CASE STUDY: Please read through the following case and answer all questions. KFC Turnaround Strategy New management toda

[answerhappygod]

CASE STUDY: Please read through the following case and answer
all questions. KFC Turnaround Strategy New management today is
incredibly deliberate about making the KFC brand relevant again.
There’s two big ways for doing that, in the context of this
industry: and that is through bold marketing activations and bold
menu innovation. It’s all about making the brand and the product
really relevant to emerging and quickly changing consumer taste.
They will do this in a way that’s grounded in how the brand is
currently positioned, yet it has to be dynamic enough to push out
those boundaries. The new assigned CMO is finding ways to take
what’s iconic about the brand to where their customers are to show
up in unexpected way that ultimately make those experiences better
for them. Looking out for trends and trying to be there in the
moment when those trends are happening, willing to go outside of
what is comfortable. You need to research trends and insert your
brand into them. To be relevant is much harder, and it starts with
really knowing who you are, as a brand. KFC began working in 2014
and that was really the start of the turnaround. Spent months going
through the archives and to realize that when KFC had been at their
best as a brand, it was led by the heartbeat of our brand, Colonel
Sanders. The new assigned CMO also chose to put all those
evocative, iconic signifiers – the Red & White Bucket, the
Colonel tie – back into the front and center of the brand. Once
re-grounded on who the brand was, they looked for new ways to show
up and express that. KFC wants to create experiences that people
want to be a part of that elevate what people are already doing.
Also like to find micro-cultures and experiment around how we can
embed into them. Fundamentally, you want to be a brand that people
want to be a part of. It’s that simple. You don’t want to be
slapping your logo onto things; you want to create experiences that
people want to get involved with. For example, if KFC was concerned
with staying conventional, they could hire a few Instagram
influencers and get them eating and talking about KFC. And that
would be just fine. Instead, they looked at the trend for
Influencers and asked how to embed the brand in that trend in a way
that would invite people in. So, KFC used Colonel into a virtual
influencer and he struck a chord with the public. People really
began to follow him, engage with him, to such an extent that,
ultimately, we were paid by brands like Dr Pepper, Casper, and Old
Spice to promote their products. In the end, a quarter of KFC media
spend on this Page 2 of 3 campaign was paid for by other brands.
And the virtual Colonel was out there influencing on behalf of
other brands. You don’t get any more relevant than when other
brands are paying you to make their brands relevant. Fast food
customers have a lot of choice and are not very loyal, so spending
a lot of time building an innovation program that is highly
craveable to customers, so that they want to come to the brand.
There was a time that the KFC brand risked becoming irrelevant, so
committing to becoming a brand that is relevant across generations
was the only option. Reconnected with heritage to understand what
of core anchors emotionally to customers, and then looked at how we
could innovate and push boundaries to drive our relevance and
deliver this kind of growth. Menu innovation needs to be exciting
and really make people want to come to KFC to try it. Yet, KFC
experience and pricelists must stay affordable for the relevant
target market KFC chooses to do business with. The appearance of
this menu innovation program was Chicken & Waffle that launched
in the fall. Waffles are a huge food trend, that most people have
heard of but haven’t tried, either because they couldn’t find it or
they couldn’t afford it. By bringing in a delicious waffle that
could serve hot at over 4,000 restaurants around the country, at a
price point that people could afford, that allowed them to be a
part of this huge food trend. It’s delivered through a product that
is at the core of our business, our world-famous fried chicken, so
we can do it in a way that’s grounded in who we are – but pushes
into a trend that’s happening out in the world
. Questions: 1. Considering the above mentioned in the case,
please explain KFC competitive strategy for growing the business
and how it is reflecting on their new brand Positioning strategy
and how it may apply on their marketing offering with all its 3 key
components. 2. Please explain your view in detail for KFC brand
communication mix as mentioned above in the case and how it may/may
not serve their strategy turnaround attempt and what do you think
they should do further if any to achieve their strategic goals