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Marketing Essentials Assignment - McDonald

   

Added on  2020-10-04

19 Pages5377 Words32 Views
MARKETING ESSENTIALS

CONTENTSINTRODUCTION...........................................................................................................................1LO – 1..............................................................................................................................................11.Fundamental roles and responsibilities of marketing function in McDonald.......................12.How roles and responsibilities of marketing relate to wider organizational context...........3LO – 2..............................................................................................................................................63.Comparing and applying the ways in which McDonalds use marketing mix in marketing planning process...........................................................................................................................6LO – 3..............................................................................................................................................84.Developing and evaluating the basic marketing plan...........................................................8CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONMarketing is a broad concept and crucial function in any business organization. It startswith determining the prerequisite of the customers and end with their self-actualization. Thus, itcan be said that involves in the process of evaluating the relationship of the company with itsenvironment (Blythe, 2005). Thriving globalization and intensity of competition has resulted indifficulties for the firms to carry out market research. A deeper understanding in regards withmarketing and its concept is required to make the best use of it. People are of the conception thatmarketing is just selling and advertising the goods and services in the market. However, theyshould understand that these both terms are merely functions of Marketing (Benjamin andWigand, 1995). Thus, it becomes important to carry put a complete market analysis of theorganization so as to understand the essentials of marketing. In the present research study the organization taken under consideration is McDonald.The company is best known for providing fast food services all over the world. They are themarket leaders and are popularly regarded as the “Burger” industry. McDonald started itsoperation in the year 1948 and succeeded in spite of having too much antagonism in the market(McDonald, 2018). They have cut throat the competition and emerged as a successfulestablishment and created a brand image in the fast food service industry. Furthermore, theevolution of fast food has also been name after the company i.e. McDonaldization. Hence, thecurrent study will pay attention towards exploring the roles of marketing function and itsrelationship with McDonald. In addition to this, concept of marketing mix and plan will also beenlightened by the firm. LO – 1 1.Fundamental roles and responsibilities of marketing function in McDonaldAs per the American Marketing Association, marketing is defined as the process ofhelping the manufacturer to transmit the ultimate goods and services to its final user. It is theproduct distribution activity that discards marketing research and its segmentation. With thechanging scenario in the market and global trends, the AMA makes necessary changes in thedefinition of the marketing (Florescu, Pop and Malcomete, 2003). In the present times,1

customers are the kings of any business and when in the fast food industry, their importanceincreases by manifolds. Companies nowadays do not want to sale their products; rather theywant their customers to be pleased. Other than just providing product and services to thecustomers, the marketing function supports the needs of varied stakeholders of the company byfulfilling them. McDonald’s success and growth is necessarily dependent on the strategies theyfollow. The main aim of the firm is to offer quality products, fast and friendly service,cleanliness of the restaurant and value provided by the menu. The significant functions ofmarketing are as follows: Pricing – Pricing is being regarded as the most crucial and vital function in anyorganization. Setting the right price is a challenge for the companies and this is thedeciding factor of the growth of the product in the market. The main aim of McDonald isto offer quality products at affordable price (David, 2015). The pricing strategies can beadopted by the firm by carrying out complete market analysis. Distribution – Just by changing the style and quality of the products is not enough tosustain in this competitive market. It is also vital that how the products are being sold tothe customers. It is required on the part of McDonald to maintain its distribution channelssuch as alterations in the web page of online shopping, change in the portrayal of theproducts within the store and many more (Corporate strategy, n.d). In addition to this, tohave commercialization of the products, it is important to follow channel distribution. Selling – With this function, the overall sales volume of the company increases. To salethe products in the market various approaches are adopted by companies from time totime. To achieve the high numbers of sale, it is important to understand that marketing isquite different from selling. Marketing helps in attracting the customers, determining theneeds and target market in order to sale the products of the organization.Management of Product and service – With the help of the market research, the firm isable to identify the needs and demands of the customers as well as their target customersetc. Soon after deciding the market segmentation and target market, it is essential tomanage the demand uninterruptedly (Tuominen, Rajalo and Möller, 2004). Organizationshould take note of the customer’s demand and must change the specification of the2

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