Marketing Essentials Name of Student Name of University Executive Summary Development of Marketing Strategy
Added on 2020-06-06
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Marketing EssentialsName of StudentName of University1
Executive SummaryDevelopment of marketing strategy is the success mantra of any business organization for thepromotion of their products. Marketing Managers need to understand the requirement of themarket to implement the strategies taking note from the giants of the fast food industry likeMcDonald's. They are the largest suppliers of the fast foods, originated from America andspreading their business across the globe. The paper addresses the marketing strategies appliedby McDonald's in attempt to replicate their techniques to ensure the success of fast food in theUnited Kingdom.2
Table of ContentsIntroduction......................................................................................................................................4LO1 Explain the role of marketing and how it interrelates with other functional units of anorganization.....................................................................................................................................4P1 Explain the key roles and responsibilities of the marketing function........................................4Marketing strategies adopted by McDonald's..........................................................................5P2 Role and responsibilities of a marketing manager in the context of the organisation................6LO2 Compare ways in which organizations use elements of the marketing mix (7Ps) to achieveoverall business objectives..............................................................................................................9P3 Compare how different organisations apply the marketing mix to the marketing planningprocess to achieve business objectives............................................................................................9LO3 Develop and evaluate a basic marketing plan.......................................................................14P4 Produce and evaluate a basic marketing plan for an organisation............................................14COMPANY OVERVIEW:............................................................................................................14CONCLUSION:............................................................................................................................20References......................................................................................................................................213
IntroductionMcDonald's is the world’s highest grossing revenue collecting company in the food industry.The American fast food company was set in the 1940s by the brother duo, Richard and MauriceMcDonald, initially as a hamburger outlet. It was only in 1955, when a businessman named RayKroc, purchased the company and operated as a chain of restaurants from the McDonald brothers(Mcdonalds.com, 2018). The company has outlets in over a hundred countries withapproximately close to 37,000 outlets. The company offers a wide variety fast food items like acheeseburger, French fries, breakfast menus, soft drinks, soda, milkshake and wraps with bothvegetarian and non-vegetarian varieties. However, the company is best known for their burgersand its variations. The company is known for maintaining their quality and techniques thatimplement good customer retention. As of late, McDonald has added salads and other healthieralternatives to match the changing taste of the customer demand and the growing consciousnessregarding health. As authenticated by a report, published by BBC in 2012, McDonald's is thesecond largest company for employees across the globe, lying behind Wal-Mart who has over1.9 million employees (Alexander, 2012). The aim of this report is to to provide a marketing analysis of the company McDonald's and helpunderstand the business strategy undertaken by them. The paper addresses the roles andresponsibilities of the marketing function in the food industry domain, and it is related to thecontext of organizational hierarchy concerning the market. The paper will reflect on the strategyof the marketing mix applied by McDonald's which can be replicated by other businessorganizations in the domain (Rowley and McMurtrey, 2016). Contemporary examples are alsocompared to understand the marketing plan of McDonald's. LO1 Explain the role of marketing and how it interrelates with otherfunctional units of an organization.P1 Explain the key roles and responsibilities of the marketing function.Introduction to the concept of marketing, including current and future trends4
Marketing strategies are very important to set the foundation for the long-term future of anycompany. These strategies help in segmenting the market via promotion of the product alongwith the development of renewed products according to the demand-supply of the customers.*The factors influencing the strategies and taken into consideration for the marketing are customerrelations, human resource management, research and development, financial dependence,accountability and sales. The promotion of product and services provided by a particularorganization is called marketing. The production and sales of the products are based on thedemand of supply which is defined as want of the public. The need of the industry has based therequirement of the current trends in the organization. The demand of the industry is defined asthe quantity of the product offered by the business organizations which the customers are willingto pay. Macdonalds is a one of the biggest food industry in 100 nations with 33000 outlets.Mcdonald's frameworks are set by the company’s managers. Short-term and long turn reactionsagainst the target. Mcdonald tries to perform within its constant and controlled plan. Once theirplan is established, different obligations are given by the market input and market output(Sheth,and Sisodia, 2015).Marketing strategies adopted by McDonald'sThe noteworthy mention of the McDonalds Company is their ability to focus on the external aswell as internal factors that influence the activity and popularity of the products and brand imageof the company. The company addresses the current trends in the food industry and modify theirvariety of products accordingly. Implementing such marketing strategies made McDonald's thegiants of the fast food industry. The company makes an effort to focus on the services providedto the customers, keeping track of their competitors and providing better products. The companyhas always focussed on the advertisement and franchising strategies for which they invest grossamounts for the promotion of their products (Gerhardt Hazen and Lewis,2014). The targetdemographic of the company is towards the children and family, and the products are directed toattract such customers. They have been able to produce recognizable icons in their campaigns topromote their products. The demand of the fast food supply grew with the changing busylifestyle of the urban working class, which the company made use of, providing breakfast andlunch meals to cooperate with the lifestyle (Gerhardt Hazen and Lewis,2014). This lead to earlydevelopment of customer satisfaction and providing clean and cheap meals attracted more peoplewith time. The company has been successful in producing products as well as maintaining a good5
relationship with the suppliers and addition of Ray Kroc developed the brand image of thecompany. Marketing manager helps the organization to grow the business properly. Mcdonalds has brunchall over the world, so their marketing strategies also vary from country to country. Their majoraim is analyzing the market as per the competitions and develops new strategies by doing marketresearch. Also, they help the company to launch product according to the market conditions andimplement them in the market(Bai and Chang, 2015).P2 Role and responsibilities of a marketing manager in the context of theorganisationThe implementation of such marketing strategies is needed to be performed by the marketingmanager in the United Kingdom. This can be implemented by developing strong analyticalresearch to evaluate the market. Secondly, developing an appropriate marketing strategy basedon the UK scenario. Thirdly, it is important to develop products based on the demand of themarket. It is also important to attract the target specific demographic concerning the market inthe UK to establish the niche for the foundation of the success of the company. An overview of the different marketing processesMarketing can be done by online or offline. By offline marketing means to do any promotion oradvertisement outside the internet. It effectively reaches and grabs the attention of the people.Offline marketing is effective because if a customer liked or disliked a product, he would tell hisfriend or family, that’s how the list will be increased(Tomczak et al., 2018).Online marketing is set of tools used for promoting the products through the internet. Also,Online marketing has more channels than the offline marketing, and it’s also very effective in themarketing strategies.An explanation of how marketing influences and interrelates with other functionaldepartments of the organization6
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