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Four P's Product: Promotional and Pricing Strategies - Term Paper Example

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Running Head: Four Ps Four Ps Four Ps Introduction As of today, Kentucky Fried Chicken (KFC) is one of the most influential global brands. With a history spread over eight decades, from Colonel Sander’s original idea of fried chicken with its own secret recipe to KFC’s franchised business model under YUM brands in 2011, the company has gone on to play an important role in shaping the global fast food industry…
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Four Ps Product: Promotional and Pricing Strategies
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"Four P's Product: Promotional and Pricing Strategies"

Download file to see previous pages Discussion Marketing Mix Following is the perceived marketing mix (Perreault et al, 2010) of KFC. Product As the name suggests the product of KFC is chicken, more especially fried chicken with the secret recipe of Colonel Sanders (Pride & Ferrell, 2010). The recipe is still a trade secret and only two unnamed senior executives of the company have had access to that complete recipe which is written by pencil on a piece of paper and signed by Colonel Sanders. The company has different varieties of chicken and its menu goes on to include “fried chicken, grilled chicken, chicken sandwiches, chicken burgers, zingers, nuggets, popcorn chicken, fillers, barbecued chicken and others” (Pride & Ferrell, 2010). KFC also offers various deserts, fries, cole slaw, salad, and other ingredients. Furthermore, lately, KFC has also diversified into fish offerings, although, they make up almost negligible portion of the total revenues and sales. Quite clearly, the focus of the company has been on increasing the depth of the product line but not on increasing the width of their product lines (Pride & Ferrell, 2010). It is almost impossible to avoid the discussion of branding strategies while discussing the product mix of KFC. It has been almost three decades since the death of Colonel Sanders yet their picture remains as the heart of KFC’s branding. Rather than changing their names and logos in every country, KFC, like other global companies, decided to go with one brand name and trademark logo of Colonel Sanders so that customers could associate global values with KFC and feel that being with KFC adds them to a huge network of people all over the world (Lamb, Hair & McDaniel, 2011). At the same time, KFC is also following the co branding strategy. Before being a part of YUM! Brands, PepsiCo owned KFC and since then the company has cobranded with Pepsi. Another reason for the same would be the fact that KFC’s biggest competitor, McDonalds joined hands with Pepsi’s biggest competitor, Coca Cola. Both KFC and Pepsi had common objectives and regardless of the country in which KFC is operating, only the beverages of Pepsi are offered to the customers of KFC. KFC’s packaging is also an important aspect of its product strategy. KFC’s current style of packaging emerged during the 1980s when it was a part of Wendy’s. The packaging does not only add value to the overall offering but at the same time it also helps in ensuring that the nutritional value of the product remains intact. Furthermore, the colorful packaging of KFC products also ensures that customers could develop a strong brand recall in the future (Pickton, & Masterson, 2010). KFC claims and takes great pride in the fact that their products are safe for health and suitable for people from all age groups. Every customer that has been to a KFC outlet will know that the company promotes the fact it cooks the chicken in the highest quality vegetable oil well over 170 C in order to make it fit and healthy for human consumption (Mueller, 2010). Price It appears that KFC uses the cost based pricing strategy in different countries. This is true because the prices of KFC in different countries differ greatly. While deciding on a price in any particular country, KFC would consider cost of importing raw materials, government duties, taxes, cost of ...Download file to see next pagesRead More
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