not be reproduced, distributed, or mirrored without written permission from Panmore Institute and its author/s. Moreover, Wendy’s implements public relations as a way of promoting its business and products, such as when the company sponsors special community events to make the brand more popular. Marketing strategy helps create dynamic and saturated condition for Wendy’s Customer base. The promotional and advertising strategy in the Wendys marketing strategy is as follows: The promotion of Wendys is being done considering the competitors like McDonald’s, Burger King, KFC, Subway, etc. The company also uses social media for promoting its brand and products. The red-haired mascot in Wendys commercials is a phenomenal hit. Wendy's also made a star out of a retired manicurist, Clara … This component of the marketing mix presents the communication strategies and tactics the company uses to reach its target consumers. Let's stay in touch :), Your email address will not be published. It rolls out LTO promotions and product spotlights that are the bread and butter of any brand’s social media strategy. In 2017, Wendy’s replied to over 20K tweets in … Wendy's is also a great example for social media and marketing strategies used at it's … Wendy's is a fast food establishment that has been franchised globally. Boosts Budget, Readies First Online Ads, Segments Audience, Plans Product Placements. Wendy’s Company faces competition from the following brands, Wendy’s Company offers fresh ingredients in all its product items as it pays special attention to quality. Wendy’s Company has maintained descriptive taglines like Quality is our recipe, Now that’s better and its mascot is a phenomenal hit. We talk a lot about “brand personality” and “your voice” when it comes to both content marketing and social media marketing. The most effective strategy is to stay true to your brand’s core values and channel your social platforms to cultivate a brand voice that is consistent with your brand identity. It has launched a women’s video series Hollywire: Wendy’s Fresh Trend Showdown that helps in garnering positive brand reviews. Planning marketing mix strategies in the presence of interaction effects. The $5 Biggie Bag combo was part of Wendy’s shift to focus on platform launches over products, and deals that offer future innovation opportunity. Wendy’s has also been able to accomplish the balance between sounding too pushy with their promotional content and engaging content. Constantinides, E. (2006). The marketing mix shows how Wendy’s addresses issues and needs in the market. Great time to get a Pretzel Bacon Pub combo for the whole family—including extended family. Wendy’s also has a “buy-and-flip” strategy, in which it directs the transfer of franchisee-owned locations to preapproved operators willing to remodel locations and build new units. Wendy’s Company offers usage of latest technology like mobile payment and mobile ordering, and online ordering and payment via its website so as to increase its customer base. 78% of the people who tweet to any brand expect a reply within one hour. It all goes back to better quality products and a better eating experience for our guests at the end of the day. This pricing strategy reflects the conditions of the market and the competitive landscape. Product: This product is how the company wants to develop productive policies that enhance skills. It is most famous for its hamburgers and sandwiches. combo meals) for a discount. Wendy's, Social Media Strategy analysis 1. Wendy’s story is one of the most inspiring ones in entrepreneurship anyone has ever heard. The company’s marketing mix (4Ps) supports such industry position. On the other hand, the product bundle pricing strategy involves offering product groups (e.g. See our Privacy Policy page to find out more about cookies or to switch them off. Customers can also place their orders through Wendy’s website. You can follow me on Facebook. For instance, the company occasionally distributes discount coupons to customers. International development is an important strategy for legacy fast-food chains that are finding the U.S. to be a tougher market. Quality Function Deployment and New Product Development with a focus on Marketing Mix 4P model. The company believes in the franchise system and has set up an experienced and next generation of franchisees. By adopting a voice similar to its target audience Wendy’s is doing a great job of talking ing directly to its customers and positioning itself as a thought leader among the internet’s humorous content creators. For example, changes in demand and supply are used to adjust the prices of Wendy’s products. The main source of income of Wendy’s Company is through its in-store customers. Their marketing mix is a combination of tactics and effective strategies for marketing plan. Effective product and promotion strategies are essential in making sure your product is readily accessible in the global marketplace. It actively participates in community activities via its foundation. It settled on its present name Wendy’s Company in the year 2011. Your business’s brand and voice can help set it apart from competition, making you unique and helping you build more concrete relationships with your customers—even if you never see them face to face (or only for a few seconds in a drive-thru line). Wendy’s utilises several channels for marketing and promotions including digital and regular channels. It has targeted families, youth, and children as its potential customers who are looking for tasty fast-food items made from fresh ingredients. Previous slide Next slide The outlets project a contemporary and bold image that connects directly with its customers. It is actually the holding or parent company of fast-food restaurant chain Wendy’s. Wendy’s has also become well-known for its snarky voice on Twitter. The company deals with both offline and online promotions. The fast-food chain specializes in burgers and unlike other burger outlets, Wendy’s focuses on serving fresh products.The fast-food chain is also popular for its sea salt fries and Frosty which is a different variety of ice cream. Wendy’s Promotion (Promotional Mix) Wendy’s promotes its products through a variety of strategies and tactics. It engages in multiple media platforms at both national and local levels throughout the year to maintain a balanced promotional strategy. The company has kept its pricing policy market-oriented which changes in accordance with existing market conditions. Wendy’s Company offers a diverse menu so that it can cater to different taste buds of its customers and it includes-. The brand undergoes rigid inspection process to maintain high levels of food quality and safety standards. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. "Not surprising, once we added the $1 Double Stack promotion, millions of customers showed up," Carl Loredo, VP brand and advertising, Wendy's, said in a statement. It engages in multiple media platforms at both national and local levels throughout the year to maintain a balanced promotional strategy. Though Wendy is known for Hamburgers, however, the company also produces various other products. Goi, C. L. (2009). Market Share and Sales Market Share Objective The Rise of Quick Service Restaurants such as: Sales were $2.431 B in 2012 Project Sales of $608.2 M Current Market Share 12.8 Sales Objective Market Tier Burger System Breakfast Menu Expansion Benefits Profile Who, What, Where, & Why Wendy’s is one of the leading international hamburger fast food restaurant chains in the world. Wendy's is one of the world's most successful restaurant operating and franchising companies. Wendy's success on Twitter could also serve as a good sales pitch for the microblogging platform as it competes against Facebook and Google, the two biggest digital ad …