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Marketing Essentials Assignment | McDonald

   

Added on  2020-06-04

15 Pages4476 Words181 Views
MARKETINGESSENTIALS
Marketing Essentials Assignment | McDonald_1
TABLE OF CONTENTSINTRODUCTION.................................................................................................................................3MAIN BODY........................................................................................................................................3Brief history of company...................................................................................................................3TASK 1.................................................................................................................................................3P1 Roles and responsibilities of maSSrketing functions....................................................................3TASK 2.................................................................................................................................................5P2 Interrelationship of marketing with wider organisational context.................................................5TASK 2.................................................................................................................................................7P3 Marketing mix of two different business......................................................................................7TASK 3..................................................................................................................................................10P4 Produce a basic marketing plan..................................................................................................10CONCLUSION...................................................................................................................................14REFERENCES....................................................................................................................................15
Marketing Essentials Assignment | McDonald_2
INTRODUCTIONMarketing is a vital concept for any small or large business associations; it’s a key ofidentifying, promoting and selling goods and services to target and potentials audiences of afirm. Profits are the bottom of every company and it is largely depend upon successful sales.thus, marketing is a process where managers informs, draws as well as convenience people astheir goods have value of them. Along with this, marketing build awareness among people asthey can get knowledge about new offerings of a firm and willing to purchase it (Dibb andSimkin, 2013). The present assignment is based upon McDonald’s; it is one of a leading fastfood restaurant chain by operating over the world. The main objective of the company is todeliver delicious taste of food item to people as they can attain and retain for long termperiod. Apart from this, the report will describe roles and responsibilities of marketingfunctions and their interrelationship with entire organisation. Readers will also come to knowabout marketing plan of McDonalds. MAIN BODY Brief history of company McDonald is known as biggest fast food restaurant that is popular for its hamburgeracross the globe. Most of its restaurants McDonald's runs by a franchise as well as a affiliateor the corporation itself. The revenues of the firm grew 27 % over the three years ending in2007 to $ 22.8 billion, and 9% growth in operating income to $ 3.9 billion. There are over30000 employees are presently working with it. TASK 1P1 Roles and responsibilities of marketing functions Today, large and small-scale inventive and conventional, , every businessassociations’ are going after a similar market. Organizations have understood the energy ofcomprehensive way to deal with promoting to make and keep up an alluring interest,notoriety, and rivalry. “Marketing is the process of preparing and executing the conception,promotion, pricing and distribution of sales and goods in order to create exchanges which arecapable to satisfying customers’ needs and attain organisational objectives (Lamb, Hair andMcDaniel, 2011). For driven up its sales and revenues, McDonald’s spend one third of itsprofits on marketing and promotional activities; it results it is a well known brand amongcustomers.
Marketing Essentials Assignment | McDonald_3
Nature of marketing Marketing is one of the vital management function that includes responsibility ofplanning as well as decision making of marketing activities. It consists with determine the needs and demands of customers that can done througha market study and making appropriate strategies. Basically, marketing seeks to satisfying customers’ requires in terms of quality, priceand availability. Roles and responsibilities of marketing functions Financing – Finance plays a crucial role in smoothly running of every businessorganisations and its working activities. Strong financial capability of firm supports to dealwith marketing and promotional campaigns. It also involves how firms will raise their capitalin order to start operations. On the other hand, to capture customers’ eye companies are tendto acquire new methods of payments (Malhotra, Birks and Wills, 2013) Risk taking – Several risks are associated with moving or transferring a product fromone place to another. Business risks are – product damaging, defaults, pilferage etc. Thus, toreduce these risks, marketers have to provide effective packaging system for protecting goodsfrom damages. McDonalds has its own warehouse which assists to keep product safe orsecure until they are needed. Standardising and Grading – The term standardising is associated with settingcertain specific standards or characters, i.e. ingredient or special test which makes a brandunique. On the other hand, Grading refers with classifying products into different categorieson the basis of their size, quality, price, features etc. McDonald’s products are graded on thebasis of quality and pricing. Distribution – It entails with distribution of goods and services from the place ofproduction to the place of consumption in an effective manner. Multinational companies areusing various transports, such as- airways, railways, roadways, waterways etc. so as to ensurethat products are arrived on time for their end users. For this purpose, corporate associationsalso design middleman who are involved in the process of distribution (Pike, 2015). Product design and development – In this competitive era, product design plays acrucial role in sales and profitability of a company. A product should be able to satisfycustomers’ needs and wants in the best possible of target audiences. Product designing also
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