MyRTO Marketing Mix Analysis
Added on 2020-01-07
19 Pages5116 Words141 Views
Professional DevelopmentData Science and Big Data
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Establish and AdjustMarketing Mix (Activity 2)
TABLE OF CONTENTTASK 1............................................................................................................................................31.1 Key features of change management training program ...................................................31.2 Reviewing pricing policy and analysing its variables for determining effects on demand31.3 Promotional methods .......................................................................................................41.4 Revising channels of distribution and their significance..................................................41.5 Identifying and analysing level of customer service provision........................................41.6 Identification of potential customer base and key pressure points...................................51.7 Analysing and testing effect of marketing mix components............................................5TASK 2............................................................................................................................................12.1 Environmental factors may impact on your chosen marketing mix.................................1General discussion..................................................................................................................12.2 Consumer priorities, needs and preferences affecting marketing mix.............................2General discussion..................................................................................................................22.3 Evaluating marketing mix variables against objectives, target market and positioning. .32.4 Marketing mix that best satisfies the marketing objectives of McDonald's.....................42. 5 Seeking approval to marketing mix decision..................................................................5TASK 3............................................................................................................................................53.1Monitoring marketing mix against marketing performance and isolate components to test.53.2 Evaluating implications of altering marketing-mix components.....................................83.3 Adjusting marketing-mix components in response to test outcomes...............................83.4 Ensuring adjusted marketing-mix meets budget needs....................................................93.5 Ensuring adjusted marketing-mix continues to meet organisational, strategic andoperational marketing objectives..........................................................................................10REFERENCES..............................................................................................................................11
TASK 11.1 Key features of change management training program When change is to be introduced in McDonald's, firstly it has to be announced. When it isannounces in the organisation, many people try to resist from it. The employees deal withchanges in a different manner. Some of them quickly adapts to change while some of them needsadditional coaching and mentoring. When the change initiative is announced and explained in theentire organisation, then training process begins. The accountability of management of cited foodcompany is to make very clear how the introduced changes will affect their daily routine tasksand activities (Pride and Ferrell, 2016). The most essential thing for staff of cited firm is to becapable to adapt to changes and understand that how their individual jobs will assist inachievement of organisational objectives. In addition to this, the quoted firm may needs toacquire new set of skills and competencies. Some changes are of such as large scale that theyrequire providing training to the whole organisation. The setting of goals and objectives shouldalign with the new direction of firm. For this purpose, timeline and charts should be establishedwhich will be helpful for staff to embrace new skills and knowledge and will provide a meaningof incorporating training in their day to day activities.1.2 Reviewing pricing policy and analysing its variables for determining effects on demandThe biggest challenge for McDonald's is to find out how much to charge for its offerings.If prices are very high, then demands for its products may decline. If it is very low then it willreap losses and will create a perception in minds of customers that the food may be of lowquality (Srinivasan, Rutz and Pauwels, 2016). This in turn will again affect demand in negativemanner. Or vice-versa may also happen. For revising the pricing policy, mentioned foodorganisation should follow the below stated steps:Revising hourly costs: If the cited firm knows what are its costs then it can figure out itshourly labour rates to charge from its customers.Revising industry mark-ups: This is another good method in which firm should find outhow much the other food companies are charging (Wedel and Kannan, 2016). This can beon the basis of industry standards. Reviewing supply and input costs: Input costs and availability also influences mark-upsof products and therefore profit margin of the firm.
1.3 Promotional methods McDonald's can adopt several promotional techniques and methods for communicatingwith its target market which will be determining its significance for marketing results. Thesepromotional methods are described below:Internet promotion: This methods comprises of communicating through the use ofwebsites which will be creating virtual image of company, present its products andservices and press releases. It can take use of banners, newsletters, link to website ofcompany, pop-ups etc.Promotional gifts: The quoted food company can offer small gifts which is printed withthe name of products or logo of company (Bojanic and Reid, 2016). This will make agood impression in the minds of customers which will a reminder of the firm. These giftscan be small food items which are very less costly or any kitchen accessories. Customer appreciation programs: The cited firm can arrange customers appreciationevents along with free of cost refreshments and door prizes which will attract them tovisit the stores.1.4 Revising channels of distribution and their significanceThere are different type of distribution channels such as Manufacture to customer,Manufacturer to Retailer to Consumer, Manufacture to Wholesaler to Consumer, Manufacturerto Agent to Wholesaler to Retailer to Customer. These different channels have their own meritsand demerits. McDonald's has to consider their advantages and disadvantages which as theyaffect significantly on the marketing strategies and profitability (Rowley, 2016). It should notprefer very lengthy channels as it may take very much time and resources which can increase itcost. For instance, Manufacturer to Agent to Wholesaler to Retailer to Customer is very longchannel. These channels are very important as they fill the gap which is created betwixtproducers and customers. They works as a link between them. They are supportive in makingproducts available on correct time at the right place with the correct quality.1.5 Identifying and analysing level of customer service provisionTo identify and analyse the level of customers service provision, McDonald's has to seethat the the services which are being provided are satisfying its customers or not. If they arehappy and contended with the way of providing services, then the firm is in right direction. Tosee if they are contended and happy with the products and services, cited firm can conduct
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