Harland Sanders started KFC in 1930. Since then, the company has evolved into more than 40,000 outlets operating all over the world. It utilizes both strategic and operational planning in increasing its market value and profitability. KFC has an elaborate mission and vision statement which sets the guideline frameworks upon which it operates. The company periodically sets SMART goals and objectives upon which it directs its efforts. In terms of industry analysis, KFC banks on its strengths as the basis of the competitive advantage. It strives to work on the weaknesses to perfect its position in the market. It also has long term goals to tap into the opportunities that emerge in the industry. Entitled with the responsibility of being the vice president, the strategic plan would have a positive impact in taking control of the performance of the company for the next 3-5 years.
Vision Statement
To be a top-notch foodservice group in the world focusing on customer satisfaction while consistently delivering high-quality products.
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The vision statement implies that the company seeks to be at the top of the competition in the fast-food industry; it has to adopt competitive strategies to be the best among its competitors. Customer satisfaction is crucial in achieving the needs of the customers ( Bora et al., 2017) . The company aims at ensuring that it meets the demands of its customers not only in terms of quality but also service. The mission statement also implies that the company will be firm on the quality; quality standards will be consistent.
Mission Statement
To maximize sales, increase revenue, minimize the cost of production, increase profitability, and increase the rate of expansion.
The mission statement focuses on the developmental aspect of KFC. By effectively implementing the vision statement, the company will be able to have a higher market proportion and maximize sales. Through that, it will be able to realize higher revenue ( Tanković, 2013) . In considering cost minimization, the cost of production determines the level of profitability of a company ( Taiwo et al., 2016) . If the cost of production is higher, the company realizes lower profits as compared to the lower cost of production. The company will adopt cost-reduction mechanisms such as the use of alternative sources of energy to enable it to increase profitability. Growth is another indicator of performance. The company will focus on penetrating and increasing its presence all over the world.
SMART Goals and Objectives
The first goal of the company is to increase the proportion of the share of the fast-food market. The company aims at being one of the best three fast-food chains in the world, which will be achieved by putting a competitive workforce in place ( Wang et al., 2016) . The company seeks to achieve the share market by increasing industry awareness and ensuring that it takes a proportion of more than 30% of the market. The company seeks to achieve the market share by increasing sales volume by more than 7% through the motivation of the sales team. Another performance determinant that the company seeks to increase is the inventory turnover ratio. Through proper inventory management strategies, the company will increase the inventory turnover ratio by more than 15%.
Next, the company targets to increase brand familiarity with more than 65%. That will be achieved by practicing effective marketing strategies. Concerning familiarity, the company seeks to achieve customer net approval to more than 35% through active diversification of products. Another overall objective of the company is to encourage a dynamic and positive customer experience ( Oni & Matiza, 2014) . The company will achieve that by actively building positive customer relations through social media and other marketing platforms. It will also achieve a good customer experience by having 100% responsiveness to customer queries and feedback.
SWOT Analysis
Strength
KFC establishes its success on various attributes. First, the company enjoys global coverage by being present in more than 130 countries. It has more than 40000 outlets that enable it to have an efficient market penetration. Secondly, the company has effectively diversified its products to meet various market segments ( Sammut ‐ Bonnici & Galea, 2015) . For example, it has both veg and non-veg to satisfy the different needs of the customers. Next, the company makes good use of the franchise model of business that enables it to achieve market recognition, reduce management complexity, and ease expansion.
Weakness
Though the company boasts of positive attributes, it has impediments that derail a smooth operation. First, it is unfortunate that KFC suffers from negative publicity owing to the perception that its fried products are not healthy ( Theaker, 2020) . Critics argue that the products have high-fat content making them unhealthy for consumption and could cause health harm in the long-run. Secondly, the company suffers from the inability to reproduce quality in all its branches ( Naumovska & Blazeska, 2016) . The complex franchise management structure makes it impossible to monitor and produce consistent quality, which causes negative publicity to the entire company. Thirdly, the company lacks the consistent quality of ingredients as some suppliers bring substandard products. For instance, some suppliers chicken that they have injected with dangerous hormones.
Opportunities
Despite the growing competition in the fast-food industry, KFC still has opportunities that it can utilize to grow. The company already has a presence in more than 130 countries. Today, the world is rapidly adopting globalization strategies, which opens up more markets. KFC should utilize the opportunity to increase its presence in many countries and regions ( Liu et al., 2017) . Secondly, consumers have become conscious of their health and are adopting a healthier lifestyle. As a result, there is an increasing demand for healthy foods. KFC should focus on healthy products to win the trust of its customers over competitors.
Threats
The company should look forward to overcoming the challenges that continue to affect the industry. The first threat is increasing competition ( Lee et al., 2015) . Franchise fast-food companies such as KFC are not only facing challenges from similar global companies but also local businesses in the regions where they operate. The second threat is the changing customer preferences on the types of food they consume. Food health campaigns tend to discourage consumers from taking such foods, which reduces the market base for fast foods.
Perceptual Map
The perceptual map mainly focuses on two items mainly availability of various choices and the healthiness of the food. In terms of availability, the perceptual map gauges different companies based on the variety of choices that they are able to present. As such, it compares KFC with other companies based on the choices of products that they are able to offer to customers. The second aspect of the perceptual map is healthiness of food. The map positions KFC with regards to its relative ability to offer healthy food in comparison to junk food.
References
Bora, B., Borah, S., & Chungyalpa, W. (2017). Crafting strategic objectives: Examining the role of business vision and mission statements. J Entrepreneur Organiz Manag , 6 (205), 12-25.
Liu, W. K., Lee, Y. S., & Hung, L. M. (2017). The interrelationships among service quality, customer satisfaction, and customer loyalty: Examination of the fast-food industry. Journal of Foodservice Business Research , 20 (2), 146-162.
Naumovska, L., & Blazeska, D. (2016). Public relation based model of integrated marketing communications. UTMS Journal of Economics , 7 (2), 175-186.
Sammut ‐ Bonnici, T., & Galea, D. (2015). SWOT analysis. Wiley Encyclopedia of Management , 1-8.
Taiwo, A. A., Lawal, F. A., & Agwu, P. E. (2016). Vision and Mission in Organization: Myth or Heuristic Device?. The International Journal of Business & Management , 4 (3).
Tanković, A. Č. (2013). Defining strategy using vision and mission statements of Croatian organizations in times of crisis. Economic Research-Ekonomska Istraživanja , 26 (sup1), 331-342.
Theaker, A. (Ed.). (2020). The public relations handbook . Routledge.
Wang, Y., Wang, L., Xue, H., & Qu, W. (2016). A review of the growth of the fast food industry in China and its potential impact on obesity. International journal of environmental research and public health , 13 (11), 1112.
Lee, Y. K., Kim, S. H., Seo, M. K., & Hight, S. K. (2015). Market orientation and business performance: Evidence from franchising industry. International Journal of Hospitality Management , 44 , 28-37.
Oni, O. A., & Matiza, T. (2014). Factors influencing consumer choice of fast food outlet: The case of an American fast food franchise brand operating in a predominantly rural community. Mediterranean Journal of Social Sciences , 5 (20), 802.
