Tim Hortons

Marketing Mix of Tim Hortons

According to the market analysis of Tim Hortons, a business must be competent in various aspects to succeed in the market such as price, quality, speed, accessibility, and convenience. Additionally, other factors in the marketing mix, like market attractiveness and the number of outlets, also play a crucial role. The company faces significant competition from both domestic and international brands offering similar products. In this context, Tim Hortons must have a strong marketing mix that encompasses the following elements to overcome the competition and maintain its position in the market: Product

Tim Hortons is a brand initiated by a local Canadian for sale of food items such as beverages and snacks. The products

It is not necessary to make any changes to the menu, as the company has been successful in providing a wide range of services to customers. However, products that have not gained popularity in the market should be removed from Tim Hortons' product portfolio.

Price

Tim Hortons has a strong focus on attracting a large audience and has been working to make their products more affordable to face competition from international competitors like Starbucks. To do this, the company has been reducing the price paid by customers and prioritizing sales maximization over profit maximization. This strategy is aimed at capturing customers who avoid Starbucks due to high prices. Tim Hortons offers a range of prices for their products, as shown below.

Name of the item Price Range

Coffee

In the next three years, the company plans to expand its operations to India and open around 5,100 new restaurants across different countries, including Spain, Mexico, the United Kingdom, China, the Philippines, and Thailand. India is the fourth country in the Asia-Pacific region where Tim Hortons has expanded its operations, and the company is determined to strengthen its place mix in the years to come. Before opening a new restaurant, Tim Hortons considers various factors such as a large population, spacious area, attractive space, and ambience. The company also assesses the disposable income of people, which plays a crucial role in determining the number of customers and their spending habits.

The company has decided to modify its distribution channels and expand its operations into new countries, which is a strategic move to reach untapped markets. To attract customers initially, the company can utilize a market penetration strategy. Additionally, the company should develop both its online and offline businesses simultaneously to generate revenue from both channels and increase