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Marketing Principles Assignment - Mc Donald's

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Added on  2020-01-07

Marketing Principles Assignment - Mc Donald's

   Added on 2020-01-07

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Marketing Principles
Marketing Principles Assignment - Mc Donald's_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 The various elements of the marketing process....................................................................11.2 The benefits and costs of marketing orientation to McDonald's...........................................2Costs of marketing orientation to McDonald's............................................................................2TASK 2............................................................................................................................................32.1 Micro and macro environmental factors influencing marketing decisions..........................32.2 segmentation criteria to be used for McDonald's products in different markets. .................42.3 a range of products and services McDonald’s offer choose a targeting strategy.................42.4 buying behavior affecting marketing activities in different buying situations....................42.5 new positioning for a selected service or product of McDonald's .......................................5TASK 3............................................................................................................................................63.1 McDonald's products are developed in order to make sure that competitive advantage issustained......................................................................................................................................63.2 distribution strategies used by McDonald’s.........................................................................63.3 pricing strategies used by McDonald's.................................................................................73.4 Promotional activity.............................................................................................................73.5 Analysis of the additional elements of the extended marketing mix for McDonald's..........8TASK 4............................................................................................................................................84.1 Marketing mixes for two different segments in the consumer markets with reference toMcDonald's.................................................................................................................................84.2 Differences in marketing products and services to business rather than consumers............94.3 How and why international marketing differs from domestic marketing in the case ofMcDonald's...............................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11Illustration IndexIllustration 1: Perpetual Map...........................................................................................................5
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INTRODUCTIONSuccess and development of any organization depends upon the efficiency of theoperations conducted. Among the three fundamental activities carried by organization areproduction, operations and finance. These operations create the base of working of theorganization with respect to the establishment of its prominent position in market place.Encompassing various activities, marketing plays the vital role in the success of organization.Marketing is the process of communicating company's offerings to the wide range of people inorder to consolidate them. Present report is prepared to elucidate different dimensions ofmarketing principles. For the purpose, McDonald's is taken into account. Giving its services in119 countries across 35000 outlets, it is the world's largest chain of fast food restaurant servingaround 68 million people (Sheth and Sisodia, 2015).TASK 11.1 The various elements of the marketing processBeing a crucial part of operations conducted by an organization, marketing is processedin the systematic and planned way. It consists of four essential elements, which are combined toachieve the desired goals and targets. Situational AnalysisIn order to undergo further process, complete analysis of the firm with respect to theenvironment is prerequisite. It includes both the internal and external analysis. External analysisrefers to the over-viewing of condition of organization in comparison to the market situationsuch as current trend prevailing in the market, consumer's preferences for the product andservices offered by mentioned organization McDonalds, growth opportunities and other related.Whereas assessment of different components of McDonalds such as factors of production,resources available, finances, infrastructure and others.Marketing strategyIn McDonalds, there is a team who frames marketing strategy by inculcation all thecomponents which are utilized to attract customers in the significant manner. In this process, beststrategy is identified to maximize sales and profits such as lucrative target is identified, potentialcustomers are targeted and products are efficiently positioned (French, 2010).Designing tactics
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Tactical decisions are taken by the management of the organization to frame themarketing mix. It is referred at the 4 P's of marketing, referring which the marketing decisionsare taken:Product: Decisions are undertaken by McDonalds to about the specifications, design andproduction of products.Prices: Products and services are priced in the optimum manner (Nwankwo andGbadamosi, 2010).Distribution: Various channels are used by McDonalds to reach large number of peoplesuch as at stores, outlets, online mediums and telephonic modes.Promotion: Product is promoted by adopting attractive modes and different ways such asby digital marketing, social media marketing, direct campaign and others.Implementation and controlAfter the plan is developed, proper execution is done by using required resources.Further, after the implementation of marketing strategy, frequent evaluation and monitoring isdone.1.2 The benefits and costs of marketing orientation to McDonald'sMarketing orientation is the systematic way to deliver the products of organization as perthe desires and requirements of their customers. While implementing the process, McDonald'sexperiences certain costs and also avail benefits out of it.Costs of marketing orientation to McDonald'sWith the inclusion of many set of activities conducted by the expertise and specialists inthe field, there incurs huge cost thereby is a very expensive process. Advancement of technologyand development has led to the use of innovative and lucrative means to attract customers. Forthat purpose, thorough market research is required which demands intimate knowledge of thefields and in-depth understanding. Hence, to hire professionals who are acquainted with therequired skills is difficult and cumbersome task. Further, offers and discounts offered bycompany affects finances in the significant manner (Henley, Raffin and Caemmerer, 2011).Benefits of marketing orientation to McDonald'sAlong with experiencing certain costs, there are different ways in which marketingorientation that has benefited McDonald's. It has enabled to consolidate large number of
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