Mcdonald's Marketing Assignment - Doc
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Added on 2020-12-04
Mcdonald's Marketing Assignment - Doc
Added on 2020-12-04
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1 MARKETING *Definitions of Marketing: Important for external •Marketing is the process of identifying present consumers wants and needs and anticipating future consumers wants and needs, then analyzing and interpreting this information in order to design products meeting customers’ requirements in the future in a profitable manner. •Marketing is to launch the right product for the right segment of consumers at the right price, in the right place, and using the right promotional strategies. *The relationship between the marketing departments and the remaining of the business’s departments: •None of the business’s departments operate solely neither on separate islands. All business departments therefore collaborate and operate line in line to achieving the overall objective of the business organization. •The marketing department has to communicate and collaborate with the finance department for instance as marketing activities and the preparation of an appropriate marketing mix needs finance. Hence the marketing department will have to organize the provision of such resources with the advice and the help of the finance and accounting department. •The marketing department communicates and coordinates with the HRM department as well for example the marketing department might need extra sales people to market the products and advertise those products, therefore it has to contact the HRM department to see the availability of the needed staff with the needed skills. •The marketing department will as well coordinate and communicate with the production department as the marketing department will be responsible for the conduct of the marketing research and for identifying the present and the future consumers’ wants and needs. The results of this research will be sent to the production department to produce a good that meets customers satisfaction.
2 *Definition of Market: A market is any place where a large number of consumers or customers meet with suppliers or sellers in order to exchange money with products. A market doesn’t have to be at one place, it might be face to face, online shopping, or using the fax/telephone to order. ❖Markets might be local serving a certain area, for example a dry cleaning outlet. ❖A market might be national serving the country as a whole, for example newspapers. ❖A market can be international serving different markets at different countries; for example McDonald’s. *What are the main features / characteristics of the market/markets where businesses operate? 1.Market size 2.Market growth 3.Market share *Definition of Market Growth: Some markets might be growing and others might be declining according to PEST Factors. The market growth is measured by the percentage difference in the market size over a period of a year. This could be based on market value or volume. For example if the sales value increase form 100 000 $ to 200 000 $ then the difference is 100% increase in the market size. *Definition of Market size: The size of the market is either measured through the volume of sales ( number of units sold) or through the value of sales ( price * quantity). Attention must be taken into considerations when comparing the size of different businesses according to value and volume as some businesses might be small in size according to their number if units sold but large according to the value of their sales. *Definition of market share: Important for the external
3 The market share concept shows how much share the business holds within the market, it shows the businesses sales compared to the total sales of the market as a percentage. The market share concept shows how much foothold the business has within the market. The larger the Business’s market share, this business will be considered a market leader whereas other businesses with smaller market share will be considered as market followers. *What is meant by a market leader? Important for the external A Market Leader is the business with the largest market share; this is the business dominating the market setting the pace and determining usually the price and the strategies in the market. *What are the benefits of being a market leader? 1.Market leaders have the highest proportion of sales in the market; this would lead to profit maximization. 2.Market leaders have the highest sales in the market thus they enjoy from economies of scale and a lower unit cost. 3.Market leaders enjoy a good standing in its own market and a marketing advantage. Yet 1.The market share is calculated either according to the value of sales or the volume of sales so a business might be a market leader according to one of the criterions whereas if the criterion is changed, the position of the business in the market will change as well. 2.Time changes and thus the result of market share changes, a business might be market leader now but after a month figures change and the business’s position in the market will change as well. 3.The type of products sold might influence the calculations as well.
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