This assignment report discusses the concept of marketing, current and future trends, roles and responsibilities of marketing manager, interrelationships between different functional departments, and the value of marketing in the context of McDonald's. It also compares the marketing mix of McDonald's and KFC.
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Table of Contents INTRODUCTION...........................................................................................................................3 ACTIVITY-1...................................................................................................................................3 1. Concept of Marketing including current and future trends................................................3 2. Overview of different marketing processes........................................................................4 3. Roles and responsibilities of marketing manager in context of the organisation...............5 4.Howmarketinginfluencesandinterrelateswithotherfunctionaldepartmentsofthe organisation............................................................................................................................6 5. Value and importance of marketing role in context with company...................................7 6.Conclusions that emphasise the significance of having effective interrelationships between different functional department..............................................................................................7 7 Compare the ways in which the chosen organisation applies the marketing mix to the marketing planning process to achieve business objectives...................................................8 ACTIVITY-2.................................................................................................................................10 Covered in PPT.....................................................................................................................10 CONCLUSION..............................................................................................................................10 REFERENCES..............................................................................................................................11
INTRODUCTION Marketing is integral part of business organisation who assist them in surviving in business environment which are more contingent in nature for longer period of time. Using of marketing makes easy for organisations to seek attention of large number of customers towards their offerings(Baines, Fill and Page, 2013).For this, the marketing manager must produce a marketing budget to adopt various marketing tools such as social media, TV advertisement etc. to influence the buying behaviour of customers in favour of company’s offerings. The present assignment report is based on McDonald’s which is engaged in producing wide range of food items that includes Hamburgers, French Fries, Milk Shakes and much more. It was established in the year 1940 currently considered as one of the world’s largest food chain by revenue. The report discusses the marketing concepts along with current and future trends in marketing, roles and responsibilities of marketing department, comparison between marketing mix of two similar organisations, and formulating marketing plan of McDonald’s to maximise sustainability in rivalry market. ACTIVITY-1 1. Concept of Marketing including current and future trends Marketing act as a medium for organisations to communicate with their targeted customers regarding their offerings and collecting their preferences so as to meet them in an effective and efficient manner. It supports organisations in continuing their business operations for longer period of time. Marketing concept: It is defined as an assumption that an organisation must identify all the customers’ needs and requirements and bring awareness about company’s new offerings so as ti maximise customer strength and profitability. Concept of Marketing- ProductionConcept-Thisconceptmainlyemphasisonbringingefficiencyin production system so that minimum cost could be incurred that makes easy for an organisation to offer their products at an effective price. This guides manager of McDonald’s to update their production system with efficient equipment’s so that an effective could be charged from the customers(Brooks and Simkin, 2012).
Product Concept-This is the concept which is based on assumption that customers shows their willingness to buy quality products with having distinct features. This motivates managers of McDonald’s to update their current offerings with innovative improvement that helps in satisfying customers’ needs and requirements. Selling Concept-Under this concept, organisations believes that without adoption of promotional tools, sales cannot be increases. In the context of McDonald’s, managers must focuses on using digital platforms where large number of customers are active. It makes easy for company to get their attention and increase sales(Clow, and James, 2013). Marketing Concept-This concept believes that organisation must identify the demands and needs of market so as to achieve long term sustainability. Thus, it directsmarketing manager of McDonald’s to conduct market research so that fluctuations in market needs and demands can be easily identifies and meet them accordingly. Societal Marketing Concept-This is the concept that is based on assumption that products and services offered by organisations must protect the interest and safety of people living in society or community as a whole. For this, the managers ofMcDonald’s must produce quality products using standard ingredients so that it cannot harm the health of customers. Current and Future Trends The current trends in marketing is using of digital technology including social media, TV advertisement etc. Among these, social media is nowadays more popular where large number of customers are active on daily basis. Thus, it becomes easy forMcDonald’s to communicate with them within less time and influence them with new discounting offers. This will help increase customer base of McDonald’s. Apart from this, future trends in marketing includes 4E’s comprising experience, engagement, exclusivity and emotions that should be beneficial for McDonald’s if taken such aspects into consideration. Along with this, ephemeral marketing is another future trends that will last for 24 hours which creates interest among customers in buying their products(Dibb, and Simkin, 2013). 2. Overview of different marketing processes Marketing process includes the stages of influencing buying behaviour of customers towards the company’s offerings. These stages are briefly explained as under:
