Mkt80010 Marketing Strategy: Marketing Plan Assessment Answers

• Marketing Strategy Analysis Including 4Ps & Brand -And Targeting
• Stakeholder Analysis
• Csr
• Recommendations (New Marketing Strategy)
• Implementation (Use Gantt Chart)
• Monitoring & Control

Market Segmentation 

Domino’s Pizza has a wide target market for its products. Dominos makes pizza for every consumer especially those who like eating gluten free pizza and huge menus with healthy diet (Bhasin, 2016). With health becoming a key concern currently, the firm is targeting a niche that is health conscious through the introduction of new superior salads. The firm also targets the fast-paced customers section. Through the launch of you have 30 minutes advertising slogan, the company has attracted a larger consumer segment.

Dominos Growth Strategy

For the pizza lovers, Domino's pizza is not usually the best place of their choice, however, the firm's retail store has developed a bit faster than other retail chains (MBA Tutorials, n.d.). Domino's pizza also has an improved taste, and has worked on mobile and digital marketing which makes it easier and faster for clients to place and track their orders. The company also established apps meant of ordering that cover over 96% smartphones hence generating $2 billion sale in the global digital year.

Marketing Mix 4P’s

Product

In order to capture the global market Domino's pizza implemented an Adaptive strategy whereby, the company localized its flavors such as Crunchy thin crust, Deluxe Chicken with Mustard sauce etc.

Price

Domino's Pizza offers its products at a reduced price as compared to its competitors. Some of the global competitors in the industry include the McDonalds and KFC (Nasdaq, 2017). In comparison with Dominion, both KFC and McDonalds charge their products slightly higher.

Place

The company has three segments which are domestic supply chain, international stores and domestic store. The company also has over 4075 franchise stores in more than 65 global markets.

Promotions

Domino's Pizza acknowledges the use of internet as an important means of communication to get to its global customers. The company utilizes different social media platforms to market its products (Ling, 2013). For instance, the company operates a vibrant Facebook page where the company collects feedback from its customers, and uses that information to improve their service delivery. In addition, the company also runs a website, through which customers can place their orders and get delivery.

Stakeholders Analysis

Domino's Pizza has a number of key stakeholders: the government, owners, customers, employees, suppliers and the local community.

 Government

• Exercises absolute power over the business, in case of contradictions the company engages in with the government, which receives penalties.

  Shareholders

• Have power and interest on the business as a result of investing their money in the business.
• They are the overall decision makers: they have the power for decisions that are vital to the future developments of the company.

 Employees

• Have low power and high interest over the business.

Local community

• Have high interest but low power on the business practice.

 Suppliers

• Have high power butlow interest due to their low bargaining power.

 Customers

• Have high power and low interest in the business because of the customer’s behavior on the company's decision making process.

Corporate Social Responsibility

Domino’s Pizza considers its impact on its surrounding environment, its employees and its community in which it operates in.  

Community: Supporting the people through the delivery of more products.

Domino’s franchisees are always working hard and striving to give back to the communities they operate in.

Environment:  Taking care of the future planet

The company is continuously looking for ways of improving energy efficacy in order to cut down energy costs and consumption expenses.

Workplace: Treatment of people with respect and fairly.

The company is an employer with equal opportunities and is dedicated to the advancement in team member through initiatives development and learning.

Marketplace: Provision of good food for all.

Domino’s company is constantly monitoring the food quality and is relentlessly working on the ways of improving it.

Recommendations / New Marketing Strategies

Short Term Recommendations

To deal with the hard-economic periods, Domino's will have to finance marketing processes such as providing special offers and vouchers for specific times and reasons (Young, 2009). For instance, the firm can offer reduced Pizza prices on every Sunday. By doing so the company will be in a position to compete with its competitors and increase their revenue (Henry, 2010). Also, Dominoes can improve its number of customers through enhancement of its online ordering process. Through the enhancement of online ordering process, Domino's would be more competitive than its competitors in the market, this will also make the company more flexible in terms of handling their consumer’s needs. Additionally, the company should also enhance its delivery strategy. Domino’s should establish better ways of delivering pizza to its customers. This would help improve the clients vision for the organization, hence increasing its market share and profits. 

Long Term Recommendations

Domino's has continuously produced huge returns in the past few years. For the company to raise its customer base and expand internationally it has to employ several strategies. For instance, the company can provide new menu that matches with the culture of community the store is situated (Henry, 2010). The company can also develop new products, and open many other stores around the world. All these strategies have an impact of making sure that there is global recognition of the Dominos brand. 

By integrating local menu in the provision of the services, Dominion can be able to earn the loyalty of their customers. Customers will develop a sense of belonging if the company offers a menu that reflects the culture of the community they belong. In return the company will be able to generate sufficient revenue. This revenue can be used in opening more store in different parts of the globe. In the creation of the menu, Dominos can also offer chicken and other poultry products such as duck.

Implementation

Gantt Chart 

Source: (Bhasin, 2016)

Monitoring and Control

Planning and controlling will be developed through the top down management methodology which focuses on the management goals that are set above and monitored as follows:

Strategic goals Measurement method
Increasing franchise stores from 64 to 120 in a period of three years.

Increasing the net return by 121% in a span of three years.
Creating brand awareness through Industrial analysis by 30%.
Target monitoring

The set objectives are set to be realized in the next 2 years, that is from 2017 to 2019.  The objectives to be achieved in general, comprises both qualitative and quantitative goals that have not been highlighted in this report. However, since these are extended goals covering a long time, the management will have to subdivide them into short term objectives. These objects will be monitored effectively by having a control and target monitoring framework.

References

Bhasin, H. (2016, 12 6). Marketing Strategy of Dominos – Dominos strategy. Retrieved from www.marketing91.com: https://www.marketing91.com/marketing-strategy-of-dominos/

Henry, J. (2010, 3 8). Domino's Pizza. Retrieved from https://www2.dsu.nodak.edu: https://adage.com/article/media/pizza-hut-domino-s-media-strategy/139027/

Ling, C. N. (2013). Marketing Management. Retrieved from www.scribd.com/: https://www.scribd.com/doc/138079808/Domino-s-New-Marketing-Plan

MBA Tutorials. (n.d.). Marketing Plan for Domino's Pizza. Retrieved from www.mba-tutorials.com: https://www.mba-tutorials.com/marketing/swot-analysis-marketing/1957-marketing-plan-of-dominos-pizza-2.html

Nasdaq. (2017). Competitor Industry: Food Distributors. Retrieved from www.nasdaq.com: https://www.nasdaq.com/symbol/dpz/competitors

Young, A. (2009, 9). Pizza Hut vs. Domino's: Who Delivered the Best Media Strategy? Retrieved from https://adage.com/article/media/pizza-hut-domino-s-media-strategy/139027/