GAP Analysis: A technique that businesses use to determine what steps needed to be taken in order to move from its current state to its desired, future state. Also called need-gap analysis, needs analysis, and needs assessment. Gap analysis consists of (1) listing of characteristic factors (such as attributes, competencies, performance levels) of the present situation ("what is"), (2) listing factors needed to achieve future objectives ("what should be"), and then (3) highlighting the gaps that exist and need to be filled. Gap analysis forces a company to reflect on who it is and ask who they want to be in the future. Where is your company now?
Burger King Holdings, Inc. was founded in 1953. Burger King is the world's number 2 hamburger chains after McDonalds. By the early 2000s Burger King is a little left behind. Years of under-investment left it struggling in its rival's shadow by the early2000s. Although a lot of consumers agree that it meals taste better than McDonald ones but it doesn't have the excellent perception created the administrative power and the aggressive marketing of his main by concurrent. It was freed in 2002 from Diageo the number one in wine and spirit drinks, which owned it since 1997, after a merger with Guinness. Although owned by Texas Pacific Group for US$2.26 billion, it recovered its latitudes of the sixties.
The number 2 in hamburger fast food came back progressively in the fight with McDonalds. Since 2004 their performance constantly increased. In their intensive marketing campaign it targeted particularly core young male market. Advertising Age estimated global measured advertising expenditure of US$356m in 2007; making Burger King the world’s number 95 advertisers. Burger King in Malaysia came in December 1997. To date, there are 20restaurants in Malaysia. Look out for more outlets in the near future. There are currently, 3 franchise holders in Malaysia. The largest operating restaurant is managed by Cosmo Restaurants Sdn. Bhd. The first interior concept was the 1960s with featured artists such as Marilyn Monroe, Elvis Presley, James Dean and vintage cars photos. The current concept in Burger King caters for today’s customer requirement for the trendy and modern yet tranquil. Where does your company want to be?
Burger King would like to proudly serve the best burgers in the business, plus a variety of real and authentic foods with all freshly prepared just the way their customer want it. Fairness, diversity, respect, caring, clears accountabilities; teamwork, high standards and commitment to excellence become their values in business. Burger King will prepare and sell quick service food to fulfill their guest needs more accurately, quickly, courteously and in a cleaner environment than their competitors. Burger King will conduct their entire business affair ethically, and with the best employees all over the world. The main mission that Burger King want to be is to continue to grow profitability and responsibly and provide career advancement opportunities for every willing member of their organizations. And because of that reasons, Burger King now provides detailed nutrition information to their guests so they can make informed choices. Therefore, they created the business “Our HAVE IT YOUR WAY® brand” to fulfill their customers’ preferences. Besides, building brand image and awareness using integrated marketing communications is Burger King’s top goal in running their business and sustain in fast food industry. 3. How is your company going to get there?
After several years of steadily declining profits, and upset franchisees, Burger King decided it was time for a change, both in its approach towards it marketing structure to the way it built and supplied new locations. With this desire to change the way the world looked at Burger King, and created new interest in their products, Burger King introduced its “Ace-in-the-hole”, the King. It was the rebirth of a retro Burger King adds campaign redone for the 21st century. Burger King has changed their target market, as well as their marketing mix used to tap into the fast food market. Also, Burger King ensures that their strategic market planning is paid off. Burger King’s target audience is males, aged 18 to 35 who eat fast-food 9 to 16times per month. While they are just 18% of Burger King’s customers, they account for about half of all visits to the stores. Burger Kings segments includes teens who keep up with the latest fashion and music trends for their age group, Blue collar workers who live very busy lifestyles, balancing children and possibly more than one job where they look for quick and convenient meals in their hectic lives.
Besides, Burger King segment it into lower and middle class families with children, young adults busy with school and work, such as college students and lastly Individuals who have a passion for fast food. They are defined by the way they seek convenience, their desire for value. The decision to change the approach Burger King took to marketing its products evolved from extensive environmental scanning and analysis that their marketing considered carefully when designing their marketing mix. The four P’s of their marketing mix are includes their product is made up of primarily fast food items ranging from new competitively priced value menu options, to a line of premium menu options that have a higher profit margin for the store. Burger King has also introduced a line of indulgent products designed to attract the heavy fast food traffic. Burger King hopes to strengthen its stance among their loyal customers who goes to fast-food burger restaurants about 16 times a month and likes sports, movies, music and video games. The typical customers’ uses about five of those visits at Burger King, Chidsey said (Assoc. Press, 2007).Price is designed to be competitive advantage. The range of price and set of packages provided is really affordable and reasonable. Burger King had offered their burgers as cheap as RM1 in Malaysia during limited time promotion. That consensus could break down because Burger King’s competitors will fear the 700-restaurant chain could gain a competitive advantage if its products get a reputation for cheapest price.