The 6 P's
WENDY'S - "A CUT ABOVE"
OUR BRAND VISION: "A CUT ABOVE"
The Quick Service Restaurant category is undergoing dramatic change. The "New QSRs" at the high end of the restaurant marketplace - with modern facilities, top-notch employees, outstanding customer service and high-quality perception - have accounted for 100% of the QSR growth over the past year, excluding breakfast. And at the lower end, convenience stores continue to gain share. Traditional QSRs like Wendy's are getting caught in the middle. Our market opportunity is to prove Wendy's can deliver a "New QSR" experience at more attractive prices - A Cut Above. We don't want to compete on price alone and lose premium visits to the "New QSRs." We now have a clear brand vision that is uniquely Wendy's so we can grow customer counts and profits. We must "own" the quality position in the minds of consumers... and all of the "P's" must work together to deliver an exceptional customer experience so we bring the A Cut Above vision to life.
STRATEGIES: "THE 6P's - HOW WE MAKE OUR BRAND VISION COME TO LIFE"
The most effective way to deliver price/value to consumers is to offer clearly superior products at competitive prices. We refer to this as Five-Star Quality at Three-Star Price. We must solve a long-standing issue for the Wendy's brand and meet the needs of both price/value consumers and "premium quality product users." Addressing this issue and testing a solution in 2012 is paramount to achieving our brand vision and strong restaurant-level economics, which is key to growth.
Fundamental to bringing our brand vision to life is re-establishing the Wendy's brand as the product quality leader and innovator. We must create a menu that reflects a contemporary and consumer relevant view of the Wendy's of tomorrow. This menu must support our price/value position of clearly superior quality at a competitive price. We must extend our quality leadership position to beverages and the breakfast daypart.
Promotion has three components: Message + Media + Creative. To consumers, Message is the most important as it defines what's in it for them. Our messages must always do two things: build equity in the BIG BRAND WENDY'S and drive consumer trial. Media: The challenge is to make 100% of what we spend feel like 150%. We have to out-work and out-think the competition. Creative: We must bring our brand to life in ways that are strategically and tactically brilliant Our creative must actively engage consumers to bring them into our restaurants.
Perhaps the singe greatest opportunity we have is to provide our guests a restaurant experience that is truly A Cut Above. Customer response to our initial re-image stores has been tremendous. This is not a facelift - we are "rebooting the entire restaurant." We must find the "sweet spot" of consumer appeal, economic return and operations efficiency. Everything we do is better in a re-imaged restaurant - the food, service and ambiance.
We are redefining what is differentiated customer service. We'll be much more external oriented and view the restaurants through our customers' eyes - "Is the restaurant clean, did I receive exceptional service, was my hamburger hot and juicy, was my order right, did the crew smile?" We must build a total restaurant experience that truly stands out. The standard we judge ourselves by must be the "New QSRs."
It's all about People, People, People in our business. People are our greatest source of differentiation. We must have "5-Star" achievers in our restaurants, regions and restaurant support center. These talented individuals perform at consistently higher levels for their position and demonstrate Dave Thomas' values. Most importantly, all of us must have a relentless focus on customers.