Living Colour Band Term Paper - 550 Words

Living Colour Band (Term Paper Sample) Content: Strategic Quality: Suggestions for KFC and McDonaldà ¢Ã¢â€š ¬sNameInstitutional affiliationStrategic Quality: Suggestions for KFC and McDonaldà ¢Ã¢â€š ¬sKFC and McDonald are among the top international fast food restaurants globally. Although McDonald surpasses KFC in sales and fame, KFC performs better than McDonald in other countries. The aim of this paper is to explain explicit suggestions that this two firms can use to expand their market. I am going to explore two market strategies that can be used in each one of these two firms.Prospector Strategy for KFCKFC like every other organization will be faced with uncertainty. To overcome these risks, whether state uncertainty, effect or respond, KFC should adopt its respond (ROBERTS-LOMBARD, 2009). In this case the prospector strategy. Prospector strategy involves active programs that enable a firm expand into new markets stimulating new opportunities. An organization following this type of prospector strategy should be highly innovative and continuously seeking new markets and prospects (Sun, 2006). The firm should be conversant with growth and should be able to take risks (Millington, 2015).KFC should use prospector strategy because they are a growing market and need to experiment regularly with potential responses to environmental trends that are emerging from the new market that they are creating. Instead of KFC centering their focus on the young generation, they can develop a new idea that should be serving different categories of customers with different meals. It can come out with a family package that serves the whole familyKFC can also come out with new products and including them in their menu. They can also venture into catering services and functions like after school parties and site selling for outdoor events. It should also encourage its employees to develop new ideas and products so as to excel in the business market (Millington, 2015).McDonalds Defender strategyOrganizations th at adopt the defender strategy are companies that produce a restricted set of products directed at a very constricted section of the total market (Sun, 2006). These organizations ignore trends and progress outside their distinct area and their growth is often based on market penetration (Marek, 2014). Firms with this kind of strategy try to avert other companies from entering their market.McDonaldà ¢Ã¢â€š ¬s has a global, extensive presence and acclaimed products. It is an already established company and can use this strategy to deter other firms from entering its market by lowering prices that their competitors would fail to meet in regards to making profits. McDonaldà ¢Ã¢â€š ¬s is a capital intensive company ranked at the top in terms of sales and assets. It can, therefore, use efficiency (mechanization) to reduce the cost of production and subsequently market prices (Marek, 2014).Its success can be determined by the way it can effectively use this strategy. If the firm is threa tened by the growth of KFC, it can roll out a new product that KFC does not have in the market and enhance profits. Thus by doing this, it will still retain the market and maybe be able to keep th... Living Colour Band Term Paper - 550 Words Living Colour Band (Term Paper Sample) Content: Strategic Quality: Suggestions for KFC and McDonaldà ¢Ã¢â€š ¬sNameInstitutional affiliationStrategic Quality: Suggestions for KFC and McDonaldà ¢Ã¢â€š ¬sKFC and McDonald are among the top international fast food restaurants globally. Although McDonald surpasses KFC in sales and fame, KFC performs better than McDonald in other countries. The aim of this paper is to explain explicit suggestions that this two firms can use to expand their market. I am going to explore two market strategies that can be used in each one of these two firms.Prospector Strategy for KFCKFC like every other organization will be faced with uncertainty. To overcome these risks, whether state uncertainty, effect or respond, KFC should adopt its respond (ROBERTS-LOMBARD, 2009). In this case the prospector strategy. Prospector strategy involves active programs that enable a firm expand into new markets stimulating new opportunities. An organization following this type of prospector strategy should be highly innovative and continuously seeking new markets and prospects (Sun, 2006). The firm should be conversant with growth and should be able to take risks (Millington, 2015).KFC should use prospector strategy because they are a growing market and need to experiment regularly with potential responses to environmental trends that are emerging from the new market that they are creating. Instead of KFC centering their focus on the young generation, they can develop a new idea that should be serving different categories of customers with different meals. It can come out with a family package that serves the whole familyKFC can also come out with new products and including them in their menu. They can also venture into catering services and functions like after school parties and site selling for outdoor events. It should also encourage its employees to develop new ideas and products so as to excel in the business market (Millington, 2015).McDonalds Defender strategyOrganizations th at adopt the defender strategy are companies that produce a restricted set of products directed at a very constricted section of the total market (Sun, 2006). These organizations ignore trends and progress outside their distinct area and their growth is often based on market penetration (Marek, 2014). Firms with this kind of strategy try to avert other companies from entering their market.McDonaldà ¢Ã¢â€š ¬s has a global, extensive presence and acclaimed products. It is an already established company and can use this strategy to deter other firms from entering its market by lowering prices that their competitors would fail to meet in regards to making profits. McDonaldà ¢Ã¢â€š ¬s is a capital intensive company ranked at the top in terms of sales and assets. It can, therefore, use efficiency (mechanization) to reduce the cost of production and subsequently market prices (Marek, 2014).Its success can be determined by the way it can effectively use this strategy. If the firm is threa tened by the growth of KFC, it can roll out a new product that KFC does not have in the market and enhance profits. Thus by doing this, it will still retain the market and maybe be able to keep th...