East West University

TERM PAPER

"Marketing Aspects behind Waffle Time's Early

Success"

Course Title: Principles of Marketing

Course code: MKT101
Semester: FALL 2023
Instructed By:
Md. Farhan Faruqi
Assistant Professor
Department of Business
Administration
East west University
Prepared by:

Name ID Marks
Dipto Biswas 2022-2-10-068
Sheikh Saima Akter 2022-2-10-014
Hridoy Das 2019-2-22-027
Mehedi Hasan 2022-2-10-203
Date of Submission: 15 December, 2023
Marketing Aspects behind Waffle Time's Early Success

Letter of Transmittal
15 December,2023
To
Md. Farhan Faruqi
Assistant Professor
Department of BBA
East West University
Jahurul Islam Avenue, Jahurul Islam City
Aftabnagar, Dhaka, Bangladesh
Subject: Transmittal of Term Paper on "Marketing Aspects behind Waffle Time's Early
Success".
Dear sir,
I am pleased to give my term paper "Marketing Aspects behind Waffle Time's Early Success"
as part of the ‘Principles of Marketing’ (FIN101) course at East West University. The paper
aims to provide a comprehensive analysis of key components that contributed to the successful
establishment and growth of Waffle Time, a popular international chain specializing in
delicious waffles.
As a devoted student at East West University, this term paper allowed me to delve deep into
the subject matter and explore various factors that shaped Waffle Time's early success. The
research conducted for this paper involved an extensive review of multiple scholarly articles,
business reports, and case studies related to the subject.
I firmly believe that the comprehensive analysis presented in this term paper will help readers
gain a deeper understanding of the crucial elements behind Waffle Time's initial
accomplishments. This work not only highlights the strategies employed by Waffle Time but
also sheds light on the broader concepts of entrepreneurship, marketing, and operations
management.
I deeply appreciate the guidance and support provided by [Course Instructor's Name]
throughout the process. Their expertise and feedback have been instrumental in shaping the
content of this paper.
I trust that the information contained in this term paper will meet the expectations of the course
requirements. If you have any questions or require further clarification on any aspect of the
paper, please do not hesitate to contact me.
Thank you for your time and consideration.
On Behalf the group
Mehedi Hasan
ID: 2022-2-10-203
Department of Business Administration
East West University

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Marketing Aspects behind Waffle Time's Early Success

Acknowledgement

I would like to express my heartfelt gratitude to everyone who contributed to the completion
of this term paper “Marketing Aspects behind Waffle Time's Early Success".
First, I extend my sincere appreciation to Md. Farhan Faruqi Sir, my course instructor, for his
invaluable guidance, unwavering support, and expert insights throughout the research and
writing process. Their dedication to fostering a deeper understanding of marketing concepts
and their commitment to academic excellence have been truly inspiring.

I would also like to acknowledge the aid and encouragement provided by my fellow classmates
of the Principal of Finance class. Engaging in discussions and sharing diverse perspectives with
my peers enriched my research experience and broadened my understanding of the Balanced
Scorecard.

This term paper has been a significant learning experience, and the contributions of all those
mentioned above have played a crucial role in its development. However, any errors or
omissions remain my responsibility.

Thank you all for being part of this academic endeavor.

On behalf of the group

Mehedi Hasan

ID: 2022-2-10-203

Department of Business Administration

East West University

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Marketing Aspects behind Waffle Time's Early Success

Abstract
Our goal in this research is to examine the four Ps of marketing. Product, pricing, location, and
promotion are these. We will also examine the way in which Waffle Time has segmented its
market and established its brand among Bangladeshi consumers. That can necessitate using
alternative goods or advertising techniques. Waffle Time divides the whole market into distinct
customer groups with different needs, characteristics, and behavioral patterns. The market has
been found to be divided into four clusters based on the areas. The company employs a strong
distribution and marketing plan to increase customer demand for its products.

