Marketing Strategy Of Taco Bell – Taco Bell Marketing Strategy: Taco Bell is an American company that sells Mexican food throughout the world. It is based in California. Taco Bell is a subsidiary of Yum! Brands Inc. offers a variety of Tex-Mex food items that include varieties like quesadillas and burritos as well as tacos, and nachos.
Every every year Taco Bell serves more than 2 billion customers and operates 7,072 restaurants across the globe, of which more than 93% are run by franchisees and independent licensees. The company was established through Glen Bell who started the restaurant in 1948 with just a few hot dog stands in 1948.
The company was then purchased by Yum! Brands, that own brands such as KFC, A&W as well as Pizza Hut, and many more. Read Article: What Is Marketing Strategy? Definition
Did You Know About Taco Bell?
Contents
- 1 Did You Know About Taco Bell?
- 2 Marketing Strategy of Taco Bell – Segmentation, Targeting, Positioning
- 3 Taco Bell Mission Statement
- 4 Taco Bell Vision Statement
- 5 Taco Bell Tagline
- 6 Marketing Strategy of Taco Bell – Competitive Advantage
- 7 Marketing Strategy of Taco Bell – BCG Matrix
- 8 Marketing Strategy of Taco Bell – Distribution Strategy
- 9 Marketing Strategy of Taco Bell – Brand equity
- 10 Marketing Strategy of Taco Bell – Competitive Analysis
- 11 Marketing Strategy of Taco Bell – Customer Analysis
- 12 Marketing Strategy of Taco Bell – Promotional Strategy
[wp-svg-icons icon=”office” wrap=”I”] Company : Taco Bell
[wp-svg-icons icon=”user” wrap=”I”] CEO: Mark King
[wp-svg-icons icon=”user” wrap=”I”] Founder: Glen Bell
[wp-svg-icons icon=”calendar” wrap=”I”] Year founded: March 21, 1962, Downey, CA
[wp-svg-icons icon=”location-2″ wrap=”I”] Headquarters: 1 Glen Bell Way, Irvine, California, U.S.
[wp-svg-icons icon=”stats” wrap=”I”] Annual Revenue: $1.988 billion
[wp-svg-icons icon=”pie” wrap=”i”] Products & Services: Taco Bell is a subsidiary of Yum! Brands, Inc. The restaurants serve a variety of Mexican-inspired foods, that include: tacos, burritos, quesadillas, nachos, novelty and specialty items, along with a variety of “value menu” items.
[wp-svg-icons icon=”pacman” wrap=”I”] Competitors: Chipotle | Graze | Wendy’s | Freshly | Del Taco | Subway | Burger King
[wp-svg-icons icon=”globe” wrap=”I”] Website: www.tacobell.com
Taco Bell Fun Fact: Taco Bell maintains a strong commitment to product innovation. Since its launch, more than one billion DLTs have been sold, making it one of the most iconic innovations in food history. Although the Doritos Locos Tacos was only launched in 2014, R&D teams from both brands had first come together in 2009.
Marketing Strategy of Taco Bell – Segmentation, Targeting, Positioning
Segmentation:
Taco Bell has segmented the market by the demographics that target young people between 20-30. The market is segmented by income level, targeting the middle, low and upper-income groups.
The behavioral segmentation focuses on those who see fast food as a quick and convenient choice to eat and are not necessarily lazy, but aren’t intending to go to the grocery store. The target market it is trying to serve isn’t overly price-sensitive and values convenience and time savings.
These are not the most loyal to their brands since they make their choice purely based on convenience.
Target:
Youth and children from the middle and upper class have been the primary targets of Taco Bell since its inception. They focus on those who are younger, especially those who dine out at least 12 times per month. To draw the younger crowd, it is essential to concentrate on implementing effective advertising strategies that appeal to the demographics of these groups and utilize the communications platforms they are accustomed to.
Taco Bells’ main target market is those between the ages of 18-34 years old. In keeping with the trend in the younger generation, Taco Bell has been offering healthier choices on its menu. They have even experimented with vegan alternatives as well.
At first, they attempted to target the children with special food and toys but this was not helping the sales. Therefore, Taco Bell started targeting young adults and has identified millennials as their primary audience.
Positioning:
Taco Bell has its focuses on healthy youth. It has recently started providing healthy fast food. To implement this positioning strategy to life to fruition, several changes have been implemented to the firm’s plan. Taco Bell has started to test its food offerings including a nutritious menu and healthy breakfast options, which have been hugely popular.
They have also updated their interior design, and branding strategy and have launched a variety of top-quality restaurants around the globe. They’ve also implemented the latest technology in their establishments and have presented several possibilities to engage with the young people genuinely.
Taco Bell Mission Statement
“We take pride in making the best Mexican style fast food providing fast, friendly, & accurate service.” We are the employer of choice offering team members opportunities for growth, advancement, and rewarding careers in a fun, safe working environment.
Taco Bell Vision Statement
“to grow into the largest fast-food provider of Mexican style cuisine in emerging markets.”
Taco Bell Tagline
“Live mas” (mas means ‘more’ in Spanish),
Marketing Strategy of Taco Bell – Competitive Advantage
Innovation:
Taco Bell has its main emphasis on innovation, but also on marketing and branding of its Taco Bell products. The company’s approach to innovation has allowed Taco Bell to become one of the most recognizable brands in the fast-food market. The brand’s innovative menu and innovative marketing strategies have benefited the growth of Taco Bell’s brand. The brand is a reflection of the food industry and is looking at the traditional menu and changing it according to the preferences of the consumers.
In the year 2009, Taco Bell closed the quarter with an increase of 8 percent in sales across the entire system and the credit is due to new concepts and innovations Taco Bell implements.
