Wendy's Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Wendy's through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Wendy's Product Strategy:
Wendy's is a popular fast food chain brand, based out of USA. As Wendy's is well known for its hamburgers, to match with the competitors, it offers other varieties of products. There are six segments in its marketing mix product lines, which are Burgers, Chicken wraps & more, Fresh-Made Salads, Fries, Frosty, and Beverages. It has an additional segment of featured items in its product line. The depth of each section is explained below:
Burgers
There is product depth of 10 burgers available in this product line such as Dave’s Single, Dave’s Double, Dave’s triple, Baconator and six more of this kind.
Wraps
All sorts of Chicken Sandwich, Chicken Nuggets, Chicken tenders and chicken wraps fall under this segment.
Salads
Six types of salads are offered in this segments those are Taco Salads, Mediterranean Chicken Salad, Apple Pecan Chicken Salad, Spicy Chicken Caesar, Caesar Side Salad and Garden Side Salad.
Fries & Sides
In this segment, there are varieties of items offered such as French fries, Baconator fries, Chive Baked potatoes, bacon cheese potato, Caesar Side Salad, etc.
Frosty & Beverages
Wendy's serves two types of frosty, chocolate frosty and vanilla frosty. Wendy's serves all sort of beverages such as cold-drinks, coffee, Chillers, Lemonade, Iced-tea, etc.
Image: flickr.com/photos/jeepersmedia/
This concludes the product strategy in Wendy's marketing mix & strategy.
Wendy's Price/Pricing Strategy:
Below is the pricing strategy in Wendy's marketing mix strategy:
The pricing strategy of Wendy's is market-oriented, and it fundamentally changes according to the market condition. The main thing is that the pricing strategy depends on the geography because the value cannot be of the product not be same in every country; it differs from countries to countries.
On an average, a burger costs $5 in USA. So, it depends on the value of the product in the respective country. Wendy's also has bundle pricing strategy wherein it offers products in combo let’s say one burger + 1 fries + 1 beverages at a lower price. These kinds of pricing strategy helped in competing with brands like McDonald’s and Burger King. Annually, the company sees an average revenue of $1 billion.
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Wendy's Place & Distribution Strategy:
Following is the distribution strategy in the Wendy's marketing mix:
The headquarters of Wendy's are in Ohio, USA. It is located in more than 6000 locations with 300 of the stores are company owned, and rest of them are franchised. Most of the revenues of the business come from the restaurants. It has delivery system also, but in-store customers are the major source of income. The in-store experience of Wendy's is premium; it has a well decorated visual merchandise which displays the products, the ambiance of the restaurants is also quite nice. It uses special kind of kiosks and organizes small events in the restaurant. It has an excellent user-friendly website, and it has the presence of mobile application too.
So, foods can be ordered online through the site as well as through mobile app.
Wendy's Promotion & Advertising Strategy:
The promotional and advertising strategy in the Wendy's marketing mix is as follows:
The promotion of Wendy's is being done considering the competitors like McDonald’s, Burger King, KFC, Subway, etc. The red-haired mascot in Wendy's commercials is a phenomenal hit. The company deals with both offline and online promotions. In online promotion, the company actively use Facebook, Youtube, Twitter to target the masses through love song, various videos, and memes. The company has come up with a video series for women named “Hollywire: Wendy's Fresh Trend Showdown.” This series is a blockbuster hit among the masses, and it gives a phenomenal visibility of the company across the world. It has a “Midnight push plan” which provides the food services after the midnight as well. It attracts many young consumers such as college students, young IT crowd, etc.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Wendy's.
People:
Since Wendy's is a retail chain, people involved in the fast food industry are the main source of revenue generation because the hotel staffs are the service providers to the customers. In this case, the company has maintained the standard to provide world-class services to its customers. Wendy's always recruits staffs according to their capability to hard work and molds them according to the company guidelines by providing proper training sessions for the first few weeks. The customers also come under this segment because the customers are the sole reason for the existence of any retailers.
Process:
Wendy's is known for its world-class services because it has sophisticated types of queuing system. The customer can either order foods from the website and mobile application or by going physically to the nearest Wendy's outlet. It has a proper visual menu displayer, which flashes the proper menus and the deals of the day. It has Order number system, which shoots the order number once the order is prepared. It has a self-service customer system.
Physical Evidence:
Wendy's stores are its biggest physical presence along with its packaging, take away boxes etc. The mascot girl outside each outlet attracts the kids for burgers. The look of the interiors of the restaurant is well decorated. The proper arrangements of Dine-in tables and chairs of the same color look out of this world. The employees and staffs are also well dressed and groomed to give an excellent visual satisfaction to the customers. This gives an insight on Wendy's marketing strategy and marketing mix.
About Wendy's:
Wendy's is an American fast food venture, and it is one of the leading international fast food chains that is famous for its hamburgers. The company was founded by Dave Thomas in the year 1969, in Columbus, Ohio but now the headquarters are in Dublin, Ohio. Wendy's was a self-owned company until the year 2008, after that it got merged with Tirac Companies Inc., and now the merger is known as “The Wendy's Company.” Wendy's is on of largest fast-food chain after McDonald’s and Burger King.
It is located in more than 6000 locations with 5% company owned, and rest of them are franchised. Around 75% of the restaurants are situated in North America, and rest are spread worldwide.
Browse marketing strategy and 4Ps analysis of more brands similar to Wendy's. The Marketing Mix & Strategy section covers 4Ps and 7Ps of more than 800 brands in 2 categories.
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