Executive Summary

Waffles have been a delicious treat for people worldwide since the sixteenth century. Waffle
Time has very recently begun offering its services. Waffles come in a variety of varieties that
are regarded as consumer goods. They use their own outlet to sell their goods. The brand Waffle
Time is licensed. They also have a website, a Facebook page, and an Instagram account. There
are a lot of waffle shops across the nation, and they use a variety of marketing techniques to
sell their goods. Waffle Time sells their waffles by direct consumer order from their store. They
also provide online ordering through Food Panda, allowing customers to enjoy their waffles at
home.

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Marketing Aspects behind Waffle Time's Early Success

Table of Contents
Introduction ........................................................................................................................................... 1
Brand Profile ......................................................................................................................................... 1
Product profile ...................................................................................................................................... 1
Mission Statement ................................................................................................................................. 2
Market management concept ............................................................................................................... 2
Social Marketing Concept .................................................................................................................... 3
The marketing segmentation................................................................................................................ 3
Behavioral segmentation ...................................................................................................................... 3
Target market........................................................................................................................................ 3
Positioning ............................................................................................................................................. 4
Marketing Mix ...................................................................................................................................... 4
Product ............................................................................................................................................... 4
Price.................................................................................................................................................... 5
Place ................................................................................................................................................... 5
Promotion .......................................................................................................................................... 5
Product-Service Mix ............................................................................................................................. 5
Customization options: ..................................................................................................................... 6
Additional toppings: ......................................................................................................................... 6
Customer service:.............................................................................................................................. 6
Business Portfolio .................................................................................................................................. 6
Product Mix Decision ........................................................................................................................... 7
Evaluation of Product Mix Decisions: ............................................................................................. 7
Service Classification ............................................................................................................................ 8
Individual Product Decision................................................................................................................. 8
SWOT Analysis ..................................................................................................................................... 9
Strengths ............................................................................................................................................ 9
Weakness: .......................................................................................................................................... 9
Opportunities: ................................................................................................................................... 9
Threats: .............................................................................................................................................. 9
Conclusion ............................................................................................................................................. 9
Bibliography ........................................................................................................................................ 10

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Marketing Aspects behind Waffle Time's Early Success

Introduction
Waffle Time, in general, is known for its affordable and delicious waffle snacks. The company
offers a diverse menu of waffle flavors and fillings, catering to different tastes and preferences.
Customers can enjoy both sweet and savory waffle options, ranging from classic choices like
chocolate and cheese-filled waffles to more innovative combinations.

Brand Profile
Name of Brand: Waffle time
Type of Brand: Food service (Quick service restaurant)
Mother of Brand: Bangladesh
Founded in: June 1st, 2022.
Main Office: ZAMAN TRADE CENTER, Mirpur DOHS gate -1 (near DOHS Shopping
Complex), DOHS Road, Pallabi, Dhaka - 1226
Number of Outlet: 11
Number of Product Line: Sweet desert or snacks

Product profile
Waffle
1. Nutella chocolate
2. Red Velvet
3. Nutshell Banana
4. Nutella Extreme
5. Chocolate Extra
6. Loaded Strawberry
7. Blueberry Bliss
8. Ice Cream with Chocolate
9. Mango
10. Lost in Nutella
11. Oreo Ocean
12. Whippy Nutella
13. Nutella Desire
14. Icey Velvet
15. Kiddy KitKat
16. Nutella Desire With Butterscotch
Extra
1. Whipped Cream
2. Extra Nuts
3. Extra Nutella
Ice-cream
1. Vanilla/chocolate
2. Butterscotch

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Marketing Aspects behind Waffle Time's Early Success

Donuts
1. Choco Love
2. White Chocolate
3. Black Chocolate
4. Signature Black
5. Signature White
6. Orange Special
7. Strawberry
8. Nutella Oreo
Beverage
1. Coca cola/Sprite
2. Coca cola/Coca Cola zero
3. Sprite/Fanta/Coke
4. Water Bottle

Mission Statement
"At Waffle Time, their mission is to delight their customers by creating moments of joy through
the art of waffle-making. They are committed to crafting exceptional, freshly made waffles
using the finest ingredients, blending innovation with tradition. Their goal is to be a cherished
destination where families and friends come together to savor delicious waffles in a warm and
welcoming atmosphere. They strive to inspire smiles, foster community, and contribute
positively to the lives of their customers and the communities they serve. Waffle Time is more
than a treat; it's a celebration of flavor, quality, and shared happiness."

