Summary Analysis
Competitor Analysis
The company has various competitors that are in the same industry; however, Tim Horton’s company have a various competitive advantage over the other competitors. Various elements gives the company a competitive advantage over its opponents in the industry they include, the product, type of operations, production and distribution, and lastly, marketing. The company has a variety of products in the food chain that gives it an upper hand in the market space. More so, the dynamics and strategies and structures set by Tim Horton company production and distribution channels make it easier for the company to efficiently produce and supply to the markets with ease, unlike the other opponents. In addition, the twenty four hour operation system, and the operations at different stations and locations gives the company the competitive advantage over the other opponents that are likely to have limited operations.in terms of the marketing techniques applied the company is diverse as it uses close to all media, and channels from radio, television to brochures, and also billboards, unlike the other opponents which might be limited in specific mediums and channels of marketing.
Strategy Formulations
In order for the company to grow there are, strategies that should put into place profoundly in terms of being divided into subsections and segments, that will help and assist the company in terms of growth, and more so to assist in the maximization of the companies proceeds. Some of the major strategies that are to implemented will include, expansion into different markets, one of the most substantial aspect that helps a company in the expansion and growth stage is the diversification into different markets , this will involve a procedure that is commonly known as market segmentation, when the company segments its markets into diversified units this will exponentially lead to growth and also maximization of profits.in addition the company is supposed to take advantage of the food trends and immediately come up with supporting structures that will assist in the implementation of the new food trends. When a company ensures that it is able cope up with the changing market state this will buy the company more time to strategize and ensure that they take advantage of shifting with the market and the changing state of demand.
Strategic Alternatives
There are several and crucial strategic alternatives that can be put into place and implemented to ensure that the company is a notch hire and it is in a state of increasing, and stretching deeper into the market environment. The strategies will take the dimension of data approach this will highly assist and effectively enable the company to optimize its business. The data approach will assist the company in terms of finding in new target markets. For a company to grow it is a necessity that it needs to have engaged not just the already existing clients and market, but rather the company should be in a position to search in for the new and potential markets out there. This will highly increase the company’s customer’s base which will lead to increase in sales and eventually maximize proceeds from the new and existing market. In addition the company is expected to perform market segmentation and increase the social presence. Market segmentation refers to the breaking down of larger unit’s to smaller and manageable units in this case in terms of the market. This gives the company a competitive advantage over the other major players in the food chain. Furthermore increase in social presence will be in terms of increasing the customer base, this will be through the company’s advertisements and promotions on brand awareness. Social presence will be created only when the brand is relatable with the target audience. This practice increases the company’s growth rate and also assist in terms of acquisition of larger markets.
Alternative Evaluation
There are various alternatives that are essential to companies with the desire and intention to take over and monopolize the market. In this case the alternatives that are provided in this food industry company will be majorly the improvement of the menu, market expansion, and taking advantage of the market trends. It is evident that the companies that are in the food industry which improves the menu have higher chances of surviving in the market, and as a result of such evaluation it is crucial for this company to ensure that improvement of the menu is made to enhance the company’s sustainability chances in the unpredicted market. Furthermore market expansion involves opening up new branches that usually assist the company in building and pushing the brand into the diverse markets, this has a positive implication in terms of maximizing proceeds. Trends in market are indicators of change, and shift of the demand, different customers have different tastes and preferences thus a company should be cautious and keen in identifying the emerging trends in order to meet the customer’s needs, and when customers’ needs and wants are met then the company is absolutely in business and will exponentially increase their level of sales which will lead to increased profits.