Industry News | May 17, 2010

Value: First It Was $1, Then It Was $5, Now It Is $2

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In a land where value meals are trapped inside a sea of sameness and combos are increasingly irrelevant, Taco Bell is remaining true to its heritage as the quick-service restaurant industry’s value pioneer and redefining the idea once again. The company announced the launch of its all-new $2 Meal Deal. These four different combo meals consist of three items for just $2.

While other quick serves tout dollar menus and combos at around $3, Taco Bell is breaking through the clutter and redefining value. Its $2 Meal Deal has a low price that won’t break the bank and variety that consumers enjoy via four different, enticing options.

The $2 Meal Deal, the latest centerpiece of Taco Bell’s Why Pay More Value Menu, is available in four combinations and will include one Taco Bell item, a bag of Doritos chips, and a medium drink. Available at participating Taco Bell locations nationwide, the $2 Meal Deal is available with the following four items: Chicken Burrito, Double Decker Taco, Gordita Supreme; and the Beefy 5-Layer Burrito.

“Our customers have come to expect really amazing value for their money and at most [quick serves] can typically find one item for $1, two items for $2, three items for $3, and so on,” says David Ovens, chief marketing officer of Taco Bell Corp. “Taco Bell is setting out to make big changes to big things and our brand promise with $2 Meal Deal is three items for $2. We want to change the way consumers can access value menus by introducing a new and substantially better deal, especially when it comes to a meal.”

Combo meals are a large part of the quick-serve business and a recent internal study by Taco Bell shows that consumers think combo meals are too pricey and have lost their relevance. This data was further bolstered by the insight that drinks are also viewed as too expensive. Taco Bell is setting out to change these perceptions by offering break-through value by partnering with great brands, such as this first-time partnership with Doritos, to “make value matter” for consumers in a relevant and differentiating way.

Taco Bell’s $2 Meal Deal will be promoted through an integrated summer campaign that includes TV and radio advertising, in-store promotions, websites and social media activity, as well as public relations and enhancements with Taco Bell’s existing sports and entertainment sponsorships. The TV advertising, handled through Draftfcb, will include 15-second and 30-second spots that humorously depict consumers’ question of “Which item in the $2 Meal Deal is free—the Taco Bell item, the chips, or the drink?” In-store signage was also handled through Draftfcb, and digital was handled by R/GA.
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