Marketing Strategies and Limitations

Question: Discuss about the Marketing Strategies and Limitations. Answer: Introduction Popeyes Kitchen was established in 1972 in New Orleans, selling its own brand of traditional southern fried chicken. The restaurant chain has grown to become among the most popular restaurants in the US. It currently has over 2000 stores in the US, Canada, and other selected countries, including Malaysia. Though it has changed ownership a few times during its distinguished history, it has retained its unique identity, periodically introducing new menu items that excite customers (Popeye's, 2017). Popeyes prides itself as a producer of unique, affordable and tasty meals that can are tailored for the family. The restaurant has continually innovated to diversify its product offering, making its menu more exciting to its customers, and enhancing brand loyalty to its products. This includes inclusions such as Butter mint biscuits, the limited crayfish offer, among others (Popeye's, 2017). Popeyes Kitchen has tried to use advertising as a means of market positioning. Through advertising, millions of customers and other people are exposed to what the restaurant has to offer. Additionally, advertising has helped raise brand awareness for the company, ultimately increasing its value. The ultimate aim of increased advertising will be to woo more customers, and therefore increase sales revenues (Popeye's, 2017). Popeyes has also used sales promotions to better market itself. For instance, Popeyes has introduced seasonal menu items that are offered at a low costs, and are exciting for customers. He includes the crayfish offer that was regarded by the restaurant as being highly successful. The end of the offer does not mean that customers also leave. Many continue patronizing the restaurant, in the process increasing sales volumes (Furrer, Alexandre, Sudharshan, 2007; Popeye's, 2017). Marketing objectives The marketing objectives for Popeyes have the ultimate aim of increasing brand awareness and sales volumes, and as a result, more profits. This will be accomplished using marketing promotions and aggressive advertising campaigns to encourage more people to sample Popeyes delicacies (Furrer, Alexandre, Sudharshan, 2007). The marketing objectives are tuned to be specific, measurable, and realistic and time bound. The revenue increase is expected to be at 20%, over a period of 1 year. This will be based on the fact that the restaurants profits have been increasing by around 10% over the last few years. Additionally, the net profit is expected to increase by 15%, considering the effects of marketing expenses the restaurant chain will incur. The restaurant aims to increase marketing expenditure by 10% over the long term. This will be supported by increased profits and justified by the ever increasing competition. There is a bigger market to tap into, a factor which will threaten to diminish Popeyes profits. References Furrer, O., Alexandre, M., Sudharshan, D. (2007). The impact of resource-strategy correspondence on marketing performance -financial performance tradeoffs. Journal of Strategic Marketing , 15 (2), 161 - 183. Lynn. (2011). Segmenting and Targeting your Market: Strategies and Limitations. Cornell University, School of Hospitality Administration , Published online. Popeye's. (2017). Celebrating 45 years of Popeye's. Retrieved 28 03, 2017, from popeyes.com: https://popeyes.com/our-story/ Stokes, D., Lomax, W. (2008). Marketing: A Brief Introduction. London: Thomson Learning.