Subway is a restaurant which operates within the US restaurant industry.
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In its operation, the firm intends to be established as the best fast food restaurant in the US. Considering the exit distance of diversity in consumers’ tastes and preferences, the firm has diversified its menu by incorporating different diets.
The firm’s main product includes submarine sandwiches. To suit the customer’s tastes and preferences, the sandwiches are of different sizes and flavors.
Also, Subway also offers its customers a choice of vegetables such as lettuce, bell pepper, jalapenos, carrots, onions, tomatoes, cucumbers, and pickles. Other than, sandwiches, the firm also deals with other categories of food products such as breakfast items such as eggs, bagels, pizzas, and sausages.
The firm intends to achieve several objectives. Firstly, the firm intends to increase the firm’s market share to 40% within the next five years.
Secondly, the firm intends to create a unique customer experience by offering high quality and healthy food products.
Thirdly, it is the firm’s objective to increase its annual profit with a margin of 20%.
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Fourthly; it will be ensured that the firm operates in a socially responsible manner. In its operation, the firm’s target market includes urban consumers who have incorporated fast foods in their consumption patterns.
In most cases, these consumers have a relatively high purchasing power. Also, consumers prefer convenience to safe time. As a result, they prize convenience over price. This makes them be characterized by a high degree of impulse buying.
To achieve the firm’s corporate objectives, the firm will incorporate a comprehensive marketing program. Marketing program consists of four mains strategies which include products, pricing, distribution and communication (Webster 345).
To ensure that the product appeals to a wide range of customer, the firm will undertake value addition.
Considering the price conscious nature of consumers, the firm will incorporate penetration pricing strategy which will entail setting the price of the products at a relatively low point compared to the competitors. This will aid in enhancing the firm’s price competitiveness.
Several outlets will be established in various regions to enhance accessibility. To be effective in creating market awareness, the firm will incorporate integrated market communication which entails the use of different market communication methods.
The firm intends to increase its customer base to 300,000 customers by 2012. Also, the firm intends to attain sales revenue of $ 3 million and a return on investment of 30% by the end of 2011.
To achieve this, the firm has appreciated the importance of attaining a high level of customer satisfaction. To attain this, the firm has incorporated the concept of customer relationship management. This will aid in improving service delivery.
The resultant effect is that the firm will enhance its relationship with the customers which may lead to the creation of customer loyalty. The firm will also conduct continuous market research to identify changes in the market.
To be effective in implementing the plan, the firm will formulate a comprehensive control program. The program will consist of a Gantt chart which will illustrate the activities to be undertaken and the respective time frame.
Also, several milestones will be set to evaluate the firm’s progress. Through profitability and cost analysis, the firm will be able to evaluate its progress.
Webster, Frederick. Industrial marketing strategy. New York: John Wiley and Sons, 1995. Print.