Taco Time Dreams Grande Case Study Solution
6. 4ps of Taco Times
The 4ps of Taco Times is described below according to its current scenario:
Product
Taco time deals in the Mexican cuisine where it has its main focus on the Mexican style food and the ambience is completely reflected to the Mexican style. The interior of the restaurant reflects the Mexican style if a customer enters in the outlet. The main courses are Tacos, fajitas and burritos. However, the features of the product fulfills the customer’s demand, but they also believe that the products are cheaper because of their low quality. Moreover, the ingredients are not completely hygienic because they are not natural and are local, which downsize its customers’ equity.
Price
The price of the Taco Times is inexpensive and affordable as compared to its competitors which are: Taco bell and Chipolte. Moreover, the customers want discount offers which are not provided by the restaurants so far. The main factors should be focused on the quality service with the affordable pricing strategy. However, the prices are based on the market penetration concept where everyone can afford Taco Times’ services.
Place
However, Taco Times has its outlets in the main areas of Canada where the customer can easily have an access to reach. Moreover, the surroundings have the numerous competitors. They have their outlets at the college campuses and they offers the drive thru services, which is quite favorable according to the market place.
Promotion
The promotional activities of Taco Times is not much higher was compared to its competitors. It has the slogan “Made fresh since 1960”, which has brought an increase in its value. They promote their business through different campaigns on social media, websites and blogs by making the theme fresh, which is strongly emphasized on the ingredients which are used in the products. Moreover, the restaurant has repositioned and refurbished their business in July, 2014 to promote their business in the highly competitive market.
7. Product Life Cycle
The product life cycle is based on 4 stages: introduction, growth, maturity and decline. As far as Taco Times is concerned; it is on the growth stage because the restaurant is not at the maturity level yet. There are many factors, which need to be modified and renovated like the strategies and the interior. The existing phase belongs where the management makes decisions and conducts survey by focusing on groups and their preferences. Moreover, the demand of the public increased after the survey and by entertaining the customers’ demand and implementing their suggestions in the business, like the promotional activities are continued, the modification of the packing is done at a larger scale and a recreation of colorful theme is done, which attract the customers. Although, it is predicted according to the current scenario that the business would be at the maturity phase in some years if the appropriate marketing strategies are made and the quality is improved. Moreover, the repositioning of business can help it in having higher sales and higher customer preference within a few years.
8. Recommendation
After analyzing the business structure and marketing strategies of Taco Times; there are some proposed recommendations, which are set to make the business more efficient and well-organized. First of all, Taco Times should analyze its competencies and compare it with its rival-restaurants and find its weak factors. They should utilize more the natural ingredients rather than the artificial and local. Secondly, they should increase their production line where different cuisines must be added, such as: Chinese, Italian, French and Asian etc. The other suggested element is to increase the quality of the food and make the pricing strategy according to it. The customers want the quality food and they pay the maximum amount for the hygienic meal. They should also start the promotional campaigns by providing discount offers and deals at special events. Furthermore, the sponsorship should be made with the sports activities and other programs to promote the business on a higher scale. Taco Times can also take the opportunity by opening its outlets at different regions and through product development strategies.
Part 2
The marketing communication plan is set which would help the Taco Times in increasing its sales in the market and in making awell-structured-business.
1.Sales Promotion
Sales promotions would help Taco Times in increasing its sales and decreasing its cost. The business can adopt several methods to carry out sales’ promotions. The most efficient way is offering discount through “buy one get one free offer”. This will attract the customers and would boost their sales. Another method is providing vouchers and coupons, which would give discounted deals to the current customers, through which the business would have a competitive edge.
2.Advertising
Advertising is the most important method to promote the business and to increase the sales of the business. Taco Times should advertise through the social media, via Facebook, Instagram and other social sites by starting the campaigns. On the contrary, taking the social media and celebrity endorsers would give hype to the restaurant’s brand because people mostly follow celebrities and social media influences them and believe what they recommend.(Falahat, 2020)
3.Socially Responsible Marketing
Socially responsible marketing techniques are the most appropriate mean to promote your business. The best method that Taco Times can opt foris by spreading awareness regarding go green concept that would decrease the global warming and save the ecological environment. Moreover, they can also start charitable projects where they can involve celebrities with them to educate people about the welfare of the society. It will aid in philanthropic marketing.(Zhu, 2016)
4.Social Media
Social media marketing is the best way to make the marketing communication plan, where the marketing could be done through the social media contents and blogs. Moreover, they can showcase the happy customers and go live with the programs of health and hygiene programs. The target market must be set before promoting through social media and the demographics of the customers must be known clearly.
5.Personal Selling
Personal selling is the best approach to promote the business and to spread awareness about it among the customers. It can be done by visiting the educational institutes and directly sale to the customers and giving vouchers and discount coupons. The other way is by placing the salesman on the departmental stores, who would explain the pros of the product. This will aid the business to assess the individuals’ needs, and the market demand will be foretasted through this as well.........................
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