This assignment delves into the concept of applying an artificial capital market to optimize task allocation in multi-robot foraging. Students are tasked with analyzing several research papers that explore this approach. The focus is on understanding the strategies employed for efficient task distribution among robots in foraging scenarios.
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MARKETING ESSENTIALS
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Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 P1 Roles and responsibilities of the marketing function...............................................................................................................3 P2 Relation of wider organisational context and Roles and responsibilities of marketing.........6 TASK 2............................................................................................................................................7 P3 Marketing mix in planning process to achieve business objectives.....................................................................................................................7 TASK 3............................................................................................................................................9 P4 Basic Marketing Plan of Mc Donald.....................................................................................9 REFRENCES.................................................................................................................................14
INTRODUCTION The following report is prepared in order to make the learner understand the different marketing essentials. The report is prepared on McDonald ashow it uses the concept of marketing in its business. Different roles and background of it will be studied in detail which will give the learner a clear vision of how it contributes in the development of the business. There are differentvariousresponsibilities of marketing functions which are discussed in detail below (Ebert and Griffin,2015). Later in the report different marketing mix elements are also discussed so as to understand how they influence the various decisions and how they are different from the other companies of the same field. TASK 1 P1 Roles and responsibilities ofthe marketing function the marketing function MacDonald isafood chainwhichwhich was established in 1917.Iit was developed by Ray Kroc who started this chain with a prime motive of providing food of high quality to the customers. His main focus was on burgers, buns, fries and beverages. As it was a new concept the biggest challenge was to give its product position in the market for which it was necessary for themtdo adopt the effective marketing procedure.Marketing is the process through which the products and services are sold in the market. It is the coordination of different elements which are called as the essentials of marketing. It helps in creating costumers for the product through providing satisfaction to them. It helps the companies in setting direct communication of the customers with the company (Brodbelt,2010). Therefore marketing can betermed as the continuous process of creation, communication, delivery and exchange offerings which has value. All the functions of marketing are interrelated and depended on each other. All the functionsVariousrolesof marketing helps the company in keepingitmore focusedon the customers. Different functions performed by marketing in MacDonald are it takes the risk, provide market information to the company, storing, buying, selling, financing and grading. The process of marketing is carried out in order to identify the demand of the customers so that the best product which has maximum demand in the market can be produced and made available on time. There are different concepts which are followed in the process of marketing
likemarketingsellingbased on value. There are different roles which are performed by the marketing function in the company like: 1.Branding/advertising–MarketingMerchandisingplays a very important role in creating a brand name for the products offeredbyMacDonald. As the company deals in variety of products it is important for them to give the knowledge of every new product to the customers so that they remain updated (Schooleman,2012). For this advertising is done to interact with the customers. It can be done through social media or television or other marketing tools like advertisement in newspapers.Withthehelp ofThrough marketingthecustomers get to know about the new meals or any innovation done bythe companythem. Through advertising the brand becomes more popular if effective tools are used for the promotion. 2.Channel marketing–It is the process through which the produced products are transferedfrom the point of production to the point of consumption.DifferentVarious people involved in the marketing channel are human resource, organisations, and all the activates that are important for the movement of product from manufacturer to the ultimate customer. 3.Corporate communications–It is a management function like marketing. In this the company issues its message to the customers which are relevant to them. Apart from this the message is conveyed to the different stakeholders also. 4.Executive/strategy-Thisistheroleofmarketingwhichensurescrossfunction interactions.The strategies made by the marketing managers help in achieving the required performance and also ensure measurement in the organisation. 5.Field marketing-It is the process in which business to business marketing take place. This way the cited company is able to create more demand in the market. 6.Marketing intelligence-In this process the company is provided with different primary and secondary knowledge of the market which are helpful in understanding the attitude of the customer which is very important to understand so that the business operates accordingly. Apart from this the key characteristic of marketing intelligence is that it provides the information of other competitors also that what are their strategies and other strong points so that MacDonaldcanalso do the changes in its operationsso that
