Marketing Essentials Assignment:McDonald
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Added on 2020-06-04
Marketing Essentials Assignment:McDonald
Added on 2020-06-04
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MARKETINGESSENTIALNESS
INTRODUCTIONIn order to understand the concept of marketing completely, one must have to understandmarketing functions and their importance. Marketing functions are the tasks that must be done bymarketing executives and includes but not limited to market research, product research, productplanning, pricing decisions, deciding on distribution channels and setting the correct set ofpromotional activities. Marketing functions have a broad set of activities as defined by PhilipKotler. Marketing function; as the name suggests is the heart of marketing as without theunderstanding of marketing functions, no one can claim that he knows marketing. Marketingfunctions can also be understood as a process that starts from deciding the potential market andproduct and goes on to setting up the product policy, pricing methods, channels of distributionand a proper promotional campaign. Therefore in order to have a thorough understanding aboutmarketing function, one must have to go through it deeply (Pike, 2015).TASK 1P1 Roles and responsibilities of the marketing function.Marketing includes different activities which facilitates distribution of good and servicesfrom manufacturer to customers. McDonald is one of the reputed restaurant which was foundedin 1940. This organization uses strong marketing strategies which increases their market revenue.Marketing basically includes coordination of four elements and those are 4P’s of marketing areproduct, price, place and promotional strategy.People working in marketing department of Mc Donald; try to attract customer’sattention towards their organization. They use attractive slogans, interesting packaging deigns ofproducts, slogans, food varieties and celebrity endorsements. There are various marketingfunctions which a marketing executive uses to enhance their company’s productivity and profitsand attract more and more customers. They are described below:Market research: It is mainly concerned with identifying and gathering informationrelated to target market and formulating strategies according to needs and wants ofcustomers. It is an important aspect as it guides the manager to focus on their customersand fulfil their desires in effective manner. Market research helps them to know aboutcustomer requirements and also gives knowledge about competitors (Malhotra, 2015)1
Distribution channel:Through this channel company provide their products andservices to their target customers. It involves mainly transportation and warehousing.Company should have strong distribution channel so that they can supply their productsand services to customers on time. Financing an enterprise: Money is required to set up any type of business. Financehelps to supports organization to operate smoothly. At the time of promotion andadvertisement of products, money is required to plan these events so that customers get toknow about new offers and product of firm. Mc Donald utilizes their finances effectivelywhich benefits them with higher profits and revenue.Setting price: It is become difficult for a manager to set accurate price for the product .As customers mainly go or economic products and in that case high price can be a flopidea. The enterprise uses affordable price strategy for their products so that they canattract more customers towards them. Effective planning is done by managers and pricesare set according to the market trend and customers preferences (Moll, 2016).Product and Service Management: After determining target market and setting theprices of product, it is important to manage product and services effectively. This mainlyinvolve listening to customer’s requirement and responding to them as fast as possible, byupdating product and services fresh and up to date.Promotional channels: Effective promotional strategy is very essential to attract newcustomers and to increase profitability of enterprise. With the help of advertisement tool,one can display about their products and offers by using media and social websites likeface book, YouTube, Google etc. Managers can plan their promotional strategiesaccording to recent trends and wants of their customers. Sometime promotion of productcan be done through famous celebrities which pose great impact on buying of thatproduct.Matching product to customers: It is important to manufacture and sell products whichare liked by customers. If the products are not preferred by customers then they will notbuy it and their enterprise will suffer loss. So product should be designed in such amanner which matches requirement of customers.Above were main marketing functions that are used by McDonald to effectively market,promote and advertise their products and services. They formulate strategies by paying attention2
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