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Fast Food Market Forecast – The Subway Example of Strategic Product Positioning
The US fast food market has seen a healthy increase in growth in the last three years, which forecasts can be sustainable. The fast food market is expected to maintain its current growth expectations, with a projected Compound Annual Growth Rate (CAGR) of 2.3% for the five-year period 2005-2010. This is expected to drive the market to a value of $57.6 billion by the end of 2010. Drivers of growth include increasing numbers of Americans in the workplace, which reduces the amount of time spent preparing meals at home. In 2010, the US fast food industry is projected to be worth $57.6 billion, an increase of 12.1% since 2005.
In 2010, the US fast food market is projected to have a volume of 37 billion transactions (Figure 1). This represents an increase of 5.3% since 2005. The CAGR of the market volume in the period 2005-2010 is predicted to be 1%.
Success factors for fast food franchisees will include products and marketing aimed at healthier menu choices, brand consistency, low start-up costs, franchisee support and consumer convenience. Subway ® represents a moving example of a fast food franchise poised for success in the future fast food market. Their strategies transcend the fast food market and apply to many other markets and products.
Subway sandwich shops are well positioned to leverage their strengths and address reasonable threats, weaknesses and opportunities. The table below highlights these Strengths, Weaknesses, Opportunities and Threats.
- Size and number of stores and channels
- Menu reflects demand for fresh, healthy and fast.
- Use of non-traditional channels.
- Partnering with the American Heart Association.
- Global brand recognition.
- Customizable menu offerings.
- Low franchise start-up costs.
- Franchise training is structured, brief and designed to ensure quick start-up and success.
- Decor is outdated.
- Some franchisees are unhappy.
- Service delivery is inconsistent from store to store.
- Employee turnover is high.
- No control over franchise saturation in given market areas.
- Continue to Grow Global Business.
- Update decor to encourage more dine-in.
- Improve Customer Service Model.
- Continue to expand channel opportunities to include event wagons.
- Improve dealership relationships.
- Experiment with traffic trading.
- Expand packaged dessert offerings.
- Continue to review and refresh menu offerings.
- Develop more partnerships with film producers and toy manufacturers to promote new film releases through children’s menu packages and co-branding opportunities.
- Franchisor concern or litigation.
- Food contamination (spinach).
- Interest charges
- Economic decline.
- Legal suits.
Metro is not without competitive pressures. Key competitors include Yum! Brands, McDonalds, Wendy’s, and Jack in the Box. Hum! Brands are the largest in the world, with 33,000 restaurants in more than 100 countries. Four of the company’s highly recognizable brands, KFC, Pizza Hut, Long John Silver’s and Taco Bell, are global leaders in the Mexican, chicken, pizza, quick-service seafood categories. Hum! has a workforce of 272,000 employees and is headquartered in Louisville, Kentucky.
McDonald’s Corporation (McDonald’s) is the world’s largest food service retail chain with 31,000 fast food outlets in 119 countries. The company also operates restaurants under the brand names “The Boston Market” and “Chipotle Mexican Grill”. McDonalds operates mainly in the United States and the UK and is headquartered in Oak Brook, Illinois employing 447,000 people.
Wendy’s International (Wendy’s) operates three fast food chains: Wendy’s (the third largest hamburger chain in the world), Tim Horton’s, and Baja Fresh. Wendy’s operates more than 9,700 restaurants in 20 countries, was included in Fortune magazine’s list of the best 500 American companies, is headquartered in Dublin, Ohio, and employs approximately 57,000 people.
Jack in the Box owns, operates and franchises Jack in the Box quick-service hamburger restaurants and Qdoba Mexican Grill fast-casual restaurants and is headquartered in San Diego, California.
The increase in sales of the sandwiches was a result of declines in consumer interest in hamburgers and fries and increases in demand for healthier options. Sandwich sales are growing 15 percent annually, outpacing the 3 percent increase in sales for hamburgers and steaks.
Current Marketing Program
A new breed of restaurants is making big bucks against the market-saturated hamburgers. Called “fast casual,” these restaurants are dominated by Mexican chains, and sandwich restaurants offering fresh baked breads and specialty sandwiches.
Responding to evolving consumer expectations for healthy, fresh, made-to-order sandwiches; Subway’s marketing program addresses these expectations through a number of approaches. The most notable were the TV commercials featuring Jared. These commercials emphasize the healthy aspects of a Subway sandwich by highlighting the 245 pounds Jared lost by eating a Subway sandwich diet. Subway also markets through national sponsorship in events such as American Heart Association Heart Walks and local events such as triathlons, and children’s sports teams.
The Subway example represents marketing and product strategies that are classic examples of a focus on market demand, consumer trends, product leverage, and innovation. The marketing strategies of creating clear brand recognition, brand and product association, and market demands, strategically positioned Subway to advance market share in the near future. These marketing strategies are also repeatable fundamental marketing strategies transcending the fast food market. Does your marketing strategy link brand recognition to products that support the future direction of your market?
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