Executive Summary The millennial generation, born between 1981 and 2000, is coming of age, and businesses of all types must develop strategies to market to is a proven this growing demographic. Wendy’s innovator and product developer in the quick service restaurant (QSR) industry, and it is safe to believe they will be among the first movers to appeal to millennials. Competing in the QSR industry is no easy task, as the aggressive low-cost and Burger King use providers McDonald’s innovations to their benefit. However, has managed to maintain their core Wendy’s Wendy’s competencies: their reputation for quality, competitive prices and customer service, while maintaining the second-highest market share in the burger industry. By introducing new products that are healthy, gratifying, and convenient, can Wendy’s be the first to appeal to the target market of millennials. The Slider Combination and the Chicken Chili side will provide consumers with quick, cost-effective products of superior quality, thus keeping in line with core competencies. By using social media promotion, awareness Wendy’s will be generated more swiftly among the target market. The product will be introduced using a penetration pricing strategy in order to encourage more sales during the introductory phase of the product. Finally, hours will be extended even later into the night in order to make the products more convenient and accessible to millennials. Through this strategy, once again Wendy’s will lead the drive for innovation in the quick service market. Demographic Needs Analysis
Executive Summary The millennial generation, born between 1981 and 2000, is coming of age, and businesses of all types must develop strategies to market to this growing demographic. Wendy’s is a proven innovator and product developer in the quick service restaurant (QSR) industry, and it is safe to believe they will be among the first movers to appeal to millennials. Competing in the QSR industry is no easy task, as the aggressive low-cost providers McDonald’s and Burger King use Wendy’s innovations to their benefit. However, Wendy’s has managed to maintain their core competencies: their reputation for quality, competitive prices and customer service, while maintaining the second-highest market share in the burger industry. By introducing new products that are healthy, gratifying, and convenient, Wendy’s can be the first to appeal to the target market of millennials. The Slider Combination and the Chicken Chili side will provide consumers with quick, cost-effective products of superior quality, thus keeping in line with Wendy’s core competencies. By using social media promotion, awareness will be generated more swiftly among the target market. The product will be introduced using a penetration pricing strategy in order to encourage more sales during the introductory phase of the product. Finally, hours will be extended even later into the night in order to make the products more convenient and accessible to millennials. Through this strategy, Wendy’s will once again lead the drive for innovation in the quick service market. Demographic Needs Analysis
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