Marketing Principles TABLE OF CONTENTS
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Added on 2020-01-07
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McDonald | |Market research is considered to be the most initial step which has been used by McDonald's for launching the new products in the market. The most significant components of this concept are as follows: Research: Market research is considered to be the most initial step which has been used by McDonald's for launching the new products in the market. Strategy: The management team of McDonald's needs to create a research report which should be designed on the basis of strategies according to the aims
Marketing Principles TABLE OF CONTENTS
Added on 2020-01-07
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MARKETINGPRINCIPLES
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................................................2TASK 1...........................................................................................................................................................................31.1........................................................................................................................................................................31.2 ......................................................................................................................................................................42.1........................................................................................................................................................................42.2........................................................................................................................................................................62.3........................................................................................................................................................................62.4........................................................................................................................................................................72.5........................................................................................................................................................................73.1........................................................................................................................................................................83.2........................................................................................................................................................................83.3........................................................................................................................................................................93.4........................................................................................................................................................................93.5......................................................................................................................................................................10TASK 2.........................................................................................................................................................................104.1......................................................................................................................................................................104.2......................................................................................................................................................................114.3......................................................................................................................................................................11CONCLUSION.............................................................................................................................................................12REFERENCES .............................................................................................................................................................13
INTRODUCTIONMarketing principles are to be considered as the holding pillars of a business organization (Jole, 2014). Alegal frame work of a corporation are meant to be the principles which includes the norms, policies, rules andregulations and restrictions imposed by the statutory bodies over its management staff and also over the otheremployees. These principles help a corporation in the maintenance of a sense of discipline and provides wellformatted structure of blue print for all the operational activities to be carried out in an organization. The presentscenario will examine marketing principles adopted by McDonald, the leading brand of fast food industry. Its visionis to be the best quick service restaurant in the world . The analysis is carried out to understand the mechanism ofmarketing and utilization of the marketing perceptions such as positioning, segmentation and targeting (Lamb, Hair,and McDaniel, 2012). TASK 11.1As being a leading brand image McDonald's uses modern concept of marketing for its business activities.The most significant components of this concept are as follows:Research: Market research is considered to be the most initial step which has been used by McDonald's forlaunching the new products in the market. This research tells about the new trends in the market and alsohelps in designing the and innovating the products according the customers (Dlabay, Burrow and Kleindl,2011). Strategy: The management team of McDonald's needs to create a research report which should be designedon the basis of strategies according to the aims and objectives of the organization. By analysing thestrategies of the competitors the company should design the tactics to overcome and tackle the rivalry.Marketing planning: This is the next step of the process where a plan is made to frame the path toattain the desired achievements (Brumbaugh, 2014). McDonald's should create a plan which consists ofpromotional strategies through the firm van make their consumers about the products and services.Control and implement: McDonald's have a team to prepare plans and procedures to control the errors doneby any of the employees in the marketing process. Implementation of the same should be observed by theorganization (Akroush and et. al., 2013). Segmentation: It has been noticed that without any kind of consideration on this factor the business firmcan not accomplish its objectives. It is critical for organisation to have strategies application without marketclassification. By having assistance of segmentation company may improve market performance.Segmentation can be don on the basis of differnet aspects such as geographic, behavioural and psycho-graphic.1.2 McDonald's is required to deliver the products which are designed according to the consumers needs,preferences and are capable of satisfying their desires. These are the base pillars of the market orientation concept.
McDonald's uses this concept by keeping the needs and satisfaction on priority and also by making it a primaryobjective of the organization.Marketing orientation is a customer centric or a consumer oriented concept. This process increase andimprove efficiency of delivery of products (Ariffin, 2013). This helps in increasing the satisfaction level whichresults in enhancement of goodwill and brand loyalty of the organization. McDonald's posses knowledge of what themarket wants in order to increase the efficiency of the the marketing of the product to the appropriate customer witha clear and defined message about the goods and services. The above concept is used by McDonald's but is a quiteexpensive measure as it demands high planning and research. It also includes various kinds of operational costssuch as:Promotional costsAdvertisements and selling promotional costs are highfor this process. Moreover managing maintenancecosts and a good communication process with theconsumers is demanded for the business unit (Ariffinand Maghzi, 2012).Market survey cost.Research and development cost is significantly high.McDonald undertake effective market research andsurvey to adhere local trends and demands. .2.1Micro and Macro are the two kinds of environmental factors that has a impact on marketing decisions ofthe business. The company is need to follow various actions related to promotions and marketing of a particularproducts and services (Baker, Davis and Weaver, 2014). These actions are depend on social, economic, politicalfactors and these factors has a deep impact on marketing decisions ,Similarly McDonald marketing decisions alsogot affected by internal and external environment(Baker, Davis and Weaver, 2014). Factors that are influence thedecisions which are as follows:MICRO ELEMENTSSome of the factors through which affect McDonald are proper supplies, intermediaries, customer andcompetitors. This affect the marketing and planning measures of the business. Mainly customer are the mostimportant factor that has a greater influence on the marketing of product. Other than that McDonald also get affectedwith the market intermediates and supply chain aspects as it is a food chain which require a timely delivery ofquality raw material For that intermediaries is vital for the company(Bharwani and Jauhari, 2013). McDonald hasthus adopted e procurement system which has leveraged the sales and quality of food for the companyMACRO ELEMENTS Following are the external factors that affect the McDonald:1.Political environment: For McDonald political factors have become a great challenge because the firmhas food chains in many countries and every country's political stability and foreign policy varies which
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