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Fundamentals of Marcoeconomic

Essay by   •  February 24, 2017  •  Business Plan  •  2,781 Words (12 Pages)  •  1,111 Views

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Introduction

KFC founded and also known as Kentucky Fried Chicken, is a chain of fast food restaurants based in Louisville, Kentucky, United State. KFC is one of the most known fast food chain in the world started in the early 1930’s by Karnel Sanders in the Southern USA as a small franchise operation. Colonel Sanders has become a well known personality throughout thousands of KFC restaurants World Wide. KFC has more than 11000 restaurant in more than 80 countries and territories around the world. KFC has been a brand and operating segment, termed a concept of Yum! Brand since 1997 when that company was spun off from PepsiCo. As Tricon Global Restaurant Inc.

In 1991, the company adopted KFC an abbreviated from its name. Starting 2007, the company began using its original name, Kentucky Fried Chicken, for its signage, packaging and advertisement in the U.S. as part of new operate re-banding program. Additionally, Yum! Continues to use the abbreviated name freely in the advertising.Internationally, the company is still known as KFC.Quality, service and cleanliness represent the most critical success factors to KFC’s global success. Food, fun and festivity, this is what KFC all about.

KFC’s specialty is fried chicken served in various forms. KFC’s primary product is pressure-fried pieces of chicken made with the original recipe. The other chicken offering, extra crispy, is made using a garlic marinade and double dipping the chicken in flour before deep frying in a standard industrial kitchen type machine. KFC’s product includes goods such as chicken, burgers and services such as cleanliness, quick service and parties. It also offers special goods for the people of different regions. Now it has introduced the idea of “halal chicken” for the Muslim community. By exploring KFC’s products, we can find that it has a series of traits. It is a standard production, which adapts its restaurants to local tastes, different cultural and political climates. Basically, KFC has the special recipe for chicken products and that is why KFC known as a chicken specialist all over the world. What’s more, KFC is a kind of fast food, which can provide a quick bite for the person who pays less attention on healthy-diets. Besides, KFC’s strength is its focus on family meal, which is a factor that attracts more people who have families.

The products of KFC are:

Chicken are including Original Ripe, Extra Crispy, Strips, Popcorn, Pot pie, Wings, Variety Bucket, and Boneless Variety Bucket

Burgers are including Mighty Zinger, Zinger Extreme, Fish Zinger, Zinger burger, Twister, Col.Chicken Burger, and Sub 60

Desserts & Beverages are including Scoop of Walls, Fruit Salad, Large Drink, Mineral water regular, Mineral water large, Coffee, and Tea

Snacks & Side Orders are including Nuggets, Regular Fries, Large Fries, Corn on the Cob, Arabian Rice, Dinner Roll, Hot Shots, and Cheese.

Mission

KFC’s mission is to extend its image of excellent and uniqueness of product quality and service all over the globe with an obvious intention of attaining a goal of maximizing profit. Beside that, to maintain and enhance the position as the leading WQSR( West quick service restaurant) chain serving good values, innovative chicken based products through consistently location. At all time, KFC must be dedicated to providing excellent and delighting customers.

Vision

The vision of KFC is foresee that real future prospects of long term growth and adjust itself to the specific cultures of each country they are operating.

Objective

Every organization and company has some certain goals laid down by them to achieve to make it renown and have value added service to satisfy customers.One of the major objective of KFC that they run their campaign in such as a way that KFC creates and image in the mind of customers that customers want to go in KFC and it will be the first choice to customers. KFC want to be the first choice of customer it is excellent for the health of the KFC business if the business expands then there is eliminate scope and the opportunity to get the maximum profit and utility.

SWOT analysis

SWOT is an acronym used to describe the particular Strengths, Weaknesses, Opportunities, and Threats that are strategic factors for a specific company. The SWOT analysis classifies the internal aspects of the company as strengths or weaknesses and the external situational factors as opportunities or threats.

Strength

KFC’s secret recipe of 11 herbs and species has made it the leader in chicken for the last 50 years. KFC sells three recipe which are original recipe, extra crispy and tender coast. KFC adopted very different market concept then other companies that help KFC to be strong in market. For goodwill and reputation, KFC certainly has earned a good name and reputation by its previous products and service in the market. It is even more recognized in the other market, where the company is among the leading fast food giants. The brand is recognized and trust in the world for its quality products, price and customers service.Therefore, KFC has a good head start and enjoy a good chance of becoming a leader in fast food industry. Beside that, employee loyalty is one of the major strengths of KFC. KFC also have well educated staff and they are very skilled and handle all the situation very well and satisfy there customers. Lastly, as we know KFC is the multinational company and they have reserve of finance and pay many taxes to government.

Weaknesses

The weakness of KFC is fewer option available for vegetarian and non chicken lovers. The menu of KFC is primarily focused on a few types of chicken and thus has fewer choices available for other segments of fast food lovers and thus may fail to attract a wide range of customers. Culture incompatibility is another weaknesses of KFC. KFC still find it difficult to enter many markets because of the culture incompatibility with local market. Then, KFC only focus higher income level people and they have much higher price as compare to the other fast food restaurants.

Opportunities

KFC have opportunities

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