The paper "New Product Marketing Plan: Case of Star Burgers" is a perfect example of a case study on marketing. Foodways is a newly established fast-food company and has prospects of expanding to the global environment. The company aims to be identified as the company with tastiest and healthier burgers (Star Burgers) in the US market. The fast-food industry across the US is highly competitive and thus Foodways must come up with a marketing plan that comprises aggressive marketing strategies for it to gain a competitive advantage (Henry et al. , 2012).
The company believes that its popularity and market penetration will be driven by customers searching for high-quality fast food options. The Foodways marketing plan and the program seek to address fresh, health, and custom-made burgers that meet customer expectations using various marketing approaches. The marketing team within the company is rest assured that customized burgers are the best bait for winning the market. This marketing plan is going to discuss and explain how Foodways will successfully market their Star Burgers. For instance, the paper will provide information with regard to the target market segments, identifying the environmental forces that are likely to affect the market of Star Burgers.
In this regard SWOT analysis, PEST analysis and Porter’ s five forces analysis will be used to discuss the marketing environment. The competitive analysis will also be discussed. Foodways will use a 4P marketing strategy to market the Star Burgers. The marketing budget plan, implementation, and control plan together with the contingency plan will also be intensively discussed to provide a clear understanding. Situation analysis This is basically an honest assessment of opportunities and possible stumbling blocks facing an existing or prospective company by deeply evaluating and understanding the industry and competitors (Henry et al. , 2012).
Foodways is a new entrant into the fast-food industry in the US hoping to tap into the huge market readily provided by the greater US population. The company wants to use Star Burgers to establish itself in the market. In this regard, their healthier and tasty burgers are aimed at attracting customers and thus helping the company gain a competitive advantage. However, the industry is highly competitive and Foodways will face competition from the already established fast-food chains including Subways, McDonald's, KFC, and Burger King.
The Fast food industry in the US comprises of many restaurants with combined annual revenue that is beyond reproach. The industry is highly fragmented whereby established companies hold a substantial percentage of the industry’ s total sales. As aforementioned, the fast-food market is highly dynamic and competitive; Foodways faces potential strategic marketing challenges particularly in deciding on a specific marketing mix for it to establish and sustain its growth (Walker, et al. , 2009).