Texas roadhouse loyalty program

It can be done by evaluating the following brand equity components:. Brand awareness provides the basis for brand equity development process.

High brand awareness shows that the customers know that the Texas Roadhouse Inc brand exists and can recall the important brand-related information. The company can measure brand awareness by conducting brand recall surveys.

The high brand awareness acts as an anchor to other associations. It increases brand visibility that can help Texas Roadhouse Inc gain consideration in the competitive market. It is important for Texas Roadhouse Inc to carefully plan each interaction with internal and external environmental actors such as government, employees, shareholders and media , as customers develop brand association not only due to direct interaction with the brand, but also the indirect interaction with different environmental factors.

Higher brand loyalty can decrease the marketing expenditure, increase Texas Roadhouse Inc's ability to introduce new products successfully, erect the barriers to new players and strengthen the company's bargaining power against other channel members. Texas Roadhouse Inc can increase brand loyalty by rewarding the customers' repeat purchase behaviour. Although the loyalty programs are expensive, it will benefit Texas Roadhouse Inc be reducing the costs of acquiring new customers. Lastly, Texas Roadhouse Inc should evaluate its proprietary assets like channel relationships, trademarks and patents.

These intangible assets prevent the competitive advantage erosion and develop brand loyalty. In light of Keller brand equity model shared above , the Texas Roadhouse Inc can take the following steps to develop the brand equity:. The company can also combine the above methods and formulate a multiplier to accurately assess the esteem and strength of the brand that reflects the brand equity. The detailed competitor analysis is highly important for the development of Texas Roadhouse Inc Marketing Strategy.

The competitive analysis is done to understand the relative positioning and market share of the company's direct and indirect competitors. Texas Roadhouse Inc should first identify the competitors, evaluate their strategies and compare the strengths and weaknesses of their products with their product offerings.

There are five steps Texas Roadhouse Inc can follow to understand the strategic positioning of its key competitors:. The company can use different strategies to get the information about competitors, such as- doing Google research, going to trade shows, browsing public documents, asking customers, playing secret shopper technique and tapping the vendors.

Texas Roadhouse Inc Marketing Strategy development requires a comprehensive market analysis. It can be done by quantitatively and qualitatively assessing the customer market.

Texas Roadhouse Inc should evaluate the market potential and volume to determine the size. The market potential includes potential customers and considers upper demand limit. The market volume includes certain indicators like realised sales and total turnover. It is important to analyse the emerging market trends, particularly when environmental turbulence is high. Texas Roadhouse Inc can use different trend analysis techniques for this purpose, such as- marketing mix modelling, risk analysis, choice modelling and customer analysis.

Texas Roadhouse Inc should also monitor the political, legal, regulatory, social and economic changes as these environmental forces play an important role in shaping the market trends. Texas Roadhouse Inc can extrapolate the historical data to determine the market growth rate. This information can help a company in determining the current lifecycle stage of the industry.

Texas Roadhouse Inc can use Porter's five force framework to determine market profitability. Low supplier power positively influences profitability and indicates Texas Roadhouse Inc has a strong position during the negotiation process with suppliers. High entry barriers show that there will be lesser new entrants in the market. High substitute product threat and high competitive rivalry will also decrease the market profitability and attractiveness for Texas Roadhouse Inc. It will help Texas Roadhouse Inc in isolating the costs and identifying critical success factors.

Texas Roadhouse Inc can also use the information obtained from cost structure analysis to develop cost advantage. Jaworski, B. Commentary: advancing marketing strategy in the marketing discipline and beyond. Journal of Marketing Management, 34 , Keller, K. Measuring brand equity. Khan, M. The concept of 'marketing mix' and its elements a conceptual review paper. International journal of information, business and management, 6 2 , Kim, K. Effective employment brand equity through a sustainable competitive advantage, marketing strategy, and corporate image.

Journal of Business Research, 65 11 , Schlegelmilch, B. Author Michelle Saettler. All rights reserved. View our other publications Privacy policy Terms of use Take down policy.

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