Taco Time Dreams Grande Case Solution
1. Situation Analysis
Situation analysis for Taco Times is done on the ground of its environment and industry. As Taco Times is a fast food chain in Canada, which deals in affordable food prices and QSR (Quick Service Restaurant).However, with the high consumer demand; there is numerous fast food chain in the market, such as: McDonalds and other competitive companies, which have created tough competition. Taco times has to face tough competition, which has caused it to face the threat of having its operations shut down.
Despite of these rivalries and the presence of tough competition; Taco Times is determined to on its vision and to reposition its business, which could bring success to the company. Moreover, the restaurant-needs to create new marketing strategies to become the dominant Mexican restaurant in Canada which provides the best quality service at budget friendly prices.The best way to promote the business is to remake its marketing strategies and product development in the existing market.
2. Marketing Concept
Marketing concept is the base of any business. Every organization tries to make its marketing strategies efficient, which could result in the effective outcomes. 4ps, market segmentation and strategies are kept under consideration while making marketing concepts. However, the concept of Taco Times is to provide the main course in the Mexican cuisine and become the most demanded fast food restaurants. It has the motive to provide authentic Mexican food. The product line is limited to one cuisine and the marketing strategy is made on the penetration where everyone can afford to have a fine dining experience, not just elite class.
Apart from that, the President Ken Pattenden’s plan is to make the segmentation according to the reflection of Mexican place where the customer would feel that he is sitting in a Mexican city. The geographical attribution should reflect the Mexican outlet. The marketing concept is based on these factors and the company is facing high challenges for 99¢ value meal against the rival companies, which are on the highest ranking of the fast food industry and customer’s preference.
3. SWOT Analysis
The SWOT analysis of Taco Times is done on the basis of the company’s competency and wellness of any organization. The SWOT analysis of Taco Times is described below:
Taco Time has main competency in Mexican menu and it provides the best quality food at affordable pieces. The ambiance of the restaurant is quite good, which has the drive through order base system. The other competency which the restaurant has is that its outlets are located in the commercial areas, which provide the best quality food with the complete Mexican style. The business also has access to the social media platform through which it is connected with the customers and gets their feed backs.
The most important factor the Taco Times is its limited production line and small cuisines, which can create reduce the company’s sales when the rival companies offer variety of cuisinesat much affordable prices. However, Mexican cuisine is not everyone’s cup of tea. There is also a perception of people that they use the local ingredients which are quite unhygienic for health. There is an absence of online delivery system unlike other competitors.
Taco Times can be an opportunist if it implements the online delivery system and offers-discounted deals to the customers. However, it is one of the Mexican restaurants in the Canada, which specializes in Mexican food but if it adds another cuisines, then the company’s sales would increase and so would the customers’ preference. It can also work with the communities to hold different campaigns regarding hygienic foods and it can also start the charitable project to enhance the business’s positioning. It can also take the opportunity by sponsoring the sports activities and different events.
There is a main threat for the company that it is believed by some people that the quality is cheap and the food is unhygienic, because they use local ingredients in the food. Moreover, the other fast food restaurants are offering quality food with a variety of cuisines at affordable prices. The new entrants are also the threat for the business,because the Canadians like to have fast food of different varieties, which creates highest demand in fast food industry. The customer has numerous options to switch where he can have the better quality and service from another restaurant.
4. Research Analysis
The marketing research conducted by the Taco Times was a campaign where the market survey initiated from the focus groups, where they were asked about the food serving ways and the question was regarding which is the better way of serving, on plate or wax paper? The main techniques were used by the company to take the feedback from the focused groups and the prime questions were asked, which could directly reflect their feedback regarding the Mexican food. Moreover, the market epiphany was done through asking the image of Mexican food that what do they perceive when they think about Mexican food. These questions were asked to find out the customers’ demand and their preferences. Moreover, Taco Times promoted its existing Casita Platter heavily in the stores to analyze the customers’ feedback by colorful posters and attractive designs. They found that the average selling of the Casita Platter was much higher than the signature Tacos, fajitas and burritos. Through this way, they decided to reposition and refurbish their interiors and the production line. Taco Times modified its outlets and emphasized more on the elements which could reflect directly the Mexican cuisine and the ambiance.
5. Competitive Assessments
Taco Times does not just have competitors in the fast food industry but also in the Mexican Cuisine where the main competitors are Taco del mar and Chipolata.
|Taco Times has virtual setup where it takes feedback from the customers through social media and interacts with them. It also offers coupons and special offerings to the customers. It also has competitive advantage by offering Mexican cuisine at affordable prices.||Taco Times is considered the cheap quality restaurant because it uses the local ingredients and many customers believe that their food is unhygienic and not good for health.|
|The main strength of Taco bell is offering the best quality food with the natural ingredients, which make its services enhanced. It has greater number of outlets, i.e. approximately 700, which have high loyalty. They have good marketing concepts and promotions.(Team, 2020)||The main weakness of Taco bell is the high calorie food which is not good for the health and contains the high ratio of fats. Moreover, they have limited menu, which is of less preference by the customers as compared to the competitive restaurants.|
|The main competency of Chipolte is its tasty food which is famous all over the world and its quality service which is believed to be integrated and hygienic. It provides fresh food at reasonable prices, which enables it to be highly preferred by the customers.(Chipotle’s SWOT Analysis, 2020)||The weak factor of Chipolte is that it uses the high ratio of sodium in its food, which leads to the higher blood pressure and mostly customers do not prefer its food because of this reason. It also has limited food items in its menu as compared to its competitors.|
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