Marketing Concepts Assignment
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Added on 2020-10-22
Marketing Concepts Assignment
Added on 2020-10-22
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MARKETING CONCEPTS,MARKETING STRATEGY AND APPLICATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Marketing and its Roles And Responsibilities..................................................................1P2. Interrelation of Marketing functions with other business functions ...............................4TASK 3............................................................................................................................................5P3 Comparison of marketing mix of McDonalds with Burger King ....................................5TASK 3............................................................................................................................................1P4 Marketing Plan..................................................................................................................1CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONMarketing forms most integral function as well strategy through which an organisationcommunicates , connects and engages its potential consumers to express value of and ultimatelydeliver its products/services. In today's intense competitive market every organizationirrespective of size or ownership are competing for similar market. Thus, role of marketingfunction has drastically evolved from just concentrating of product/services into a whole newholistic approach that assists in producing and managing a desirable competition, reputation anddemand of an enterprise (Al-Ekam and et., al., 2012). McDonald's. is one of the leading fast foodbrand belonging to restaurant industry which established in the year 1940. The report willdiscuss about various roles and responsibilities undertaken by marketing in context of a firm.There will be a comparison of marketing mix strategies of two leading brand along withpreparation of detailed marketing plan. Further recommendation for strategies to be adoptedand measures to control it will also be provided. TASK 1P1 Marketing and its Roles And ResponsibilitiesIn present market scenario every firm is concerned about qualitative aspects and is optingfor competitive business strategies. In this regard to attain an edge and distinct market positionfor a firm its marketing function forms key lead to communicate unique and innovative prospectsof its product/service. Thus, marketing could be defined as consumer centric approach thatinvolves closely knitted efforts for identifying uncaptured demands of target audience andinnovating new or modifying existing goods to meet those needs (Baker and Magnini, 2016).With digitalization, customers have been provided with an opportunity to access informationrelated to firm's product information, its reviews, various vendors available in market and so on.Thus, this has lead to enhancement in roles and responsibilities of marketing function fromsimply promoting products and services to creating brand value, improving relations withstakeholders, product development and many more. McDonald's is globally renowned brand that is among world's largest chain of restaurantsin terms of revenue. Although McDonald's deals in wide variety of hamburgers, burgers, softdrinks shakes and desserts. Firm is having more than 37,241 restaurants in over 110 nations ofthe world which is operated and managed by its proficient team of approx 235,000 employees. InUK McDonald's has around 1300 outlets. In order to maintain its market lead and to successfully1
serves almost 58 million every day McDonald's follows divisional structure in its storefunctioning. Under this structure firm maintains various departments that are segregates units onbasis of global hierarchy, performance base and function base. Mentioned below is overview ofmarketing process followed by McDonald's:Situational Analysis: This analysis assists McDonald's to grab market opportunities byidentifying the unfulfilled needs and frequently changing preferences of consumers. Inthis context McDonald's make use of Management Information System that providesessential information related to micro-macro environments, trends, market statics etc.This enables firm to bring necessary modification in its present products/services or tointroduce an entire new one (Campbell and Martin, 2015).Marketing Strategy: Under this strategy firm identifies its target market by fragmentingmarket population on basis of certain factors such as age, income, location and so on.Analysing this marketing managers of McDonald's also finds out about prevailing trendsand preferences of people that is ascertain through situational analysis that enables firmto identify its target audience effectively by adopting best appropriate marketing strategy.Developing of marketing mix: This is third step of marketing procedure that includesformulating most competitive and attractive strategy by combining 7p's of marketing mixi.e. product, price, place, promotion, people, physical evidence and process. This assistfirm to control its business and modify its strategies in accordance to frequently changingtaste, preferences and market dynamic. Implementation and Control: It is the last step that directs managers of McDonald's toaccommodate changes and to regularly monitor performance of various strategies andplans to ensure that are meeting consumers requirement consistently.Mentioned below are most prominent roles and duties that are performed by managers ofMcDonald's : Market Research: This is most key role and responsibilities that aid McDonald's itsgrowth and sustainability. The essential task of managers are to periodically conductmarket research about emerging market trends, to ascertain competitor's strength andweakness, to gain knowledge about latest technological up gradation introduce and soon. Thus, by gathering and analysing this information top management of McDonald'sundertakes alteration in its strategies related to products, procedure, sales promotion etc.2
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