Helping Tim Horton's Stay Competitive : A Strategic Marketing Plan to Help Tim Horton's Thrive in the U.S. Market
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This paper presents a marketing plan that offers an opportunity for Tim Horton's to tap into an unfamiliar consumer base using site selection, market segmentation, and consumer behavior theory. To thrive in the U.S. market, Tim Horton's has to find a way to keep up with the heavy competition. Tim Horton's currently has 866 restaurants in the U.S. They are a well-established company in the U.S. but are still growing. Additionally, this market is very crowded. Competitors are continuously moving into Tim Horton's territory. This plan addresses ways Tim Horton's can not only succeed and stay ahead of competition but also thrive in the U.S. market. The paper begins with a review of current literature about site-selection theory and location analysis, market segmentation, and consumer behavior. A variety of brand-building and marketing techniques for Tim Horton's are discussed, emphasizing the use of digital and event marketing. In general, the studies come up with eight main factors that affect the site-selection process. They are, 1) location, 2) the area's future value, 3) physical characteristics of the building, 4) visibility, 5) accessibility, 6) traffic patterns, 7) competition, costs, and 8] the presence of other complementary stores, including restaurants. The studies also feel that a company should understand its competition just as much as its consumers. Many markets are significantly, but not completely, heterogeneous regarding consumers' needs, wants, user requirements, tastes, and preferences. Therefore, these markets can be divided into smaller, meaningful, relatively homogeneous segments of consumers. The literature review is followed by a connection section, between the current literature to the question: how can Tim Horton's thrive in the U.S. market? The connection section is then followed by a marketing plan, which includes a situational analysis, market strategy, and tactics. The plan identifies the macro environmental and micro environmental factors that affect Tim Horton's and their competitors, and aspects of the business through a SWOT analysis. The objectives of the marketing plan are to offer Tim Horton's helpful and insightful information on where to locate their future businesses for success. It also provides.an opportunity for Tim Horton's to stay ahead of the competition in this stiff market. One current marketing strategy that will be addressed is digital and event marketing for the new hangout areas, "Tim's Corner." The plan spans one year, to be evaluated after one year for the new restaurants and to be evaluated by surveys in existing restaurants. There will also be a case study that projects the financial growth that Tim Horton's will gain from adding Tim's Corner. This paper suggests that through a combination of marketing techniques and the addition of Tim's Corner, it is possible for Tim Horton's to thrive in the U.S. market.
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