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One of the products which are currently in the maturity stage of the cycle is the fast food of Burger King, and there are two main reasons for this standpoint. First, it is clearly established in the market as it has been successfully competing with other similar restaurants for many years (“Burger King Market Share is Surprising”). Second, the pace of its growth has been reported to be slow as the market share is relatively small and does not increase (“Burger King Market Share is Surprising”). Therefore, Burger King’s offers are in the maturity stage, but their sales can be improved when changing policies.
A strategy that can be useful for extending the life of the product is boosting innovation in the range of items on the menu to enhance profits. The decision to frequently update them might be beneficial for ensuring Burger King’s popularity among customers in the long run, and the prices should also be readjusted. They can be established with regard to those of competitors to make them slightly lower to attract people, and the distribution strategy should be selective to guarantee demand in specific locations. In advertising, the company could rely on what makes it different from McDonald’s (“Burger King Market Share is Surprising”). As for a sales promotion, an optimal solution would be introducing freebies for a limited period of time.
To summarize, the growth of Burger King in the future depends on timely efforts in modifying operations. They include introducing new items, realigning the prices as per demand in specific locations and lowering them, and distinguishing itself from other companies while providing freebies to attract customers. These ideas might help the business survive in the long run since popularity should be prioritized in the context of a low market share.
Work Cited
“Burger King Market Share is Surprising.”Financhill, 2021.
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