abhishreshthaa
Abhijeet S
Yum! Brands, Inc. (NYSE: YUM) or Yum! is a Fortune 500 corporation. Yum! operates or licenses Taco Bell, KFC, Pizza Hut, Wingstreet, and Long John Silver's restaurants worldwide, and A&W Restaurants (excluding A&W in Canada).
Based in Louisville, Kentucky, it is the world's largest fast food restaurant company in terms of system units—over 36,000 restaurants around the world in more than 110 countries and territories.[3] In 2008, Yum!'s global sales totaled more than US$11 billion
Yum! was created on October 7, 1997, as Tricon Global Restaurants, Inc. an independent company, as a result of a spin-out from PepsiCo, which owned and franchised the KFC, Pizza Hut and Taco Bell brands worldwide. Because of the company's previous relationship with Pepsi, Yum! Brands has a lifetime contract with PepsiCo, with notable exceptions being the contract of A&W Restaurants with Dr Pepper Snapple Group to be the exclusive restaurant provider of A&W Root Beer, and the contracts of franchisees such as HMSHost and college-operated locations with Coca-Cola which override Yum's lifetime PepsiCo contract, along with some scattered KFC franchises across the United States which continue to maintain Coke fountain rights.
Yum! president David C. Novak is a director of J.P. Morgan Chase and became chief executive officer of Yum! Brands on January 1, 2000, and chairman of the board on January 1, 2001. He is also a member of the Yum! executive/finance committee.
In March 2002, Tricon announced the acquisition of Lexington, Kentucky,-based Yorkshire Global Restaurants, owner of the Long John Silver's and A&W All-American Food chains and its intention to change the company's name to Yum! Brands, Inc. On May 16, 2002, the name change became effective after a vote during the company's annual shareholders meeting, and on June 17, 2002, Yum! executed a two-for-one stock split. Shortly afterwards, due to Yum!'s lifetime contract with Pepsi, Long John Silver's and A&W Restaurants (both of which previously served Coca-Cola) switched to Pepsi products once their franchise contracts expired, with A&W retaining A&W Root Beer from a separate deal with Dr Pepper Snapple Group.
Most of the time, when we say marketing, the first thing that comes to our mind is about the personal selling or the advertisement of goods and services. Though, the selling and advertising are only the two of many kinds of the marketing activities. Generally, the marketing activities are associated with the identification of the particular needs and wants for the customer’s target market yet satisfying the customers as better the competitors. Then, it includes the market research for the customers who can analyze their needs so that the management can make the proper decisions regarding the pricing, design, distribution, and promotion.
Accordingly, the term marketing has many definition and one of these is the one made by Boone and Kurtz which is the process for executing and planning the pricing conception, distribution, and promotion of the goods, ideas, and services for the given organization as well as events in maintaining and creating the relationship which can satisfy the organizational and individual objectives. On the other hand, according to the book of Ries and Trout, it goes beyond the traditional definition of marketing which is the satisfaction of customers’ wants and needs. This is the activity of the human that directly satisfy the needs of customers through the exchange of process. This is also the performance of the business activities that directs the services and flow from the producers and to the consumers. Marketing can also considered to be the performance of the activities that seeks the organizational accomplishments to their objectives on anticipating the clients or customers needs by the direction of the flow of need-satisfying services and goods that came from producers and pass to the client or to the customers. Thus, the marketing can also be defined into process as the identification of the customers needs, then, it needs to conceptualize the needs to the capacity of the organization in producing. The communication will then follow to the concept for the appropriate law into the power of organization. The concept will be consequent the output to the customers needs earlier. Lastly, the communication for the concept to the customers needs to be done. Generally, the term can be used in order to describe the business functions and most concerned to the demand fulfilling and stimulating activities for the business organization.
Function of Marketing
Probably, marketing is the one of the most confusing terms for the business news nowadays because it does not conjuring up the similar mental picture in the older terms which includes the accounting, manufacturing, purchasing, selling and the personnel administration. Marketing can be associated to the term selling and to the marketing concepts as it is conceived by most of the businesses today and it has many elements. To make it simpler, marketing is to have the right product or services into the right prices, time, and place while doing its profit. Therefore, thinking the broad definition of marketing encompasses the idea that the marketing director will be the president or the division manager. Nevertheless, marketing can be helpful in significant manner for the customers, organization, and to economy as it can improve the standard of living for the people through the offers of broad variety of goods and services by having their freedom of choice and treating the customer as being the most important person. This can also generate employment for the distribution and to the production areas that can carry out the marketing functions. This can also help to develop the economic resources. Given the fact that the business is earning and generating the revenue and profit that carries the marketing function, then, it will engage on the exploitation of more economic resources for the profit of the country. The marketing can figure out the customer needs which can set the patter of the production of goods and services that are important in the satisfaction of customer’s needs while can help in exporting market (Kumar, n.d., p. 5).
Since majority of the businessmen are focusing on the other strategies for gaining profit, there are only few businesses who concentrates on the importance of marketing. Since, marketing can help to the business to be one of the most important things which can help in growing their business, then, it holds a lot and not merely on getting new clients. Since focusing on the customers needs was the important thing in the business, then it must specify to its audiences as what Rolls Royce, Porsche, and Lamborghini did very little marketing and focus on their image. Primarily, the importance of marketing in the business is to acquire of branding, clients, and can influence the behavior in encouraging sales. Thus, the true importance of the marketing is the comprehension for the demographics and the process of attracting the consumers of the company’s products. Furthermore, the importance of marketing to organization can vary differently and depends on the product lines or ways whereas the organization is marketing the product and it wide ranging. Investing in the field of marketing which are related to the activities are all sure of reaping of the benefits and the marketing campaigns will help in earning better profits.