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thewhichhelp the same in facingthecompetitioncan be facedmore effectively (Simshauser and Nelson,2013). 7.Product management–It is one of the most important role of marketing manager. In this the problems are identified which are present in the market so that the company can comeupwiththesolutionstoit.Differentcustomersdemanddifferentproducts thereforehereforeit becomes necessary to identify their requirements and ensure that the same isdelivereddeliverdin the market at the right time. 8.Product marketing-Strategies are needed to be formulated so that the right product is made available on right time and at the right place. There are different marketing functions which are of vital importance. Theses functions help the cited company to do better business by assisting them in taking the variety of decisions. Differentresponsibilities of marketing functions that need to be fulfilled for MacDonald are as follows: 1.Listening to the needs of the customers–Inorder to make an effective strategy for the customers it is important to first have an proper communication with themcustomersso that there needs are identified. Through marketing the company is capable of receiving the feedbacks of the consumersstumers.The feedbacks are taken through different channels: Company internal channels–Internalsurvey of the organisation is done of the sales teamandcustomersupportdepartmentwhichprovidetherequireddatafor formulating the future strategies of the business (Akbarimajd and Simzan,2014). Channels outside the company-The needs are identified through this so that they can be converted to customers. 2.Track trend and monitor competition–Forevery business it is important to track the trend of the market in order to compete with the othercompetitive businesscompetition. As many newbusinessenterpriseentitiesare entering in the food business it is important for MacDonald to remain updated with the market.For this the marketing team works continuously topkeep eye on the changes that take place. 3.Work and transmit brand value–Themarketing department is responsible to create an attractive image of the brand. Ideas are generated by the marketing managers which communicates the best brand value in front of the customers.
4.Coordinate efforts with those of the marketing partners of the company–Tthere are lot of contributors for the cited company like the designers, publishers, designers, consultants. It is the function of the marketing team to align them with their objectives. 5.Innovate–As the cited company deals in the food products they need to maintain innovation in itsproductscreationso that consumers remain attractive towards the different products offered by the company. The marketing team has to do the continuous study of the market so that variety in the foodproductsitemscan be provided to the customers. If they areprovidedsuppliedwithsimilar products throughout than they will get bore and therefore will switch to some other brand (Han,2013). It is not necessary to always come up with an entirely different product but changes in the existing product may also result into developing the interest of the customers. 6.Communicate with rest of the company–Asin the company variety of employees work together under the same roof, it becomes important to have a good communication chain between them. If the different departmentsareworksingeffectively but the marketing department fails to do its job in the proper manner than the whole efforts of the business will go in vain. 7.Helpinimprovingsalesprocessandcustomer-Throughestablishingdirect communication with the employees better relations are set up with them. Therefore as discussed above also it is a prime function of the marketing team to understand the feelings of the customers (Dietrich,2014). 8.Managing marketing budget–As the other departments do,it is important for the marketing team also to plan the budget for a particular year and work accordingly. P2 Relation of wider organisational context and Roles and responsibilities of marketing With the increase in competition the role of marketing has become more important in the field ofbusiness toady. This has mademarketingcommercea no different feature from the organisation.More and more, promoting is seen less as a particular useful unit and more arrangement of authoritative procedures where the whole organization takes an interest in association wide market-situated conduct. The question in this regard is whether promoting and deals are required as controlling capacities for the effective execution of market introduction. After doing the analysis of the cited company it was concluded that the promotion office has a significantconstructiveoutcomeontheconnectionbetweenmarket-situatedconductand
performance, while the business office uncovers a negative cooperation impact (Bagloee,Asadi and Mohebbi,2014). These findings demonstrate that the responsibility regarding promoting exercises ought to be held by the showcasing capacity instead of by the business unit. The results of the cited company shows that the showcasing capacity assumes a vital part in executing and effectively overseeing market introduction in organizations. The outcomes suggest that market introduction and a solid advertising capacity are commonly reliant and demonstrate that top directors ought to change the showcasingcapacitycapabilityon the off chance that they plan to adjust the entire association to the market and, along these lines, enhance business execution (Marks,2014). The performance of the cited company alsoshow that it has to designate power between the showcasing andthe sale purpose. If all the above given functions and roles are maintained by the marketing teamof the cited company tatit can increasetheitstotal sales and profitabilityof the company,. TASK 2 P3 Marketing mix in planning process to achievebusiness objectives business objectives Marketing mix is the combination of all those factors that affect the demand of the consumers. These factors are