Market management concept

The market management concept of "Waffle Time" would involve strategies for effectively
operating within the waffle industry. This could include aspects such as:
Product Development: Introducing new and innovative waffle variations to meet changing
consumer preferences.
Quality Control: Ensuring consistent quality in ingredients and preparation to maintain
customer satisfaction.
Pricing Strategy: Implementing competitive pricing strategies to attract and retain customers.
Promotion and Advertising: Developing effective marketing campaigns to increase brand
awareness and attract a wider audience.
Distribution Channels: Managing the distribution of waffles through various channels,
whether it's through physical stores, partnerships, or online platforms.
Customer Relationship Management (CRM): Building and maintaining strong relationships
with customers through loyalty programs, feedback mechanisms, and personalized services.
The specific details of "Waffle Time's" market management concept would depend on its
business goals, target audience, and the competitive landscape in the waffle industry.

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Marketing Aspects behind Waffle Time's Early Success

Social Marketing Concept

The social marketing concept for "Waffle Time" could involve creating a community around
the brand. This may include engaging with customers on social media platforms, sharing user-
generated content, and running campaigns that emphasize social responsibility or community
involvement. The aim would be to build a positive brand image and foster a sense of belonging
among customers.

The marketing segmentation

For "Waffle Time," marketing segmentation could involve targeting various consumer groups
based on factors such as demographics, psychographics, and behavior. This might include
segments like:
Demographics: Age groups, gender, income levels – targeting specific age ranges or income
brackets that are more likely to enjoy waffles.
Psychographics: Lifestyle and preferences – appealing to those who see waffles as a trendy
snack or have a particular interest in gourmet options.
Behavior: Frequency of waffle consumption, buying patterns – tailoring marketing efforts to
attract both occasional consumers and regular patrons.
Location: Geographic segmentation – adjusting marketing strategies based on regional
preferences or cultural influences regarding waffle consumption.
By understanding the distinct characteristics of these segments, "Waffle Time" can create
targeted and more effective marketing campaigns to resonate with each group.

Behavioral segmentation
Behavioral segmentation for "Waffle Time" could involve categorizing customers based on
their behavior towards waffle consumption. This might include:
Occasion-Based Segmentation: Targeting customers based on when they typically
consume waffles, such as breakfast, dessert, or snacks.
Usage Rate: Segmenting customers based on how often they purchase waffles –
distinguishing between occasional buyers and frequent consumers.
Brand Loyalty: Identifying and targeting customers who consistently choose "Waffle Time"
over competitors.
Benefits Sought: Understanding what specific benefits or features customers seek in waffles,
such as unique flavors, convenience, or nutritional value.
By tailoring marketing messages and promotions to these behavioral segments, "Waffle Time"
can better meet the needs and preferences of different customer groups.

Target market
The target market for "Waffle Time" would depend on its specific business goals and offerings.
However, in a general sense, the target market could include:

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Marketing Aspects behind Waffle Time's Early Success

Food Enthusiasts: Individuals who enjoy exploring and trying different food options,
especially unique and gourmet waffle varieties.
Young Adults and Families: Appeal to younger demographics and families looking for a
convenient and tasty snack or dessert option.
Urban Dwellers: Targeting those living in urban areas where on-the-go and quick-service
food options are often in demand.
Eventgoers: Positioning "Waffle Time" as a go-to option for events, festivals, or gatherings
where indulgent snacks are popular.
Understanding the specific demographics, behaviors, and preferences of these groups would
enable "Waffle Time" to tailor its marketing and product offerings effectively.

