Introduction to Marketing Essentials
Added on 2020-10-22
12 Pages4050 Words295 Views
Marketing Essentials
Table of ContentsINTRODUCTION...........................................................................................................................3TASK1.............................................................................................................................................3Definitions of marketing and marketing concepts......................................................................3TASK 2............................................................................................................................................5Roles of marketing and marketing process.................................................................................5TASK 3............................................................................................................................................6Interrelationship between marketing and other functions...........................................................6TASK 4............................................................................................................................................7Overview of the marketing mix..................................................................................................7TASK 5............................................................................................................................................9Developing a marketing plan......................................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12.......................................................................................................................................................12
INTRODUCTIONMarketing is an activity and a process of creating, communicating, delivering andexchange offerings which have some value for the consumers and society. It is based on thinkingof the customer and consumer's desires and their satisfaction. Marketing essentials are related tomarketing essence which is a transaction or exchange intended to satisfy customers needs anddemands. This report is based on McDonald marketing essentials. McDonald is an American fastfood company which founded by Richard and Maurice McDonald in 1940 as a restaurant. Itoperate its business activities globally (Moore, 2014). This company is the world's largestrestaurant chain by revenue, serving over 69 million customers daily in 100 countries. There arevarious products in which it deal but it predominantly sells Hamburgers various types of chicken,French fries, soft drinks etc. In this report definition and marketing concepts, roles of marketingand marketing mix are explained in the context of company. TASK1Definitions of marketing and marketing conceptsMarketing definitionMarketing is the study of management of exchange relationship. It is a business processwhich provide goods and services to the customers or satisfying their needs or wants and craterelationship with them. In other words it is an act of buying and selling goods and services.Marketing conceptsIt is an concept of marketing which organisation and company implement to satisfiedcustomers needs, reduce and beat the competition, increase sales and maximise profit. McDonalduse marketing for selling goods and buying raw materials, increasing sales and providingsatisfaction to its customers needs and wants (Hair Jr and et. al., 2015). There are 5 marketingconcepts that an organisation use for proper running of the company and providing satisfactioncustomer's demands. These concepts are as follows:Production concept- This concept is based on the production of the goods or serviceswhich are produce by the company. In this concept McDonald concentrate on productionefficiency. In this concept the company focus on volume of the production that the goods areproduce in right quantity and they are reach on right time to the company. There are a questions
in this concept for MacDonald that they can produce enough products?” so if they produce theproducts in enough quality they are able to satisfied the customers needs. Product concept- This concept is based on the customers needs and demands becausepresent time customer's demands are changed within minutes according the trends and their owntastes and preferences (Gamble, Thompson and Peteraf, 2013). MacDonald provide products tothe customers according their needs and demands. McDonald focus on design and qualities ofthe products because consumers never ready to compromise with the quality of the products. Forexample every people eat beef and meat but when it launch its burger in India, the consumer ofIndia did not like it because of culture. So they focus on the quality of the product because theydo their business internationally. Selling concept- This concept is depend on advertisement, promotion, discount, publicrelation and the customers needs that in how much quantity they want to buy and companiesmake their product in various quantity. A product can sell when customer are aware and familiarwith it. McDonald use good advertisement and promotional channels so customer can familiarand aware with it. They provide product according the culture and value of the country in whichthey operates its business and if they provide the product according the country this increase thesells of the country.Marketing concept- This concept focus on the needs and wants of the customer and saysthat about the brand strongness, if the brand is strong customer aware with it and prefer thisbrand which reduce the competition. McDonald do market research for knowing the customersneeds and wants so that it can find out their desires and provide products according the needs andwants of the consumers which can satisfied them. Marketing concept is based on the sense andresponds of customers (Robbins and Judge, 2012). Societal marketing concept- this concept is based on welfare of humans. It puts humanwelfare on top before analysing the profits and satisfaction of the customers needs and wants.McDonald make goods without harming the environment and society. It provide the productsaccording the culture of the country because in every country people are not prefer beef and nonveg food so they make product according the country culture and customers likes or dislikes.
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