Taco Bell aims to expand to 1,000 locations from its current 280 in 2020. The company has launched two Taco Bell Cantinas that are an extension with a more sophisticated design that serves food and drinks in an open-kitchen concept. They also have employed the latest technology to improve the speed of ordering pickup.
Taco Bell has developed a mobile application and it has been downloaded 4.9 million times, which allows customers to place orders for the mill and pay for it without having to wait in line.
Effective target:
Taco Bell has been successful in capturing the attention of Millennial consumers and gaining their loyalty. They’ve shifted away from focusing on kids and families and now cater to a wider range of niche customers.
Taco Bell understands that technology has significantly influenced this segment. Taco Bell has been able to take advantage of its need for quick and easy meals and technology by implementing innovative and entertaining marketing strategies.
Taco Bell has been able to identify the right audience and reach them with effective social media marketing campaigns.
Taco Bell has a targeted specific youth-based segment of the population and has managed to reach them via their unapologetic sarcastic and humorous style of comedy. Taco Bell has been able to establish connections with its customers via social media and directly to them, building personal relationships rather than creating the foundation of a business.
Taco Bell understands that millennials are social media users and has developed digital initiatives to be on top of the fashions.
Marketing Strategy of Taco Bell – BCG Matrix
Taco Bell is one of the most adored fast-growing, reliable, and fast-food chains and boasts one of the top franchise owners in the world. More than 350 franchise companies operate in 7000 locations and provide more than 40 million customers every week.
For Yum! Brands that own fast-food chains such as KFC as well as Pizza Hut, and Taco Bell are in the category of star brands. In India, Yum! Brands are planning to open over 100 stores in the next five years. Taco Bell’s Taco Bell’s product development strategy of Taco Bell has been proven to be top-of-the-line and has been ranked as America’s No number one restaurant.
Your favorite Mexican Fast food establishment. Because it is a massive growth opportunity and Yum! Brands invest in the expansion of Taco Bell, it falls into the “star” class within BCG’s matrix. BCG matrix.
Marketing Strategy of Taco Bell – Distribution Strategy
Taco Bell is a global business with a presence across Saudi Arabia, South Korea, Spain, Sri Lanka Saudi Arabia, South Korea, Spain, Sri Lanka, Netherlands, Philippines, and Romania among others. Taco Bell’s distribution occurs through malls, outlets, and exclusive stores.
In the Taco Bell Express chain, there is also a variety of drive-throughs and small shop locations that are situated in convenience stores. Customers can also purchase from their website. The company plans to start 1550 restaurants out of the current 280 outlets outside of the US by 2023.
In India, Yum! Brands have partnered together with franchisees in India and plan to establish stores in cities such as Hyderabad in addition to Chandigarh.
Marketing Strategy of Taco Bell – Brand equity
The brand approach that is employed by Taco Bell keeps on changing to accommodate the evolving requirements and preferences of the younger customers. Taco Bell has a convenient element that is linked to the brand. When customers are looking for trustworthy food that has high-quality and consistent taste. can offer many different options on the menu for food. Customers frequent Taco Bell to enjoy the meals.
Taco bell usually offers low-cost food choices for its customers. In India the country, it’s to provides soft drinks for free with every purchase. This is due to its successful brand strategy that is so youth-focused customers look for good healthy food from Taco Bell.
Taco Bell has consumers going back to the shop more frequently due to its quality nutritious, convenient, and tasty food options. This method has proven to be successful for Taco Bell.
Marketing Strategy of Taco Bell – Competitive Analysis
One of the latest threats for Taco Bell is Chipotle. Their food is more expensive, but they are quickly increasing their sales and offering Mexican nutritious food to each increasing health-conscious customer.
The menu is straightforward and does not offer many options, but it does serve authentic Mexican food. There is always the threat of new competitors, but prospective applicants may reconsider their entry into the business because of the loyalties that exist for Taco Bell. Taco Bell brand.
Other rivals of Taco Bell are KFC, Pizza Hut, Dominos, and many more. Yum! Brands have spent two decades developing the brand of KFC as well as Pizza Hut in India and is now looking to make it easier for Mexican food. With brands such as McDonald’s, Subway, Subway, etc.
The competition is fierce and tough, therefore Taco Bell needs to keep creating new ideas and employing innovative strategies to remain ahead of the game.
Marketing Strategy of Taco Bell – Customer Analysis
The customers of Taco Bell are typically between 20 and 35 years old. The brand strategy used by Taco Bell is to be more appealing to the younger generation of consumers.
Users who wish to be able to choose food choices that are nutritious, delicious, and reliable, customers choose Taco Bell according to research about the customers from Taco Bell, why they prefer the brand is because they are reasonably priced and reliable. They also have many healthy options available when compared to the likes of KFC, Mac D, or Pizza Hut.
The customers are the most loyal to Taco Bell, and they are sure to visit the restaurant more than one time.
Marketing Strategy of Taco Bell – Promotional Strategy
Taco Bell was one of the first fast-food chains to tap involved in the trend of short-form video ads and their content was seen regularly through Instagram along with Vine. The launch of a new campaign titled “Feed the Beat,” enabled customers to discover new bands as well as the newest bands to discover their followers. It was a hugely successful campaign, allowing customers to connect to their favorite bands at the restaurants.
Taco Bell has always been adept at creating content that has a positive impact on the people who consume it. Taco Bell has been targeting particular niches of consumers which is why it’s been so successful in its marketing campaigns. Their tweets such as “Do you sell bells” along with hashtags such as “#10ThingsIGetAlot” were very famous and garnered a large quantity of interest from their coveted customer base.
A good way to ensure that Taco bell is targeting influential individuals is by providing the product before its release to generate excitement about the brand-new food item.
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