Positioning
Positioning is a marketing strategy aimed at creating a unique space for a brand or product in
the minds of consumers. It involves highlighting the unique selling points and benefits of a
product, and identifying a target market segment that the brand or product will cater to.
The importance of positioning in marketing lies in its ability to differentiate a brand or product
from its competitors. By effectively positioning themselves, companies can create a distinctive
identity for their brand in the market, which can help attract and retain customers. Effective
positioning also helps communicate the value and benefits of a product to the target audience,
which can lead to increased sales and market share.
Waffle Time's positioning strategy is centered around offering freshly made, high-quality
waffles in a quick-service format. They have positioned themselves as a convenient and
delicious snack option for people on the go or those with a craving for a sweet treat. By focusing
on quality, speed, and convenience, Waffle Time has differentiated themselves from other
dessert options and created a unique market position for themselves.

Marketing Mix
Marketing mix refers to the set of controllable tactical marketing tools that a company uses to
pursue its marketing objectives in the target market. It consists of four elements, commonly
known as the 4Ps: Product, Price, Place, and Promotion.
Product
- Waffle Time offers a wide range of waffle items, including both sweet and savory options.
- Their product line includes classic flavors like chocolate, strawberry, and cheese, as well as
unique flavors like matcha and ube.
- Waffle Time also offers variations like waffle sandwiches and waffle sticks.
- Their waffle items are made with high-quality ingredients and are freshly made to order.
- Differentiation from competitors includes their extensive flavor options, the freshness of their
products, and their ability to customize waffle items according to customer preferences.

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Marketing Aspects behind Waffle Time's Early Success

Price
- Waffle Time follows a competitive pricing strategy, offering their products at prices like or
slightly lower than their competitors.’
- Factors considered in setting their prices include the cost of ingredients, overhead expenses,
competition within the market, and the perceived value of their products.
- Waffle Time aims to provide excellent value for money, ensuring that their prices are
affordable and justify the quality and taste of their waffle items.
Place
- Waffle Time utilizes a combination of physical stores and online platforms for distribution.
- They have numerous physical stores located in malls, commercial areas, and other high-traffic
locations.
- Waffle Time also offers online ordering and delivery through their website and third-party
platforms like food delivery apps.
- The company strategically chooses the locations of their physical stores, ensuring they are
easily accessible and visible to their target market.
- Consideration of location plays a vital role in their business strategy, as they aim to be
convenient and accessible to their customers.
Promotion
- Waffle Time carries out various advertising and promotional activities to increase brand
awareness and attract customers.
- They use a mix of marketing communication channels, including social media platforms like
Facebook, Instagram, and Twitter, to engage with their target audience.
- Waffle Time takes advantage of print media, such as newspapers and magazines, to reach a
broader audience.
- They also participate in events, such as food fairs and exhibitions, to showcase their products
and engage with potential customers.
- Additionally, Waffle Time implements loyalty programs and promotional offers to encourage
repeat purchases and attract new customers.

Product-Service Mix
The product-service mix concept refers to the combination of tangible products and intangible
services that a company offers to its customers. It recognizes that consumers not only purchase
physical products but also seek associated services that enhance their overall experience.
Integration of services with Waffle Time's product offerings:
Waffle Time can integrate diverse services to enhance its product offerings and provide a better
customer experience. Some of these integration options include customization options,
additional toppings, and excellent customer service.

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Marketing Aspects behind Waffle Time's Early Success

Customization options:
By allowing customers to customize their waffles, Waffle Time can cater to individual
preferences and create a personalized experience. This can include offering assorted flavors,
fillings, and toppings for customers to choose from, allowing them to create their unique
combinations. Customization options can attract a broader customer base and increase
customer satisfaction.
Additional toppings:
To enhance the product offering, Waffle Time can provide a variety of additional toppings and
add-ons. This could include options such as different sauces, fruits, nuts, or even ice cream. By
offering a wide range of toppings, customers can create their own flavor combinations and
experiment with different tastes, thereby increasing their satisfaction.
Customer service:
Providing excellent customer service is crucial in the product-service mix. Well-trained and
friendly staff can create a positive impression and make customers feel valued. Waffle Time
can invest in training its employees to offer exceptional service, including fast and efficient
order processing, helpful recommendations, and addressing any customer queries or concerns.
This can result in customer loyalty and positive word-of-mouth.