very important and strategy for each need to be formulated in a way that it creates more and more market for the company. As thecompanyorganizationis dealing in product for which the customers has various other option also present in the market it has to chooses each P effectively. This will help the company in doing more effective business in the market. It can also be said as an important tool for the cited company and also more Ps were added to the marketing mix after realising their importance (Falencikowski,2011). These elements of marketing mix helps the company in reviewing the different issues which affect the functioning of the business.DifferentVariouselements of marketing mix for MacDonald are as follows: Product–Thecited company is offering an extensive variety of fast food items to the customers, for example,ground sirloin sandwiches and cheeseburgers, Big Mac, Quarter PounderFrench fries etc. The organization likewise offers different sweet productsalso like servings ofMc Flurry treats, sundaes, delicate serve cones, pies. Although, the organization has since a long time ago reported its promise to build the dietary estimation
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of its suppers, but it is not successful in it. The products offered by the company are still considered to be unhealthy for the consumers. Therefore company should work on making their products healthy as well as tasty so that they can cover more market. The products of the cited company are liked by all therefore if little importance is given to the health issue it can compete with any brand of the same field. Place–Thereare a number of MacDonald stores all around the world. According to its effective development business system, the organization expects to build up its nearness in urban, and also, in far of places from the cities (Van,2011). Thebusinessorganization expresses that "McDonald's searches for the best areas inside the commercial centre to give their clients services which are easily available for them. The company has to choose the best locations in neighbourhoods and shopping centres, toll ways, and universities where theycan acquire more customers. Place should be chosen which is easily approachable to all (Johnson,2011). The cited company is successful enough in choosing the right place as the stores of it are evenly spread throughout the different countries which can be reached easily by all and this way it is successful enough in removing the drawback that it does not provide home delivery to the customers. Burger king is a new brand which has come up with new variety of products of same type and has opened the joints near to MacDonald and thereforethis waythe competition has increased much. The facility of drive-in and drive through options also provide the customers with extra services which gives easiness to the customers who do not wish to waste their time (Griffin,Noble and Durmusoglu,2014). Price-The company is following the leadership business strategy in order to set the right price for the product. Its prices are neither too high nor too low but are set to such point that give maximum competition to all the other brands. As the customers are most price sensitive the cited company works a lot to maintain the same prices as more fluctuations effect the brand name. It has kept very moderate prices to all its products as nothing is kept too expensive. Most of its products are available at below fifty rupees. Promotion-The main focus of the cited company is on the young generation and children. They attract the small kids by providing them with small toys with different meals. Apart from this the cited company also take help of various different schemes like conducting games or lucky draws in which the customers are provided with scratch cards,
coupon cards in return after winning. This way they promote the brand name and create value for money. Cinema hall advertisements, magazines, direct mail, loyalty schemes are different tools which are used by the cited company for promotion. Apart from these hoardings are put on major locations where it is noticed by most of the people (de,2014). ï‚·People-PeopleherearethecustomersandemployeesofMacDonald.Company maintains friendly relation with their customers and maintain cleanness and quality so that the consumer gets the maximum satisfaction. It continuously works for improving the time limit by giving the delivery of orders as early as possible. Apart from this the company also provide its employees with equality in the work and provide them good working environment. They are provided with standard uniform which gives them there different identifications. ï‚·Physical evidence-It involves the appearance of the different outlets of the cited company. It is important for all to maintain the attractiveness in the stores so that people like visiting it again and again. For this the cited company has used colourful theme as the stores are very lively and also proper maintenance is maintained. As the maximum ratio of the customers is of the children the cited company has used a particulars mascot in red and yellow colour which are liked by all. People like getting clicked with it and this gives children a different satisfaction apart from the food. This concept was adopted only in MacDonald as other likeKkfc or burger king has no such special identification and this way it makes it different from the other (Bernanke,Antonovics and Frank,2015). ï‚·Process-Thecitedcompanyusescompletelytransparentprocessofproduction. Customers can watch how the different products are produced by the company and this way thecompanyorganizationearns the faith of their customers. Not only this in case where the customer wish to visit the place where the production take place he is allowed by the company. This develops a good relation between the customers and the company. Other companies like Kfc or burger farm do not give such services to its customers. The production of thesecompaniesestablishmentstake at different corner from where it can not be seen by the consumer (Andreea,2012).
