This presentation provides an overview of McDonald's marketing plan for their new product, including mission, vision, objectives, SWOT analysis, STP approach, marketing mix, budget, and monitoring. It also discusses the competitors of McDonald's and the importance of marketing strategies.
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Hospitality Marketing Essentials Activity-2
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Content Introduction Overview of McDonald’s Executive summary Mission, Vision and Marketing Objectives SWOT Analysis STP and Marketing Mix Marketing budget Controlling and monitoring Conclusion References
McDonald’s is engaged in producing wide rangeoffooditemsthatincludes Hamburgers,FrenchFries,Milk Shakesandmuchmore.Itwas established in the year 1940 currently consideredasoneoftheworld’s largest food chain by revenue. Overview of McDonald’s
Marketing plan Marketing plan is a document specifying the activities that need to be done in order to promote new product into market in more successful way. In the context of McDonald’s, it is important for the manager to prepare an effective marketing plan hat guides their marketing staff to follow steps in order to make new product more successful
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Executive summary McDonald’s is decided to launch its new product into market i.e. chocolate sandwich which made up of using fresh vegetables and hot chocolate instead of America cheese. This is introduced to attract children and youths as they mostly prefer chocolate related products to buy.
Mission, Vision and Marketing Objectives Vision-To maximise satisfaction level of customers by offering standard quality of hygiene food products. Mission-To become people’s favourite brand by offering best quality food items and services. Marketing objective: The marketing manager of McDonald’s framed marketing objectives for its new product i.e. increasing 25% sales within 2 months and other main objective is to increase market share by 25% within 6 months.
STP Approach Segmentation-It is an act of dividing populationintosmallersegments according to their common needs and preferences.Itmakeseasyfor marketing manager to focus on each targetmarketandtakemarketing decision accordingly.
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SWOT analysis of McDonald's StrengthsWeakness McDonald’s has attained strong market image due to which it can easily attract customers towards their new products. Company has attained good wealth with high generated revenue which allows their marketing manager to invest more funds on using different marketing channels. McDonald’s offering Fast foods due to which they may faces difficulties in attracting health conscious people which are high in nowadays. Ignoringlower-andmiddle-incomegroupdueto charging high prices on their products. OpportunitiesThreats In India where large number of customers prefers to buy their products, McDonald’s should open new outlets in different locations to generate high revenue. FocusingonCSRactivitiesminimisestheimpacton environment which creates good image in the customers’ mind. Tough competition sometimes affects their revenue and customers base. Lack of healthy food products restrict them to attract new customers.
Competitors of McDonald's McDonald’s faced tough competition in food industry due to having large number of companies offering same kinds of services. These includes Burger King, KFC, Domino’s etc. To compete with them, the marketing manager of McDonald’s need to conduct research on theirexistingmarketingstrategiesandupdateownstrategies accordingly.
Marketing mix for new product Product-McDonald’s is introducing new food product i.e. chocolate sandwich to target children which indirectly brings their parents towards their outlets. This increases their profitability. Price-will adopt psychological pricing strategy is adopted for its new product due to having strong market image
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Marketing Strategy It is essential to prepare a an effective market strategies for executing different activities for launching new products and make it more successfulintomarket.Forthis,themarketingmanagerof McDonald’s prefers to go social media platform and influence their buying behaviour by communicating them about the benefits like offers and pricing strategy.
Marketing Budget ParticularsAmount Advertising on TV (10%)20000 In social Media Platforms (25%)50000 On newspapers (10%)20000 Sales Promotion- (30%)60000 Total amount allocated to the budget is 2,00, 000
Monitoring and evaluation Marketing manager must require to evaluate all the pre-determined marketing activities so as to ensure that expected results can be gained in near future. For this, KPI and Benchmarking tool are used to measure the performance level of employees and set target towards them to achieve in order to get beneficial result after launching new product.
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Conclusion It can be concluded from the presentation that marketing plan is importanttoproducebymarketingmanagerasitdirectsthe marketing employees to put their efforts in making company’s projectmoresuccessful.Itincreasesthechancesofachieving desired goals and objectives within pre-determined time period.
References 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.