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Essentials of Marketing

   

Added on  2021-01-02

20 Pages4959 Words331 Views
Marketing Essentials

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Explain key roles and responsibilities of marketing function................................................3P2 Roles and responsibilities of marketing relate to the wider organisational context.............5TASK 2............................................................................................................................................8P3 Marketing mix .......................................................................................................................8TASK 3..........................................................................................................................................11P4 Produce and evaluate a basic marketing plan for an organisation.......................................11CONCLUSION.........................................................................................................................14REFERENCES..............................................................................................................................16

INTRODUCTIONMarketing function refers to a role that helps any business concern to identify potentiallysuccessful products for marketplace. It helps in promoting products and services bydifferentiating them from similar products existing products and services. This is a key functionof every business concern. This report focusses on Mc Donald's for studying various functions ofmarketing. Mc Donald's is a UK based fast food company which was founded in 1940 as arestaurant. Marketing mix is an effective combination of all those factors that can easily becontrolled by organisation to influence consumers to buy their products and services. Whereas,marketing plan defines as an systematic plan that a company create to perform their marketingfunctions. It has its headquarters situated in Chicago. This report focusses on roles andresponsibilities of marketing function and its relationship with other departments (Pike 2015).Also, it helps in comparing two different business concerns of same sector for evaluation. TASK 1P1 Key roles and responsibilities of marketing functionMarketing function refers to a role that helps any business concern to efficiently identifyand source potentially successful products for marketplace. It helps in promoting products andservices by differentiating them from similar products existing products and services. This is akey function of every business concern. Marketing function is used for performing numerousroles and responsibilities which is explained as under: Gathering market information: First important role of marketing function is gathering ofmarket information for identifying needs and wants of customers. After this marketers evaluatethis information about how it can be brought into use for forming effective marketing policiesthat help in growth. Also it aims towards analysing strengths and weaknesses of Mc Donald's aswell as other factors like political legal social and demographic data of its target market thatwould affect its growth or performance (Moore, 2014). This information is highly useful inmarket segmentations. Market planning: Planning is a process which explains how a task is to be performedand who is to do what. It helps McDonald's to achieve its long term objectives thereby promotinggrowth. For instance, McDonald's has an estimated market share of 25% in fast food sector.Managers of McDonald's aim towards achieving a 40% market share so to achieve this object,

they will have to study market conditions and competitors and accordingly form strategies orplan that can help Mc Donald's in achieving this. This process is known as market planning.Planning process also underlines who is to accomplish what task in order to achieveorganisational objective timely. Product design and development: Product design is a complex process. It is done withthe objective of making a product attractive and eye catchy for target market as well as itscustomers. Today customers are king of market and highly aware about every product andservice available in market. They have shifted their focus from just cost to product design,suitability, shape, style and so on. All these factors are collectively taken into consideration bymanagers while decision making. Managers of McDonald's have therefore worked towardsimproving quality and packaging of its burgers and other fast food items to improve its salesratio. Also, they now supply free gifts that attract kids towards their products.Standardization and grading: Standardisation is quite a complex process. It involvesproducing goods at predetermined specifications. It helps McDonald's to maintain quality of itsfast food items by maintaining and adopting a quality standard. It helps in ensuring that productsmeet their established quality and quantity standards. It also helps Mc Donald's in achievinguniformity and consistency in products and services that are supplied to customers. Gradinginvolves classifying goods into various categories based on their characteristics. It involvesnumerous control standards namely size, weight and so on. Grading is a key factor for pricingdecisions also as higher quality goods and services tend to attract higher prices and morecustomers. Packaging and branding: Packaging is a creative process that involves designingpackages for products. It aims at avoiding breakage, damage, destruction of goods during transit,delivery and storage. Packaging helps in handling, lifting and conveying or transferring goods. Ithelps mangers of McDonald's to increase creativity and designing of food items therebydeveloping interests in customer’s mind. Packaging is done on basis of quantities and does notremain uniform for each measure and quantity. Branding differentiates any common genericcommodity name to a brand name. For example, burger is a generic name while Mc burger orMcAloo tikki is brand specific.

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