SWOT Analysis
SWOT analysis stands for the Strength, Weakness, Opportunities, and Threats and this is a technique that is used to assess the four factors about the Tim Hortons. This analysis can help in identifying the about the Tim Hortons’s factors that are holding back and be with the competitors so that the reputation of the Tim Hortons can be maintained properly.
SWOT analysis uncovers the blind spots of Tim Horton. And this will help in finding the strength on which there is a need to work to make them more perfect and more accurate. And this helps in developing the best suitable strategy for Tim Horton’s.
Strength
Strength is the thing that Tim Hortons should about as this is the characteristic which a Tim Hortons should know about the what is the strength of the Tim Hortons and this will be known by the proper analysis of what they provide. The Tim Hortons is providing the best services of food, and the café services which is providing and the feedback from the customer. The high service culture is provided by Tim Horton’s and the sales of the Tim Hortons are increasing in the medium range this is increased by the online ordering of the food which strengthens the business of the Tim Hortons. And this helps increase the sales of the Tim Hortons and also proper delivery with fast delivery options (GURL, et al., 2017).
Weakness
Weakness is the thing that Tim Hortons should know so that they can improve in an organised way and also make that weakness into opportunity. The weakness of the Tim Hortons is difficult to manage the cash flow of the Tim Hortons and there is the price-sensitive nature of the market which is not maintained by the Tim Hortons.
Opportunities
There is an opportunity that should be captured by the Tim Hortons so that Tim Hortons can manage. Tim Hortons should capture the market by targeting the young group of people and also couples. Which needs to be capitalised on by the Tim Hortons.
Threat
Threats are the factors that can be risky and these threats are from the competitors which are making the food cost at low price and services they are providing are not good but also providing the services of the approximately quality so there will be new policies that need to change to avoid the threats to the Tim Hortons (GURL, et al., 2017).
1.2.1 Consumer Analysis
The consumer analysis is done by the proper communication with the consumer so that Tim Hortons can identify the needs of the consumer and fulfilled them according to that. Tim Horton’s meets the consumer’s needs for the food that they order and the services will be provided according to the consumer’s comfort zone which the consumer feels.
1.2.2 Competitive analysis
The competitive analysis of the Tim Hortons is that the competitors also trying to complete their business with the Tim Hortons for this they are providing the services similar to the Tim Hortons and also using the strategies which capture the market and targeted the groups of people so that the Image of the Tim Horton’s Can be deemed (French, et al., 2020).
1.2.3 Market analysis
Tim Hortons is very popular around Canada and this will help to capture the market and dominate the market with its services and consumer satisfaction with this Tim Hortons is leading the market share and represent 41% of the market and 78% of the Canadian coffee sector in last years.
1.2.4 Market Strategy
The market strategy is important for Tim Hortons to improve its image and make it more effective in the market which can be a good strategy. As there is a regular customer survey after the services and also provide the social only discount for the consumers and this will help in the providing a good market strategy for the consumers (Cant, et al., 2015).
1.2.5 Product strategy
Product strategy is important for the quality management of the product and this will provide the image of the Tim Hortons. The product made in the Tim Hortons is from the fresh and hygienic ingredients and this will add benefits to the product strategy of Tim Hortons.
1.2.6 Service strategy
The service which is offered by Tim Hortons is both online deliveries of the food which is ordered through a mobile application in which the delivery services are free and a fast home delivery service so that the market will be covered by Tim Hortons (Cant, et al., 2015).
1.2.7 Price Strategy
The price strategy of the Tim Hortons is to bundle the different items together and offer those bundles at low prices. Like offering the cappuccino with another item to make the item price lower than the actual.
1.2.8 Distribution Strategy
Tim Hortons use the strategy of distribution by reaching products to their customers through three channels standard restaurants, non-standard restaurant and co-branded restaurants, through which Tim Hortons manages the distribution.
1.2.9 Promotion Strategy
Tim Horton focuses on the implementation of advertisement the specific products and combinations by offering the products and free offerings so that this increases the brand loyalty (French, et al., 2020).
References
GURL, E. (2017). SWOT analysis: A theoretical review.
Cant, M. C., Wiid, J. A., & Kallier, S. M. (2015). Product strategy: Factors that influence product strategy decisions of SMEs in South Africa. Journal of Applied Business Research (JABR), 31(2), 621-630.
French, J., Deshpande, S., Evans, W., & Obregon, R. (2020). Key guidelines in developing a pre-emptive COVID-19 vaccination uptake promotion strategy. International journal of environmental research and public health, 17(16), 5893.