Based in Louisville, Kentucky, it is the world's largest fast food restaurant company in terms of system units—over 36,000 restaurants around the world in more than 110 countries and territories.[3] In 2008, Yum!'s global sales totaled more than US$11 billion
Yum! was created on October 7, 1997, as Tricon Global Restaurants, Inc. an independent company, as a result of a spin-out from PepsiCo, which owned and franchised the KFC, Pizza Hut and Taco Bell brands worldwide. Because of the company's previous relationship with Pepsi, Yum! Brands has a lifetime contract with PepsiCo, with notable exceptions being the contract of A&W Restaurants with Dr Pepper Snapple Group to be the exclusive restaurant provider of A&W Root Beer, and the contracts of franchisees such as HMSHost and college-operated locations with Coca-Cola which override Yum's lifetime PepsiCo contract, along with some scattered KFC franchises across the United States which continue to maintain Coke fountain rights.
Yum! president David C. Novak is a director of J.P. Morgan Chase and became chief executive officer of Yum! Brands on January 1, 2000, and chairman of the board on January 1, 2001. He is also a member of the Yum! executive/finance committee.
In March 2002, Tricon announced the acquisition of Lexington, Kentucky,-based Yorkshire Global Restaurants, owner of the Long John Silver's and A&W All-American Food chains and its intention to change the company's name to Yum! Brands, Inc. On May 16, 2002, the name change became effective after a vote during the company's annual shareholders meeting, and on June 17, 2002, Yum! executed a two-for-one stock split. Shortly afterwards, due to Yum!'s lifetime contract with Pepsi, Long John Silver's and A&W Restaurants (both of which previously served Coca-Cola) switched to Pepsi products once their franchise contracts expired, with A&W retaining A&W Root Beer from a separate deal with Dr Pepper Snapple Group.
Most of the time, when we say marketing, the first thing that comes to our mind is about the personal selling or the advertisement of goods and services. Though, the selling and advertising are only the two of many kinds of the marketing activities. Generally, the marketing activities are associated with the identification of the particular needs and wants for the customer’s target market yet satisfying the customers as better the competitors. Then, it includes the market research for the customers who can analyze their needs so that the management can make the proper decisions regarding the pricing, design, distribution, and promotion.
Accordingly, the term marketing has many definition and one of these is the one made by Boone and Kurtz which is the process for executing and planning the pricing conception, distribution, and promotion of the goods, ideas, and services for the given organization as well as events in maintaining and creating the relationship which can satisfy the organizational and individual objectives. On the other hand, according to the book of Ries and Trout, it goes beyond the traditional definition of marketing which is the satisfaction of customers’ wants and needs. This is the activity of the human that directly satisfy the needs of customers through the exchange of process. This is also the performance of the business activities that directs the services and flow from the producers and to the consumers. Marketing can also considered to be the performance of the activities that seeks the organizational accomplishments to their objectives on anticipating the clients or customers needs by the direction of the flow of need-satisfying services and goods that came from producers and pass to the client or to the customers. Thus, the marketing can also be defined into process as the identification of the customers needs, then, it needs to conceptualize the needs to the capacity of the organization in producing. The communication will then follow to the concept for the appropriate law into the power of organization. The concept will be consequent the output to the customers needs earlier. Lastly, the communication for the concept to the customers needs to be done. Generally, the term can be used in order to describe the business functions and most concerned to the demand fulfilling and stimulating activities for the business organization.
Function of Marketing
Probably, marketing is the one of the most confusing terms for the business news nowadays because it does not conjuring up the similar mental picture in the older terms which includes the accounting, manufacturing, purchasing, selling and the personnel administration. Marketing can be associated to the term selling and to the marketing concepts as it is conceived by most of the businesses today and it has many elements. To make it simpler, marketing is to have the right product or services into the right prices, time, and place while doing its profit. Therefore, thinking the broad definition of marketing encompasses the idea that the marketing director will be the president or the division manager. Nevertheless, marketing can be helpful in significant manner for the customers, organization, and to economy as it can improve the standard of living for the people through the offers of broad variety of goods and services by having their freedom of choice and treating the customer as being the most important person. This can also generate employment for the distribution and to the production areas that can carry out the marketing functions. This can also help to develop the economic resources. Given the fact that the business is earning and generating the revenue and profit that carries the marketing function, then, it will engage on the exploitation of more economic resources for the profit of the country. The marketing can figure out the customer needs which can set the patter of the production of goods and services that are important in the satisfaction of customer’s needs while can help in exporting market (Kumar, n.d., p. 5).
Since majority of the businessmen are focusing on the other strategies for gaining profit, there are only few businesses who concentrates on the importance of marketing. Since, marketing can help to the business to be one of the most important things which can help in growing their business, then, it holds a lot and not merely on getting new clients. Since focusing on the customers needs was the important thing in the business, then it must specify to its audiences as what Rolls Royce, Porsche, and Lamborghini did very little marketing and focus on their image. Primarily, the importance of marketing in the business is to acquire of branding, clients, and can influence the behavior in encouraging sales. Thus, the true importance of the marketing is the comprehension for the demographics and the process of attracting the consumers of the company’s products. Furthermore, the importance of marketing to organization can vary differently and depends on the product lines or ways whereas the organization is marketing the product and it wide ranging. Investing in the field of marketing which are related to the activities are all sure of reaping of the benefits and the marketing campaigns will help in earning better profits.