Quick Bite - a fast-food restaurant established in 2010. Famous for its strong branding, it had always been profitable until 2020. But, in 2020, sales started to dip in Europe, its largest market. So, what happened?

Definition: Branding is all about creating a unique name, image, and personality for a product or company in the consumer's mind, mainly through advertising campaigns with a consistent theme.

🌍 Real-world Example: Think of Apple! When you see that iconic apple logo, you immediately think of sleek, user-friendly gadgets, right? That's powerful branding!

Definition: The Ansoff Matrix is a tool that helps businesses decide their product and market growth strategy.

• Market Penetration: Selling existing products in existing markets.
• Product Development: Introducing new products to existing markets.
• Market Development: Selling existing products in new markets.
• Diversification: Introducing new products in new markets.

Quick Bite's Strategies

• 2012-2017: Market Development (Opened 250 new restaurants worldwide annually)
• Post-2020: Product Development (Closed outlets and tried to get more customers in existing restaurants. Considering introducing healthier food due to changing consumer preferences)

🌍 Real-world Example: McDonald's introducing the McVeggie burger - a new product to cater to a growing vegetarian consumer base in their existing markets!