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Marketing Management INTRODUCTION 3 PART 13 Key Opportunities and Challenges for Brand Extensions

   

Added on  2021-01-03

16 Pages4944 Words26 Views
MarketingManagement

Table of ContentsINTRODUCTION...........................................................................................................................3PART 1............................................................................................................................................3Critically evaluating marketing management.........................................................................3Marketing philosophies and concepts ...................................................................................4PART 2............................................................................................................................................7Evaluating dynamic and trends within environment..............................................................7Opportunities and challenges for brand extensions................................................................8PART 3............................................................................................................................................9Key opportunities to launch a new sustainable brand extension............................................9RECOMMENDATION.................................................................................................................10CONCLUSION .............................................................................................................................12REFRENCES ................................................................................................................................13.......................................................................................................................................................13

INTRODUCTIONManagement is the process of planning, organising, directing, motivating andcoordinating and controlling various activities of an organisation. Marketing managementdepends upon size and scope of business and industry in which a business operates (Wilson andGilligan, 2012). Effective marketing management help an organisation to use its resources atfullest and increase its customer base, improve customer opinions, product and services, andincrease company's perceived value. It facilitates value in activities and function which areinvolved in distribution of goods and services. In this report organisation chosen is McDonald's,an American fast food company. It is world's largest restaurant chain by revenue serving over 69million customers daily over 100 countries. They are planning to launch a new product Mc Cafein Trinidad & Taboga. This report is going to cover appropriate marketing philosophies andconcept and evaluating strength of organisation in delivering value to its brand and customers.Moreover, evaluating dynamic trend of marketing environment and analysing key factor that anorganisation faces opportunities and challenges in brand extension new marketplace.Additionally, making appropriate recommendation to build a sustainable brand with help ofproper marketing planning process.PART 1Critically evaluating marketing managementMarketing management plays a significant role in developing a business with properadoption of strategy. The main objective of marketing strategy is to ensure that product mustfulfil customers demand as well as help in maintaining long term relationship with their potentialcustomer. McDonald's has become the leader in fast food industry with their strong focus oncustomer service, advance competition and use of marketing techniques in their development.Herein, McDonald's are using different marketing management in application to their brand suchas:Marketing strategies: Marketing strategy is process that allows an organisation to concentrateits limited resources on greatest opportunity to increase sale and achieve a sustainablecompetitive advantage (Peattie and Belz, 2013). Such as McDonald's are using advertisingstrategy in promoting their product in competitive marketplace. Its advertising do have positiveand negative impact on mind of customers as well as in society.

Positive impact: From their advertising marketing strategy they are delivering andpromoting their product feature and services. Moreover, they are targeting young generationfrom their advertisement as they are more focused towards fast food products.Negative impact: Its advertising do have negative impact on society such as they areoffering its product and services on fast food. Moreover, they are targeting youth towards thefood product which are not health for an individual on regular basis.Marketing information system: Marketing information system plays an important role indelivering and position an product on time as per demand of customers. But this informationsystem have is own advantage and disadvantage in adoption.Positive impact: With the adoption of marketing information system McDonald's arehaving cost effectiveness as this process has become easier in reducing time and efforts indelivering products. Moreover, with this marketing management system McDonald's areincreasing their productivity in marketplace.Negative impact: With the adoption of this marketing information system McDonald'sare covering with huge issues such as absence of security as technologies keep on varying. Fromthis they orders gets delay or cancel due to lack of technology and hence they loss theircustomer.Marketing philosophies and concepts Marketing philosophies and concepts help an organisation in order to identify and fulfilneed of its customers. It main aim is to analyses need of customer and take decision to satisfythose needs better than competition in competitive edge (Hutt and Speh, 2012). Herein,McDonald's are adopting marketing concept and philosophies in order to deliver value of theirproduct to its customers. Such as:Production Concept : Production concept lays emphasis on availability and affordabilityof product. Herein, If McDonald's are are able to maintain this two elements then they will besuccessful in delivering their product to its customers. Moreover, they should aim in reductionof cost in delivering their product and focus on mass production as well as distribution. Hence,these concept help in delivering product and services to customer which create vale for bothorganisation and customers.

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