By integrating these services with its product offerings, Waffle Time can differentiate itself
from competitors and create a unique selling proposition. This is important because customers
not only seek delicious waffles but also desire an overall positive experience, customization
options, and excellent customer service. A strong product-service mix can lead to increased
customer satisfaction, repeat purchases, and a competitive advantage in the market.

Business Portfolio
Waffle Time is a popular food chain specializing in freshly made Belgian waffles. As of the
most up-to-date information available, Waffle Time has a significant presence in the
Philippines through its numerous stores. It is reported that they have around 120 stores spread
across the country, making it one of the leading waffle chains in the area.
In terms of their expansion plans, Waffle Time has shown significant growth over the years.
They have successfully expanded beyond the Philippines and have made their presence known
in other countries, including the United States, Indonesia, and Malaysia. These international
ventures have contributed to their overall business portfolio diversification.
However, it is important to note that specific details about their current business portfolio are
limited due to the lack of up-to-date information available. It would be beneficial for a
comprehensive assessment of their portfolio to consider several factors, including their
financial performance, customer satisfaction and loyalty, market share, and potential for further
growth.
Overall, Waffle Time's business portfolio is strong with a substantial number of stores and
successful expansion into international markets. However, without more detailed information,
it is difficult to make a comprehensive assessment of their current portfolio performance.

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Marketing Aspects behind Waffle Time's Early Success

Regular monitoring and analysis of their operations and market dynamics would be essential
for a thorough evaluation.

Product Mix Decision

Product mix decision refers to the process of managing and determining the assortment or range
of products that a company offers to its customers. This decision involves selecting and
configuring products or services that are suitable for a specific market segment or target
audience. It typically includes decisions related to product line length, width, depth, and
consistency. Product mix decisions also involve considerations such as product positioning,
pricing, branding, and packaging. The goal of product mix decision is to optimize the product
portfolio and ensure it aligns with the company's overall business strategy and customer needs.
Consumer Preferences: Waffle Time needs to consider the preferences and tastes of their
target market. They should analyze consumer feedback and conduct market research to
understand what flavors and variations of waffles are most popular among their target
customers.
Market Trends: They should keep an eye on current market trends and identify any emerging
flavors or styles of waffles that might appeal to their target market. For example, if healthier
options or gluten-free waffles are becoming popular, Waffle Time might consider introducing
such variations in their product mix.
Competitor Analysis: Waffle Time should analyze their competitors' product offerings to
identify any gaps in the market on which they can capitalize. This analysis will help them
position their products strategically and offer unique flavors or variations that stand out from
the competition.
Seasonality: Depending on the market demand, Waffle Time can also consider introducing
seasonal flavors or limited time offers. This can help generate excitement among customers
and increase sales during specific times of the year, such as holidays or festivals.
Evaluation of Product Mix Decisions:
Waffle Time's product mix decisions should align with market demand to ensure customer
satisfaction and maximize sales. If their product mix is not meeting market demand, they might
be at risk of losing customers to competitors or facing low sales.
To evaluate their product mix decisions, Waffle Time should closely monitor sales data,
customer feedback, and market trends. They should analyze which products are performing
well and which ones are underperforming. By identifying the strengths and weaknesses of their
product mix, they can make necessary adjustments to better meet market demand.
Additionally, they can use customer surveys or focus groups to gather feedback on their
products and identify areas of improvement or new product opportunities.
Overall, Waffle Time's product mix decisions should be constantly evaluated and updated to
meet the ever-changing market demand and consumer preferences. This will ensure their
offerings remain relevant and appealing to their target market, thereby maximizing
profitability.

