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Marketing and Marketing Essentials - Mac Donald

   

Added on  2021-02-18

13 Pages3861 Words21 Views
Marketing andMarketing Essentials

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. Concept of marketing including existing as well as future trends .............................................12. Overview of different marketing procedure ...........................................................................23. Roles as well as responsibilities of marketing manager in context of organization................44. Analyzing the way marketing influences and interrelates with other functional units............45. Values as well as significance of marketing role.....................................................................56. Significance of interrelationship between different functional units......................................57. Comparing the marketing mix of two organization.................................................................68. Evaluation of basic marketing plan .........................................................................................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11

INTRODUCTIONMarketing is considered to be as important activity which drive firm towardsaccomplishment of desired business objectives. This activity is generally executed for promotinggoods or services. It is mainly associated with the selling of the product and services. Thepurpose of marketing activities conducted by companies is to identify the needs as well asdemands of customers. Business entities execute marketing activities with the intention ofanalyzing market situation, as this tactic assist them in making suitable decision related toproduct development. With the passage of time there has been great transformation in thetechniques used by enterprises for communicating with customers.The present report have focus on analysis existing as well as future marketing trend. Italso emphasizes on identifying the role of marketing and the way it relates to other functionalunits in context of Mac Donald. It is world largest restaurant chain in terms of revenue.1. Concept of marketing including existing as well as future trends Marketing concept can be considered to be as a strategy which is generally implementedby organizations for satisfying the needs of customers. Promotional strategy has supportedMcDonald's in increasing sales as well as profitability. There are various marketing conceptsthese are :Production concept :It is considered to be as traditional marketing concepts which is based onthe assumptions that customer get attracted towards product due to low cost. Business entitieswith this approach mainly concentrates on their operational activities. McDonald's is nowconcentrating on increasing operational efficiency, as this strategy will assist firm in maintainingbalance between demand and supply.Product concept: This concept states that consumer are most conscious about the quality ofgoods rather than price. According to the product marketing concept, McDonald's needs toconcentrate on the quality of goods, as this will help business entity in retaining the profitablecustomer for long time (Kim, Jun and Lee, 2014). It will also support an enterprise in gainingcustomer loyalty.Selling :This concept states that McDonald's need to concentrate on its promotional efforts aswell as an organization need to increase its market efforts. As this strategy will help anorganization in attracting more number of customers.1

Marketing : As per this marketing concept it is important for McDonald's develop theunderstanding about the target customer group, ass this tactic will assist business entity indelivering high level of satisfaction to clients.Social marketing concept : It is considered to be as pure marketing concept. According to thismarketing concept, marketing manager in McDonald's should formulate such strategy whichcould deliver high value proposition to customers, as this strategy will support an organization ingaining competitive advantage in the market.Current as well as Future trends in marketing Virtual reality is becoming increasingly common place as a marketing tool for big as wellas small brands. The challenge is using virtual reality in a way that makes sense for overall brandmessaging and target audience. In addition to this interactive content has assisted Mac Donald inattracting the customers. It has enabled firm to engage customers in business (Malhotra, 2015).Artificial intelligence is the latest trends which has provided Mac Donald's a chance toengage customers. It has enabled business entity to deliver memorable experience to customers.2. Overview of different marketing procedure The marketing procedure mainly comprises various constituents these are strategicmarketing analysis, marketing mix planning, implementation and control of promotionalstrategies:Strategic market analysis:Market segments : The marketing objective of McDonald's is to earn profitability. Anorganization in order to achieve this target need to concentrate on the identifying the needs anddemands of customer in the market. Market research is the activity which can be executed byMac Donald's, as this will assist an organization in identifying the demands of consumer.In addition to this, McDonald's can categories the big market into small segments, as thiswill provide an enterprise ease in identifying the customer group. It is essential to segment thecustomers as per their need because all the customers have various necessity and wants and it’simpossible to serve them all like. McDonald's can utilise demographic market segmentationstrategy for diving market into small parts. Positioning : It includes creating as well as communicating a message that clearly establishes anorganisation . It is very much crucial for McDonald's to position their goods or services in themarket. 2

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