TASK 3 P4 Basic Marketing Plan of Mc DonaldIntroduction Introduction The MC Donald is consideredasthe biggest food chain in the world with over 30,000 outlets in more than 120 countries, The company was established in 1954. Its main products which are offered are mac aloo tiki, burger, drench fries, etc. Mission of MC Donald ï‚·To provide better quality services with cleanliness and a customer's favourite place to eat . Vision of Mc Donald ï‚·To be quick in providing service to the customers. SWOT Analysis of Mc Donald Strength of Mc Donald ï‚·Leaderininternationalandforeign market ï‚·Worldwide presence and huge impact on competitors. ï‚·Economies of Scale ï‚·High revenues Weakness of Mc Donald ï‚·Market Saturation ï‚·Slow in product innovation ï‚·Product similarity in every country. Opportunities of MC Donald ï‚·Value added service generation ï‚·International expansion ï‚·Differentproductsondifferent occasions Threats of MC Donald ï‚·Alterationsarethereintheworld economy ï‚·Fluctuations in Foreign currency. ï‚·High tax rates.
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Porters 5 forces model ï‚·Threat of new entrants means that with the introduction of new competitors the company is facing a heavy traffic of competition but the company is providing the products and services in such a way that all the customers are attracted to it. ï‚·Bargaining power of buyers means that price is made so affordable by the company that all the consumers are ready to afford it (Bagloee,Asadi and Mohebbi,2014). For the MC Donald the price is so affordable of French fries and burgers that every consumer can afford it ï‚·Bargaining power of suppliers means that the company who is supplying the [products create such a price for the buyers that attracts them to buy the products. For MC Donald every strategy made like offering discounts , providing one on one freeis such that consumers are attracted to purchase the products (Dawson,Hirt and Scanlan,2016). ï‚·Rivalry Firms means that all the rivalry firms of Mc Donald like pizza hut, burger king have dominance in their specified field but the MC Donald have the large number of customers among all. ï‚·Threat of Substitutes means the substitutes available by MC Donald are burger, cold coffee, ice creams, etc. BCG Matrix of MC Donald
Star in the Mc Donald can be – the MC Flurry which is having hight market share with maximum growth rate. Cash cows is- cheese burger as they have high market share with low market growth rate. Question marks- Custard pie as high market growth rate with low market share. Dogs are – MC Chicken as low price with low market share(Krzak,2012) . Strategies adopted by the MC Donald Market penetration means that by launching few advertising campaigns the company has attracted competitor's clients. Market Development is the new outlet events and new markets that are made to attract consumers on large basis. Service /Program Development is the means by which company is providingthe better services in terms of better product, to the clients by taking feedback from all the customers. Segmentation of MC Donald
ï‚·Geographical Segmentation means It is based on the location of the product or service which is made available to the customers of that area. The male and female of the age 8 to 45 are targetted for the product or service providence. Like for MC Donald the area will be malls, 5 star hotels or any public places ï‚·Demographic Segmentation means on the basis of lifestyle the product is made available to the consumers. Like for MC Donald the products that are available are for young persons who are enjoying wroth friends, marriage couples, or family who is celebrating the festival or occasion based on income, degree of loyalty (Ang and Weaver,2015). ï‚·Behavioural Segmentation means on the basis of behavioural traits the product or service is made available . Like for MC Donald the product or service is based on the behaviour of the consumers who are either wasting the product, or full utilizing the product. ï‚·Psycho-graphic means that on the basis on mindset of the consumers the product is made available to costumers. Like for MC Donald the product or service is based on mindset and purchasing power of consumers whether they afford the product or not. Targettingmeans a target market is chosen to provide products or services. For MC Donald the target market is students, youngsters, teenagers, married couples etc. Positioningmeans that the product or service has a special place in the mind of consumers. MC Donald creates a positioning by developing its products like Aloo tiki which has special position in the mind of old age persons who are eating it, MC puff has special place in the mind of teenagers (Han, 2013.). CONCLUSION From the above report it can be concluded that marketing is very important for any business. It helps the company in taking the right steps at the right time and attheright cost. It is a continuous process that take place throughout the life of the business. It is although a complex processoperationbut if followed effectively can help the business in growth. There are various different functions performed by themarketingsellingteam in the MacDonald like promoting it in the market and formulating the different strategies. Later in the report detail knowledge of the various elements of marketing mix is given which shows their importance for the cited company and how they are different from the other organisation in the same field. Than in the last an effective marketing planning is done for MacDonald which will help in doing the marketing in more efficient manner.
