Marketing Essentials
Added on 2021-01-02
15 Pages3673 Words468 Views
Marketing EssentialsTable of Contents
INTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................11.1 Definition and functions of marketing.............................................................................11.2 Interrelation of marketing with other functional departments of the organisation...........3LO 2.................................................................................................................................................52.1 Marketing-mix comparison between competitors............................................................5LO 3.................................................................................................................................................8CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing is the social and management procedure which company uses for creatingvalues for the consumers and try to build strong relationship with customers. They use it forachieving the value and goodwill from their customers.The famous American fast food company which was founded in 1940 by Richard andMaurice McDonald in San Bernardino, California is known as McDonald's. It is the worldlargest restaurant chain. This study shows the marking concept, current and future trends ofmarketing (Ang and Rusli, 2018). It shows the marketing process which marketing assistantmanager needs to follow for achievement the team goals. This report also shows the interrelationship of marketing with other functionaldepartments and the importance of roles and responsibilities of marketing manager. The SWOTof McDonald's shows its strength, weakness, threat and opportunities which provides managersome information regarding customers’ needs and purchasing patterns. The 7Ps of marketinghelps organisation for attracting more customers and make them able to be being in competition.LO 11.1 Definition and functions of marketingMarketing concept refers the strategy which organisation uses to fulfil customer’s needs,increase sales and maximize profit and productivity for competition.There are mainly five main concepts of marketing such are: marketing concept andsocietal marketing concept, production and product concept. McDonald's concept of productionis to make the product which is available and highly affordable for the customers (Armstrongand et.al., 2015). The product concept defines those products which has good in quality andperformance and innovation features. Selling concept defines the selling and promotion effortsfor motivating customers to buy and consume the products of company. The marketing conceptis generally customer centred like requires focussing on customers need and value. The societalmarketing concept is the strategy in which manager of McDonald focus on way in which itdelivers and provide facilities to customers which can help to maintain and improve thecustomers and society.There are some current and future marketing trends: mobile marketing, online performancemarketing, social media marketing, internet video advertisement and text media advertisement.
Mobile marketing- It is a multi-channel digital marketing strategy that is used to reachtargeted audience on their smart phones, and other mobile devices via E-mail and websites. It is acurrent trend which McDonald is using for facilitates customers as they spend their most of thetime on mobiles so it becomes helpful to the company.Online performance marketing- Performance based marketing is a method and onlinemarketing strategy in which customers pay only for the result oriented by them not for thestrategy itself. It enables the marketer of McDonald to promote a product or service on otherpeople's websites. It is also present marketing trend which they use.Artificial intelligence marketing- It is the future trend of marketing. It is the data drivenmarketing strategy that enables marketers to create highly personalized consumer experiences.There are some ways and area which marketer should focus like more intelligent searches, thesesearches pattern help marketer to identify the areas that they need to focus their effort.Marketing processes defines the ways which helps assistant of marketing manager tocreate value for the customers to satisfy their requirements. There are some steps which areincluded in the marketing process:Situation analysis- Situation analysis can be done by identify the marketing option, byunderstanding the firm's own capabilities and by understanding the environment in which thecompany wants to operate.Marketing strategy- In this step, assistant of marketing manager develops a strategicplan to pursue the identified option. Manager chooses the best available option and then astrategy is made for that option (Ang and Rusli, 2018).Marketing mix decisions- In this step, manager of McDonald's take the decision whichis related to product pricing, development and product promotion for the controllable parametersof the marketing mix.Implementation and control- It is the final step of marketing process in which themarketing plan is executed to see the effectivity and the necessary changes are done in plan ormarketing efforts.Functions and responsibility of marketingThe responsibility of marketing manager is to develop a personality for McDonald's as abrand. There are some roles which McDonald's assistant manager follows that are: market
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