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In the first stage, managers identify the market opportunities that can easily avail by McDonald’s to increase its profitability(Lane, 2015). In this second stage, McDonald’s identify the targeted customers to whom the products will be produced. This can be possible through conducting market research. In the third stage, marketing channels will decide to adopt that can easily attracts buying behaviour of targeted customers. For example, social media, TV advertisement etc. In the last stage, the managers ofMcDonald’s collects feedbacks from the customers after buying their products that allow them to make relevant changes in their current offerings (Marketing Process,2018). 3. Roles and responsibilities of marketing manager in context of the organisation. Marketing manager plays an important role in the growth and success of an organisation by reaching company’s products and services to the acknowledgement of targeted customers. In McDonald’s, roles and responsibilities of marketing manager is given below: Roles of Marketing Manager Marketing manager always put their efforts in communicating with targeted customers with a motive of identifying their actual views and perceptions towards company’s offerings. This can be done using social media platform(Lipsman and et. al., 2012). Marketing manager brings out information about changing customers’ buying behaviour and further communicated to production department to produce those products who are highly in market demand. Marketing manager is responsible to prepare budget for using promotional channels. For this, they tries to create a better relations and coordination with finance manager through conducting a meeting(Functions and Responsibilities of Marketing Manager. 2016). Roles and Responsibilities of Marketing Department Market research:Marketing department is responsible to conduct market research with a motive of identifying current trends that can easily seeks an attention of targeted customers. Along with this, identifying rivals’ strategies and their plans will also drive managers to update with existing strategies in order to compete with them in more effective and efficient manner. Promotion:Marketingdepartmentisresponsibletousecost-efficientmarketing techniques which attracts most the targeted customers without investing more. Offering
discount coupons etc. using online platform can easily influence buying behaviour of targeted customers(Long and Jerath, 2018). Product pricing and distribution channels:Marketing department is held responsible to set up an effective price that can be acceptable by targeted customers. Along with this, decision of choosing distribution channels is also have a duty of marketing department as this decides the amount of sales and revenue the company would generate in the market. 4.Howmarketinginfluencesandinterrelateswithotherfunctionaldepartmentsofthe organisation. Every organisation could sustain in rivalry market for longer period of time only if it receives equally support and contribution from each department that includes marketing, finance, HR, Production etc. In order to perform its roles and responsibilities, marketing department of McDonald’s needs to interrelate with other department in following way: Marketing and Production Department-Marketing reaches products produced by production department to the targeted customers which in results generate sales and revenues(Mihart,2012).Conductingmarketingresearchby marketdivisionhelps production department to focus on producing those products which are highly in market demand.Theseinterrelationsofbothdepartmentscontributesmaximumtothe profitability of McDonald’s. Marketing and HR departments-Marketing department invites new applicants for the job position vacated inMcDonald’s through advertisement which makes easy for HR division to recruit and select skilled and knowledgeable candidates among various applicants. Likewise, HR manager conducts training to the employees recruited in marketing departments which makes easy for marketing division to get maximum support from them. Thus, these interrelationship maximises the sustainability and profitability of McDonald’s. MarketingandFinanceDepartment-Marketingdepartmentbringsinvestorsby promoting company’s wealth during past years that makes easy for finance division to raise and manage funds. Likewise, preparation of marketing budget requires support from finance division. Thus, these interrelationship helpsMcDonald’s in maintaining financial position in market for next years(Nicholls and et. al., 2013).
MarketingwithSalesDepartment-Theresultsreceivedduetocontributionof marketing division helps sales department in achieving their targets. Marketing division retains loyal customers and attract new ones which increases sales and revenue of McDonald’s. Thus, these interrelationship helps McDonald’s in making continuous increment in sales and revenue in competitive market. 5. Value and importance of marketing role in context with company Marketing makes easy forMcDonald’s to brings customers into their outlets by influencing their buying behaviour by using various promotional channels. Due to this, marketing values most in the success and growth of McDonald’s. Here are some points that describes the value and importance of marketing in growth of McDonald’s: Marketing promotes company’s offerings towards targeted customers in such a way that brings confidence among customers to buy their products without any hesitation in concern of their health(Pike, 2015). Marketing promotes brand image in the market by retaining loyal customers with company for long duration through meeting their needs and preferences by updating their pricing policy on specified time period. 6.Conclusions that emphasise the significance of having effective interrelationships between different functional department WorkingtogetherbydifferentdepartmentsofMcDonald’ssupportshealthywork relations and environment at workplace that encourages employees as well to contribute their maximum efforts in the achievement of organisational goals and objectives. Managers of different departments if working and coordinating together makes easy for each of them to deal with contingency and fluctuations comes in the market trends due to changing buying behaviour of targeted customers. This helps McDonald’s in maintaining their strong position in market among their rivals for longer period of time(Rossi, Allenby and McCulloch, 2012). 7 Compare the ways in which the chosen organisation applies the marketing mix to the marketing planning process to achieve business objectives. Marketing mix comprises of seven P’s including price, place, product, promotion, process, people, physical evidence. This drives marketing manager of McDonald’s to make suitable changes in their existing plans and policies in order to compete with their rivals operated in
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similar industry. McDonald’s has different business objectives which includes sales and revenue maximisation, increasing customer satisfaction level etc. Thus, comparing marketing mix helps them in identifying the lack areas where they need to work on to achieve in future time period. Here are the comparison between marketing mix of McDonald’s and its rival KFC: BasisMcDonaldsKFC ProductMcDonald’s is offerings wide range of food products which includeshamburgers,French fries,softdrinksandmuch more.Itmainlyfocuseson qualityduetotargeting middle-andhigh-income group. Itisorganisationoffering similar kind of products which includesburgers,wraps, French fries, salad and many morefooditems.It’s specialisation is offering fried chicken. PriceMcDonald’soffersdifferent prices in their different outlets due to getting affected from differentfactorswhile operatinginparticular location.Itattainsstrong brandimagethateasily attractscustomerswithout consideringtheirpricing strategies. KFCissettingpremium pricingstrategydueto targeting high income group ofpeople.Theyhave confidenceinreceiving maximumordersfromtheir customerswithoutlowering theirpricingstrategies (Simkin and Dibb, 2013). PlaceTheoutletsoperatedby McDonald’sarerunning24 hours a day. In more than 100 nations, McDonald’s has over 38000 outlets through which theyservesmillionsof customers with home delivery KFC has operated over 300 outletsacrossworldwide.It offers products through online platform running on franchise.
