Marketing Essentials Assignment - McDonald
17 Pages5581 Words31 Views
Added on 2020-07-23
Marketing Essentials Assignment - McDonald
Added on 2020-07-23
ShareRelated Documents
MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Key roles and responsibility of marketing function...............................................................1TASK 2............................................................................................................................................3P2 Roles and responsibility of marketing with respect to wider organisational context. ..........3TASK 3............................................................................................................................................4P3 Ways in which different organisation apply their marketing mix.........................................4TASK 4............................................................................................................................................7P4 Produce and evaluate a basic marketing plans of an organisation.........................................7CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing has several definitions throughout the world. It is not just another function ofan organisation but has a role in overall functionality of a firm. Marketing is understood as a setof activities that helps to add value to the goods and services produced by the company so as tomake maximum profit out of it. It is a set of activity that includes creation, communication,delivery and exchange so as to provide value to the stakeholders (Lamb, Hair and McDaniel,2011). It can also be understood as advertising of products or services that helps to add potentialcustomers. McDonald is one of the biggest firm in the industry of hamburgers and fast foodstores. It was established in the year 1940 by Richard and Maurice McDonald. Through itsvarious outlets throughout the globe it serves millions of customers daily and has become the 2ndlargest employer in the world with approx. 1.6 million employees working in it. McDonald hasdivisional organisational structure. This company manages its marketing efficiently by usingvarious marketing tools so that needs of the market can be understood to develop productsaccordingly. This report showcases why marketing is necessary for the growth of an organisationand its relations with other functions of an organisation. It also highlights essential componentsof marketing.TASK 1P1 Key roles and responsibility of marketing function.It is incorrect to see marketing as just a way of advertising, it’s not just selling oradvertising. It has much broader sensewhere selling and advertisements are part of marketing. Itcan be termed as strategical or tactical function that includes market research, auditing,analysing, planning, development of product according to market needs, packaging, pricing,customer services and distribution of products via different channels (Pike, 2015).Various roles and responsibility of marketing function includes:Marketing information management: In the world, full of data every firm needsinformation regarding customer needs, details of its customer plans and marketingenvironment. Managing all these information is termed as marketing informationmanagement. Companies uses this data to evaluate and understand the marketing needsand develop products or services accordingly. It gives exact image of the environment toaid McDonald in their decision-making process.1
Distribution:It is a process of making products and services available to the consumersat the time they want at the right place. Efficient marketing needs efficient distribution.Companies like McDonald has to make an efficient chain of distribution so as to serve itsmillions of customers on daily basis (Wirtz, 2012). There are basically three types ofdistribution mechanism that are used:Mass Distribution: In this strategy company decides to sell its products to masses by severaloutlets throughout the globe.Selective distribution: It could be understood by the fact that few products of McDonald are soldonly through selective outlets.Exclusive Distribution: In this mechanism, some prime products are sold through premium storeslike McDonald Pizza is available at only few stores.Product and service management: It refers to activities in response to the marketopportunities that includes designing, developing, maintaining and improving productsand services. This management is done so as to handle various products or services thatthe company offers. With the wide range of products, it is necessary for the company tomanage all these efficiently in order to make them available to the customers at righttime.Pricing: One of the essential components of marketing is pricing. In the era of price warto have edge over the competitors it is necessary for the company to design attractivepricing policy. This pricing is also done according to the brand Image that company hasespecially in the case of McDonald which has its reputation in the whole world.Promotion: This is a part of the market mix which is essential for the overall success ofproduct or services and gain desired profit from it (Dibb and Simkin, 2013). Promotionincludes activities that helps organisation to reach to the customers, and tells them aboutspecialities that their products and services have over other competing firms.Selling: It is first transaction between buyer and seller where money is the exchanged forgoods/services to provide maximum value to the customer.Financing: Every function within an organisation depends on the monetary resources ithas. This is from the stage of purchasing of raw materials to selling of final goods to thecustomers. It is a process of providing funds to various activities within the organisationas per needs.2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Roles and Responsibilities of Marketing Functionlg...
|19
|5824
|35
Roles of Marketing Function in McDonald - Reportlg...
|19
|5460
|42
Marketing Essentials Report - Wilkinsonlg...
|14
|3570
|35
Marketing Essentials Report of McDonaldlg...
|16
|5486
|1
Key roles and responsibilities of marketing function 1 M1. Duties of Marketinglg...
|19
|5795
|479
Marketing Essentials INTRODUCTIONlg...
|18
|5900
|496