I’m studying and need help with a Marketing question to help me learn.
Five Guys is a well-known American fast casual restaurant chain focused on hamburgers, hot dogs and French fries. It has grown rapidly in the past 20 years and now has more than 1500 store locations. Its menu, especially its bacon and cheeseburgers, are well regarded, and have received numerous awards and mentions. In fact, the chain has something of a cult following. Suppose Five Guys is considering offering a plant-based, non-meat burger using a “Beyond Meat” patty in its U.S. stores. The goal of introducing such a meatless burger alternative would be to increase Five Guys’ sales revenue.
The textbook describes various growth strategies firms may adopt. A well-known framework for assessing growth opportunities is the “product/market expansion grid” (also known as the “Product-Market Matrix”).
Your task is to identify which of the four strategy options in the matrix (grid) best matches with Five Guys’ proposed meatless burger. Briefly explain why the strategy you selected is better than the other possible ones. Begin your answer with the name of that strategy.
Answer Length requirements: 150-300 words. No less than 150 and no more than 300 words.
Rubric Grading: Little or no improvement possible; all major issues appropriately considered in analysis and presented clearly.
– “The assignments are designed to be challenging in order to develop your ability to think and decide as a marketing manager would, and thus the grading reflects this focus. The challenges facing managers are not simple, so to prepare you for the workforce the assignments have the complexity of the real world. Your learning experience would be diminished if the assignments were simple.”