option as well. PromotionsMcDonald’s invests more on adoptionofpromotional channels which includes TV Advertisement,socialmedia marketing,pamphlets, newspapersetc.Itattained strongwealthandhuge customer base thus focusing more on marketing. KFC also put more emphasis on marketing which includes offering add-ons on existing menu,giftcoupons, cashbacks,combopacketc. TheiroutletshaveLCD displayingcurrentoffersof company.Alongwiththis, hiring celebrities also become one of an effective marketing tool they used. PeopleMcDonald’s always concerns about taking care of their staff byprovidingthemtraining andlearningsessionswhich makes easy for them to serve customers in polity way. The staff working in outlets of KFC arewelltrainedto serveandcommunicate customersabout company’s new offers. ProcessItoffersvariouswaysto delivertheirproductsand services at the table in their outlets. Home delivery option is also provided to make easy forcustomerstogettheir products. Theprocessofserving productsandservicesstarts when the customers arrives at their outlets and orders them from the provided menus. Physical EvidenceMcDonald’shasanoutlet withgoodambienceand friendlyenvironmentwhich makestheircustomers comfortable to sit and order. Their outlets are designed in specificwayasgivenby parentcompany.The companyusesdigital technologysuchasLED, Onlinepaymentoptionetc.
whichmakeseasyfortheir customerstomake transactions. There are various tactics that can be used by McDonald’s to their desired business objectives. These tactics includes market segmentation and 4ps of marketing which help them in identifying their targeted customers and make suitable marketing strategies to influence their buying behaviour towards offerings of company. This increases customer base and revenue of company. ACTIVITY-2 Covered in PPT CONCLUSION It has been summarised from the above report that marketing is essential for every organisation to survive in business environment. The marketing manager is held responsible to perform their roles and responsibilities through taking support from other departments as well in order to achieve organisational goals and objectives. It is also important for an organisation to update their existing offering list and other plans which can be possible through comparing their marketing mix with their rivals.
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REFERENCES Books and Journals Baines, P., Fill, C. and Page, K., 2013.Essentials of marketing. Oxford University Press. Brooks, N. and Simkin, L., 2012. Judging marketing mix effectiveness.Marketing Intelligence & Planning. 30(5). pp.494-514. Clow, K.E. and James, K.E., 2013.Essentials of marketing research: Putting research into practice. Sage. Dibb, S. and Simkin, L., 2013.Marketing essentials. Cengage Learning. Lane, P., 2015. Human resources marketing and recruiting: essentials of employer branding. Handbook of Human Resources Management.pp.1-30. Lipsman and et. al., 2012. The power of “like”: How brands reach (and influence) fans through social-media marketing.Journal of Advertising research. 52(1). pp.40-52. Long, F. and Jerath, K., 2018. Dynamics in Textual Content and Ratings in Online Product Reviews.under review at Journal of Marketing Research.23. Mihart, C., 2012. Impact of integrated marketing communication on consumer behaviour: Effects on consumer decision-making process.International Journal of Marketing Studies. 4(2). p.121. Nicholls and et. al., 2013. Ethics, corporate social responsibility, and sustainability education in AACSB undergraduate and graduate marketing curricula: A benchmark study.Journal of Marketing Education. 35(2). pp.129-140. Pike, S., 2015.Destination marketing: essentials. Routledge. Rossi, P. E., Allenby, G. M. and McCulloch, R., 2012.Bayesian statistics and marketing. John Wiley & Sons. Simkin, L. and Dibb, S., 2013.Marketing essentials. Cengage Learning EMEA.Wirtz, J., Tuzovic, S. and G. Kuppelwieser, V., 2014. The role of marketing in today's enterprises. Journal of Service Management. 25(2). pp.171-194. Wirtz, J., 2012.Essentials of services marketing. FT Press. Online FunctionsandResponsibilitiesofMarketingManager.2016.[Online].Available through:<https://www.gktoday.in/gk/functions-and-responsibilities-of-marketing- manager/>. MarketingProcess.2018.[Online].Availablethrough: <http://www.businessstudynotes.com/marketing/principle-of-marketing/explain-the- marketing-process-in-detail/>.