Wendy’s is one of the leading international hamburger fast food restaurant chains in the world. The company’s marketing mix (4Ps) supports such industry position. The marketing mix defines the strategies and tactics the company uses to implement its marketing plan, and indicates how the business relates with the target market. Wendy’s marketing mix is the company’s approach to the dynamics of the fast food market. This approach changes according to trends in the global market. The marketing mix shows how Wendy’s addresses issues and needs in the market.
Wendy’s marketing mix (4Ps) shows that the company relies on traditional approaches to reach target customers in various markets worldwide.
Wendy’s Products (Product Mix)
Wendy’s is known for hamburgers. However, the company offers many other products. In this component of the marketing mix, organizational outputs are considered. The following are the product lines in Wendy’s product mix:
While hamburgers are the main product line, Wendy’s offers other product lines to complete the customer experience. For example, with hamburgers, sides, salads, beverages and desserts, customers can enjoy a full meal. This component of the marketing mix involves standardization of products, which supports economies of scale and Wendy’s generic strategy.
Place/Distribution in Wendy’s Marketing Mix
Wendy’s completes most of its transactions in its restaurants. This component of the marketing mix identifies the places or venues through which the firm transacts with its customers. In Wendy’s case, the following are the places for distributing products:
- Mobile app
Wendy’s generates most of its revenues at its restaurants. However, the company also occasionally uses kiosks, such as those located in malls and venues of special events. Customers can also place their orders through Wendy’s website. In addition, the company allows consumers to access the menu and special deals through the Wendy’s mobile app. This component of the marketing mix shows that Wendy’s relies on opening more restaurants to maximize its growth.
Wendy’s Promotion (Promotional Mix)
Wendy’s promotes its products through a variety of strategies and tactics. This component of the marketing mix presents the communication strategies and tactics the company uses to reach its target consumers. Wendy’s applies the following promotion tactics, arranged according to significance:
- Advertising (Wendy’s main tactic)
- Personal selling
- Sales promotion
- Public relations
Advertising is the primary tactic Wendy’s uses to promote its products. For example, the company advertises its products through print media, television, and online media. Wendy’s also uses personal selling to communicate with customers. For example, restaurant personnel usually encourage customers to order more products, such as desserts or sides. Wendy’s applies sales promotion in the form of short-term special offers and discounts. For instance, the company occasionally distributes discount coupons to customers. Moreover, Wendy’s implements public relations as a way of promoting its business and products, such as when the company sponsors special community events to make the brand more popular. Thus, Wendy’s addresses this component of the marketing mix mostly through advertising and personal selling, which are significant determinants of the company’s revenues.
Wendy’s Prices and Pricing Strategy
Wendy’s pricing strategy is similar to those of firms like McDonald’s and Burger King. This component of the marketing mix identifies the company’s strategies for setting its prices. Wendy’s applies the following pricing strategies:
- Market-oriented pricing strategy
- Product bundle pricing strategy
Wendy’s main pricing strategy is market-oriented. This pricing strategy reflects the conditions of the market and the competitive landscape. For example, changes in demand and supply are used to adjust the prices of Wendy’s products. On the other hand, the product bundle pricing strategy involves offering product groups (e.g. combo meals) for a discount. These pricing strategies are supported through Wendy’s generic strategy.
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