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REFRENCES Books and journals Ebert, R.J. and Griffin, R.W., 2015.Business essentials. Brodbelt, A., 2010. Neuro-oncology: The essentials.Spinal Cord.48(1). p.90. Schooleman, S., 2012. ESSENTIALS-HEALTH MANAGEMENT-Managed care organizations need to look toward the future market in long-term care.Managed Healthcare Executive.22(6). p.27. Simshauser, P. and Nelson, T., 2013. The outlook for residential electricity prices in Australia's national electricity market in 2020.The Electricity Journal.26(4). pp.66-83. Akbarimajd, A. and Simzan, G., 2014. Application of artificial capital market in task allocation inmulti-robotforaging.InternationalJournalofComputationalIntelligenceSystems.7(3). pp.401-417. Han, Y., 2013. Success essentials of Yiwu small commodity market. Dietrich, M.O., 2014. Health Care Reform Essentials: Ten Things CPAs Should Know about the Affordable Care Act.Journal of Accountancy.218(1). p.30. Marks, B.K., 2014. Health Care Reform Essentials.Journal of Accountancy.218(1). p.30. Falencikowski, Т., 2011. The essentials of competitive business models formation. Van Quynh, N., 2011. Solutions to Improve the competitiveness of Labor Export Market in Vietnam, pp.1-112. Griffin, A., Noble, C. and Durmusoglu, S., 2014.Open innovation: New product development essentials from the PDMA. John Wiley & Sons. de Lima Filho, M.A., 2014. Strategic Usability: The Usability as Competitive Strength on the Smartphones Industry.Blucher Design Proceedings.1(2). pp.1100-1106. Bernanke, B., Antonovics, K. and Frank, R., 2015.Principles of macroeconomics. McGraw-Hill Higher Education. Andreea,I.R.,2012.MatchingSupplyandDemandonAgriculturalMarketin Romania.International Journal of Sustainable Economies Management (IJSEM).1(4). pp.10-17. Johnson, S. ed., 2011.The Innovator's Cookbook: Essentials for Inventing what is Next. Penguin. Blank, G., 2015.Is the East Still Red?: Socialism and the Market in China. John Hunt Publishing. Bagloee, S.A., Asadi, M. and Mohebbi, C., 2014. A Model for Screening Vulnerability in the Loan Market in the Context of Credit Rationing.International Journal of Strategic Decision Sciences (IJSDS).5(1). pp.59-75. Dawson,A.,Hirt,M.andScanlan,J.,2016.Theeconomicessentialsofdigital strategy.McKinsey Quarterly. Krzak, M., 2012. Conception of Strategic Behaviours on the Local Mineral Market in The n- Person Game Model-Issue Outline.Gospodarka Surowcami Mineralnymi-Mineral Resources Management.28(2). pp.67-86. Ang, J.S. and Weaver, D., 2015. Essentials of corporate arbitrage for the financial manager. ONLINE BusinessEssentialsInformationSession2017.[Online]Availabe through<https://haskayne.ucalgary.ca/executive/BEInfo>Accessed on [30thMay 2017]