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Marketing Aspects behind Waffle Time's Early Success

Service Classification
"Waffle Time" is categorized as a service. Making and presenting waffles to customers is the
service that Waffle Time offers.
1. Intangibility: “Waffle Time” offers the experience of enjoying freshly prepared
waffles. After purchasing the waffles, the consumers can taste waffles. Unlike physical
products, services cannot be touched or held.
2. Inseparability: Customers are present at the restaurant to receive and enjoy the waffles
as they are prepared.
3. Variability: The waffle quality is extremely good because they are served fresh just
after being prepared. They also serve a variety of flavors of waffles and offer their
customers indoor service.
4. Perishability: Services are perishable and cannot be stored for future use. The dining
experience at Waffle Time is immediate, and customers consume the waffles on-site.

Individual Product Decision

Product and Service Attributes:
• Product Quality: Ensure that the waffles consistently meet a high standard of taste,
texture, and overall quality. They serve freshly made waffles.
• Product Feathers: They offer a variety of waffle flavors to cater to different tastes. This
could include classic options like plain and chocolate, as well as innovative and seasonal
flavors. They also have a wide variety of waffle flavors and toppings to suit a variety of
tastes, and customers can customize their waffles with various toppings and sauces as well.
• Product Style and Design: They prepare Belgian style waffles, which have a fluffier
texture and deeper pockets that hold onto syrup and other toppings, and they introduced
waffles on a stick for the first time.
Branding:
Establishing a strong and unique brand identity is essential for Waffle Time. The brand conveys
a sense of indulgence, quality, and the joy of sharing waffles with friends and family.
Consistent branding across all customer touchpoints, from the physical store to the online
presence, reinforces brand recognition.
Labeling:
Waffle Time has done the labeling in the box where they serve the waffles. They have attached
a logo for their recognition and promotion; they have also provided their store's location and
their Facebook and Instagram page information.

Packing:
The “Waffle Time” packs their waffles in a paper box. They have established stories behind
each character illustrated in their packaging and established a unique proposition that cannot
be replicated.

Competitive Brands or Organizations

The waffle business is a new business in our country but still, there are some competitive
organizations against Waffle Time. Waffle Up, Waffle Buffle, Waffle Street, and Waffle Bea
are the most competitive shops/ businesses against Waffle Time.

Product Line:

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Marketing Aspects behind Waffle Time's Early Success

Waffle Time has Nutella Chocolate, Red Velvet, Nutshell Banana, Nutella Extreme, Chocolate
Extra, Blueberry Bliss, Loaded Strawberry, Ice-cream with Chocolate, Lost in Nutella, and
Nutella Desire flavors.

SWOT Analysis
Strengths
o Unique flavor and delicious waffle recipe
o Customer Loyalty
o Affordable Price
o Offering Dine-in and online purchase.
o Strategic outlet Locations
Weakness:
o Limited Menu Diversity
o The outlet’s space is quite inconsiderable.
o The store decoration is not that organized.
o They do not have enough staff to serve the customers.
Opportunities:
o Online Presence
o Fresh and creative waffle selections for the intended audience
o Create relationships with customers.
o High growth rate.
Threats:
o Fluctuations or downturns in the economy
o Intense competition from other competitors
o Changes in dietary trends or consumer preferences

A specific SWOT analysis for Waffle Time would require more detailed information about the
business, its market, and the competitive landscape. It is also important to regularly revisit and
update the SWOT analysis as conditions and the business environment evolve over time.

Conclusion
After all the analysis, Waffle Time is a popular waffle brand that aims to cater to its target
market by offering unique gourmet waffles. Their product has earned customer satisfaction in
a short time. They should also consider consumer preferences and market trends to make
customers loyal. The waffles are quality, tasty, and at a reasonable price, so everyone can
afford them and enjoy them at any time. Regularly seeking feedback from customers and
staying adaptable to market trends will be essential for ongoing success.

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Marketing Aspects behind Waffle Time's Early Success

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