Marketing Management Concepts and Practices
Added on 2020-02-14
17 Pages5673 Words41 Views
|
|
|
Unit 4 Marketing Principles
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Elements of Marketing Process........................................................................................11.2 Benefits and costs of marketing orientation.....................................................................2TASK 2............................................................................................................................................32.1 Micro and Macro environmental factors influencing marketing decisions......................32.2 Segmentation Criteria for different markets.....................................................................42.3 Targeting Strategy for selected product...........................................................................52.4 Buyer behaviour affecting marketing activities in different buying situations................62.5 New positioning for a selected service or product...........................................................7TASK 3............................................................................................................................................83.1 Product development for gain competitive advantage.....................................................83.2 Distribution strategies of McDonald's..............................................................................93.3 Pricing strategies of McDonald's....................................................................................103.4 Promotional activity for McDonald's.............................................................................103.5 Analysis of additional elements of marketing mix.........................................................11TASK 4..........................................................................................................................................114.1 Marketing mix for two different segments.....................................................................114.2 Differences in marketing product and services to business and customers....................124.3 How international marketing differs from domestic marketing for McDonald's...........13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONMarketing process is the business procedure that helps in establishing customerrelationship by selling goods and services as per their preferences. It is a process of planning,developing, implementation, documentation and review of systems for achieving the objectivesof organization. Marketing process of a business is based on customer's experiences, means thereis direct relationship between customer's experience and business operation. Marketing activitiesvaries with the type of organisation. Big firms use expensive marketing strategy whereas smallfirms spend too less on this strategy. This assignment represents business report of McDonald'sthat consists of marketing strategy options and marketing environment of this company.TASK 11.1 Elements of Marketing ProcessMarketing is a social process that helps individuals and groups in society for fulfilling theneeds and wants of people by making and exchanging products and services (Baker and Hart,2008). This process has some elements with the help of which McDonald'scan achieve itsobjectives. Elements of marketing process can be related to analysing marketing opportunities,selecting target markets, developing the marketing mix and managing the marketing efforts.Presenting here a brief description about the elements of marketing process:Analysing Marketing Opportunities: McDonald's is known as world's best brand in fastfood restaurants. It adopts so many stages for marketing process. Since, it is a famousbrand that reflects a personality for the organisation. It analyses marketing opportunitiesfor organization through using the way of advertisement and promotion (Hair, Ortinauand Bush, 2008). It analyses customer’s needs and wants and tries to meet these needs ina better way than its competitors. Selection of target market: For gaining the attention of customers, organisation shouldchoose a target market. Target market for McDonald is the place where in customers fortheir products and services are more. Other factors while selecting a target market areeconomic, legal, technological, social, retail environment etc. Developing the marketing mix: Main elements of marketing mix are product, price,place and promotion (Grönroos, 2007). McDonald's offers the best quality of product ataffordable prices to its customers. It adopts the best promotion strategy all over the world1
to promote its products and services. It has opened its restaurant at many places in all thedirections of UK as well as overseas. Managing the marketing efforts:Company at this stage, controls the marketing activityso that better outcomes can be attained from it. For the purpose of managing marketingeffort, response rate, market research and review of customer are taken into account. Thisaids in identifying the loopholes in the marketing which can be overcome by developingappropriate strategies.McDonald's marketing department has sound knowledge andexperience to manage marketing efforts made by them in accordance with the marketstructure in various countries.1.2 Benefits and costs of marketing orientationMarketing orientation is a business Philosophy where a company's prime focus is onlearning wants and undisclosed needs of its customers (Kokemuller, 2012). It is an engineeringorientation in which company's primary focus is on the research and development of products.Other than this, market factors are of secondary importance. There are two approaches of marketorientation, first is product oriented approach and the second is marketing oriented approach.McDonald's adopts marketing oriented approach for becoming market leader in the industry.Benefits of this approach are as follows:Customer Oriented: This process is based on customer needs and preferences.McDonald's gives importance on customer demands and needs.Affected by customer demands: McDonald's works according to customer demands andapplies the best strategies to fulfil them.Making Customer Benefit: This process is used to make worth of buyer that wouldincrease customer trust and frequent sale of products. Competitive Strengths: McDonald's creates products and services that are based oncustomer's demands and requirements (Aaker, Kumar and Day, 2008). It ensurescomplete utilisation of products and services that enhances competitiveness among itscompetitors. Some disadvantagesof this market orientation are:Costly and Comprehensive research: McDonald's spends too much money and time on marketresearch that is not possible to perform by small and medium sized organisations. 2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents